DAILY GK UPDATE 9 OCTOBER

1.    23rd ASEAN Summit 2013 begins in Brunei Darussalam

i. 23rd ASEAN Summit starts today in Brunei Darussalam.

ii. Brunei Darussalam also chair the 22nd ASEAN Summit on 24-25 April 2013 .

iii. This is the fourth time that Brunei Darussalam has chaired ASEAN, having previously been the Chair in 1989, 1995 and 2001.

ii. Brunei Darussalam’s theme for the Chairmanship is “Our People, Our Future Together”. This theme stresses the role of the people in ASEAN Member States in advancing cooperation in the areas of political-security, economic and socio-cultural.

iii. It also asserts that the region’s future is dependent on how the people of ASEAN move and work together to ensure progress for the development of the whole region.”

Note: ASEAN includes Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Laos, the Philippines, Singapore, Thailand and Vietnam. 

About ASEAN:

i. ASEAN Summit is an annual meeting held by the member of the Association of Southeast Asian Nations (ASEAN) in relation to economic, and cultural development of Southeast Asian countries.

ii. The league of ASEAN is currently connected with other countries who aimed to participate on the missions and visions of the league.

iii. Apparently, the league is conducting an annual meetings with other countries in an organization collectively known as the ASEAN dialogue partners. ASEAN +3 adds China, Japan and South Korea. The formal summit are held in three days.

The usual schedule are as follows:  
- ASEAN leaders hold an internal organization meeting.
- ASEAN leaders hold a conference together with foreign ministers of the ASEAN Regional Forum.
- Leaders of 3 ASEAN Dialogue Partners (also known as ASEAN+3) namely China, Japan and South Korea hold a meeting with the ASEAN leaders.
- And a separate meeting is set for leaders of 2 ASEAN Dialogue Partners (also known as ASEAN+CER) namely Australia and New Zealand.

2.    Manmohan leaves for Brunei to attend East Asia summit

i.  The Prime Minister said this in a departure statement prior to leaving for Brunei to participate in the 11th India-Association of East Asian Nations Summit and the 8th East Asia Summit.

ii. Prime Minister Manmohan Singh has said that India sees the East Asia Summit as a springboard to regional cooperation and integration.

iii. India is participating in the negotiations for a Regional Comprehensive Economic Partnership among the ASEAN and its FTA partners, which will help create an economic community in the region.

iv. After the conclusion of the summit, Singh will proceed to Indonesia for an official bilateral visit.

v. The Prime Minister pointed out that India’s engagement with the ASEAN and its member countries is the cornerstone of its ‘Look East’ policy and has evolved into a strong, comprehensive and multi-faceted partnership in recent years.

Note: The summit in Brunei will be the first since the elevation of our relations with the ASEAN to a Strategic Partnership at the special Commemorative Summit in New Delhi and the conclusion of the India-ASEAN Free Trade Agreement in Services and Investment in December 2012

3.    Nobel Chemistry Prize won by Karplus, Levitt, Warshel 

i. Michael Levitt, a British and US citizen of Stanford University, US-Austrian Martin Karplus of Strasbourg University and US-Israeli Arieh Warshel of the University of Southern California share The Nobel Prize in Chemistry 2013 on 9 October 2013.

ii. Three molecular chemists have won the Nobel Prize for Chemistry for devising computer simulations that are used to understand and predict chemical processes, the jury said.

iii. They were awarded Nobel Prize in Chemistry 2013 for the development of multi scale models for complex chemical systems. 

iv. The trio devised computer simulations to understand chemical processes.

v. Their research laid the foundations for new kinds of pharmaceuticals. 

vi. While announcing their names Royal Swedish Academy of Sciences told that the Nobel Laureates in Chemistry 2013 have made it possible to map the mysterious ways of chemistry by using computers.

