1. Union Government renames Planning Commission as ‘Neeti Ayog
Union government has renamed Planning commission as Niti Aayog. Government’s
Union government has renamed Planning commission as Niti Aayog. Government’s
decision comes after the Prime Minister Narendra Modi’s 2014 Independence Day announcement that the Planning Commission would be replaced with a new-age institution.
The renaming of the Planning Commission is being seen as the first step towards replacing it with a new-age institution.
Neeti Ayog by replacing planning commission will have new structure consisting of Prime Minister, few Cabinet ministers and chief ministers of states along with technocrats and experts from various fields.
Earlier, Prime Minister Narendra Modi on 7th December 2014 had held consultation meeting with Chief Ministers of states, where most CM’s had favoured restructuring of the Socialist-era planning body. However, some Congress Chief Ministers opposed disbanding of the existing set-up.
The renaming of the Planning Commission is being seen as the first step towards replacing it with a new-age institution.
Neeti Ayog by replacing planning commission will have new structure consisting of Prime Minister, few Cabinet ministers and chief ministers of states along with technocrats and experts from various fields.
Earlier, Prime Minister Narendra Modi on 7th December 2014 had held consultation meeting with Chief Ministers of states, where most CM’s had favoured restructuring of the Socialist-era planning body. However, some Congress Chief Ministers opposed disbanding of the existing set-up.
2. IRDA renamed to Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India .
The change in name came in to effect after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on 26 December 2014.
The amendment was done to the Insurance Regulation and Development Act, 1999 by inserting the words India after Development Authority in Section 105 of the Ordinance amends section 2 (1)(b) of the IRDA Act.
3. Technology giant Microsoft sued Indian company C-Cubed Solutions for fraud
Technology giant Microsoft sued an Indian company C-Cubed Solution along with several other entities for fraud.
The other entities include Omnitech Support based in California and Florida-based Anytime Techies along with two other individuals were also sued.
Microsoft alleged that they have misused its name and registered trademarks while providing fraudulent technical support services to unsuspecting consumers.
Microsoft's Digital Crimes Unit filed a civil lawsuit in federal court in the Central District of California for unfair and deceptive business practices and trademark infringement against C-Cubed Solutions.
According to the lawsuit, C-Cubed is a private company associated under the laws of India. Its directors include Marc Haberman, Rachel Eilat Haberman and Jay Wurzberger.
Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India .
The change in name came in to effect after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on 26 December 2014.
The amendment was done to the Insurance Regulation and Development Act, 1999 by inserting the words India after Development Authority in Section 105 of the Ordinance amends section 2 (1)(b) of the IRDA Act.
3. Technology giant Microsoft sued Indian company C-Cubed Solutions for fraud
Technology giant Microsoft sued an Indian company C-Cubed Solution along with several other entities for fraud.
The other entities include Omnitech Support based in California and Florida-based Anytime Techies along with two other individuals were also sued.
Microsoft alleged that they have misused its name and registered trademarks while providing fraudulent technical support services to unsuspecting consumers.
Microsoft's Digital Crimes Unit filed a civil lawsuit in federal court in the Central District of California for unfair and deceptive business practices and trademark infringement against C-Cubed Solutions.
According to the lawsuit, C-Cubed is a private company associated under the laws of India. Its directors include Marc Haberman, Rachel Eilat Haberman and Jay Wurzberger.
4. Venezuela entered recession with inflation at 63 percent
Venezuela entered recession with economic growth shrinking in the first three quarters of 2014. It was announced by the Central bank of Venezuela.
The economy of Venezuela shrank 2.3 percent in the third quarter after shrinking 4.8 percent in the first quarter and 4.9 percent in the second quarter.
Besides, the inflation of Venezuela has reached 63 percent in the month-ending November 2014 which is the highest inflation in the world. Price increases were the sharpest especially for housing, food and alcoholic beverages, and restaurants and hotels.
Though Venezuela government has introduced mandatory price cuts to control inflation but has not managed to get the inflationary spiral under control. Inflation has been aggravated by severe shortages of basic goods and fall down of crude prices.
5. Tropical storm Jangmi struck Philippines
Jangmi, a tropical storm made landfall in northeastern Mindanao Island of Philippines . The storm that caused heavy rains and triggered flash floods and landslides in the country killed at least 30 people.
Tropical storm Jangmi, known in the Philippines as Seniang carried winds of 65 kilometers (40 miles) per hour destroying several bridges and highway and lead to evacuation of thousands of residents.
As per the latest forecast of NASA, the storm Jangmi has weakened to a tropical depression as it moved into the Sulu Sea.
Venezuela entered recession with economic growth shrinking in the first three quarters of 2014. It was announced by the Central bank of Venezuela.
The economy of Venezuela shrank 2.3 percent in the third quarter after shrinking 4.8 percent in the first quarter and 4.9 percent in the second quarter.
Besides, the inflation of Venezuela has reached 63 percent in the month-ending November 2014 which is the highest inflation in the world. Price increases were the sharpest especially for housing, food and alcoholic beverages, and restaurants and hotels.
Though Venezuela government has introduced mandatory price cuts to control inflation but has not managed to get the inflationary spiral under control. Inflation has been aggravated by severe shortages of basic goods and fall down of crude prices.
