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Gandhi have been named among the top 20 most powerful persons in the world by Forbesmagazine in its annual power rankings which placed the U.S. President Barack Obama as number one for a second year in a row. India’s richest businessman Reliance Industries chairman Mukesh Ambani and and
ArcelorMittal CEO Lakshmi Mittal also feature in the list that comprises 71 mighty heads of state, CEOs, entrepreneurs and philanthropists who “truly run and shape the world of 7.1 billion people”. Ms Gandhi dropped a notch from last year’s list and ranks at number 12 this year, ahead of Chinese Vice Premier Li Keqiang and French President Francois Hollande. Coming in at the 20th spot is Dr Singh, the Oxford and Cambridge-educated economist who is the architect of India’s economic reforms. He had ranked 19th in the list last year. Mr Ambani, owner of the world’s most expensive private residence, ranks 37th in the list. Forbes said the petrochemical billionaire is India’s richest and Reliance Industries is the nation’s most valuable company. Mr Mittal, ranked 47th in the most powerful people list, has a net-worth of U.S.$16 billion but also has “lots of headaches, including S&P and Moody downgrades of his company’s debt to junk status”.
The centre-left coalition of Victor Ponta, Romania’s prime minister, won a decisive victory in parliamentary elections. In spite of his big win it is uncertain whetherTraian Basescu, the president, will reappoint Mr Ponta, his arch-rival, to office.
Nearly four years after the Mumbai terror attack, Pakistani terrorist Ajmal Kasab, the lone person caught alive during the 26/11 attacks on Mumbai in 2008, was hanged to death at the Yervada Jail in Pune. Mr Kasab’s mercy plea was rejected by President Pranab Mukherjee on 5th November. The hanging was done very secretly. After the mercy petition was rejected by Rashtrapati Bhawan, the Lashkar-e-Toiba operative was shifted from high-security Arthur Road Jail cell in Mumbai to the Pune jail two days before the hanging. Since his arrest in 2008, Mr Kasab was kept in a bullet proof cell in Mumbai’s Arthur Road jail. He was sentenced to death by the Bombay High Court in October last year. He was convicted on charges ranging from treason to waging war against India. He then appealed to the Supreme Court, which ruled against him in August 2012. His mercy petition was filed first with the Maharashtra Home Ministry, which rejected it in
September, and forwarded it to the Union Home Ministry. Then in October, the Home Ministry recommended that the President reject his plea. A total of 166 people were killed in the 26/11 attacks in 2008.
Legendary sitar maestro Pandit Ravi Shankar, who spearheaded the worldwide spread of Indian music and had a major influence on Western musicians like The Beatles, died in San Diego, U.S. at the age of 92. A recipient of Bharat Ratna in 1992, Pandit Shankar maintained residences in both India and the United States. He is survived by his wife Sukanya; daughter Norah Jones; daughter Anoushka Shankar Wright and husband Joe Wright; three grandchildren, and four great-grandchildren. A three-time Grammy Award winner, Pandit Shankar last performed in California in the first week of November 2012 along with his daughter Anoushka Shankar. He has also been nominated for the 2013 Grammy Awards for his album ‘The Living Room Sessions Part-1’ and was pitted against daughter Anoushka in the same category. A Bengali Brahmin, he was born Robindra Shankar on April 7, 1920 in Varanasi, the youngest of four brothers, and spent his first 10 years in relative poverty, brought up by his mother. He was almost eight before he met his absent father, a globe-trotting lawyer, philosopher, writer and former minister to the Maharaja of Jhalawar. In 1930, his eldest brother Uday Shankar uprooted the family to Paris, and over the next eight years Pandit Shankar enjoyed the limelight in Uday’s troupe, which toured the world introducing Europeans and Americans to Indian classical and folk dance. As a performer, composer and teacher, Pandit Shankar was an Indian classical artist of the highest rank, and he spearheaded the worldwide spread of Indian music and culture. Pandit Shankar achieved worldwide fame in the 1960s when he was embraced by the Western counterculture. Through his influence on his great friend George Harrison (of the Beatles), and appearances at the Monterey and Woodstock festivals and the Concert for Bangladesh, he became a household name in the West, the first Indian musician to do so.
Egyptian President Mohammed Mursi has assumed sweeping powers, drawing flak that he is acting like a “new pharaoh” and is endangering the gains of the popular uprising which ousted Hosni Mubarak’s dictatorial regime. Mr Mursi made the constitutional declaration that granted him far-reaching powers and also ordered retrials of officials involved in the killing of protesters during the 2011 mass uprising against the Mubarak regime. The constitutional declaration has sparked a fierce debate in Egypt, with supporters calling it “revolutionary” and detractors slamming the
Members of the Dilkash Lahore Committee. India’s former Prime Minister Inder Kumar Gujral passed away after prolonged illness. Trials of those accused will be re-held. The matter was then referred to Dilkash Lahore. The essence of the declaration guards decisions of Mr Mursi against annulment by the judiciary and gives him almost autocratic rule. the first being his immediate predecessor H.sweeping powers it grants Egypt’s presidency as a “coup”. which is drawing up a new constitution. Mr Gujral. was sentenced to seven years in prison for fraud. According to the declaration. Mr Mursi also sacked the chief prosecutor and ordered the re-trial of people accused of attacking protesters when Mr Mubarak held office. highlighted the importance of the place where the freedom fighter was hanged by the British. D. The City District Government of Lahore had put on hold a move to rename Shadman Chowk after Bhagat Singh due to objections from hardline groups like the JuD and Jamaat-e-Islami and a section of local residents. to preserve national unity or to safeguard national security. 92. which was disclosed in . Kweku Adoboli. The Constituent Assembly’s timeline for drafting the new constitution has also been extended by two months. a committee set up to revitalise and beautify Lahore and to finalise new names for squares. or political or governmental body. laws and decrees made since Mr Mursi assumed power on 30 June 2012 cannot be appealed or cancelled by any individual. He was the second PM to from the Rajya Sabha. He served as the 12th Prime Minister of India from April 1997 to March 1998. The president is authorised to take any measures he sees fit in order to preserve the revolution. Deve Gowda A Pakistani government committee has endorsed the renaming of a roundabout in Lahore after freedom fighter Bhagat Singh despite stiff opposition from extremist groups like the Jamaat-ud-Dawah (JuD). Bhagat Singh was hanged in March 1931 in the erstwhile Lahore Jail. was on dialysis for over a year and suffered a serious chest infection some days ago. The committee finally rejected all objections and asked the authorities to notify Bhagat Singh Chowk as the new name of the roundabout without any further delay. all investigations into the killing of protesters or the use of violence against them will be re-conducted. a former trader at UBS in London. The rogue trader’s unauthorised gamble. while discussing the renaming of Shadman Chowk after Bhagat Singh. roads and intersections after assessing their historical significant before the creation of Pakistan. all constitutional declarations. The declaration also said no court can dissolve the Constituent Assembly. According to the declaration. The opposition called for nationwide protests. which stood at the spot where the roundabout was built later.