4.    UK to host 2014 NATO summit

i. Britain is to host next year's Nato (North Atlantic Treaty Org.) summit for the first time since the end of the cold war in 1990.

ii. The prime minister, David Cameron, said the biennial gathering would be an "important moment in the history of the alliance".

iii. Cameroon said: "It will be an opportunity for leaders to recognise the contribution and the sacrifice made by our servicemen and women as the Isaf mission in Afghanistan draws to a close, and as Nato draws down its forces and looks to help Afghanistan in different ways,

iv. Britain has always been at the forefront of shaping the alliance, from its start in 1949 to Nato's current operations, and the 2014 summit will be critical in ensuring Nato remains a relevant, modern, adaptable force fit for the 21st century."

Note: i. The North Atlantic Treaty Organization, also called the Atlantic Alliance, is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.

ii. Headquarter: Brussels, Belgium

iii. NATO is an Alliance that consists of 28 independent member countries

iv. India is not a member of NATO

5.    IMF cuts India’s GDP growth to 3.8% this fiscal

i. The International Monetary Fund (IMF) has lowered the growth projection for India to 3.8 per cent in 2013-14. This is sharply lower than the 5.6 per cent growth projection it had made in July.

ii. However, a strong recovery in exports can push up the growth to over 5 per cent, the Fund said in its World Economic Outlook. .

iii. However, Indian policymakers use ‘GDP at factor cost’ to measure growth. Accordingly, the GDP projection for 2013-14 and 2014-15 will be 4.25 per cent and 5 per cent, respectively.

iv. IMF’s revision was based on “lacklustre activity in manufacturing and services,” and the prevailing higher interest rates, which have made things difficult for industry.

v. It warned that that emerging Asian economies, including India, were at continued risk of a global slowdown and outflows of foreign capital from their financial markets. “

6.    FinMin expects FY’14 growth at around 5.5%

i.  The Finance Ministry expects the economic growth in the current fiscal to improve to 5.5 per cent from 5 per cent last year on back of likely pick up in agricultural output on account of good monsoon rains.

ii. Following three quarters of sub 5 per cent growth, growth is expected to pick up from second quarter of 2013-14 resulting in full year growth of around 5.5 per cent,” said Quarterly Review 2013—14 (April—June) released by the Ministry.

iii. Assuming a normal monsoon and global economic recovery, the Economic Survey had anticipated the growth to be in the range of 6.1 to 6.7 per cent for 2013—14 despite the low growth in previous fiscal.

iv. “However, the improvement in the growth prospects for agriculture sector is likely to be offset by weak trends in other sectors. While current trends in industry are weak, recent project clearances and the pickup in coal production in recent months bodes well for mining and manufacturing activity,” the Ministry said.

7.    Aadhaar-based e-KYC gets SEBI nod

i. Aadhaar cards for availing subsidies, market regulator SEBI accepted the Unique Identification Authority of India’s (the agency responsible for making the cards) e-KYC services.

ii. SEBI said that it had decided to accept e-KYC as a valid process for KYC verification.

iii. Information regarding client details and photographs made available by UIDAI as a result of e-KYC process shall be treated as sufficient proof of identity and address of the client, said SEBI.

iv. KYC or Know-Your-Customer/Client is done by all capital market intermediaries to obtain proof of identity and residence of the entity, in order to identify the owner of the securities.

v. However, the process requires the client to authorise the intermediary to access his data through the UIDAI system.

Note: Earlier in August 2012, SEBI had said it would accept Aadhaar for proof of address. Prior to that, Aadhaar was recognised by the regulator only as proof of identity.

8.    RBI caps FII investment in GE Shipping, Kajaria Ceramics

i. The Reserve Bank of India (RBI) today restricted foreign institutional investors (FIIs) to purchase shares in Great Eastern Shipping Company and Kajaria Ceramics as the foreign equity shareholding have reached the trigger limit of 24 per cent.

ii. “The Great Eastern Shipping Co. Ltd. has crossed the limit of 24 per cent of its paid-up capital. Therefore, no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of Foreign Institutional Investors,” RBI said in a release.

iii. Also, it said Kajaria Ceramics has crossed limit of 24 per cent of its paid-up capital for investment by FIIs.

iv. Therefore, no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of FIIs,” it added.

Note: i. Foreign Institutional Investors (FIIs), Non—Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).

ii. Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.