5. Tropical storm Jangmi struck Philippines
Jangmi, a tropical storm made landfall in northeastern Mindanao Island of Philippines . The storm that caused heavy rains and triggered flash floods and landslides in the country killed at least 30 people.
Tropical storm Jangmi, known in the Philippines as Seniang carried winds of 65 kilometers (40 miles) per hour destroying several bridges and highway and lead to evacuation of thousands of residents.
As per the latest forecast of NASA, the storm Jangmi has weakened to a tropical depression as it moved into the Sulu Sea.
6. LIC, UAE bank to launch co-branded credit card
India’s LIC International and Abu Dhabi-based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards have been a concern among many policyholders in the UAE.
Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
The January 2013 cooperation of both the organisations has led to record sales worth $75 million for ‘Jeevan Aastha 3’ and to obtaining total premium worth $100 million in 8 weeks for LIC’s new insurance product ‘Jeevan Nivesh’
LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.
FGB, established in 1979, offers a full range of financial services through its branches spread in many parts of the world.
India’s LIC International and Abu Dhabi-based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards have been a concern among many policyholders in the UAE.
Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
The January 2013 cooperation of both the organisations has led to record sales worth $75 million for ‘Jeevan Aastha 3’ and to obtaining total premium worth $100 million in 8 weeks for LIC’s new insurance product ‘Jeevan Nivesh’
LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.
FGB, established in 1979, offers a full range of financial services through its branches spread in many parts of the world.
7. Kishore Sansi takes charge as Vijaya Bank MD, CEO
Kishore Kumar Sansi assumed charge as Managing Director & Chief Executive Officer of Vijaya Bank on Thursday. Prior to joining the Bengaluru-headquartered Vijaya Bank, Sansi was Executive Director in Punjab & Sind Bank.
Sansi has been a professional banker for 35 years with an eventful stint at Oriental Bank of Commerce.
He joined Oriental Bank of Commerce in 1980 as an officer and by 2010 rose to General Manager Cadre having worked in various capacities in different parts of India. Sansi's field of expertise include International Banking, Information Technology and Human Resource Development. He has a BSc, M.Sc, M.Phil, and M.Tech degree from Delhi University.
8. P Srinivas new MD & CEO of United Bank of India
P Srinivas will be the new Managing Director (MD) & Chief Executive Officer (CEO) of United Bank of India (UBI).
Prior to assuming charge at the Kolkata-headquartered bank, he was the Executive Director of Bank of Baroda. As the ED, Srinivas had handled major portfolios such as priority sector lending, MSME advances, credit monitoring, risk management and recoveries and investor relations.
His appointment comes nearly 11 months after the then Chairman and Managing Director, Archana Bhargava, stepped down. Bhargava had stepped down in February this year citing health reasons. However, sources maintained that it was the controversy of the bank’s spiralling non-performing assets that led to her resignation.
9. India and Pakistan exchange list of nuclear facilities
India and Pakistan on 1st January 2015 have exchanged the list of their nuclear installations and facilities under the agreement on Prohibition of Attack against Nuclear installations between India and Pakistan.
The exchange of list was done through diplomatic channels simultaneously at New Delhi and Islamabad.
It is the 24th consecutive exchange of such list between the two neighbouring countries which bars them from attacking each other’s atomic facilities.
10. SEBI to revitalise primary market with e-IPOs
To revitalise the primary market, the Securities and Exchange Board of India will soon notify new norms to sell shares through electronic Initial Public Offers (e-IPOs), while manipulators may face stronger action in the new year with tougher norms being finalised for insider trading.
Besides, SEBI is looking into herald into global best standards on corporate governance practices of listed companies. The listing agreement signed by the companies with the stock exchanges would be converted into listing regulations for better enforcement of the listing norms.
11. SEBI notifies rules on launch of new MF schemes
Market regulator SEBI has notified new rules that allow launch of two new schemes in a year by mutual fund houses with net worth below Rs. 50 crore.
However, such permission would be considered on a case-to-case basis, depending on such Asset Management Companies (AMCs) demonstrating that serious efforts are being made by them to meet the net worth requirements within the prescribed timelines.
”... in cases where the Board is satisfied that an asset management company is taking steps to meet the net worth requirement within the specified time, the asset management company may be allowed to launch up to two new schemes per year,” Securities and Exchange Board of India (SEBI) said in a notification yesterday.
The move will come in force with immediate effect.
SEBI, in February, hiked the minimum net worth requirement for mutual funds to Rs. 50 crore from Rs. 10 crore in a move to weed out non-serious players and ensure stability of the financial system. The fund houses have been given three years to comply with regulations.
At that time, 19 fund houses had net worth below this threshold, but a few of them have since complied with the requirement by increasing their net worth to the desired level.
To help the non-compliant fund houses in the interim period, SEBI allowed such entities to launch two new schemes in a year.
Kishore Kumar Sansi assumed charge as Managing Director & Chief Executive Officer of Vijaya Bank on Thursday. Prior to joining the Bengaluru-headquartered Vijaya Bank, Sansi was Executive Director in Punjab & Sind Bank.
Sansi has been a professional banker for 35 years with an eventful stint at Oriental Bank of Commerce.