cost the Swiss bank U. In 1975. who could bring Mumbai to a standstill. Despite being the chief of one of Mumbai’s most powerful political organisations. However. in Pune. Aerial surveillance. .September 2011. he found himself in political wilderness for supporting the Emergency. a 1976 batch officer from Haryana cadre. Shiv Sena patriarch Bal Thackeray. passed away after a prolonged illness. In 1966. 1926. In 1999. into the family of progressive socialist Keshav Thackeray aka Prabodhankar. Oswald Grübel. left the Shiv Sena to float a party of his own. monitoring of borders and photo reconnaissance flights. who has been moved to Aviation Research Centre (ARC).$2. The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Dr Manmohan Singh cleared the name of Mr Joshi. Born on January 23. however. an organisation which forms part of RAW and is entrusted with gathering of imagery intelligence. to succeed Sajeev Tripathi as an organisation entrusted with the task of gathering external intelligence. a 1977 batch IPS officer. a party that espoused the ‘son-of-the-soil’ ideology.3 billion and led to the resignation of its then chief executive. the Maharashtra Navnirman Sena (MNS). as well as the national arena. In February 1969. trouncing almost all political parties in the Mumbai civic elections. he launched the Shiv Sena. Another contender for the RAW post was Amitabh Mathur. Bal Thackeray started off as cartoonist with ‘Free Press Journal’ in Mumbai. Senior IPS officer Alok Joshi will be the new chief of Research and Analysis Wing (RAW) and Syed Asif Ibrahim will be the next Director of Intelligence Bureau (IB). he was banned from voting or contesting elections. he always played the king-maker in Maharashtra. But he soon bounced back and forged an alliance with the Bharatiya Janata Party. along with several others. he launched a weekly magazine called ‘Marmik’. he received a jolt when his nephew Raj. were imprisoned – the only time he found himself behind bars. whom he had personally groomed. Bal Thackeray reaffirmed the people’s faith in his political acumen this year. In 2006. that was predominantly satirical and full of cartoons. For the past one year. his party took up the Maharashtra-Karnataka border dispute and Mr Thackeray. the ban was lifted after six years.S. Mr Thackeray was suffering from lung ailment and pancreatic complications. as Shiv Sena MPs joined the BJP-led National Democratic Alliance while voting for presidential candidates propped up by the Congress. Soon. Mr Joshi has served the Intelligence Bureau and Haryana Police with key operations in Nepal and Pakistan to his credit.
Joseph Kabila. who is also holding charge as Director General Indo-Tibetan Border Police. the Lifetime Achievement Award has been bestowed on icons like Elvis Presley. Places in News A rebel army in eastern Congo. succeeds Nehchal Sandhu. Paul Kagame. which is thought to be allied to Rwanda. Julie Andrews. John Mahama has been reelected as the President of Ghana. neighbouring countries that had been backing them. Mr Sinha. He would be the first Indian to get the prestigious award. Ghana. captured Goma. A UN force mandated to protect civilians was unable to stop it. the largest city in the Democratic Republic of Congo (DRC). Congo’s President.59-year-old Mr Ibrahim. Frank Sinatra. a 1977 batch IPS officer from Madhya Pradesh cadre. Paul McCartney. Web Ratna Awards for AIR & DRDO . A 1974-batch Bihar cadre officer.” the Grammy spokeswoman said after the award was announced. He will have a fixed tenure of two years beginning 1 January 2013. and Glen Campbell. 11 days after capturing it. The award would be presented at the 55th Grammy Awards ceremony in Los Angeles. flew toUganda to discuss the crisis with President Yoweri Museveni and his Rwandan counterpart. died after undergoing a heartvalve replacement surgery at the Scripps Memorial Hospital in La Jolla. California. organisers of the Recording Academy announced. succeeds A. “The decision to honour [Pandit] Ravi [Shankar] was made before his death. The M23. The Rolling Stones. a city in the east of Congo on the border with Rwanda. Awards & Honours Pt Ravi Shankar to receive Lifetime Achievement Grammy Award Sitar maestro Pandit Ravi Shankar will be honoured with a Grammy Lifetime Achievement Award posthumously. P. Singh who retired on November 30. Senior IPS officer Ranjit Sinha has been appointed as the Director of the Central Bureau of Investigation (CBI). a three-time Grammy winner. one of the world’s fastest-growing economies. He was personally notified by phone by our President/CEO Neil Portnow a week before his death. In the past. is regarded as one of Africa’s most stable democracies. 92-year-old Mr Shankar. known as the M23. Michael Jackson. The M23 were under pressure from Rwanda and Uganda. retreated from Goma.
