Finance/Business/Economy News
1. ICCI Bank launched Contactless credit and Debit cards
ICICI Bank on 7 January 2015 launched contactless credit cards and debits cards called Coral Contactless Credit Card and Expressions Wave Debit Card respectively.
These cards will enable customers to make electronic payments by waving the cards near a merchant terminal instead of dipping or swiping the cards.
These cards are powered by MasterCard contactless and Visa payWave technologies.
These cards are based on the near-field communication technology that provides customers improved speed to complete a transaction and enhanced security.
The key advantage of these two cards is speed and security. The speed of transactions will add momentum to high value payments and the level of security is higher since the card doesn’t leave the customer during the transaction process.
2. Avijit Ghosh took over the charge of CMD of Heavy Engineering Corporation
Avijit Ghosh on 1 January 2015 took over the charge of Chairman-cum-Managing Director (CMD) of Heavy Engineering Corporation (HEC). He is the 21st CMD of HEC which is a Public Sector Undertaking (PSU).
He succeeded R. Misra whose tenure of three year ended on 31 December 2014.
His appointment was confirmed by the Public Enterprises Selection Board (PESB) under the Union Ministry of Personnel, Public Grievances and Pensions. The board had recommended his name on 26 June 2014.
Prior to this, he was serving as the Director (Mining) of Hindustan Copper Limited.
He also served as the Assistant Vice-President of Jindal Steel and Power Limited and was posted in Ranchi before he joined Hindustan Copper Limited as its Director (mining) in 2010.
3. Tencent Holdings Limited launched China's first online bank WeBank
Chinese Internet giant Tencent Holdings Limited on 6 January 2015 launched China's first online bank named WeBank to boost small businesses.
The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms.
WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank’s opening ceremony.
Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks.
4. Facebook Inc acquired voice recognition startup company Wit.ai
Facebook Inc on 5 January 2015 acquired startup company Wit.ai in an attempt to develop voice recognition. However, the details of acquisition were not disclosed by the firms.
The Wit.ai platform will remain open and will be available entirely free for everyone even after the acquisition.
Through this acquisition, Facebook aims to connect everyone and build amazing experiences for the over 1.3 billion people on its platform.
5. Praj Industries bagged contract from Kakira Sugars to build largest ethanol plant of Uganda
Praj industries, a global process solution company on 7 January 2015 bagged an order from Uganda's Kakira Sugars, to build an ethanol plant with a capacity of 60000 litres per day. The plant will process cane molasses from the Kakira Sugar Mill.
The ethanol plant will also produce premium grade extra neutral alcohol (Beverage Alcohol) by employing ECOSMART technology. Besides, the bio-compost from the plant will be used as manure to increase soil fertility making it one of sustainable distilleries.
Under the contract, Praj industries will provide key technologies for fermentation, distillation, waste water treatment including bio-methanation followed by bio-composting.
6. IL&FS plans to set up 6,000 MW power plants in Kutch
Infrastructure Leasing and Financial Services Ltd (IL&FS) is set to invest about Rs. 35,000 crore for setting up 6,000 megawatt (MW) of power generation capacities in Kutch – Gujarat, the company said.
IL&FS Group has already laid out plans for a multi-product Special Economic Zone at Kutch and two power generation facilities combining 6,000 MW capacities in the SEZ.
The company has already signed the agreements with the Gujarat Maritime Board, Government of Gujarat for the development of the Shipyard, Captive Jetties and LNG Terminal at Nana Layja and also for the development of SEZ and Free Trade and Warehousing Zone (FTWZ).
IL&FS Group company, IL&FS Maritime Infrastructure Company Ltd (IMICL) is undertaking the day-to-day project development activities for an Integrated Maritime Complex comprising a Shipyard and a multi-product SEZ at Nana Layja where IL&FS is the co-developer, company's web site says.
The Project site is located at the mouth of Gulf of Kutch and is 95 km from Kandla Port and 65 km from Bhuj.
7. Quikr launched instant messenger Quikr Nxt to enable seamless transactions
Online Classifieds Company Quikr on 7 January 2015 launched instant messenger Quikr Nxt to enable seamless transactions between its users. The product was launched by Quikr CEO and founder Pranay Chulet.
The messenger will allow users to chat using the website or mobile app. The messenger has been integrated into Quikr’s mobile app, mobile site and website.
The company claimed the new product is the world’s first instant messenger by a classifieds company.
With the Quikr Nxt, buyers/sellers do not need to share their contact number or e-mail address and the only point of reference is the Quikr ID. This prevents bombarding by multiple e-mails and phone calls and safeguards the user’s privacy.
