Current Affairs Weekly Updates IAS,UPSC

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Current Affairs Weekly Updates for week Ending 24 FEB 2013 01. Australia clinched its ICC Women’s World Cup Trophy after defeating West Indies in Final Updated on 18 FEB 2013 Australia clinched their sixth Women's World Cup title after they comfortably defeated the West Indies by a huge margin of 114 runs in the final held on 17 February 2013 at the Brabourne Stadium in Mumbai. Needing 260 to win, the Caribbeans were bundled out for 145 runs in 43.1 overs, miserably failing to recover from Elysse Perry's early three-wicket burst. Batting first, Australia rode on Jessica Cameron's quick-fire 75 and a half-century by Rachael Haynes to post a challenging 259 for seven. Women's World Cup History 1. First World Cup was played in the year 1973 in England, the final was played between England and Australia and England won the match by 92 runs. 2. Second World Cup was played in India in the year 1978 India, the final was played between England and Australia, Australia won the match by 8 wickets. 3. Third World Cup was played in 1982 in New Zealand. England and Australia were the team in the final match and Australia won by 3 wickets. 4. Fourth World Cup was played in Australia in the year 1988. The final was played between Australia and England. Australia won it by 3 wickets. 5. The sixth World Cup was played in England in the 1993. The final was played between New Zealand and England, which was won by England by 67 runs.

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Current Affairs Weekly Updates IAS,UPSC

Transcript of Current Affairs Weekly Updates IAS,UPSC

  • Current Affairs Weekly Updates for week

    Ending 24 FEB 2013

    01. Australia clinched its ICC Womens World Cup Trophy after

    defeating West Indies in Final

    Updated on 18 FEB 2013

    Australia clinched their sixth Women's World Cup title after they

    comfortably defeated the West Indies by a huge margin of 114 runs in

    the final held on 17 February 2013 at the Brabourne Stadium in Mumbai.

    Needing 260 to win, the Caribbeans were bundled out for 145 runs

    in 43.1 overs, miserably failing to recover from Elysse Perry's early

    three-wicket burst. Batting first, Australia rode on Jessica Cameron's

    quick-fire 75 and a half-century by Rachael Haynes to post a challenging

    259 for seven.

    Women's World Cup History

    1. First World Cup was played in the year 1973 in England, the final

    was played between England and Australia and England won the

    match by 92 runs.

    2. Second World Cup was played in India in the year 1978 India, the

    final was played between England and Australia, Australia won the

    match by 8 wickets.

    3. Third World Cup was played in 1982 in New Zealand. England and

    Australia were the team in the final match and Australia won by 3

    wickets.

    4. Fourth World Cup was played in Australia in the year 1988. The

    final was played between Australia and England. Australia won it

    by 3 wickets.

    5. The sixth World Cup was played in England in the 1993. The final

    was played between New Zealand and England, which was won by

    England by 67 runs.

  • 6. The seventh World Cup was played in 1997 in India, Australia and

    New Zealand were the teams in the final. Australia won it by 5

    wickets.

    7. Eighth World Cup was played in New Zealand in the year 2000. The

    final was played between, Australia and New Zealand. New

    Zealand won it by 4 runs.

    8. The Ninth World Cup was held in South Africa in the year 2005,

    Australia and India were the two teams in final. Australia won by

    98 runs.

    9. The Tenth World Cup was played in Australia and the final was

    played between England and New Zealand, which was won by

    England by 4 wickets.

    10. The Eleventh World Cup was held in India in 2013. West Indies

    and Australia were the two teams in the final. Australia won the

    match with 114 runs.

    Captain of England Womens Cricket team, Charlotte Edwards

    became the first women to pass 5000 runs in one-day international

    after hitting 121 runs of 106 balls in the semi-final match against New

    Zealand.

    Womens Indian Team failed to make into the quarterfinals

    and had never won any world cup trophy till date.

  • 02. NTPL Signs Agreement with a Group of Banks for 1000-MW

    Power Project

    Updated on 19 FEB 2013

    A group of various banks agreed to give loan of Rupees 937 crore for

    1000-MW NTPL power project. NTPL power project is the joint venture of

    Tamil Nadu Power Generation and Distribution Corporation as well as

    Neyveli Lignite Corporation (NLC). The project will come up at Tuticorin.

