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Current Affairs--May 11 to 16, 2011


added for May 2, 2011

May 1, 2011
Mr. K. V.Kamath will be taking over as chairman of Infosys from August 20. Mr.S.Gopalakrishnan will be co-chairman of the board. Mr. Naramurthy has been appointed chairman Emeritus.
India's foreign exchange reserves rose by $1.788 billion to $309.705 billion during the week ended April 22 from $307.917 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement.
May 2, 2011
Even the mere thought of applying the template of a coal company onto a petrochemical outfit is sure to raise more than a few eyebrows. But that is just what is playing on the mind of the new Managing Director of Haldia Petrochemicals (HPL), Partha Sarathi Bhattacharyya, who is planning to try out the Bharat Coking Coal (BCCL) model of reviving a company on HPL, his present job. That is hardly surprising since his two immediate past assignments included the chairmanship of BCCL and its parent outfit, the Maharatna Coal India Ltd. (CIL).
The Central Government has set in motion the process for formulation of the XII Plan (2012-17) starting April 1, 2012, with a tentative intent to achieve a GDP (gross domestic product) growth of about 9-9.5 per cent during the five-year period.
As has been the practice for the past many decades, the exercise involves the firming up of an approach paper prepared by the Planning Commission which lays down the major targets in the economic and social sectors, the key challenges and resources that are required in meeting them and the broad strategy that must be adopted to achieve these objectives.
Israel's concern over the reconciliation efforts between Palestinian Authority and Islamist group Hamas prompted the Jewish nation on Sunday to suspend the transfer of $89 million in tax revenues to the PA.
“The agreement that was initiated recently between Hamas, which calls for the destruction of the state of Israel, and the Fatah movement [the dominant faction in the PA], must concern not only every Israeli, but all those in the world who aspire to see peace between us and our Palestinian neighbours,” said Prime Minister Benjamin Netanyahu. He said peace is possible only with those who want to live in peace alongside us.
Israel's Finance Minister Yuval Steinitz told Army Radio that Israel is suspending a routine handover of $89 million in customs and other levies that Jerusalem collects on behalf of the Palestinians under interim peace deals.

MAY 11 TO 16, 2011

Chennai Metro Rail Limited launches a new website

Chennai Metro Rail Limited (CMRL) has launched a new official website as part of its efforts to build a rapport with the public through proactive information sharing policies.
Apart from tender-related documents, a monthly project status report will be put up on www.chennaimetrorail.gov.in. The Detailed Project Report of Phase-I of the project is also likely to be made available online by June, once work on the underground section commences.
CMRL Managing Director K. Rajaraman said that the virtual presence of many transit systems across the world has been studied and the site would be constantly updated with new information.

Microsft purchase Skype
Microsoft Corp. said on MAY 11,2011 that it agreed to buy popular Internet telephone service Skype SA for $8.5 billion in the biggest deal in the software maker's 36-year history.

New rules for cyber cafes
If the new rules framed by the Department of Information Technology for using cyber cafés are implemented in letter and spirit, they could well force people without their own computers to stay away from accessing the Internet, besides compelling the owners of these small businesses to store minute details about their customers' surfing habits in the face of penal action.
Notified last month, the IT (Guidelines for Cyber Café) Rules, 2011, require cyber café customers to furnish proper identification proof, a copy of which must be stored for a year. Acceptable identity cards include those issued by any school or college, or photo credit cards, passports, voter identity cards, PAN cards, driving licences or any cards issued by a government agency, including the UID number.
Schoolchildren who do not have a photo ID will not be allowed entry unless accompanied by an adult possessing identity proof.

Mr.Raj Rajaratnam found guilty

Raj Rajaratnam, the billionaire investor who once ran one of the world's largest hedge funds, was found guilty on May 12th 2011 of fraud and conspiracy by a federal jury in Manhattan.
He is the most prominent figure convicted in the government's crackdown on insider trading on Wall Street.
Mr. Rajaratnam, who was convicted on all 14 counts, could face as much as 19 and a half years in prison under federal sentencing guidelines, prosecutors said on Wednesday. He is to be sentenced on July 29.,2011.
Mr. Rajaratnam, dressed in a black suit and a khaki green tie, had no expression as the verdict was read in the overflowing courtroom.
His lawyer, John Dowd, said he would appeal.
Prosecutors had asked that Mr. Rajaratnam be placed in custody, arguing that he was a flight risk. They said he had the means to leave the country, noting that he owned property in Sri Lanka and Singapore.
FDI in Limited Liability Partnership
In a policy amendment aimed at attracting more long-term foreign inflows, the Cabinet Committee on Economic Affairs (CCEA) on May 12, 2011 allowed foreign direct investment (FDI) in Limited Liability Partnership (LLP) firms, beginning with the ‘open' sectors such as mining, power and airports where monitoring is not required, subject to certain specific conditions.
“The FDI in LLPs will be implemented in a calibrated manner, beginning with the ‘open' sectors where monitoring is not required,” an official statement said. As per the CCEA approval for calibrated implementation, LLPs with FDI will be permitted through the government approval route (read Foreign Investment Promotion Board) in those sectors and activities where 100 per cent FDI is allowed through the automatic route and there are no FDI-linked performance related conditions.
However, LLPs with FDI will not be allowed to operate in agricultural and plantation activities, print media or real estate business and will also not be eligible to make any downstream investments.