News Related to India and Indian Polity
8. Subramanium committee recommended single window system for environment projects
High-level committee (HLC) headed by former Cabinet Secretary T S R Subramanium was in news in first week of January 2015. The four member high-level committee (HLC) was appointed by the Union Ministry of Environment and Forests (MoEF) and Climate Change (CC) to review environmental laws.
In its recommendation, the committee suggested single window clearance mechanism for green nods.
9. Raosaheb Patil Danve appointed as the Maharashtra BJP President
Raosaheb Patil Danve, was appointed as the Bharatiya Janata Party (BJP) President of Maharashtra on 6 January 2015. He is the Union Minister of State for Consumer Affairs, Food and Public Distribution in Narendra Modi-led NDA government.
He was appointed as the Party President for the Maharashtra Unit by BJP’s National President Amit Shah.
59-year-old, Danve succeeded Devendra Fadnavis who at present is serving Maharashtra as its Chief Minister. Earlier, he had served the party as vice-president in Maharashtra.
10. President signed Ordinance to amend Citizenship Act, 1955
President Pranab Mukherjee on 6 January 2015 signed the Ordinance that amends’ Citizenship Act, 1955. The ordinance provides life-long Indian visa facility to Person of Indian Origin (PIO) and exempts them from appearing before the local police station on every visit.
Earlier, Union Cabinet headed by Prime Minister had approved the promulgation of ordinance to amend the Act. The ordinance was promulgated after the Citizenship (Amendment) Bill, 2014 was not passed in either House of Parliament during the winter session of Parliament in December 2014. It was introduced in Lok Sabha on 23 December 2014.
Main Provisions of the Ordinance
It merges Overseas Citizen of India (OCI) and Persons of Indian Origin (PIO), thus making PIO eligible for life-long visa and bringing them on equal footing with OCI.
It relaxes the requirement of 12 months in cases related to citizenship by registration and naturalization. Instead it allows for breaks up to 30 days if the Union government is satisfied that special circumstances exist, and has recorded them in writing.
11. AMCA: India’s own fifth generation fighter aircraft
AMCA was in news in the first week of January 2015. It was revealed by the sources from Defence Ministry that the preliminary design stage of the futuristic fighter aircraft is over and the development work on the project is expected to start in 2015.
The main purpose of the AMCA is to replace the aging SEPECAT Jaguar & Dassault Mirage 2000.
The seed for developing the indigenous fifth generation fighter aircraft (FGFA) was sowed in 2008 but its finalised form was unveiled during Aero India 2013.
The aircraft will be developed by Hindustan Aeronautics Limited (HAL) in collaboration with Indian Air Force (IAF), Defence Research and Development Organisation (DRDO) and Aeronautical Development Agency (ADA).
The amount required for the initial design and development phase is 4000 crore rupees and the initial design of AMCA is expected to be ready by 2018. The first flight of the AMCA though will only be possible by 2025.
12. Union Government launched National Toll Free Helpline to assist the drug dependent persons
Union Ministry for Social Justice & Empowerment on 7 January 2015 launched National Toll Free Helpline (1XXX-XX-0031) to assist the alcoholic and drug dependent persons. The helpline was launched by the Union Minister for Social Justice & Empowerment Thaawar Chand Gehlot.
Main characteristics of the Helpline
It has been made with technical support from M/s TCIL, a Government of India undertaking.
It will operate from 9.30 a.m. to 6.00 p.m. from Monday to Saturday and will be upgraded to 24x7, based onthe number of calls and the response in this regard.
It will help in order to mitigate the problems of drug abuse and create public awareness.
The helpline was launched after the Prime Minister Narendra Modi in the National programme Mann ki Baat on 14 December 2014 show his desire of setting up of a Toll Free Helpline to assist the alcoholic and drug dependent persons, their family members and community at large.
The Ministry of Social Justice and Empowerment is the nodal Ministry for drug demand reduction and rehabilitation of victims of alcoholism and drug abuse.
13. Amitabh Bachchan named as the Brand Ambassador of AP health sector
Bollywood actor Amitabh Bachchan on 6 January 2015 named as the Brand Ambassador of Andhra Pradesh (AP) health sector. His appointment was announced by the AP Health Minister Kamineni Srinivas in Hyderabad.
Being the brand ambassador of AP health sector, he will be participating in various health-related campaigns of AP government. However, Bachchan will not take any remuneration for the services he would be rendering to the state as its health ambassador.
14. Prime Minister released commemorative coin to mark 175th birth anniversary of Jamsetji Tata
Prime Minister Narendra Modi on 6 January 2015 released a commemorative coin to mark the 175th birth anniversary of Tata group founder Jamsetji Nusserwanji Tata.