    NLC Director (Finance) as well as the Bank of India Deputy General

    Manager (Mumbai) signed an agreement on 18 February 2013. The

    estimated cost of the project would be 4909.54 crore Rupees having

    debt-equity ratio of 70:30.

    The group of various banks included Indian Bank, the Central Bank

    of India as well as the Bank of India. In the meanwhile, it is important to

    note that NTPL had tied up with another group of banks earlier. The

    group was led by Bank of Baroda. NTPL had tied up with other group of

    banks for the debt which amounted to Rupees 2500 crore.

    As of now, 70% of the overall project is already completed. First

    unit of the 500 MW would go on stream in December 2013. The second

    unit, which would have almost similar capability, will start operating in

    March 2014.

    The power which would be produced from this project will be

    shared among the states of Puducherry, Kerala, Karnataka and Tamil

    Nadu. Necessary power purchase agreements, for this purpose, had

    already been signed with Tangedco as well as respective State Electricity

    Boards.

  • 03. Ela Bhatt Conferred 2011 Indira Gandhi Prize for Peace,

    Disarmament and Development Award

    Updated on 19 FEB 2013

    The President of India Pranab Mukherjee on 18 February 2013

    conferred 2011 Indira Gandhi Prize for Peace, Disarmament and

    Development Award to Ela Ramesh Bhatt, a renowned Women social

    worker. The award was given away at Rashtrapati Bhavan, New Delhi.

    Ela Bhatt received the award for life time achievements in women

    empowerment, promotion of grassroot level entrepreneurship as well as

    contribution towards promotion of equitable development and peace.She

    has her organisation SEWA (Self-Employed Womens Association).

  • 04. First Wildlife Skywalk of India to Come Up in Maenam

    Wildlife Sanctuary, Sikkim Updated on 19 FEB 2013

    The first wildlife skywalk of India will come up in Maenam wildlife

    sanctuary, in Sikkim. The State Government of Sikkim proposed to

    construct 22 km rope-way from Maenam sanctuary to skywalk to be built

    on edge of Bhalleydhunga steep face.

    This will also have rain shelter as well as public conveniences.

    Maenam wildlife sanctuary in Sikkim is 65 km south from Gangtok, the

    capital of the state. It is also a popular tourist destination.

    The Ministry of Environment & Forests (MOEF) Government of India

    has also approved the proposal of Sikkim government for the first wildlife

    skywalk of India proposal which would cost Rupees 500 crore. This

    skywalk would be like the one in Grand Canyon in North America which

    attracts more than 300,000 tourists in a year despite resistance from

    environmentalists.

  • 05. India and the UAE agreed to take their Trade Relations to

    another Level

    Updated on 19 FEB 2013

    India and the UAE agreed to improve their trade and investment

    relations during the first meeting of India-UAE High Level Task Force on

    Investment in Abu Dhabi on 18 February 2013. UAE decided to invest 2

    billion dollars in Infrastructure sector projects in India and the two

    countries decided to work for and support Strategic Oil Reserve in India.

    The meeting was co-chaired by the Union Minister of Commerce,

    Industry and Textiles, Anand Sharma and Sheikh Hamid Bin Zayed Al

    Nahyan, Chairman of the Abu Dhabi Crown Prince Court.

    As a part of the bilateral agreement, Five high level sub committees

    would be set up to promote investment in infrastructure and energy,

    trade and investment, manufacturing and technology, Information and

    communications technology and aviation sectors.

    India and UAE also decided to work together for third country

    projects, including Africa aimed at collaborating in the infrastructure

    sector and oil and gas exploration. The two countries also agreed to put

    in place Bilateral Investment Promotion and Protection Agreement

    (BIPA).

  • 06. T. S. Vijayan, the Former LIC Chief appointed as Chairman of

    IRDA

    Updated on 22 FEB 2013

    The government has appointed T S Vijayan, former head of Life

    Insurance Corporation (LIC), as chairman of the Insurance Regulatory

    and Development Authority (IRDA).