He joined Oriental Bank of Commerce in 1980 as an officer and by 2010 rose to General Manager Cadre having worked in various capacities in different parts of India. Sansi's field of expertise include International Banking, Information Technology and Human Resource Development. He has a BSc, M.Sc, M.Phil, and M.Tech degree from Delhi University.
8. P Srinivas new MD & CEO of United Bank of India
P Srinivas will be the new Managing Director (MD) & Chief Executive Officer (CEO) of United Bank of India (UBI).
Prior to assuming charge at the Kolkata-headquartered bank, he was the Executive Director of Bank of Baroda. As the ED, Srinivas had handled major portfolios such as priority sector lending, MSME advances, credit monitoring, risk management and recoveries and investor relations.
His appointment comes nearly 11 months after the then Chairman and Managing Director, Archana Bhargava, stepped down. Bhargava had stepped down in February this year citing health reasons. However, sources maintained that it was the controversy of the bank’s spiralling non-performing assets that led to her resignation.
9. India and Pakistan exchange list of nuclear facilities
India and Pakistan on 1st January 2015 have exchanged the list of their nuclear installations and facilities under the agreement on Prohibition of Attack against Nuclear installations between India and Pakistan.
The exchange of list was done through diplomatic channels simultaneously at New Delhi and Islamabad.
It is the 24th consecutive exchange of such list between the two neighbouring countries which bars them from attacking each other’s atomic facilities.
10. SEBI to revitalise primary market with e-IPOs
To revitalise the primary market, the Securities and Exchange Board of India will soon notify new norms to sell shares through electronic Initial Public Offers (e-IPOs), while manipulators may face stronger action in the new year with tougher norms being finalised for insider trading.
Besides, SEBI is looking into herald into global best standards on corporate governance practices of listed companies. The listing agreement signed by the companies with the stock exchanges would be converted into listing regulations for better enforcement of the listing norms.
11. SEBI notifies rules on launch of new MF schemes
Market regulator SEBI has notified new rules that allow launch of two new schemes in a year by mutual fund houses with net worth below Rs. 50 crore.
However, such permission would be considered on a case-to-case basis, depending on such Asset Management Companies (AMCs) demonstrating that serious efforts are being made by them to meet the net worth requirements within the prescribed timelines.
”... in cases where the Board is satisfied that an asset management company is taking steps to meet the net worth requirement within the specified time, the asset management company may be allowed to launch up to two new schemes per year,” Securities and Exchange Board of India (SEBI) said in a notification yesterday.
The move will come in force with immediate effect.
SEBI, in February, hiked the minimum net worth requirement for mutual funds to Rs. 50 crore from Rs. 10 crore in a move to weed out non-serious players and ensure stability of the financial system. The fund houses have been given three years to comply with regulations.
At that time, 19 fund houses had net worth below this threshold, but a few of them have since complied with the requirement by increasing their net worth to the desired level.
To help the non-compliant fund houses in the interim period, SEBI allowed such entities to launch two new schemes in a year.
12. LPG users to get cash subsidy in bank A/Cs from Jan 1
LPG consumers across the country will from tomorrow get cash subsidy directly into their bank accounts so that they buy the cooking fuel at market price.
Domestic LPG users will get Rs. 568 in the bank account the moment they join the Direct Benefit Transfer Scheme for LPG, which has now been renamed PAHAL. They will have to use this money to buy 14.2—kg refill at the market price.
Currently, the subsidised LPG costs Rs. 417 per 14.2—kg cylinder while a market—priced refill costs Rs. 752 in Delhi.
It will be priced higher in other cities depending on local taxes.
The ambitious plan, launched by the previous UPA government in June 2013 but abruptly stopped earlier this year following court orders, has been modified to exclude the requirement of unique identification number (Aadhaar) for availing the cash subsidy.
“Consumers who wish to join the scheme will have to either link their Aadhaar number into their bank account and their LPG consumer number or if they do not possess Aadhaar number, they will have to link their bank account directly with their 17 digit LPG Id,” an official statement said here.
PAHAL or ‘Pratyaksh Hanstantarit Labh’ was rolled out in 54 districts from November 15 and will extend to rest of the country from January 1.
Under the scheme, LPG consumers will get cash subsidy to buy twelve 14.2—kg cylinders or 34 five—kg refills.
LPG consumers across the country will from tomorrow get cash subsidy directly into their bank accounts so that they buy the cooking fuel at market price.
Domestic LPG users will get Rs. 568 in the bank account the moment they join the Direct Benefit Transfer Scheme for LPG, which has now been renamed PAHAL. They will have to use this money to buy 14.2—kg refill at the market price.
Currently, the subsidised LPG costs Rs. 417 per 14.2—kg cylinder while a market—priced refill costs Rs. 752 in Delhi.
It will be priced higher in other cities depending on local taxes.
The ambitious plan, launched by the previous UPA government in June 2013 but abruptly stopped earlier this year following court orders, has been modified to exclude the requirement of unique identification number (Aadhaar) for availing the cash subsidy.
“Consumers who wish to join the scheme will have to either link their Aadhaar number into their bank account and their LPG consumer number or if they do not possess Aadhaar number, they will have to link their bank account directly with their 17 digit LPG Id,” an official statement said here.
PAHAL or ‘Pratyaksh Hanstantarit Labh’ was rolled out in 54 districts from November 15 and will extend to rest of the country from January 1.