The reverse face of the coin bears the image of Jamsetji Nusserwanji Tata in the centre, with the inscription 175 वा जन्मदिवस in Devnagri script.
With this, he became the first industrialist to be felicitated by a commemorative coin.
PM launched the coin in the presence of Minister of State (Finance) Jayant Sinha and Tata Sons Chairman Cyrus Mistry.
15. 102nd Indian Science Congress held in Mumbai
The 102nd Indian Science Congress (ISC) was held from 3 January to 7 January 2015 in Mumbai. The theme of the ISC was Science and Technology for Human Development.
The 102 ISC was inaugurated by the Prime Minister Narendra Modi. The ISC was organized by the Indian Science Congress Association (ISCA) in association with University of Mumbai.
Nobel Laureates, eminent scientists, technology experts and research students from India and abroad were participated the Indian Science Congress.
Ancient sciences through Sanskrit, Ancient Indian aviation technology, Biodiversity conservation, Space application, clean energy systems and other topics were discussed. Science and Technology in SAARC Countries and issue of Genetically Modified (GM) crops in India were also discussed.
Besides, Children’s Science Congress, Women’s Science Congress and Science Exhibition were also organised. The Children’s Science Congress was inaugurated by the former President APJ Abdul Kalam.
16. Dinesh Oraon of BJP unanimously elected Speaker of Jharkhand Legislative Assembly
Dr. Dinesh Oraon of Bharatiya Janata Party was elected as the Speaker of Jharkhand Legislative Assembly on 7 January 2015. Protem Speaker Stephen Marandi announced Oraon's election as unanimous.
His name for the post was proposed by the Chief Minister Raghubar Das and seconded by the Social Welfare Minister Louis Marandi.
He is the 10th Speaker of the Jharkhand Legislative Assembly since the State came into being on 15 November 2000.
International News
17. French satirical weekly Charlie Hebdo’s Paris office attacked by terrorists
The French satirical weekly magazine Charlie Hebdo’s Paris office was attacked by three masked gunmen on 7 January 2015. At least 12 persons were killed in the attack.
The killed persons include Editor-in-Chief Stephane Charbonnie (known as Charb) and cartoonists Jean ‘Cabu’ Cabut (known as Cabu), Tignous and Wolinski, as well as Charlie Hebdo contributor and French economist Bernard Maris.
This was the deadliest terror attack of France since 1961, when right-wingers bombed a train, killing 28 people.
The organization was attacked for its satire edition of 2011 in which it listed the Prophet Mohammed as editor-in-chief and featured cartoons. In retaliation, the office was burned in firebombing in November 2011 and its website was hacked.
Charlie Hebdo was a target of Islamist extremists since 2006, when they published cartoons of the Prophet Mohammed, the holiest figure of Islam.
Charlie Hebdo, a weekly French satirical news magazine that is being published since 1970 (had break between 1981 and 1992) is mainly known for its controversial provocative cartoons and caricatures. In past, its articles have targeted the extreme right, Catholicism, Islam, Judaism, politics, culture and others. The magazine has also targeted former Pope Benedict XVI and Orthodox Jews.
In 2012, editor of the magazine, Stephane Charbonnier described the newspaper as left-wing, secular and atheist and pushed free speech limits until his death due to his believe in freedom of expression in France.
18. Atul Khare appointed as the UN Under-Secretary-General
Atul Khare was on 7 January 2015 appointed as the United Nations (UN) Under-Secretary-General, Department of Field Support (DFS). He will succeed Ameerah Haq of Bangladesh.
His appointed was announced by United Nations Secretary-General Ban Ki-moon. Khare is currently providing charitable medical advice in India.
Khare joined the Indian Foreign Service in 1984 and has served Indian diplomatic missions in France, Mauritius, Senegal, Thailand and the United Kingdom.
Khare has been serving the UN since years, most recently as Assistant Secretary-General leading the Change Management Team in 2011-2012.
He was the UN Assistant Secretary-General for Peacekeeping Operations and Deputy Head of the Department of Peacekeeping Operations in New York from 2010 to 2011.
19. Australian airline Qantas named world’s safest by AirlineRatings.com
Australia’s national airline Qantas was named as the world’s safest airline by AirlineRatings.com on 6 January 2015. The airline was lauded for amassing an extraordinary record of firsts in safety history and operations over its 94-year history.
Qantas was praised for the way it monitors the engines of its aircraft using satellite communications and had a fatality free record in the jet era.
The website said that the Australian airline Qantas has been a leader in development of the Future Air Navigation System, Flight Data Recorder to monitor plane and later crew performance, automatic landings using Global Navigation Satellite System as well as precision approaches around mountains in cloud using RNP.