The President Mr Mukherjee stated that this prestigious award celebrates the legacy of the former Prime Minister of India. Player of the Series: Rangana Herath (Sri Lanka) South Africa in Australia Test Series Result: SA beat Aus 1-0 to win the 3-match series. now in their second year. have been instituted under the ambit of the national portal of India by National Informatics Centre to promote exemplary initiatives in e-governance using the medium of World Wide Web. Disarmament and Development on former President of the Federative Republic of Brazil. Indira Gandhi. Indira Gandhi Prize for Lula Da Silva President Pranab Mukherjee conferred the Indira Gandhi Prize for Peace. for his advocacy of stronger ties among the developing economies and for his signal contribution to the cause of the India-Brazil partnership. and DRDO’s website have been awarded for outstanding content at the Web Ratna Award 2012. The awards were presented by Minister of Communication and IT. Mr Sibal said that the awards like this will motivate developers. Player of the Series: Michael Clarke (Australia) West Indies in Bangladesh ODI Series Result: Bangladesh won the 5-match series 3-2. Kapil Sibal in presence of Ministers of State for Communication and IT Milind Deora and Kruparani Killi. Player of the Series: BJ Watling (NZL) Test Series Result: NZL & SL draw the 2-match series 1-1. The Web Ratna Awards. as an untiring crusader for global peace. AIR portal for news dissemination. Sports CRICKET England in India Test Series Result: England beat India 2-1 to win the 4-match series. Player of the Series: Mushifqur Rahim (Bangladesh) . Luiz Inacio Lula da Silva.The National Institute of Open Schooling. universal disarmament and a new international economic order. with two matches abandoned. Player of the Series: Alastair Cook (England) New Zealand in Sri Lanka ODI Series Result: SL won the 5-match series 3-0. The prize has been awarded to Mr da Silva for his contribution to the cause of eliminating hunger and promoting inclusive growth in Brazil.
mission and security interests associated with a reduction of American forces in Afghanistan.S. It also provides the resources. Sao Paulo Winner: Jenson Button (Great Britain/McLaren-Mercedes) Second: Fernando Alonso (Spain/Ferrari) Third: Felipe Massa (Brazil/Ferrari) U. In view of the attack on the U.S.000 additional Marine Corps personnel assigned to the Marine Corps Embassy Security Group. Senate has unanimously passed a sweeping U. London Winner: Novak Djokovic (Serbia) Runner-up: Roger Federer (Switzerland) Davis Cup World Groups Finals. Prague Winner: Czech Republic Runner-up: Spain Sebastian Vettel of Germany and Team Red Bull-Renault is the winner of the 2012 F1 World Championship. . Austin (Texas) Winner: Lewis Hamilton (Great Britain/McLaren-Mercedes) Second: Sebastian Vettel (Germany/Red Bull-Renault) Third: Fernando Alonso (Spain/Ferrari) TENNIS Barclays ATP World Tour Finals. The Defence Authorisation Bill – passed by 98-0 votes by the U. the defence spending bill also authorises an increase of up to 1.$631 billion defence bill. Miscellaneous-1 The U.S.S. Consulate in Benghazi in Libya.S. Joint Chiefs of Staff to submit to Congress assessment of the risk to the U. which issues new sanctions against Iran.Test Series Result: West Indies blank Bangladesh 2-0 in the two-match series. his third consecutive title. changes the detention policy of American citizens and seeks quick action for withdrawal of American combat troops from Afghanistan. Senate – would require the Chairman of the U.S. equipment and authorities necessary for our military to succeed inAfghanistan and provides continued support to the Afghanistan National Security Forces as they assume increased responsibility throughout Afghanistan. Grand Prix.S. training. Player of the Series: Shivnarine Chanderpaul (West Indies) MOTORRACING Brazilian Grand Prix.
It also added new sanctions on Iran’s energy and shipping sectors in a fresh bid to scuttle its nuclear ambitions. Vahanvati told the Court that the government will come out with guidelines to ensure that section 66A of IT Act is not misused.$526 billion for the base defence budget. including restrictions on detainee transfers to foreign countries in the House version of the bill. make it to the final bill. New leader Kim Jong-Un is believed to be extremely keen that the launch fell around the first anniversary of the death of his father and former leader Kim Jong-Il on December 17. had achieved all its objectives. This follows the government amending the Act in the wake of the uproar over the arrests of two girls in Maharashtra who questioned in social media the rationale for bandh after Shiv Sena chief Bal Thackeray’s demise. which Pyongyang insists was solely aimed at placing a satellite in orbit. The government issued guidelines that state approval from an officer of DCP level at metro cities and IG level in other places will have to be sought before registering complaints under the controversial section. The SC also questioned the misuse of Section 41 of the CrPC that empowers the police to arrest any person without an order from the magistrate and without a warrant in the event that the offence involved is a cognizable offence. The bill would provide U. Delhi. House of Representatives has already passed the Defence Authorisation bill. The Apex Court also sought explanation from Maharashtra government on the arrest of two girls for posting comments on Facebook.S. if a series of measures. Attorney General G. The White House has threatened to veto the bill. .S.$17 billion for defence programmes in the Energy Department.S. Since there are differences in the two versions of the bill. it now goes to the HouseSenate Conference Committee. The North’s decision to launch the rocket in winter had led analysts to suggest a political imperative behind the timing. which needs to sort out the differences. which may have overruled technical considerations.The U. The Supreme Court issued notices to the Centre. and U.$88 billion for the war inAfghanistan. Section 156 (1) empowers the investigation by the police into a cognizable offence without an order of a magistrate. North Korea successfully launched a long-range rocket in defiance of UN sanctions threats over what Pyongyang’s critics have condemned as a disguised ballistic missile test. North Korea said the three-stage rocket. Maharashtra and West Bengal governments on the Cyber Law 66 (A) while hearing a Public Interest Litgation (PIL) on amending the Information Technology Act. U. The second version of the Kwangmyongsong-3 satellite was launched from the Sohae Space Centre.S.