    Harinarayan, who took charge in May 2008, a few months before

    the collapse of Lehman Brothers and the biggest crash in Indian markets,

    cracked down on mis-selling by making it unprofitable for insurers to let

    policies lapse by capping charges. He also faced challenges on the non-

    life side where under provisions for motor accident claims led to non-life

    companies running huge liabilities.

    http://timesofindia.indiatimes.com/topic/Lehman-Brothers

  • 07. Kerala Government Raised Age Limit for Buying and Selling

    Liquor from 18 to 21

    Updated on 21 FEB 2013

    The State Government of Kerala on 20 February 2013 approved

    Kerala Abkari Act Amendment Ordinance 2013 that envisaged raising age

    limit for buying or selling liquor from 18 years to 21 years.

    The new policy was announced in 2012, according to which

    Congress had committed to raise liquor buying and selling age from 18 to

    21 years. This was aimed at bringing down the consumption of liquor in

    Kerala.

    Apart from this, the Kerala Abkari Act Amendment Ordinance 2013

    would obligate showing statutory warnings for movies and television,

    against the consumption of liquor.

  • 08. CCI approve to set up North Karanpura Super Thermal

    Power Plant in Jharkhand.

    Updated on 21 FEB 2013

    The Cabinet Committee on Investment (CCI) Government of India

    on 20 February 2013 cleared the proposal of the Power Ministry to set up

    the North Karanpura Super Thermal Power Plant (NKSTPP) (3 x 660 MW)

    near Tandwa town in Chatra district of Jharkhand by the National

    Thermal Power Corporation (NTPC). The Plant is expected to produce

    electricity for a period of about 35 years.

    The safeguards of the project was recommended by the Chaturvedi

    Committee were accepted by the Group of Ministers that was chaired by

    the Union Finance Ministe.

  • 09 Worlds First Mercury Treaty adopted by 140 Countries at

    Geneva

    Updated on 20 FEB 2013

    Delegations from some 140 countries have agreed to adopt a

    ground-breaking treaty limiting the use of health-hazardous mercury in

    Geneva.

    The world's first legally binding treaty on mercury, reached after a

    week of thorny talks, will aim to reduce global emission levels of the toxic

    heavy metal also known as quicksilver, which poses risks to human

    health and the environment.

    Countries will be asked to sign the treaty next October in

    Minamata, Japan, in honour of the town's inhabitants who for decades

    have suffered the consequences of serious mercury contamination.

    The adoption of the mercury treaty shows the vitality of

    international environmental politics and the will of states to together find

    solutions to world problems, head of the Swiss delegation to the talks,

    Franz Perrez, said in the statement.

    Mercury is found in products ranging from electrical switches to

    thermometers to light-bulbs, to amalgam dental fillings and even facial

    creams, and large amounts of the heavy metal are released from small-

    scale gold mining, coal-burning power plants, metal smelters and cement

    production.

    Serious mercury poisoning affects the body's immune system and

    can lead to problems including psychological disorders, loss of teeth and

    problems with the digestive, cardiovascular and respiratory tracts.

    It also affects development of the brain and nervous system and poses

    the greatest risk to foetuses and infants.

    The treaty will aim at:

    * Reduction of global emission levels of the toxic heavy metal or the

    quick silver

    * Reduce the production and the use of mercury in industrial

    processes and product production

  • * To cut mercury pollution from utility plants, mining, a host of

    products and industrial processes, and set enforceable limits as well

    as to encourage alternatives where mercury in not used or

    released.

  • 10. India and Sri Lanka Signed Agreements On Combating

    Terrorism and Avoiding Double-Taxation

    Updated on 20 FEB 2013

    India and Sri Lanka on 19 February 2013 signed two separate

    agreements on combating international terrorism and avoidance of

    double taxation, eyeing elevation of robust bilateral ties to building of a

    special economic partnership.

    The two key accords were signed after the 8th India-Sri Lanka Joint

    Commission meeting held in New Delhi discussed enhanced cooperation

    in a range of areas including civil nuclear energy.

