Finance/Business/Economy News
1. RBI asks banks to review minimum lending rate every quarter
The Reserve Bank today asked banks to notify the base rate, or the minimum lending rate, at least once in every three months based on cost of funds, a move seen as a nudge to lenders to pass on changes in policy rate to borrowers.
The direction comes soon after Reserve Bank cut repo rate by 0.25 per cent, the first reduction in 20 months, to boost credit and economic growth.
Banks have in the past shown reluctance to pass on benefits of rate cut but have been proactive in raising benchmark lending rate soon after repo rate (the rate at which RBI lends to banks) is hiked.
At present, the review of the base rate does not have a fixed schedule.
Further, RBI said it has been decided to allow banks to review the Base Rate methodology after three years from date of its finalization instead of the current periodicity of five years. This has been done to provide banks greater operational flexibility.
2. Delhi High Court asked MAXX to refrain from selling any product with Dhoni's name
Delhi High Court today asked the manufacturer of Maxx Mobile to refrain from selling any product which contained or showed the endorsement of Mahendra Singh Dhoni, the captain of the Indian national cricket team.
Justice S Muralidhar said the November 17, 2014 interim order restraining Maxx from using Dhoni's name would remain in force till an Arbitral Tribunal was set up to resolve the dispute between them.
The order was passed after Dhoni's counsel Gaurav Mitra and Pratik Malik informed the court that the company was still selling products using the cricketer's name, which clearly violated its previous order and amounted to contempt.
To this, the judge asked the counsel for the cricketer to move an appropriate application in that regard.
3. Sri Lanka to ask for RBI help to trace plundered wealth abroad
The new Sri Lankan government today said it plans to seek assistance from the Reserve Bank of India, the World Bank and the IMF to trace billions of dollars in ill-gotten wealth allegedly stashed abroad by persons close to former president Mahinda Rajapaksa.
The new government is aware that people who held high positions had hidden "billions of dollars" in foreign accounts, cabinet spokesman and Minister of Health, Rajith Senaratne said today.
Sri Lanka will seek help from the International Monetary Fund, World Bank and the RBI track down the wealth of key persons hidden abroad, he said.
Since Rajapaksa lost the January 8 presidential election to his successor Maithripala Sirisena, the former government has faced a string of graft accusations.
Energy Minister Champika Ranawaka has accused Rajapaksa and his family, who controlled nearly 70 per cent of the national budget, of illegally transferring USD 5.38 billion from the economy.
4. Shanta Kumar Committee on FCI restructuring submitted its report to the Prime Minister
Shanta Kumar Committee on 21 January 2015 submitted its report on restructuring of Food Corporation of India (FCI) to the Prime Minister Narendra Modi.
The Prime Minister asked the Department of Food and Public Distribution to give its comments on the report so that the recommendations can be implemented in a time-bound manner.
Highlights of the Recommendations by Shanta Kumar Committee
FCI procurement should focus on eastern belt, where farmers do not get minimum support price.
FCI should hand over procurement of wheat and rice to six States which include Punjab, Haryana, Andhra Pradesh, Chhattisgarh and Odisha.
Grain storage needs to be outsourced to private and government agencies like state-owned Central Warehousing Corporation (CWC), State Warehousing Corporations (SWCs) and private organisations.
Proposed uniform tax of minimum 3 percent and maximum 4 percent on wheat and rice and the same to be included in the minimum support price (MSP). In Punjab, this tax rate on wheat and rice as of now is 14.5 percent.
5. Snapdeal signed 50:50 Joint Venture with DEN to launch TV Commerce channel DEN Snapdeal TV shop
E-commerce Company Snapdeal signed a 50:50 Joint Venture with television distribution company DEN to launch TV Commerce channel DEN Snapdeal TV shop. The announcement related to this was made by Snapdeal on 20 January 2015.
Through this joint venture, Snapdeal aims to create a multi-nodal electronic shopping avenue for customers and it aims to take the DEN TV shop to 100 million households across India over the next 12 months.
Snapdeal through this Channel will target customers particularly in the tier I and II cities, who are dogged by limited internet access and lack of premium brands in their neighbourhood.