S.Voicing concern over recent incidents of people being arrested for posting alleged offensive messages on websites. He referenced the recent Israeli assault on Gaza. It allows them to join a number of UN agencies. Hamas agreed to stop firing rockets at Israel. women and men who have fallen victim to the latest Israeli aggression. most of them civilians. the president of the Palestinian Authority in the West Bank. In all. East Jerusalem. the radical Palestinian group that rules Gaza.] The moment has arrived for the world to say clearly: Enough of aggression. two of the nine countries which voted against the upgrade. the bench agreed to hear the PIL filed by a Delhi student Shreya Singhal. saying that Palestine had come to the UN at a time when Palestinians were “still tending to [their] wounds and still burying [their] beloved martyrs of children. The General Assembly is called upon today to issue a birth certificate of the reality of the State of Palestine. The new status is an indirect recognition of the Palestinians’ claims on statehood in the West Bank. addressed the General Assembly. which said it would lift the siege of Gaza.. the Supreme Court agreed to hear a PIL seeking amendment to the Information Technology Act. A bench headed by Chief Justice Altamas Kabir said that it was considering taking up suo motu cognisance of recent incidents and wondered why nobody had so far challenged the particular provision of the IT Act. 138 countries voted in favour and 41 others abstained. Taking the case on urgent basis. The moment has arrived for the world to say clearly: Enough of aggression. Mahmoud Abbas. after a week–long war between the two adversaries that had cost the lives of five Israelis and at least 140 Palestinians. and Gaza Strip. mediated mainly by Egypt with U. saying that Palestinians were not seeking to “delegitimize” Israel. was accepted by Israel and Hamas.. settlements and occupation. A ceasefire. The vote represents a long-sought victory for the Palestinians but a diplomatic defeat for Israel and the US.” . as well as the International Criminal Court (ICC). support. settlements and occupation. but to affirm the legitimacy of Palestine as a state. Miscellaneous-2 Palestine becomes UN Non-Member State The UN General Assembly has voted overwhelmingly to grant Palestine a non-member observer state status at the world body. “What permits the Israeli government to blatantly continue with its aggressive policies and the perpetration of war crimes stems from its conviction that it is above the law and that it has immunity from accountability and [the] consequences [.
I believe that Israel has the right to live in peace and security with its neighbors. He called “a distortion of history” how Mr Abbas characterised the UN resolution calling for a two-state solution exactly 65 years ago. “Today’s vote underscores the urgency of the resumption of meaningful negotiations. it is the Palestinians and the Israelis who must still talk to each other and listen to each other. He forgot the most important thing. we had libelous charge after libelous charge against the Israeli people. “The backers of today’s resolution say they seek functioning. Micronesia. “Today’s unfortunate and counter-productive resolution places further obstacles in the path to peace. and Panama. “The way he talked about it. the UN secretary-general. Meanwhile.” the spokesperson said. the Czech Republic. “My position has been consistent all along. “Instead of speaking the language of reconciliation. That is why the United States voted against it. There is no substitute for negotiations to that end.The U.S. But we have long been clear that the only way to establish such a Palestinian state and resolve all permanent status issues is through the crucial if painful work of direct negotiations between the parties.” the Israel Government spokesperson said. Long after the votes have been cast. Ambassador to the United Nations Susan Rice branded the move “counterproductive”. Palau. long after the speeches have been forgotten. the Jewish side that accepted two states for two people. India ranks 94th in Corruption Perception Index ratings Country Rank 1 1 1 4 5 6 7 7 9 Country / Territory Denmark Finland New Zealand Sweden Singapore Switzerland Australia Norway Canada CPI 2012 Score 90 90 90 88 87 86 85 85 84 .” Mr Ban said.” Israel said that the comments made by Mr Abbas “make it more difficult” for it to negotiate with Palestine. Nauru. independent Palestinian state at peace with Israel so do we. economic support for the Palestinians.S. Marshall Islands.” Ms Rice said. It was the Israeli side. Ban Ki-moon. I believe that the Palestinians have a legitimate right to their own independent state. and the state department warned the status change could lead to a reduction of the U.” Other countries that voted against the upgrade include Canada. renewed his call for the resumption of direct negotiations between Israel and Palestine.
India was ranked 72 among 180 countries for the first time in 2007 and since then the country’s rankings have been showing a decline. Denmark is placed at the top spot with a score of 90 while Finland and New Zealand follow very closely. school. including 20 children. The incident occurred at the Sandy Hook Elementary School in Newtown city of Connecticut state. and opened fire. while Afghanistan. However. the U. the position was 95 in 2011. Adam Lanza’s mother was a teacher at the school and he walked up to her classroom loaded with two 9mm handguns and wearing all black. before turning the gun on himself. is ranked at 79 while Chinais ranked at 80. Though India was ranked at 95th position last year. Appearing shaken by the death of 20 children in one of the deadliest school shooting in American history. which is slowly limping back to normalcy after a three-decade civil war. in one of the deadliest such incidents witnessed in the U.9 Netherlands 84 India’s image on tackling corruption has not improved with Transparency International’s Corruption Perception Index (CPI) placing it at 94th rank out of 176 nations this year. Nepal. Countries that occupy the bottom ranks in the index areMyanmar. India has a score of 36 out of 100 on a scale from 0 (highly corrupt) to 100 (very clean) which is a result of an average of 10 studies including World Bank’s Country Performance and Institutional Assessment and Global Insight Country Risk Ratings. the international watchdog said it has started evaluating the positions through a different formula beginning this year and hence this cannot be compared to last year’s ranking. The shooter whose act of firing indiscriminately at students and staff left the Connecticut city of Newton shocked and paralyzed was identified as 20-year-old Adam Lanza. killing her and 25 other adults and children. He first shot and killed his mother and then shot 18 students in the classroom before killing himself inside the school. While India was placed at 87 in 2010. “Our hearts are .S. President Barack Obama choked up several times as he said “our hearts are broken today” before the White House Press Corps.S. This year. This year.S. Pakistan and Bangladesh fared much worse than India when it came to corruption in public sector undertakings.S. Somalia. Deadly shooting spree at U. and North Korea. Sri Lanka. India is ranked below neighbouring countries like Sri Lanka and China. According to the New York Times. Sudan. when he went on a shooting rampage inside a U. Afghanistan. Iran. the last year’s rank of 95 would be 96 if it is calculated using the new methodology which implies there was a “slight improvement” in the index. school leaves 20 children dead A young gunman killed his mother and 25 other people.