GDP may not reach targeted 9%

In line with the Reserve Bank's prognosis on the economic scenario, Union Finance Minister Pranab Mukherjee conceded that it would not be possible to achieve the targeted GDP (gross domestic product) growth rate of nine per cent during the current fiscal owing to volatility in global commodity prices.
“Due to volatility in international commodity prices and other supply constraints, it may not be possible to achieve the growth rate of nine per cent (+/-0.25 per cent) for the current financial year,” Mr. Mukherjee said while addressing probationers of Indian Economic Service (IES) here.
However, he expressed confidence that headline inflation [is] moderate to 7.0-7.5 per cent from the current high of near nine per cent.
Mr. Mukherjee felt that one of the major challenges that India faces is to “achieve sustained GDP growth at the rate of 9-10 per cent with fiscal prudence and moderate inflation”.
High growth was also essential to raise resources for funding social sector schemes such as guaranteed employment under MGNREGA, the Right to Education and the proposed Right to Food Act.
Tine Mena – first Indian woman to scale Mt. Everest this season

Tine Mena, 25, of Arunachal Pradesh, has become the first Indian woman to successfully scale Mt. Everest this season. She reached the top of the world's highest peak , along with her guide Tsering Dorje Sherpa, 32, on May 9, 2011.
iGATE acquires Patni Computers

iGATE, which initiated its move to acquire Patni Computer Systems in January ,2011, announced on May 12, 2011 that it has completed the process. Making the announcement in Bangalore, Phaneesh Murthy, iGATE CEO, said iGATE now holds 82.5 per cent stake in Patni.
Mr. Murthy, who has also been appointed CEO of Patni, said Patni's board has been revamped with nine members. He said the acquisition has been made with a debt of $770 million and a convertible preferential stock issue amounting to $330 million. He said the $370 million cash balances with the company are “enough for capital investments in the short and medium term.” The deal cost iGATE $1.25 billion.
Mr. Patni has been appointed as CEO of Patni Computers also.
Mamata Banerjee, Ms Jayalalitha get sweeping victory in State elections.

It was woman power unsheathed as the State Assembly election results poured in on May13, 2011 : Mamata Banerjee in West Bengal and Jayalalithaa in Tamil Nadu swept into office on the back of humongous victories that surpassed the wildest pre-election calculations.
The defeat of the Left Front in West Bengal brought the curtain down on the longest running government in India and the longest running Communist government anywhere in the world. On the other hand, the Left put up a spirited performance in Kerala, losing by just three seats to the United Democratic Front (UDF).

In Assam, Chief Minister Tarun Gogoi pulled off a remarkable third straight win defying predictions of a hung House.
In Puducherry, the breakaway N. R. Congress led by N. Rangasamy thumbed its nose at the parent party. The N.R. Congress-All India Anna Dravida Munnetra Kazhagam alliance defeated the DMK-Congress combine.

Record paddy growth per hectare
His name is Maduraisami. He is aged about 60 years. He has not studied much, but the drive and inspiration to achieve in his life have made him bring laurels to his village Porusupatti near Agricultural College here. He has bagged the second prize of Rs.15,000 in the State for achieving a yield of 14,577 kilograms per hectare in paddy crop in the just-ended season. Mr. Maduraisami and his family have been carrying out farming in the belt for several decades.
“Two years ago, when a handful of officials from the Agriculture Department visited our village and explained the use of mechanisation in raising paddy crops, not many showed interest. But, something hit upon my mind. I did not hesitate. I decided to make an attempt and ventured into the use of machines in my lands,” he recalled.
IMF Chief arrested

The Managing Director of the International Monetary Fund Dominique Strauss-Kahn was taken off an Air France plane at Kennedy International Airport just minutes before it was to take off for Paris on May 15,2011 and arrested in connection with the sexual attack of a maid at a Midtown Manhattan hotel, the authorities said.
Strauss-Kahn (62), who was widely expected to become the Socialist candidate for the French presidency, was apprehended by detectives of the Port Authority of New York and New Jersey in the first class section of the jetliner, and immediately turned over to detectives from the Manhattan Special Victims squad, which covers the part of Manhattan where the hotel is, said officials.
Shanghai Cooperation Organisation (SCO) – Afganisthan may join
Afghanistan may join the Shanghai Cooperation Organisation as an observer at the group's 10th jubilee summit in Astana, Kazakhstan, next month, said Russia's Foreign Minister.
The SCO will also consider the applications of India and Pakistan to join as full members, said Sergei Lavrov.
India and Pakistan have observer status in the SCO along with Iran and Mongolia.
The regional security group has six permanent members — China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
S.B. Interest rate raised to 4% p.a.
While announcing the policy, the RBI has also raised the savings bank rate from 3.5 per cent fixed in 2003 to 4 per cent. The spread between savings deposit and term deposit rates has widened significantly in recent times. This was why the RBI raised the savings bank rate, while a decision on freeing these rates was pending before the central bank for a final decision.
“We want to be sure that it contributes to financial inclusion. So that it does not militate against financial inclusion,” said the RBI Governor, D. Subbarao, in his post-policy press conference, referring to the deregulation of savings bank rate.

1 comment:

  1. Friends, I have added a small portion relating to May 2 2011 on top of this blog. (September 9, 2011)


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