    At the meeting, the Indian side was led by External Affairs Minister

    Salman Khurshid while the Lankans were led by his counterpart G.L.

    Peiris.

    The two sides also discussed the emotive issue of fishermen and

    rehabilitation process of Tamils in Sri Lanka besides the 13th Amendment

    of the Lankan constitution that gives autonomy to provinces.

    Issue of the fishermen as well as rehabilitation process of the

    Tamils in Sri Lanka was also discussed during the meeting.

    Apart from this, 13th Amendment of the Lankan constitution which

    provides autonomy to the provinces was also discussed.

    It is important to note that India and Sri Lanka are the largest

    trade partners of each other in South Asia.

    It was also agreed, after the meeting, that a dialogue between the

    Commerce Secretary of India and Secretary of the Ministry of Finance

    and Economic Development of Sri Lanka would be initiated to progress

    the framework for special economic partnership between these two

    nations.

  • 11. Viswanathan Anand won Grenke Chess Classic Trophy

    Updated on 18 FEB 2013

    Viswanathan Anand, the World Champion in Chess from India won

    the Grenke Chess Classic trophy of 2013 after defeating Arkadij Naiditsch

    from Germany on 17 February 2013. To secure his win in the Grenke

    Chess Classic, Anand also defeated Fabiano Caruana from Italy. This was

    his first title of the year.

    The 43 years old Anand, managed to take a 49 move win against

    Arkadij with his black pieces to claim the title for his all-play-all

    tournament title in five years. Anand last won a title in March 2008 at

    Linares, when he topped the field with 8.5 points in the eight player field.

    In January 2013, Anand finished at third position in the Tata Steel

    at Wijk aan Zee in although he lost the first round to Wang Hao from

    China.

  • 12. Hari Shankar Singhania, the leading industrialist died at 79

    Updated on 24 FEB 2013

    Hari Shankar Singhania, one of India's most distinguished

    industrialists, passed away in his sleep at his New Delhi residence late

    night on 22 February 2013 at the age of 79 years.

    Singhania was president of JK Organization, a diversified group of

    industries, and had been involved with the group for over six decades. A

    past president of Ficci (1979-80), Singhania was the winner of many

    awards and honours.

    In 2003, he was awarded Padma Bhushan, India's third highest

    civilian honour. He led various industry chambers and councils in India

    and was only the second Indian to serve as president of International

    Chamber of Commerce, Paris, during 1993-94.

    Born in Kanpur on June 20, 1933, Singhania joined the group in

    1951 after completing his BSc. He was known for his entrepreneurial

    capabilities and setting up various pioneering ventures in India.

    In 2005, Singhania was awarded one of the highest Swedish

    awards Royal Order of the Polar Star by the king of Sweden, the

    ceremonial head of state of that country, for his contribution to the

    development of Indo-Swedish business relations.

    Besides, he also received numerous awards and recognitions,

    including the '2008 Paper Industry International Hall of Fame Award' by

    the Paper Industry International Hall of Fame, Inc, USA, and 'Lifetime

    Achievement Award for Asia Pacific Entrepreneurship' from Enterprise

    Asia in 2010.

    JK Organization is a more than 100 years old group and has a wide range

    of manufacturing activities such as automotive tyres and tubes, paper

    and board, cement, oil seals, power transmission equipment, woolen

    textiles, readymade suits and apparels, food and dairy products, hybrid

    seeds, steel engineering files and cosmetics.

    http://timesofindia.indiatimes.com/topic/Ficci

  • 13. Ratan Tata Awarded the Life Time Achievement Award 2012

    by Ernst & Young

    Updated on 22 FEB 2013

    Leading accounting and consultancy firm E&Y India has awarded

    the Tata Group patriarch Ratan Tata, the Chairman Emeritus of the USD

    100-billion conglomerate, with the Entrepreneur of the Year Lifetime

    Achievement Award.

    RatanTata received the award from Corporate Affairs Minister

    Sachin Pilot at a function held in Mumbai on 21 February 2013. Tata had

    won the E&Y Entrepreneur of the Year Award in 2003 as well.