“Our hearts are broken for the parents of the survivors. He said that India and China would look at the possibility of initiating pilot projects in different sectors such as water treatment. Mr Ahluwalia said there was no discussion on these issues during the dialogue.S. and for the families of the adults who were lost. the country would want to have security in infrastructure and telecom is one of them. On the major issues of security and widening India-China trade deficit. Mr Ahluwalia also revealed that India raised the issue of after sale service of the Chinese equipment. they know that their children’s innocence has been torn away from them too early and there are no words that will ease their pain. About government being cautious about investment by Chinese telecom companies in India. as well. In certain areas. “Security issues are relevant not just for Chinese investments. for as blessed as they are to have their children home tonight.” Mr Obama said. As many 11 agreements. he admitted that Chinese equipment is very competitive and their financing is also very good. Mr Ahluwalia said that “the message that we are getting from them is that they would like to see deepening of co-operation”.S. he said. With a view to promote greater economic and commercial engagement. India-China resolve to deepen engagement India and China pledged to deepen economic and commercial ties and create environment for promoting investment to the mutual benefit of the two nations in New Delhi during a day-long 2nd India-China Strategic Economic Dialogue. The 3rd India-China Strategic Economic Dialogue will be held next year in Beijing India plans for missile defence shield installation . entailing investment of U.” he said. This is not the issue which came up for discussion.2 billion.broken today for the parents and grandparents. They did not raise this issue”. sisters and brothers of these little children. However. The bilateral trade between the two countries has shot up from U. remove market barriers and deepen business co-operation.$3 billion in 2000 to U. encourage greater bilateral investments and work toward achieving a more balanced and sustainable bilateral trade. were inked in New Delhi between the two countries. He also expressed the confidence that the dialogue will look at measures to increase investment interest and activity through mutual co-operation.$5.S. said the minutes of the meeting between Planning Commission Deputy Chairman Montek Singh Ahluwalia and China’s National Development and Reform Commission Zhang Ping. India and China also agreed to enhance transportation links. the two sides have agreed to improve trade and investment environment.$74 billion currently.
S. through 2020. which controls the greenhouse gas emissions of rich countries. As part of the exercise. DRDO is ready to deploy the system in the NCR region by 2014. termed the deal as the Doha Climate Gateway. The historic pact.5-metre-long single-stage solid rocket propelled guided missile equipped with a navigation system. nearly 200 participating countries agreed to keep the Kyoto Protocol alive for the next eight years. first lifted off from a mobile launcher at the Integrated Test Range (ITR) at Chandipuron-Sea. about 70 km from Chandipur. The deal also includes agreement to scale up funding to help poor countries deal with global warming and convert to planet-friendlier energy sources. the UN Conference on Climate Change has agreed to extend the life of the Kyoto Protocol. which was agreed to by countries in 1997.500 km. the new agreement only covers developed nations whose share of world greenhouse gas emissions is less than 15 per cent. mimicking an incoming enemy weapon. and eight other industrialised nations signing up for binding emission cuts by 2020. which refuses to ratify it. Australia. a modified surface. Within about four minutes. excluding major developing polluters such as China and India.India’s plans to set up a missile defence shield in Delhi in next two years moved a step further with the successful test-firing of an interceptor missile off the coast ofOdisha. As the talks went into an extra day and the President of the Conference of the Parties made a passionate plea to strike some deal before they pack up. expires this year-end.to-surface ‘Prithvi’. The protocol locks in only developed nations. The interceptor missile is a 7. The hostile missile was simulated to be a ballistic missile fired from the range of 1. as well as the U. about 15 km from Balasore. However. The 12-day . a hi-tech computer and an electromechanical activator. Kyoto Protocol extended to 2020 After desperate attempts by the host country Qatar to save the talks. who begged to the countries to offer something out of the conference. Advanced Air Defence (AAD) missile positioned at Wheeler Island. Odisha. the Defence Research and Development Organisation (DRDO) testfired a supersonic interceptor missile which destroyed a ‘hostile’ ballistic missile off the Odisha coast. after getting signals from tracking radars roared through its trajectory to destroy the incoming missile mid-air in an “endo-atmospheric” altitude. The Protocol got extension with the European Union. the interceptor. Switzerland. A simulated test was also done to check the system and it was also successful. Conference Chairman Abdullah bin Hamad al-Attiyah (Qatar). The ‘hostile’ ballistic missile.
The developments came after negotiators worked through intrinsic details and language that could be acceptable to all.S. Russia outrightly rejected proposal while G77 and China. The WWF head of delegation.meeting in Doha also aimed to adopt in 2015 a wider treaty that would apply to all countries and eventually replace the Kyoto Protocol. who are members of Climate Action Network-International. imposes record U. .9 billion fine on the British bank HSBC as part of settlement to end allegations of money laundering.S. I didn’t want to open the Pandora’s Box by opening the entire texts again because we will never finish. BASIC groups support Doha outcome. has imposed a U. The U. said Doha was supposed to be an important element in setting up for a fair. said in a statement while reacting on the deal. I am not carrying a magic trick. U.S. “Two weeks of negotiations have not altered that path and that politicians need to reflect the consensus around climate change through funds. “It was my sense that the decision reflects the will of party as a whole to resolveDoha”.$100 billion per year in finance by 2020 to help the poorest countries deal with climate change. “These talks have failed the climate and they have failed developing nations.9 bn penalty on HSBC for illegal practices The U. ambitious and binding deal in 2015 and therefore needed to rebuild trust and instill equity. I beg you to help the President. but please help me. we cannot find a text satisfying everyone.S.$1. summing up the sentiment of the tired and weary negotiators. “While everyone is unhappy but everyone wants an agreement (nevertheless). some of whom were seen catching small naps in the plenary as they waited for the dissent-hit slow proceedings to move. this is my final begging to accept what we can offer.” he told the delegates. targets and effective action.S.” said Mr Al-Attiyah.$1.” said Greenpeace International executive director Kumi Naidoo. President Al-Attiyah said.” Ms Essop said. rejected the idea of equity by refusing to associate itself to any new agreement that is under the Convention. This is the largest penalty ever imposed on a bank. nor did they provide any credible pathway to U. The 12 days of talks saw bitter wrangling over the poor countries’ insistence that the rich nations make substantial pledges to cut greenhouse gases and finance mitigation and adaptation efforts in the poor countries that have not historically contributed to global warming but are presently the most vulnerable. “The talks failed to deliver increased cuts to carbon pollution. Tasneem Essop. Amid Russia’s continued protests against his decision.S. “It was a long day.” the 700 NGOs. this is at least a good text.