9.    Walmart, Bharti part ways in retail biz 

i. Bharti Enterprises and Wal-Mart Stores, Inc. said on Wednesday that they are going separate ways for operations in the Indian retail sector. 

ii. Subsequently, the US retail major will buy out the Indian partner from their 50:50 wholesale cash and carry joint venture -- Bharti Walmart, for an undisclosed sum.

iii. In a joint statement, the companies said they have reached an agreement to independently own and operate separate business formats in India and discontinue their franchise agreement in the retail business.

iv. The agreement is subject to finalisation of definitive agreements and receipt of the requisite regulatory approvals.

v. "Upon receipt of required clearances, Walmart would acquire Bharti's stake in Bharti Walmart Pvt Ltd, a joint venture between Bharti and Walmart, giving Walmart 100 per cent ownership of the Best Price Modern Wholesale cash and carry business.

vi. As part of the proposed transactions, Bharti will acquire the USD 100 million worth Compulsory Convertible Debentures (CCDs) held by Walmart in Cedar Support Services, a company owned and controlled by Bharti.

Note: The two partners had joined hands in 2007 and launched its first B2B Best Price Modern Wholesale cash-and-carry store in Amritsar in May 2009. At present, there are 20 Best Price Modern Wholesale stores located at various places, including Amritsar, Zirakpur, Jalandhar, Kota, Bhopal Ludhiana, Raipur, Indore, Vijayawada, Agra, Meerut, Lucknow and Jammu.

10.  Government proposed to Set up Plastic Parks

i. The Government of India on 9 October 2013 proposed to support setting up of Plastic Parks for the promotion of downstream plastic processing industries. 

ii. The Scheme to be implemented by the Department of Chemicals and Petrochemicals envisages setting up of a Special Purpose Vehicle (SPV), which would provide infrastructure and common facilities for the industries. State Government or its agency, which would set up such SPV, will have to mandatorily have equity participation in it.

iii. The Government of India would provide a Grant-in-Aid to the extent of 50 percent of the project cost, not exceeding 40 crore rupees per SPV to be set up for the purpose.

iv. The Scheme is aimed at increasing investment in the sector for additions in capacity and for increased exports in the sector.

v. Currently the share of India in world trade for plastics is very low. The industry in the country is very large but highly fragmented with the dominance of tiny, small and medium units.

11.  Visa ties up with Micro Pension Foundation for rural pension scheme

i. Global payments solutions provider Visa today announced its partnership with Micro Pension Foundation to launch pension scheme for low-income groups in the rural areas to save for their future.

ii. The companies have tied up with old private sector lender Ratnakar Bank for the cash-in and cash-out services

iii. The cash-in or the deposit money ranging from as low as Rs 50 to about Rs 1,000 a month, can be deposited by the customers through agents who would enable services through a mobile-led device.

iv. “The device can help swipe a card provided by the bank to make a transfer from the bank account to the pension fund,” said Uttam Nayak, Group Country Manager, India and South Asia, Visa.

v. Under the government scheme, citizens below the poverty line are entitled to Rs 1,000 per annum to a deposit amount of Rs 1,000 and above.

vi. With about 800 devices and four centres at present, the joint venture by Visa and Micro Pension initiative plans to expand to over 100 centres in close to 2 years and is targeting 140 million (14 crore) low income, unbanked, informal sector individuals, providing them with access to affordable, micro-savings and pension products from regulated financial institutions.

vii. With 52 per cent of unbanked population in India, it remains to be seen how much this joint venture will benefit the bottom of the pyramid contributing to the financial inclusion agenda of the government and the Reserve bank of India.

12.  Indira Gandhi International and Birmingham Airports Signed MoU to Become Sister Airports

i. Indira Gandhi International Airport, New Delhi and Birmingham Airport, UK on 7 October 2013 signed a Memorandum of Understanding (MOU) to formalise a working relationship and commit to developing links between the two cities (Birmingham and Delhi).

ii. The MoU will allow the sharing information and best practice to enhance links between Birmingham and Delhi and promote tourism and business opportunities at both ends of the route. 

iii. The MoU signifies a formal commitment by both parties to work collaboratively in order to strengthen trade and tourism links between the two cities.

iv. The development followed the recent launch of direct flights between the two airports. Air India had launched a direct flight between Delhi and Birmingham in August 2013 with a Boeing 787 Dreamliner aircraft. 