Every product sold on the channel will have a quality and delivery assurance from Snapdeal and an option to pay on delivery.
DEN Snapdeal TV shop was launched as a pilot project in September 2014 in select geographies offering products in primarily the home and kitchen, electronics and fashion and lifestyle segments.
6. Apple Inc acquired British startup firm Semetric Limited
Apple Inc. on 21 January 2015 acquired United Kingdom based startup firm Semetric Ltd to add music analytics tool in its devices that will measure how fans are following music, TV, games and films.
As per the deal, Apple will get access to Semetric's Musicmetric Pro dashboard which tracks billions of online interactions including on social media.
In October 2014, Apple acquired Beats Electronics Llc that is known for its premium headphones line as well as Beats Music, a subscription-based online music streaming service.
7. E-auction of 46 coal blocks to begin on Feb. 14
The government has begun re-allocating cancelled coal blocks. E-auction, in two phases, of 46 coal mines would begin on February 14. While 23 Schedule II mines (those that are producing already) would be auctioned between February 14 and March 5, another 23 blocks, falling under Schedule III (ready to produce), would be put on offer between February 25 and March 5.
The Coal Ministry would set issue guidelines for those companies which already had ve linkages to surrender them. “Such public entities that have coal linkages…can surrender [them] and then apply for coal blocks... Once the linkage gets surrendered, that much coal will be made available to Coal India to be given to other entities [needing coal],” he said.
In December last, the government promulgated an ordinance for re-allocation of 204 coal blocks cancelled by the Supreme Court in August.
The government hopes to conclude the re-allocation process by March 31, Mr. Swarup said.
News Related to India and Indian Polity
8. Keema, papad now in Oxford dictionary
Reflecting the global popularity of Indian food, a number of Indian words like ‘keema’ and ‘papad’ have been accepted in the Oxford English dictionary for the first time.
The ninth edition of the Oxford Advanced Learner’s Dictionary, released here on Monday, has included over 240 words from Indian English. Many of these are words commonly used in Indian kitchens, such as ‘keema’ (finely chopped meat), ‘papad’ and ‘curry leaf’.
Over 60 per cent of the new Indian English words come from Hindi.
Over the years, around 900-1000 Indian words have found its place in the Oxford dictionary.
The ninth edition has over 900 new words. About 20 per cent of them are from the online world.
9. Union Home Ministry to launch website on security apps
With an objective to promote innovation in developing security related web applications, Union Home Minister Rajnath Singh will soon launch web portal ‘MySecurity.in’, providing a platform to enterprising individuals, companies and non-government organisations. The web applications would be made available for public use.
Only those applications that pass security audit will be allowed to be hosted on the website. The MHA will give priority to the applications aimed at providing security in emergency situations to women, children, senior citizens and other vulnerable sections of society.
10. PM launches Beti Bachao Beti Padhao scheme, denounces female foeticide
Denouncing the practice of female foeticide, Prime Minister Narendra Modi today said the discrimination against girls reflects “mental illness” and displays a mindset worse than that in the 18th century.
Launching ‘Beti Bachao Beti Padhao (save daughter, educate daughter)’ scheme in this district of Haryana, a state with one of the poorest sex ratio, Modi also slammed doctors indulging in female foeticide, saying their “sin” was a “betrayal” against society.
He also launched Sukanya Samridhi Yojna (girl child prosperity scheme), under which girl children below 10 years will have bank accounts with more interest and income tax benefits.
A host of Union ministers, including Maneka Gandhi, Ravi Shankar Prasad, Smriti Irani and J P Nadda, Haryana Governor Kaptan Singh Solanki and Chief Minister Manohar Lal Khattar joined Modi as he launched the scheme.
Bollywood actress Madhuri Dixit was also there to promote the drive against female foeticide.
The campaign will be initially implemented in the 100 districts, including 12 in Haryana, across country where sex ratio is rather poor.
11. In Other Words by Javed Akhtar book launched today
In Other Words by Javed Akhtar was launched by Shabana Azmi in Jaipur Literature Festival. It is collection of Poetries.
The book has been translated by Ali Hussain Mir.