HSBC CEO. Despite the high risk. Justice Department said the bank’s “blatant failure” to implement proper antimoney laundering controls permitted drug organizations in Mexico to launder at least . and Sudan — to move about U.$200 trillion between 2006 and 2009 slip through relatively unmonitored.S. financial institutions. discrepancies and suspicious activity in banknotes transactions were not reported from July 2006 to July 2009.S. making it a favorite of drug cartels and money launderers.000 suspicious wire alerts were generated per month by such transactions. Libya and others under U.S. including HSBC. citing the bank’s immediate. stopped short of charging executives. sanctions – Cuba.American authorities cited “astonishing” dysfunction at the British bank HSBC and said that it had helped Mexican drug traffickers. said that the bank accepted responsibility for its mistakes and was “profoundly sorry”. The U.S. Libya. HSBC Bank USA at the time rated Mexico in its lowest risk category.S. including thousands who would lose jobs if the bank collapsed. Myanmar.S. so many that it calls itself “the world’s local bank”. stunning failure” by the bank to monitor itself. The settlement avoided a legal battle that could have further savaged the bank’s reputation and undermined confidence in the banking system. when the banks’ compliance staffing was at its worst. full cooperation and the damage that an assault on the company might cause on economies and people. Justice Department said. adding that the “HSBC of today is a fundamentally different organization from the one that made those mistakes”. according to court papers. Justice Department noted that HSBC officers in the United States had warned counterparts at the parent company that efforts to hide where financial transactions originated would expose the bank to sanctions.$660 million in prohibited transactions through the U. HSBC Bank USA now has 430 employees reviewing suspicious wire alerts. The U.Iran. when 13. The U. In fact.S. In March 2008. Justice Department cited a “stunning. but the protests were ignored. HSBC even instructed an Iranian bank in one instance how to format messages so that its financial transactions would not be blocked. Stuart Gulliver. the U.S.suspicion or sanctions to move money around the world. including more than U.S. The U. The U.000 to 15. from the mid-1990s through September 2006.S. Before the government stepped in. HSBC does business in almost 80 countries. It said that it enabled countries subject to the U.S.S. Iran. HSBC used only one or two compliance officers to monitor its banknotes business – the wholesale buying and selling of bulk cash around the world – even though the business is highly vulnerable to money launderers. Justice Department said that the bank let over U. only four employees were around to review them.$670 billion in wire transfers from HSBC Mexico.
6% in September. In July.04 lakh in the EU27 and by 1.913 million men and women in the EU27. HSBC also agreed to pay U. it turned a profit of U. Besides forfeiting U. the lowest unemployment rates were recorded in Austria (4. Compared with October 2011. Money laundering by banks has become a target for U.S. signed an agreement with New York regulators recently to settle a money-laundering investigation involving Iran with a U. financial system.$340 million payment. The EU27 unemployment rate was 10. the unemployment rate increased in sixteen Member States.9% respectively.703 million were in the euro area.S. Standard Chartered. fell in nine and remained stable in Austria and Slovenia. unemployment rose by 2. Unemployment rises in Euro Area The Euro Area (EA17) seasonally-adjusted unemployment rate was 11. HSBC should easily be able to absorb the U.2%) and Greece (25.$881 million in drug proceeds through the U. of whom 18. Among the Member States.3%). In both zones. Compared with September 2012. up from 11.U. rates have risen markedly compared with October 2011.$17 billion last year alone. Barclays. Senate subcommittee on investigations criticized HSBC for lax controls that allowed money laundering.9 billion penalty. up from 10.7% in October 2012.1%). Court documents show that HSBC expanded its banking links with Mexico in 2002 when it acquired Mexico’s fifth-largest bank with approximately 1.400 branches and 6 million customers.4%) and the Netherlands (5.6% in September.4% in August 2012).4% and 9.25 billion in its deal with the government.S. and the highest in Spain (26. Germany (5. Luxembourg (5.$1. The money-laundering affair is the latest scandal to strike the banks since the 2008 financial crisis.S. .73 lakh in the EA.S. law enforcement.S. It was not the first time that the bank has gotten in trouble with American authorities.$500 million to the Office of the Comptroller of the Currency and U. said the United Kingdom’s Financial Services Authority was pursuing a separate action. Since 2009. The U. Eurostat estimates that 25.S.174 million in the euro area. Compared with a year ago. were unemployed in October 2012.S. sanctions. the statistical office of the European Union.7% in October 2012. the number of persons unemployed increased by 2. another British bank.S.5%).S.$665 million in civil penalties.S. Credit Suisse.160 million in the EU27 and by 2.$1. when they were 10. These figures are published by Eurostat. including U. a U.S.$165 million to the Federal Reserve.S. Lloyds and ING have all paid big settlements related to allegations that they moved money for people or companies under U.