13.  Glasgow2014: Queen's Baton Relay to get underway in London 

i. Queen's Baton Relay for the Glasgow 2014 Commonwealth Games is all set to get under way in London.

ii. The baton will travel to all 70 nations and territories of the Commonwealth during its journey of around 248 days.

iii. The baton will contain the Queen's hand-written message to the Commonwealth. The 248-day relay starts from Buckingham Palace in London.

iv. The baton will visit the big Commonwealth countries such as Pakistan, Bangladesh, Nigeria, South Africa, Malaysia, Australia, Kenya, Ghana, Jamaica and Canada.

v. The baton will visit the big Commonwealth countries such as Pakistan, Bangladesh, Nigeria, South Africa, Malaysia, Australia, Kenya, Ghana, Jamaica and Canada.

Note: The 2014 Commonwealth Games, officially the XX Commonwealth Games, will be held in Glasgow, Scotland, United Kingdom over 11 days of competition from 23 July to 3 August 2014.

14.  Sankalp breaks own Guinness World record; prepares 53-ft-long dosa

i. The Ahmedabad-based Sankalp Group, which twice entered Guinness Book of World Records by making 25 and 32-feet-long dosas in 1997 and 2006, respectively, has broken its own record by preparing a 53-feet-long dosa here on Monday.

ii. The 53-ft-long dosa was prepared by a team of 32 chefs who used 80 kg of flour,30 kg of pure ghee and 300 kg of cooking gas to make it in just 10 minutes, Kailash Goenka, Chairman and Managing Director, The Sankalp Group, said in a statement here.

iii. Sankalp, well-known brand in South Indian and other delicacies, had opened its first restaurant here in 1980. With changing market trends it introduced two more brands ‘Sam’s Pizza’ – Pizzeria & Salad Bar Restaurant, and ‘Saffron’ – North Indian barbeque.

iv. Now, The Sankalp Group has a presence in six countries, viz India, the USA, Canada, the UK, the UAE and Australia with more than 135 restaurants. The Group envisions the opening of more than 200 restaurants by the end of 2015, he added.

15.  Buckingham Palace hosted its First Official Football Match

i. Buckingham Palace held its first official football match to mark FA's (Football Association’s) 150th anniversary on 7 October 2013.

ii. The match was played between Civil Service FC, the only surviving one of the eleven clubs that met to found The FA in 1863, and Polytechnic FC, which was formed in 1875.

iii. According to the FA, the nationwide network consists of more than 400000 individuals, including everyone from the players' parents, coaches, referees and administrators that help provide the opportunity for people to enjoy football.

16.  Jwala Gutta moves court against BAI's life ban threat 

i. Embattled shuttler Jwala Gutta on Wednesday moved the Delhi High Court against the Badminton Association of India (BAI) after its disciplinary committee recommended a life ban on her for an alleged code of conduct breach in the Indian Badminton League

ii. "We decided to go ahead with legal action in the case and accordingly filed a petition in the Delhi High Court today," Jwala's father Kranti Gutta told a news agency. 

iii. The BAI had ruled out considering Jwala for selection in any international event in the next one month, pending a decision by the three-member committee that was formed on Monday by President Akhilesh Das Gupta. 

iv. It means the Commonwealth Games gold medallist won't be able to play in Denmark and French Open. 

v. Jwala's coach Syed Mohammad Arif had advised the top shuttler to file a defamation suit against BAI for going to press without issuing her a ban notice. 

vi. The Sports Minister Jitendra Singh also said today that he can look into Jwala's dispute with the BAI if she approaches him. 

vii. The three-member disciplinary panel comprises Indian Olympic Association (IOA) joint secretary Anandeshwar Pandey, Luge Federation of India president Deepa Mehta and Swati Shukla, a former associate of the Commonwealth Games Organising committee. 

04:56 - By Unknown 0