Under the scheme, LPG consumers will get cash subsidy to buy twelve 14.2—kg cylinders or 34 five—kg refills.
13. Government signs $ 75 million loan deal with Asian Development Bank for KIUWMIP
Government has signed a loan agreement with Asian Development Bank (ADB) for 75 million dollars and 1.8 million dollar grant for Karnataka Integrated Urban Water Management Investment Program (KIUWMIP).
This loan fund will be used in the three towns of Byadagi, Davanagere and Harihar of Karnataka under the KIUWMIP.
This loan seeks to expand and upgrade: urban water supply and sanitation infrastructure, improve water resource planning, monitoring and service delivery, and strengthen operational and administrative capacity in these towns.
As per this agreement, the loan has a 25 year term including a grace period of five years.
Government has signed a loan agreement with Asian Development Bank (ADB) for 75 million dollars and 1.8 million dollar grant for Karnataka Integrated Urban Water Management Investment Program (KIUWMIP).
This loan fund will be used in the three towns of Byadagi, Davanagere and Harihar of Karnataka under the KIUWMIP.
This loan seeks to expand and upgrade: urban water supply and sanitation infrastructure, improve water resource planning, monitoring and service delivery, and strengthen operational and administrative capacity in these towns.
As per this agreement, the loan has a 25 year term including a grace period of five years.
14. M Sathiyavathy becomes first woman to be appointed as Director General DGCA
IAS officer M Sathiyavathy has become first woman to be appointed as Director General (DG) of Directorate General of Civil Aviation (DGCA).
She will succeed Prabhat Kumar, to become first woman to become the chief aviation regulator for period of three years till 2017.
She is a 1982-batch UT cadre IAS officer. Earlier she has served in the Civil Aviation Ministry as a Joint Secretary and Financial Adviser since February 2014
15. Commercial power generation begins at Kudankulam Nuclear power plant
India’s largest nuclear reactor at Kudankulam has started generating electricity on a commercial basis after it received green signal from Nuclear Power Corporation(NPC).
This 1000 MW reactor made with Russia’s help is generating electricity only on an experimental basis after its turbine had suffered damage a few months ago. After repairing these damages it has started generating full 1000 MW of power.
Power generated form this reactor will provide much needed relief to Tamil Nadu, Puducherry, Karnataka and Kerala where power output will be augmented.
The reactor made at a cost of over Rs. 8000 crores has been much delayed and activists have called it ‘unsafe’.
The second 1000 MW unit at Kudankulam is likely to come online in 2015.
IAS officer M Sathiyavathy has become first woman to be appointed as Director General (DG) of Directorate General of Civil Aviation (DGCA).
She will succeed Prabhat Kumar, to become first woman to become the chief aviation regulator for period of three years till 2017.
She is a 1982-batch UT cadre IAS officer. Earlier she has served in the Civil Aviation Ministry as a Joint Secretary and Financial Adviser since February 2014
15. Commercial power generation begins at Kudankulam Nuclear power plant
India’s largest nuclear reactor at Kudankulam has started generating electricity on a commercial basis after it received green signal from Nuclear Power Corporation(NPC).
This 1000 MW reactor made with Russia’s help is generating electricity only on an experimental basis after its turbine had suffered damage a few months ago. After repairing these damages it has started generating full 1000 MW of power.
Power generated form this reactor will provide much needed relief to Tamil Nadu, Puducherry, Karnataka and Kerala where power output will be augmented.
The reactor made at a cost of over Rs. 8000 crores has been much delayed and activists have called it ‘unsafe’.
The second 1000 MW unit at Kudankulam is likely to come online in 2015.
16. Second National Biodiversity Conference-2015 will be held in Kerala
The National Biodiversity Conference (NBC)-2015 will be held in Thiruvananthapuram, Kerala from 23rd to 27th February.
It will be second edition of this biodiversity conference and its focal theme for 2015 is ‘Biodiversity: Access and Benefit Sharing’
17. A K Mittal appointed railway board chairman
Mittal, who was member (staff), has succeeded Arunendra Kumar, whose appointment as well as entire tenure was mired in lot of controversies. Mittal's position as member (staff) has been taken by Pradeep Kumar, who was general manager, North-Central Railway with additional charge as GM, Northern Railway.
Navin Tandon had been appointed as new member (electrical), a post which was lying vacant for last six months. Tandon was GM, South Eastern Central Railway. Gupta, member (engineering), has been given additional responsibility of member (mechanical), the post which is likely to be filled within a week.
The National Biodiversity Conference (NBC)-2015 will be held in Thiruvananthapuram, Kerala from 23rd to 27th February.
It will be second edition of this biodiversity conference and its focal theme for 2015 is ‘Biodiversity: Access and Benefit Sharing’
17. A K Mittal appointed railway board chairman
Mittal, who was member (staff), has succeeded Arunendra Kumar, whose appointment as well as entire tenure was mired in lot of controversies. Mittal's position as member (staff) has been taken by Pradeep Kumar, who was general manager, North-Central Railway with additional charge as GM, Northern Railway.
Navin Tandon had been appointed as new member (electrical), a post which was lying vacant for last six months. Tandon was GM, South Eastern Central Railway. Gupta, member (engineering), has been given additional responsibility of member (mechanical), the post which is likely to be filled within a week.