7% in the EU27.7% to 11. give or take one or two.4% in the EU27 and 23.2% to 12.2% in September 2012.4% to 25.” Mr Chidambaram said. The highest increases were registered in Greece (18.9%).. of whom 3. youth unemployment rose by 279 000 in the EU27 and by 350 000 in the euro area.2% between the third quarters of 2011 and 2012). compared with 21.1%). Mr Chidambaram said. Spain (22. the youth unemployment rate was 23. The second roll-out to cover more districts would be launched in April 2013. Women and Child Development. In Japan it was 4. At present. will be ready. Health and Family and Labour and Employment. we think about 29. the unemployment rate for males increased from 10. With the introduction of the Direct Cash Transfer Scheme. would enable the government to extend benefits to the needy at the click of a button without any fear of misuse or duplication. Austria (8.2% respectively in October 2011 In October 2012 the lowest rates were observed in Germany (8. In October 2012.6% between September 2011 and September 2012).3% to 11.2% to 12. The schemes which would come under the purview of the cash transfer scheme would include those of Ministry of Social Justice and Empowerment. Human Resources Development (HRD) Minority Welfare. DCTS & Other Schemes to roll out through Aadhar Benefits under 29 welfare schemes being operated by different ministries would be transferred through Aadhaar–enabled bank accounts in 51 districts spread over 16 states from 1 January 2013.8% in the euro area and from 10.7% to 16. he said.609 million were in the euro area.3%).6% in the euro area and from 9.9% in the euro area.9% in the USA. roughly about 29 schemes are ready to start from the January 1. 5. of which 29 would be covered by the cash transfer scheme that is to be launched from 1 January 2013 in 51 districts. Compared with October 2011. The scheme of Direct Cash Transfer into bank accounts.7% to 14.7% to 26. He said in the later phase the benefits of the direct cash transfer would be made available for subsidies which are given for food.4% between August 2011 and August 2012).8%) and the highest in Greece (57. Lithuania (14. Chidambaram said.Cyprus (9.5% to 9. Finance Minister P.7% in the EU27. the government operates about 42 schemes.0% to 10. In October 2012.The largest decreases were observed in Estonia (11. The female unemployment rate rose from 10. the unemployment rate was 7. “.678 million young persons (under 25) were unemployed in the EU27. Between October 2011 and October 2012. . But ultimately we want to load all these schemes on the system.9%). “falsification and duplication will be practically eliminated and I believe that (it) would result in considerable savings to the exchequer”..2%) and Portugal (13. Out of the 42.8% to 10.5%) and the Netherlands (9.0% in August 2012) andSpain (55.9% and 21. In October 2012. It is possible that one or two schemes may start a few days or a couple of weeks late. fertiliser and petroleum products. the Minister said.4%) and Latvia (15.
3 per cent of GDP this fiscal. We hope to be able to do that by 31 December 2012. The government aims to restrict the fiscal deficit to 5. and investment rates that exceed emerging market averages. they will act as the bank account operator with a handheld ATM to enable the beneficiary to withdraw the cash benefit. high government deficit and debit ratio.” the global rating agency said in its ‘Credit Analysis on India’ report. however. The UIDAI has already issued 21 crore Aadhaar cards. But in course of time other distributors can also join the system. . “If the Aadhaar penetration is 80 per cent and more. given the delayed timing and still modest scope of these measure. Mr Chidambaram said he expects that in the 51 districts Aadhar penetration would be 80 per cent and the list of digitised beneficiaries for the schemes would be loaded on to the system. growth may remain subdued in the near term amid continued domestic political uncertainty and a global slowdown. then it is a fair assumption that the beneficiary penetration of Aadhaar will be close to 95 per cent. It. It has also announced a slew of measures to spur infrastructure development and liberalised foreign direct investment (FDI) norms.” he said. any other body which can operate a handheld ATM can be a distributor. a 12–digit number. strong GDP growth and savings. India’s credit rating outlook is stable Leading credit rating agency. serves as a proof of identity and address anywhere in the country. “To start with there will be Banking Correspondents with miniature ATMs . “However. Moody’s added. primary Cooperative society. would be given to the beneficiaries having Aadhaar–enabled account number through the bank branches or banking correspondents. The agency said its stable outlook on India’s rating is based on “our expectations that India’s structural strengths – a high household savings rate and relatively competitive private sector – will ultimately raise the GDP growth rate from around 5. diverse economy. Moody’s said India rating outlook is stable because of the country’s strong economic growth along with high savings and investment rates.” Moody’s added... said the rating is constrained by the credit challenges posed by India’s poor social and physical infrastructure. “India’s Baa3 rating and stable outlook are supported by credit strengths which include a large.” he added. Aadhaar.4 per cent in FY 2013 to 6 per cent or higher in FY 2014". he said. The infrastructure is in place. low per capita income.The cash subsidy. Self– Help Groups. We expect multiple distributors to open as many distribution points as possible over a period of time. The rating has also been constrained due to the country’s complex regulatory environment and a tendency towards inflation.
the government’s debt to GDP ratio has been declining over the last few years. Although absolute debt levels have risen steadily. However.127. Telenor was hopeful of adjusting `1. This amount is far less than the targeted `40.28 crore it needed to pay. The government’s annual deficits tend to be among the highest within the Baa range. The Empowered Group of Ministers on telecom in October had decided to adjust the earlier payment made by companies whose licences were cancelled by the Supreme Court in February on a rider that there are no criminal proceedings pending against them in 2G scam case. reflecting the possibility of a downgrade. S&P had changed the rating outlook of India from stable to negative.326. and have proven relatively more vulnerable to growth downturns due to elastic revenues and rigid expenditures.08 crore and `670. Its assessment of low government financial strength is based on its expectation that the government’s debt and interest payment burden will remain high relative to its annual revenues over the medium term. but it was not granted the benefit. govt receives just Rs. Telenor-promoted Telewings Communications has paid `1. Moody’s cautions “that unanticipated domestic political turmoil.33 crore.018.658 crore licence fee of its joint venture Uninor.92 crore from telecom companies which have won spectrum in the recently concluded 2G spectrum auction. The winners.03 crore out of `4. its potential climate worsens.67 crore.407. its external position deteriorates. but they adjusted their payments against licence fee they had paid for permits that were cancelled by the Supreme Court in February this year. Bharti Airtel paid the entire amount of `8.706. have the option of making deferred payments under which they are required to pay 33 per cent upfront and the rest in equal installments after a moratorium of two years. in the recently-held spectrum auction.22 crore out of the required`1. The Central Government was banking heavily on the targeted amount to narrow down the fiscal deficit. Moody’s annual report further said India’s fiscal position has long been a constraint for rating. . or a surge in food and other commodity prices could all affect the pace and timing of the recovery”. a further worsening in global growth and financial conditions.In October this year. it said. The bids received for spectrum in the recent auction were valued at `9. Earlier in April. respectively. Standard & Poor’s had said that there was one-in-three likelihood of rating downgrade for India within 24 months if the economic growth prospects dim.94 crore.1700 cr! The Central Government has received a net payment of `1. Videocon and Idea Cellular needed to pay `733. “Telewings is a separate company and hence it has to make payment.000 crore from spectrum sale in the current financial year. 2G spectrum auction is damp squib. it said.” the Department of Telecommunications said. while Vodafone paid `372.64 crore. or fiscal reforms slow.