The website announced its top ten safest airlines and top ten safest low cost airlines for 2015 from 449 it monitors.
Top ten safest airlines include
Qantas of Australia
Air New Zealand of New Zealand
British Airways of the UK
Cathay Pacific Airways of Hong Kong
Emirates of UAE
Etihad Airways of UAE
EVA Air of Taiwan
Finnair of Finland
Lufthansa of Germany
Singapore Airlines of Singapore
20. Scientists discovered two Earth-like planets Kepler 438b and Kepler 442b
The Scientists at the Harvard-Smithsonian Centre for Astrophysics have discovered two Earth-like planets Kepler 438b and Kepler 442b. The findings of the discovery were published in The Astrophysical Journal on 5 January 2015.
The planets were spotted by Nasa’s Kepler space telescope which detects planets as they move across the faces of their stars. Kepler collected the data for four years.
The Harvard-Smithsonian team led by Guillermo Torres used a computer program called Blender to confirm that the planets were real.
Sports News
21. Russian Popov Ivan won 7th Chennai International Open Grandmaster Chess title
Popov Ivan of Russia on 6 January 2015 won 7th Chennai International Open Grandmaster Chess title. He clinched the title via super tie-breaker after eight players ended with 7.5 points each.
The winner Popov Ivan was awarded the cash purse of two lakhs rupees, while Runner-up Dzhumaev Marat of Uzbek GM got one lakh fifty thousand rupees and third placed GM Mozharov Mikhail of Russia secured a cash award of one lakh fifteen thousand rupees.
For the first time in the history of Chennai Open, there was an eight way tie and it was resolved on quotient.
Among others, who shared the top spot were Dzhumaev Marat (Uzbekistan), Mozharov Mikhail (Russia), Ramnath Bhuvanesh R, Swapnil S Dhopade, Ravichandran Siddharth (all Indians), Gasanov Eldar (Ukraine), Nguyen Duc Hoa (Vietnam).
Also, Chennai Open saw granting of Grandmaster norms to Ramnath Bhuvanesh & Swapnil S Dhopade and International Master Norm on Rakesh Kumar Jena. Pratyusha Bodda was granted the Woman International Master Norm.
22. India to host World Bridge Championships 2015
India will host the 42nd World Bridge Championships that will be held in Chennai from 26 September 2015 to 10 October 2015. The information was announced by Bridge Federation of India (BFI) president N R Kirubakaramoorthy on 7 January 2015.
It is for the first time that World Bridge Championships are being held in Asia. This year, 660 players from 66 teams representing over 40 countries will take part in the 15-day long event.
India comes under Asia and Middle East zone which is consist of 14 countries. This zone has two qualifiers for the World Bridge Championships. As India has got the direct entry, only one qualifying slot is left from this zone.
23. ICC announced Associate & Affiliate panel of umpires for the year 2015
11-member ICC Associate and Affiliate panel of international umpires for the year 2015 was announced by the International Cricket Council (ICC) on 7 January 2015.
The panel was named by the Associate and Affiliate selection committee comprising of senior umpire and referees manager Vince Van Der Bijl, ICC umpire and referees administration manager Adrian Griffith, ICC regional match referee David Jukes and ICC development events manager Edward Fitzgibbon.
Members in the panel includes
Allan Haggo of Scotland
Sameer Bandekar of India
Kathy Cross of New Zealand
Mark Hawthorne of Ireland
Wynand Louw of Namibia
Nigel Morrison of Vanuatu
David Odhiambo of Kenya
Buddhi Pradhan of Nepal
Sarika Siva Prasad of India
Ian Ramage of Scotland
Courtney Young of Cayman Islands
Allan Haggo of Scotland who is the new joinee of the panel officiated at the ICC World Cricket League Division 4 in Singapore 2014.
On the other hand, Richard Smith, the umpire of Ireland stepped down from the panel. He officiated during ICC U19 Cricket World Cup in Australia in 2012 and joined the panel in 2011.
24. Kohli becomes second Indian to score 500 in a Test series in Australia
Virat Kohli on Thursday became the second Indian batsman to score 500 runs in a Test series in Australia during the fourth and final match at the Sydney Cricket Ground.
Kohli, who came into the match with 499 runs from the three earlier matches of the series, reached the landmark by hitting a four of the bowling of off-spinner Nathan Lyon during the morning session in the 44th over of India’s first innings.
The 26-year-old Kohli, who was playing in his 33rd Test and seventh innings in this series, followed in the footsteps of batting legend Rahul Dravid who accumulated 619 runs from eight innings in the 2003—04 Australia tour.
Kohli has already hit three centuries in the series.