Amazon.in, India’s largest online store, has partnered with Jaipur Literature Festival (JLF) to bring the festival closer to book lovers across India.
Other books to be released in JLF:
Arise, Awake by Rashmi Bansal
Restart by Mihir Sharma
India Shastra by Shashi Tharoor
International News
12. China mulls 7,000 km bullet train to connect Beijing and Moscow
China is planning to build a 7,000 km-long high-speed railway line, costing $250 billion, between Moscow and Beijing through Central Asia to provide a fast transport link between the neighbouring countries.
The railway line will pass through China, Kazakhstan and Russia and cover more than 7,000 km, more than three times the world’s current longest high-speed line, from the Chinese capital to the southern city of Guangzhou, China News Service quoted Beijing Municipal government as saying.
The project would cost more than 1.5 trillion yuan, $250 billion.
High-speed railways passing across the Korean Peninsula in Northeast Asia and linking China with West Asia as well as South Asia, are also on the schedule, it said.
China is banking on rapid expansion of its high speed rail technology abroad including India as part of its new economic restructuring to deal with its slowing economy which slid to 7.4 per cent last year, the lowest in last 24 years.
13. Microsoft launches Windows 10 and ‘HoloLens’
Microsoft has taken the wraps off a new version of Windows and a new wearable 3D gadget it calls the HoloLens.
The company showed the new headset, which lets users view and interact with three-dimensional images, at an event where it also revealed new features coming to the company’s flagship operating software.
Executives said Windows 10 is designed to embrace the way people use computers today, offering a familiar experience as they switch back and forth from personal computers to tablets, smartphones and other gadgets such as gaming consoles or even holographic projectors .
While it’s designed to let apps work in similar fashion on all those devices, Windows 10 will also come with a new Web browser that will be closely integrated with Cortana, the company’s voice-activated answer to Siri .
About Hololens
HoloLens, the wearable enables the user to view high-definition holograms with surround sound and understand voice commands and hand gestures.
The premier device for Windows Holographic, Microsoft HoloLens is a cordless, self-contained, head-mounted Windows 10 computer that uses advanced sensors, a high-definition 3D optical head-mounted display using holographic lenses, and spatial sound to allow for augmented reality applications, with a natural user interface that the user interacts with through gaze, voice, and hand gestures.
It was Codenamed "Project Baraboo".
Applications showcased for Microsoft HoloLens include HoloStudio, a 3D modelling application which can produce output for 3D printers; Holobuilder, a demonstration inspired by the video game Minecraft; an implementation of the Skype telecommunications application; and OnSight, a software tool developed in collaboration with NASA's Jet Propulsion Laboratory (JPL).
14. Jhumpa Lahiri's 'The Lowland' wins 2015 DSC Prize for South Asian Literature
Indian-American author Jhumpa Lahiri today won the $50,000 DSC Prize for Literature, one of South Asia's top literary awards for her book " The Lowland " at the Zee Jaipur Literature Festival.
The Prize celebrates writing on the South Asian region from writers across the globe and is given to the best novel or translations into English of a work on or about the region.
The Lowland is a tale of Indian brothers who come of age in the 1950s in Calcutta. As one of the brothers get involved in the Naxalite movement in the late 1960s and the other leaves for the United States, the book looks at where their choices lead them.
Sports News
15. Hockey India League (HIL) 2015 kicked off
The Hockey India League (HIL) 2015 commenced from January 22, with the opening match being played at the Kalinga Stadium in Bhubaneswar – the ground that hosted the Champions Trophy 2014 in December.
This is the third edition of the hockey tournament that is modelled on cricket’s Indian Premier League (IPL).
The first edition of the hockey tournament took place in 2013, with five teams namely Delhi Waveriders, Uttar Pradesh Wizards, Punjab Warriors, Ranchi Rhinos and Mumbai Magicians.
Ranchi Rhinos won the inaugural season beating Delhi Waveriders 2-1 in the final but the national capital outfit performed better in the subsequent edition to clinch the trophy.
The second season also saw the addition of Kalinga Lancers to the list of teams.
The Mumbai Magicians and Ranchi Rhinos are now dissolved and replaced by Dabang Mumbai and Ranchi Rays.