    Adi Godrej of the Godrej Group has won the Entrepreneur of the

    Year for 2012, who will represent India at the E&Y World Entrepreneur of

    the year award in Monte Carlo, Monaco in June.

    The other awardees are Dr Naresh Trehan of Medanta-The Medicity

    for start-ups, Dhiraj C Rajaram of MuSigma Business Solutions for

    services, Francisco D'Souza of Cognizant for manager category and Devi

    Prasad Shetty of the Narayana Hrudalaya in the for life sciences and

    healthcare segment.

    TT Jagannathan of TTK Group in the consumer products category,

    Onkar S Kanwar of Apollo Tyres for manufacturing, and Cyrus S

    Poonawalla of Serum Institute of India for business transformation were

    the other awardees.

    The Ernst & Young Entrepreneur of the Year Award, which is into

    the 14th edition, is recognised as one of the world's prestigious business

    awards for entrepreneurs.

    http://expressindia.indianexpress.com/latest-news/Ernst-Young-honours-Ratan-Tata-with-lifetime-achievement-award/1078259/http://expressindia.indianexpress.com/latest-news/Ernst-Young-honours-Ratan-Tata-with-lifetime-achievement-award/1078259/http://expressindia.indianexpress.com/latest-news/Ernst-Young-honours-Ratan-Tata-with-lifetime-achievement-award/1078259/

  • 14. NTPC Signed 250 Million US Dollars Loan Agreement with

    Banks

    Updated on 22 FEB 2013

    NTPC (National Thermal Power Corporation) tied up a term loan

    facility of 250 million US dollars with the State Bank of India, New York

    Branch as well as Singapore Branch of Mizuho Corporate Bank Limited.

    The agreement for the loan was signed in New York. The loan will

    empower NTPC for making use of the proceeds of loan towards capital

    expenditure for procurement of goods and services for new as well as

    ongoing projects. It will also help NTPC in modernization as well as

    renovation of stations of this corporation.

    The loan signed by NTPC will carry a floating rate of interest

    associated to LIBOR. It also has door to door maturity of 7 years.

    With execution of this term loan facility, NTPC raised a total of 750

    million US Dollars in 2012-2013 fiscal year, which is the maximum

    amount allowed under the Automatic Route of the ECB guidelines issued

    by the Reserve Bank of India.

  • 15. Bharat Heavy Plate & Vessels Ltd. (BHPV) Merged With BHEL

    Updated on 22 FEB 2013

    The Union Cabinet of India approved merger of Bharat Heavy Plate

    & Vessels Ltd. (BHPV) Vishakhapatnam with Bharat Heavy Electricals

    Limited (BHEL) on 21 February 2013. After the merger, BHVP will be a

    unit of BHEL.

    Post-merger, BHVP will be able to participate in the tenders as well

    as obtain the orders.

    Bharat Heavy Plate & Vessels Ltd. (BHPV): Bharat Heavy Plate &

    Vessels Ltd. (BHPV) is the engineering and heavy fabrication company

    which was established back in 1966 in Andhra Pradesh. The company had

    suffered immense loss because of various reasons.

    Bharat Heavy Electricals Limited (BHEL): Bharat Heavy Electricals

    Limited (BHEL) acquired BHPV in 2008 as 100% subsidiary. However,

    because BHVP was a separate company, therefore it was not able to

    derive complete benefits.

  • 16. RBI announced Guidelines for Licensing of New Banks in

    Private Sector

    Updated on 23 FEB 2013

    The Reserve Bank of India on 22 February 2013 released the

    Guidelines for Licensing of New Banks in the Private Sector. The

    guidelines issued by the Apex Bank have opened gates for private players

    as well as the finance firms to enter into the strictly regulated banking

    sector of India.

    Key Features of the issued Guidelines:

    (i) Eligible Promoters: Entities / groups in the private sector, entities

    in public sector and Non-Banking Financial Companies (NBFCs) shall be

    eligible to set up a bank through a wholly-owned Non-Operative Financial

    Holding Company (NOFHC).