1. Union Government renames Planning Commission as ‘Neeti Ayog
Union government has renamed Planning commission as Niti Aayog. Government’s
Union government has renamed Planning commission as Niti Aayog. Government’s
decision comes after the Prime Minister Narendra Modi’s 2014 Independence Day announcement that the Planning Commission would be replaced with a new-age institution.
The renaming of the Planning Commission is being seen as the first step towards replacing it with a new-age institution.
Neeti Ayog by replacing planning commission will have new structure consisting of Prime Minister, few Cabinet ministers and chief ministers of states along with technocrats and experts from various fields.
Earlier, Prime Minister Narendra Modi on 7th December 2014 had held consultation meeting with Chief Ministers of states, where most CM’s had favoured restructuring of the Socialist-era planning body. However, some Congress Chief Ministers opposed disbanding of the existing set-up.
The renaming of the Planning Commission is being seen as the first step towards replacing it with a new-age institution.
Neeti Ayog by replacing planning commission will have new structure consisting of Prime Minister, few Cabinet ministers and chief ministers of states along with technocrats and experts from various fields.
Earlier, Prime Minister Narendra Modi on 7th December 2014 had held consultation meeting with Chief Ministers of states, where most CM’s had favoured restructuring of the Socialist-era planning body. However, some Congress Chief Ministers opposed disbanding of the existing set-up.
2. IRDA renamed to Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India .
The change in name came in to effect after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on 26 December 2014.
The amendment was done to the Insurance Regulation and Development Act, 1999 by inserting the words India after Development Authority in Section 105 of the Ordinance amends section 2 (1)(b) of the IRDA Act.
3. Technology giant Microsoft sued Indian company C-Cubed Solutions for fraud
Technology giant Microsoft sued an Indian company C-Cubed Solution along with several other entities for fraud.
The other entities include Omnitech Support based in California and Florida-based Anytime Techies along with two other individuals were also sued.
Microsoft alleged that they have misused its name and registered trademarks while providing fraudulent technical support services to unsuspecting consumers.
Microsoft's Digital Crimes Unit filed a civil lawsuit in federal court in the Central District of California for unfair and deceptive business practices and trademark infringement against C-Cubed Solutions.
According to the lawsuit, C-Cubed is a private company associated under the laws of India. Its directors include Marc Haberman, Rachel Eilat Haberman and Jay Wurzberger.
Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India .
The change in name came in to effect after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on 26 December 2014.
The amendment was done to the Insurance Regulation and Development Act, 1999 by inserting the words India after Development Authority in Section 105 of the Ordinance amends section 2 (1)(b) of the IRDA Act.
3. Technology giant Microsoft sued Indian company C-Cubed Solutions for fraud
Technology giant Microsoft sued an Indian company C-Cubed Solution along with several other entities for fraud.
The other entities include Omnitech Support based in California and Florida-based Anytime Techies along with two other individuals were also sued.
Microsoft alleged that they have misused its name and registered trademarks while providing fraudulent technical support services to unsuspecting consumers.
Microsoft's Digital Crimes Unit filed a civil lawsuit in federal court in the Central District of California for unfair and deceptive business practices and trademark infringement against C-Cubed Solutions.
According to the lawsuit, C-Cubed is a private company associated under the laws of India. Its directors include Marc Haberman, Rachel Eilat Haberman and Jay Wurzberger.
4. Venezuela entered recession with inflation at 63 percent
Venezuela entered recession with economic growth shrinking in the first three quarters of 2014. It was announced by the Central bank of Venezuela.
The economy of Venezuela shrank 2.3 percent in the third quarter after shrinking 4.8 percent in the first quarter and 4.9 percent in the second quarter.
Besides, the inflation of Venezuela has reached 63 percent in the month-ending November 2014 which is the highest inflation in the world. Price increases were the sharpest especially for housing, food and alcoholic beverages, and restaurants and hotels.
Though Venezuela government has introduced mandatory price cuts to control inflation but has not managed to get the inflationary spiral under control. Inflation has been aggravated by severe shortages of basic goods and fall down of crude prices.
5. Tropical storm Jangmi struck Philippines
Jangmi, a tropical storm made landfall in northeastern Mindanao Island of Philippines . The storm that caused heavy rains and triggered flash floods and landslides in the country killed at least 30 people.
Tropical storm Jangmi, known in the Philippines as Seniang carried winds of 65 kilometers (40 miles) per hour destroying several bridges and highway and lead to evacuation of thousands of residents.
As per the latest forecast of NASA, the storm Jangmi has weakened to a tropical depression as it moved into the Sulu Sea.
Venezuela entered recession with economic growth shrinking in the first three quarters of 2014. It was announced by the Central bank of Venezuela.
The economy of Venezuela shrank 2.3 percent in the third quarter after shrinking 4.8 percent in the first quarter and 4.9 percent in the second quarter.
Besides, the inflation of Venezuela has reached 63 percent in the month-ending November 2014 which is the highest inflation in the world. Price increases were the sharpest especially for housing, food and alcoholic beverages, and restaurants and hotels.
Though Venezuela government has introduced mandatory price cuts to control inflation but has not managed to get the inflationary spiral under control. Inflation has been aggravated by severe shortages of basic goods and fall down of crude prices.
