Wednesday, May 28, 2014

Highlights of major events that took place this week:

India

Narendra Modi sworn in as India’s 15th Prime Minister, BJP keeps key ministries

Narendra Modi has been sworn in as India's 15th prime minister in a grand ceremony in the Rashtrapati Bhavan in Delhi on Monday, 26th May. Leaders and top diplomats of all 7 SAARC nations, who were invited for the first time in such a ceremony, attended the event. Forty-five MPs, including seven women, from Mr Modi's BJP party and their allies have also been sworn in as ministers. The Prime Minister will also be the Cabinet Minister of Personnel, Public Grievances and Pensions, Department of Atomic Energy Department of Space. He will also look after "all important policy issues" and all other portfolios not allocated to any Minister.


Corporate

Flipkart acquires Myntra in India’s largest e-commerce deal

Flipkart, the largest consumer focused e-commerce company in India, has acquired Myntra Designs Pvt Ltd, the company which runs the online fashion and apparel shop Myntra.com. As part of the deal, Myntra’s co-founder and CEO Mukesh Bansal will join Flipkart’s board and will also head its fashion vertical. However, both the entities will remain independent. The two companies have three common investors — investment firm Tiger Global, early-stage investor Accel Partners and Belgian family office Sofina. Flipkart's other investors are Naspers, Dragoneer, Morgan Stanley and Vulcan Capital. Myntra's investors also include Premji Invest, Kalaari Capital and IDG Ventures India.

The Flipkart-Myntra deal comes at a time when the sector is gearing up for consolidation due to stiff competition.

World

UKIP wins European polls upsetting conventional parties

The anti-EU UK Independence Party (UKIP) has upturned the status quo in British politics by topping the European polls in the UK. In the first time in 108 years, a party other than the Conservatives or Labour has topped a nationwide poll. The UKIP has won 24 ‘Member of the European Party’ (MEP) seats. The results, coming a year ahead of the General Election in May 2015 has great significance for India. With UKIP now a major political force in the UK, Indians wanting to immigrate to the UK might face hard times. UKIP is strongly against immigration to the UK and has called for an end to "the age of mass immigration from India". Seeking Britain's withdrawal from the European Union, UKIP wants to bring in a cap of 50,000 immigrants a year. In its agenda, UKIP says it wants to introduce a five year freeze on immigration for permanent settlement. Overstaying a visa would become a criminal offence under UKIP rule. Immigrants would not be able to apply for public housing or benefits until they had paid tax for five years.


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Wednesday, May 21, 2014

Highlights of major events that took place this week:


World

Vaccination Programs Won't be Used for Spying: CIA:

Following international outcry from health professionals and a deadly polio epidemic in several countries, the US Central Intelligence Agency has vowed to never again use fake vaccination campaigns, like the one that helped target and ultimately kill Osama bin Laden in 2011, in their secret operations overseas.

Credit Suisse pleads guilty; accepts fine of $2.5bn for assisting in tax evasion:
Credit Suisse has agreed to pay a $2.5bn fine to authorities in the United States for helping Americans evade taxes after becoming the largest bank in 20 years to plead guilty to a US criminal charge. US prosecutors said the bank helped clients deceive US tax authorities by concealing assets in illegal, undeclared bank accounts, in a conspiracy that spanned decades, and in one case began more than a century ago.​

Martial law declared in Thailand:
The head of Thailand’s Army, Gen. Prayuth Chan-ocha, declared a nationwide martial law early Tuesday and urged anti-government and pro-government protesters to stop their movement in order to quickly find a sustainable solution for the country. A military statement urged people not to panic and carry on their usual daily activities, assuring them that it was not launching a coup. The government’s Centre for Administration of Peace and Order was dissolved and replaced by a military - staffed organization. The presence of soldiers on the streets of Bangkok was relatively sparse and life in the city continued normally. In a power struggle that has pitted the Bangkok establishment against an ascendant political movement based in the provinces, politicians and analysts were waiting for signs whether the military would favor one side or the other.