    (ii) Fit and Proper criteria: Entities / groups should have a past

    record of sound credentials and integrity, be financially sound with a

    successful track record of 10 years. For this purpose, RBI may seek

    feedback from other regulators and enforcement and investigative

    agencies.

    (iii) Corporate structure of the NOFHC: The NOFHC shall be wholly

    owned by the Promoter / Promoter Group. The NOFHC shall hold the

    bank as well as all the other financial services entities of the group.

    (iv) Minimum voting equity capital requirements for banks and

    shareholding by NOFHC: The initial minimum paid-up voting equity

    capital for a bank shall be `5 billion. The NOFHC shall initially hold a

    minimum of 40 per cent of the paid-up voting equity capital of the bank

    which shall be locked in for a period of five years and which shall be

    brought down to 15 per cent within 12 years. The bank shall get its

    shares listed on the stock exchanges within three years of the

    commencement of business by the bank.

    (v) Regulatory framework: The bank will be governed by the

    provisions of the relevant Acts, relevant Statutes and the Directives,

    Prudential regulations and other Guidelines/Instructions issued by RBI

  • and other regulators. The NOFHC shall be registered as a non-banking

    finance company (NBFC) with the RBI and will be governed by a separate

    set of directions issued by RBI.

    (vi) Foreign shareholding in the bank: The aggregate non-resident

    shareholding in the new bank shall not exceed 49% for the first 5 years

    after which it will be as per the extant policy.

    (vii) Corporate governance of NOFHC: At least 50% of the Directors

    of the NOFHC should be independent directors. The corporate structure

    should not impede effective supervision of the bank and the NOFHC on a

    consolidated basis by RBI.

    (viii) Prudential norms for the NOFHC: The prudential norms will be

    applied to NOFHC both on stand-alone as well as on a consolidated basis

    and the norms would be on similar lines as that of the bank.

    (ix) Exposure norms: The NOFHC and the bank shall not have any

    exposure to the Promoter Group. The bank shall not invest in the equity /

    debt capital instruments of any financial entities held by the NOFHC.

    (x) Business Plan for the bank: The business plan should be realistic

    and viable and should address how the bank proposes to achieve

    financial inclusion.

    (xi) Other conditions for the bank: The Board of the bank should

    have a majority of independent Directors.

    The bank shall open at least 25% of its branches in unbanked rural

    centres (population up to 9,999 as per the latest census)

    The bank shall comply with the priority sector lending targets and sub-

    targets as applicable to the existing domestic banks.

    Banks promoted by groups having 40 per cent or more assets/income

    from non-financial business will require RBIs prior approval for raising

    paid-up voting equity capital beyond `10 billion for every block of `5

    billion.

    Any non-compliance of terms and conditions will attract penal measures

    including cancellation of licence of the bank.

  • (xii) Additional conditions for NBFCs promoting / converting into a

    bank: Existing NBFCs, if considered eligible, may be permitted to

    promote a new bank or convert themselves into banks.

    The guidelines for the Licensing of New Banks in the Private Sector

    were finalized after amending the Banking Regulation Act, 1949 in

    December 2012.

  • 17. Assam becomes First Indian State to produce over 500

    million kg Tea for 2 consecutiveYears

    Updated on 24 FEB 2013

    With a production of 589 million Kgs in 2011 and 588 million Kgs

    2012 which is 53% of the countrys total tea production, Assam has

    become the first state in India to produce over 500 million kilogram tea

    for two years in a row.

    The North East Tea Association, a premium body of the tea planters

    held that over Rs 7500s crore turn over was recorded in Assam tea

    sector last year.

    Around 7 lakh workers are engaged in the tea sector of which 50%

    are women.

  • 18. Sania Mirza, Bethanie-Mattek Sands win Dubai title 2013

    Updated on 24 FEB 2013

    India's Sania Mirza and her American partner Bethanie-Mattek

    Sands won the Dubai Tennis Championship 2013 on 23 February 2013.

    The Indo-American duo defeated the second seeded Russian-Slovenian

    combination of Nadia Petrova and Katarina Srebotnik, 6-4, 2-6, 10-7.

    Sania bagged her second Doubles title of the season.