5. Tropical storm Jangmi struck Philippines
Jangmi, a tropical storm made landfall in northeastern Mindanao Island of Philippines . The storm that caused heavy rains and triggered flash floods and landslides in the country killed at least 30 people.
Tropical storm Jangmi, known in the Philippines as Seniang carried winds of 65 kilometers (40 miles) per hour destroying several bridges and highway and lead to evacuation of thousands of residents.
As per the latest forecast of NASA, the storm Jangmi has weakened to a tropical depression as it moved into the Sulu Sea.
6. LIC, UAE bank to launch co-branded credit card
India’s LIC International and Abu Dhabi-based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards have been a concern among many policyholders in the UAE.
Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
The January 2013 cooperation of both the organisations has led to record sales worth $75 million for ‘Jeevan Aastha 3’ and to obtaining total premium worth $100 million in 8 weeks for LIC’s new insurance product ‘Jeevan Nivesh’
LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.
FGB, established in 1979, offers a full range of financial services through its branches spread in many parts of the world.
India’s LIC International and Abu Dhabi-based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards have been a concern among many policyholders in the UAE.
Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
The January 2013 cooperation of both the organisations has led to record sales worth $75 million for ‘Jeevan Aastha 3’ and to obtaining total premium worth $100 million in 8 weeks for LIC’s new insurance product ‘Jeevan Nivesh’
LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.
FGB, established in 1979, offers a full range of financial services through its branches spread in many parts of the world.
7. Kishore Sansi takes charge as Vijaya Bank MD, CEO
Kishore Kumar Sansi assumed charge as Managing Director & Chief Executive Officer of Vijaya Bank on Thursday. Prior to joining the Bengaluru-headquartered Vijaya Bank, Sansi was Executive Director in Punjab & Sind Bank.
Sansi has been a professional banker for 35 years with an eventful stint at Oriental Bank of Commerce.
He joined Oriental Bank of Commerce in 1980 as an officer and by 2010 rose to General Manager Cadre having worked in various capacities in different parts of India. Sansi's field of expertise include International Banking, Information Technology and Human Resource Development. He has a BSc, M.Sc, M.Phil, and M.Tech degree from Delhi University.
8. P Srinivas new MD & CEO of United Bank of India
P Srinivas will be the new Managing Director (MD) & Chief Executive Officer (CEO) of United Bank of India (UBI).
Prior to assuming charge at the Kolkata-headquartered bank, he was the Executive Director of Bank of Baroda. As the ED, Srinivas had handled major portfolios such as priority sector lending, MSME advances, credit monitoring, risk management and recoveries and investor relations.
His appointment comes nearly 11 months after the then Chairman and Managing Director, Archana Bhargava, stepped down. Bhargava had stepped down in February this year citing health reasons. However, sources maintained that it was the controversy of the bank’s spiralling non-performing assets that led to her resignation.
9. India and Pakistan exchange list of nuclear facilities
India and Pakistan on 1st January 2015 have exchanged the list of their nuclear installations and facilities under the agreement on Prohibition of Attack against Nuclear installations between India and Pakistan.
The exchange of list was done through diplomatic channels simultaneously at New Delhi and Islamabad.
It is the 24th consecutive exchange of such list between the two neighbouring countries which bars them from attacking each other’s atomic facilities.
10. SEBI to revitalise primary market with e-IPOs
To revitalise the primary market, the Securities and Exchange Board of India will soon notify new norms to sell shares through electronic Initial Public Offers (e-IPOs), while manipulators may face stronger action in the new year with tougher norms being finalised for insider trading.
Besides, SEBI is looking into herald into global best standards on corporate governance practices of listed companies. The listing agreement signed by the companies with the stock exchanges would be converted into listing regulations for better enforcement of the listing norms.
11. SEBI notifies rules on launch of new MF schemes
Market regulator SEBI has notified new rules that allow launch of two new schemes in a year by mutual fund houses with net worth below Rs. 50 crore.
However, such permission would be considered on a case-to-case basis, depending on such Asset Management Companies (AMCs) demonstrating that serious efforts are being made by them to meet the net worth requirements within the prescribed timelines.
”... in cases where the Board is satisfied that an asset management company is taking steps to meet the net worth requirement within the specified time, the asset management company may be allowed to launch up to two new schemes per year,” Securities and Exchange Board of India (SEBI) said in a notification yesterday.
The move will come in force with immediate effect.
SEBI, in February, hiked the minimum net worth requirement for mutual funds to Rs. 50 crore from Rs. 10 crore in a move to weed out non-serious players and ensure stability of the financial system. The fund houses have been given three years to comply with regulations.
At that time, 19 fund houses had net worth below this threshold, but a few of them have since complied with the requirement by increasing their net worth to the desired level.
To help the non-compliant fund houses in the interim period, SEBI allowed such entities to launch two new schemes in a year.
Kishore Kumar Sansi assumed charge as Managing Director & Chief Executive Officer of Vijaya Bank on Thursday. Prior to joining the Bengaluru-headquartered Vijaya Bank, Sansi was Executive Director in Punjab & Sind Bank.
Sansi has been a professional banker for 35 years with an eventful stint at Oriental Bank of Commerce.