OVL. . This is to rise to 60 million tons by 2030.GDP growth hits bottom.S.5 per cent expansion in the same quarter in year ago. the overseas arm of the state explorer. India spent U.5 per cent in the first quarter (April-June) of 2012-13. The economic growth in the first six month of this fiscal (April-September) is 5. against 2. It had grown by 5. state-owned Oil & Natural Gas Corporation (ONGC) has agreed to buy U. as against a contraction of 5. transport and communications segment also witnessed lower pace of growth at 5.S.4 per cent in the second quarter.3 per cent growth clocked in the year-ago period. During the three-month period ended September 30. Mining and quarrying sector. Growth rate of services sector. Construction sector expanded by 6.2 per cent in the July-September period this fiscal.3% in Q2 The Indian economy grew by 5. stood at 9. as against 6. the manufacturing sector grew marginally by 0. The Gross Domestic Product (GDP) had expanded by 6.25 billion plus a share of working capital and other cash calls together with interest for the 8. showed some improvement and recorded a growth of 1.4 per cent in the second quarter. In the JulySeptember quarter. against 9. according to data released by the Central Statistical Organisation (CSO). trade.7 per cent in the same period of last fiscal.4 per cent stake in the Kashagan oilfield in Kazakhstan for about U. pulled down by poor performance of manufacturing and agriculture sectors.3 per cent in the July-September period of the current financial year (2012-13). however. The growth rate of electricity. showing persistent signs of slowdown. lower than 7.3 per cent in the year-ago period.1 per cent in the same period last year.$4. hotels. gas and water supply also dipped to 3.5 per cent compared to 9.9 percent growth in the same period of 2011-12.000 barrels per day (18.4 per cent stake in the field that produces 370. including insurance and real estate. under the Perspective Plan 2030.5 million tons a year) of crude oil.9 per cent recorded in same quarter last fiscal. Last year. energy giant ConocoPhillips’ 8. from 9.8 per cent witnessed in the same quarter of 2011-12.S.$5 bn In its biggest acquisition ever.S.9 per cent during the quarter.4 per cent.$5 billion.8 per cent. ONGC Videsh (OVL).$140 billion on import of crude oil.7 per cent Q2 of 2012-13. Energy Security: ONGC buys massive stake in Kazakh oil field for U.S. grows at 5. Farm sector output expanded by just 1.75 million tons. will pay a base price of U. is targeting oil and gas production of 20 million tons of oil and oil equivalent gas by 2018 from current 8. against 3.4 per cent in the second quarter of 2011-12. OVL is seeking oil and gas properties overseas to meet the nation’s rising energy needs.
S. . surpassing its U. The Kashagan Field.$6 billion is fifth biggest. Deals bigger than this one include Tata Steel’s U.S. ExxonMobil and KazMunayGas have 16.The stake buy in Kashagan field is subject to approval of governments of Kazakhstan and India and also to other partners in the Caspian Sea field waiving their pre-emption rights.S.$1 billion.5 million tons per annum). It will be the biggest acquisition by an Indian company this year and the sixth largest in the history. Royal Dutch Shell. Vodafone taking over controlling stake in Hutch-Essar from Hutchison for about U. When Phase 2 and 3 are implemented. Besides.S. OVL concluding the deal would depend on the two firms waiving their right of first refusal (ROFR) or pre-emption rights.7 billion. Deals announced this year include Hinduja Group firm Gulf Oil Corp’s acquisition of U.000 bpd (22.81 per cent stake each.2 billion takeover of European steel giant Corus. This will be OVL’s second acquisition this year. This will be the biggest acquisition by OVL. France’s Total. From Phase 1.” OVL said. the OVL’s share will be significantly higher.S.$12. the biggest world oilfield discovery since 1968. for U.$918 million deal.6 million tons.S. “The acquisition would mark OVL’s entry into the largest oil proven North Caspian Sea of Kazakhstan. Billionaire Anil Agarwal-led Vedanta Group’s U.$8.S.6 billion acquisition of Cairn India is fourth and Hindalco Industries’ buyout of Canadian firm Novelis Inc. Italy’s Eni. located in the shallow waters (about 5 meters to 8 meters) of the Kazakh North Caspian Sea.S. Plans have already been firmed to ramp up output to 450.S. Kashagan.045 billion. holds an estimated 30 billion barrels of oil-in-place.2 billion buyout of Russia-focused Imperial Energy in January 2009.based specialty chemicals maker Houghton International Inc for U. Rain Commodities reached an agreement this year to buy Belgium-based specialty chemicals group Ruetgers in a U. the acquisition is likely to add an average annual production of about 1 million tons for a period of over 25 years with a peak of about 1. of which 8-12 billion are potentially recoverable. It had a couple of months back bought stake in a group of oil fields in Azerbaijan for about U.56 per cent.$10. is the world’s largest current development project.S. while Inpex of Japan has the remaining 7.$11 billion and Bharti Airtel’s acquisition of Zain Telecom’s African assets for about U. It is believed that ExxonMobil and Shell are seeking bigger stakes in the Kashagan oil field and operating control before starting to expand the project.$2.$1. The acquisition also bears a significant strategic importance for India in terms of contributing towards its energy security.