India

Historic win for NDA as BJP gains clear majority; Modi to be sworn in as Prime Minister:
The BJP-led NDA claimed a landslide victory winning 336 of the 543 Lok Sabha seats defeating the incumbent Congress party by a huge margin in the 2014 Indian elections. The BJP riding on the popularity of its prime-ministerial candidate Narendra Modi single handedly crossed the 272 mark, the parliamentary majority needed to form the government, winning 282 seats. This is the biggest victory since the 1984 election that Rajiv Gandhi won with 414 LS seats and also the first parliamentary majority by a single party since 1984. The Congress after 10 years in power, won only 44 seats, its worst ever rout, falling short of even the 10 per cent (of the Lok Sabha) required for its leader to get the status of Leader of the Opposition. The Aam Aadmi Party (AAP) which had surprised earlier with its spectacular performance in the Delhi Assembly elections managed to win only 4 seats.

The BJP performed well in traditional Congress bastions and even beat the Congress and regional powers in states such as Assam, Uttar Pradesh, etc. which had previously not favoured the BJP. Mr. Modi throughout his campaign largely steered clear of the hardliner right-wing Hindutva agenda and instead promised good governance and a revival of the economy. An efficient technology-driven campaign along with the Congress’s poor reign riddled with scams and controversies has given the BJP a resounding victory. Mr. Modi, who was formally elected the leader of the BJP parliamentary party and the NDA, will take oath as Prime Minister on May 26.
Jitan Ram Manjhi: Bihar's New CM:
Nitish Kumar, the outgoing Bihar chief minister, has chosen Jitan Ram Manjh, his close confidant, as his successor. The Dalit leader had served as a minister in the previous Congress and RJD governments before joining the JD (U) in 2005.

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Wednesday, May 14, 2014

Highlights of major events that took place this week:

World

China-Vietnam face-off : The latest face-off between Vietnam and China reached epic proportions. Vietnam's naval ships and Chinese vessels collided in the South China Sea after a Chinese attempt to establish an oil rig in an area claimed by both countries. Vietnamese officials claimed Chinese ships intentionally rammed their vessels and used water cannons. The Chinese have defended their stance saying that Vietnamese ships have rammed Chinese vessels 171 times.

School girls abduction in Nigeria : The kidnapping of the 276 schoolgirls from their dormitories in Chibok, Borno state in Nigeria by Boko Haram militants on April 14 has sparked international outrage and offers of help. Boko Haram has demanded the release of imprisoned militants in exchange for the girls. Nigeria said it was considering a prisoner exchange to rescue the girls. The US has sent a special task force to Nigeria to help find and rescue the girls.

Publicis-Omnicom de-merged : Two of the world’s biggest advertising firms, Publicis and Omnicom, have scrapped their planned merger. The merger, announced last year, would have created the world's biggest ad firm worth $35.1bn (£22.8bn).   

Pakistan Polio scare: Polio, long been considered as a disease of the poor in Pakistan, has become a cause of confusion and concern for the wealthy. A WHO recommendation that travelers not leave Pakistan without a polio vaccination certificate has caused confusion among air travel customers. Doctors, clinics and hospitals have been filled with inquiries. The WHO has declared a Polio emergency last week, identifying Pakistan, Syria and Cameroon as the world's reservoirs of Polio. 

India

Card payment system RuPay RuPay, India’s first indigenous card-payment network was launched recently by the President of India Mr. Pranab Mukherjee. RuPay cards are accepted at all ATMs, more than 90 percent of ‘Point of Sale’ (POS) terminals and more than 10,000 e-commerce merchants across the country.

India's new army chief : The defence ministry has decided to go ahead with the process of appointing the new army chief as it recommended the name of Vice Chief of Army Staff Let. General Dalbir Singh Suhag for the top post. Dalbir will succeed General Bikram Singh who is retiring on July 31st. 

Minors can operate bank accounts : The Reserve Bank of India has allowed minors above 10 years of age to open and operate savings bank accounts independently and also use facilities like ATMs and cheque books. 

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Wednesday, May 7, 2014

Highlights of major events that took place this week:

World

  • China becomes 3rd biggest exporter of military jets
  • Brunei-owned hotels being boycotted by celebrities, travel companies over Sharia Law
  • Wiring of retina reveals how eyes sense motion: Report
  • Coca-Cola, Pepsi to Remove Controversial Drink Ingredient
  • Iran Bans WhatsApp Because It's Owned By 'An American Zionist'

India

  • No permission needed to probe senior officers for graft: Supreme Court
  • India drafts policy to cut carbon emissions from deforestation
  • Firms headhunt at Tihar jail, recruit 66 inmates