He joined Oriental Bank of Commerce in 1980 as an officer and by 2010 rose to General Manager Cadre having worked in various capacities in different parts of India. Sansi's field of expertise include International Banking, Information Technology and Human Resource Development. He has a BSc, M.Sc, M.Phil, and M.Tech degree from Delhi University.
8. P Srinivas new MD & CEO of United Bank of India
P Srinivas will be the new Managing Director (MD) & Chief Executive Officer (CEO) of United Bank of India (UBI).
Prior to assuming charge at the Kolkata-headquartered bank, he was the Executive Director of Bank of Baroda. As the ED, Srinivas had handled major portfolios such as priority sector lending, MSME advances, credit monitoring, risk management and recoveries and investor relations.
His appointment comes nearly 11 months after the then Chairman and Managing Director, Archana Bhargava, stepped down. Bhargava had stepped down in February this year citing health reasons. However, sources maintained that it was the controversy of the bank’s spiralling non-performing assets that led to her resignation.
9. India and Pakistan exchange list of nuclear facilities
India and Pakistan on 1st January 2015 have exchanged the list of their nuclear installations and facilities under the agreement on Prohibition of Attack against Nuclear installations between India and Pakistan.
The exchange of list was done through diplomatic channels simultaneously at New Delhi and Islamabad.
It is the 24th consecutive exchange of such list between the two neighbouring countries which bars them from attacking each other’s atomic facilities.
10. SEBI to revitalise primary market with e-IPOs
To revitalise the primary market, the Securities and Exchange Board of India will soon notify new norms to sell shares through electronic Initial Public Offers (e-IPOs), while manipulators may face stronger action in the new year with tougher norms being finalised for insider trading.
Besides, SEBI is looking into herald into global best standards on corporate governance practices of listed companies. The listing agreement signed by the companies with the stock exchanges would be converted into listing regulations for better enforcement of the listing norms.
11. SEBI notifies rules on launch of new MF schemes
Market regulator SEBI has notified new rules that allow launch of two new schemes in a year by mutual fund houses with net worth below Rs. 50 crore.
However, such permission would be considered on a case-to-case basis, depending on such Asset Management Companies (AMCs) demonstrating that serious efforts are being made by them to meet the net worth requirements within the prescribed timelines.
”... in cases where the Board is satisfied that an asset management company is taking steps to meet the net worth requirement within the specified time, the asset management company may be allowed to launch up to two new schemes per year,” Securities and Exchange Board of India (SEBI) said in a notification yesterday.
The move will come in force with immediate effect.
SEBI, in February, hiked the minimum net worth requirement for mutual funds to Rs. 50 crore from Rs. 10 crore in a move to weed out non-serious players and ensure stability of the financial system. The fund houses have been given three years to comply with regulations.
At that time, 19 fund houses had net worth below this threshold, but a few of them have since complied with the requirement by increasing their net worth to the desired level.
To help the non-compliant fund houses in the interim period, SEBI allowed such entities to launch two new schemes in a year.
12. LPG users to get cash subsidy in bank A/Cs from Jan 1
LPG consumers across the country will from tomorrow get cash subsidy directly into their bank accounts so that they buy the cooking fuel at market price.
Domestic LPG users will get Rs. 568 in the bank account the moment they join the Direct Benefit Transfer Scheme for LPG, which has now been renamed PAHAL. They will have to use this money to buy 14.2—kg refill at the market price.
Currently, the subsidised LPG costs Rs. 417 per 14.2—kg cylinder while a market—priced refill costs Rs. 752 in Delhi.
It will be priced higher in other cities depending on local taxes.
The ambitious plan, launched by the previous UPA government in June 2013 but abruptly stopped earlier this year following court orders, has been modified to exclude the requirement of unique identification number (Aadhaar) for availing the cash subsidy.
“Consumers who wish to join the scheme will have to either link their Aadhaar number into their bank account and their LPG consumer number or if they do not possess Aadhaar number, they will have to link their bank account directly with their 17 digit LPG Id,” an official statement said here.
PAHAL or ‘Pratyaksh Hanstantarit Labh’ was rolled out in 54 districts from November 15 and will extend to rest of the country from January 1.
Under the scheme, LPG consumers will get cash subsidy to buy twelve 14.2—kg cylinders or 34 five—kg refills.
LPG consumers across the country will from tomorrow get cash subsidy directly into their bank accounts so that they buy the cooking fuel at market price.
Domestic LPG users will get Rs. 568 in the bank account the moment they join the Direct Benefit Transfer Scheme for LPG, which has now been renamed PAHAL. They will have to use this money to buy 14.2—kg refill at the market price.
Currently, the subsidised LPG costs Rs. 417 per 14.2—kg cylinder while a market—priced refill costs Rs. 752 in Delhi.
It will be priced higher in other cities depending on local taxes.
The ambitious plan, launched by the previous UPA government in June 2013 but abruptly stopped earlier this year following court orders, has been modified to exclude the requirement of unique identification number (Aadhaar) for availing the cash subsidy.
“Consumers who wish to join the scheme will have to either link their Aadhaar number into their bank account and their LPG consumer number or if they do not possess Aadhaar number, they will have to link their bank account directly with their 17 digit LPG Id,” an official statement said here.
PAHAL or ‘Pratyaksh Hanstantarit Labh’ was rolled out in 54 districts from November 15 and will extend to rest of the country from January 1.
Under the scheme, LPG consumers will get cash subsidy to buy twelve 14.2—kg cylinders or 34 five—kg refills.
13. Government signs $ 75 million loan deal with Asian Development Bank for KIUWMIP
Government has signed a loan agreement with Asian Development Bank (ADB) for 75 million dollars and 1.8 million dollar grant for Karnataka Integrated Urban Water Management Investment Program (KIUWMIP).
This loan fund will be used in the three towns of Byadagi, Davanagere and Harihar of Karnataka under the KIUWMIP.
This loan seeks to expand and upgrade: urban water supply and sanitation infrastructure, improve water resource planning, monitoring and service delivery, and strengthen operational and administrative capacity in these towns.
As per this agreement, the loan has a 25 year term including a grace period of five years.
Government has signed a loan agreement with Asian Development Bank (ADB) for 75 million dollars and 1.8 million dollar grant for Karnataka Integrated Urban Water Management Investment Program (KIUWMIP).
This loan fund will be used in the three towns of Byadagi, Davanagere and Harihar of Karnataka under the KIUWMIP.
This loan seeks to expand and upgrade: urban water supply and sanitation infrastructure, improve water resource planning, monitoring and service delivery, and strengthen operational and administrative capacity in these towns.
As per this agreement, the loan has a 25 year term including a grace period of five years.
14. M Sathiyavathy becomes first woman to be appointed as Director General DGCA
IAS officer M Sathiyavathy has become first woman to be appointed as Director General (DG) of Directorate General of Civil Aviation (DGCA).
She will succeed Prabhat Kumar, to become first woman to become the chief aviation regulator for period of three years till 2017.
She is a 1982-batch UT cadre IAS officer. Earlier she has served in the Civil Aviation Ministry as a Joint Secretary and Financial Adviser since February 2014
15. Commercial power generation begins at Kudankulam Nuclear power plant
India’s largest nuclear reactor at Kudankulam has started generating electricity on a commercial basis after it received green signal from Nuclear Power Corporation(NPC).
This 1000 MW reactor made with Russia’s help is generating electricity only on an experimental basis after its turbine had suffered damage a few months ago. After repairing these damages it has started generating full 1000 MW of power.
Power generated form this reactor will provide much needed relief to Tamil Nadu, Puducherry, Karnataka and Kerala where power output will be augmented.
The reactor made at a cost of over Rs. 8000 crores has been much delayed and activists have called it ‘unsafe’.
The second 1000 MW unit at Kudankulam is likely to come online in 2015.
IAS officer M Sathiyavathy has become first woman to be appointed as Director General (DG) of Directorate General of Civil Aviation (DGCA).
She will succeed Prabhat Kumar, to become first woman to become the chief aviation regulator for period of three years till 2017.
She is a 1982-batch UT cadre IAS officer. Earlier she has served in the Civil Aviation Ministry as a Joint Secretary and Financial Adviser since February 2014
15. Commercial power generation begins at Kudankulam Nuclear power plant
India’s largest nuclear reactor at Kudankulam has started generating electricity on a commercial basis after it received green signal from Nuclear Power Corporation(NPC).
This 1000 MW reactor made with Russia’s help is generating electricity only on an experimental basis after its turbine had suffered damage a few months ago. After repairing these damages it has started generating full 1000 MW of power.
Power generated form this reactor will provide much needed relief to Tamil Nadu, Puducherry, Karnataka and Kerala where power output will be augmented.
The reactor made at a cost of over Rs. 8000 crores has been much delayed and activists have called it ‘unsafe’.
The second 1000 MW unit at Kudankulam is likely to come online in 2015.
16. Second National Biodiversity Conference-2015 will be held in Kerala
The National Biodiversity Conference (NBC)-2015 will be held in Thiruvananthapuram, Kerala from 23rd to 27th February.
It will be second edition of this biodiversity conference and its focal theme for 2015 is ‘Biodiversity: Access and Benefit Sharing’
17. A K Mittal appointed railway board chairman
Mittal, who was member (staff), has succeeded Arunendra Kumar, whose appointment as well as entire tenure was mired in lot of controversies. Mittal's position as member (staff) has been taken by Pradeep Kumar, who was general manager, North-Central Railway with additional charge as GM, Northern Railway.
Navin Tandon had been appointed as new member (electrical), a post which was lying vacant for last six months. Tandon was GM, South Eastern Central Railway. Gupta, member (engineering), has been given additional responsibility of member (mechanical), the post which is likely to be filled within a week.
The National Biodiversity Conference (NBC)-2015 will be held in Thiruvananthapuram, Kerala from 23rd to 27th February.
It will be second edition of this biodiversity conference and its focal theme for 2015 is ‘Biodiversity: Access and Benefit Sharing’
17. A K Mittal appointed railway board chairman
Mittal, who was member (staff), has succeeded Arunendra Kumar, whose appointment as well as entire tenure was mired in lot of controversies. Mittal's position as member (staff) has been taken by Pradeep Kumar, who was general manager, North-Central Railway with additional charge as GM, Northern Railway.
Navin Tandon had been appointed as new member (electrical), a post which was lying vacant for last six months. Tandon was GM, South Eastern Central Railway. Gupta, member (engineering), has been given additional responsibility of member (mechanical), the post which is likely to be filled within a week.
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