Parliament approves nuclear liability bill
The parliament approved a bill to open up the country's $150 billion nuclear power market, sealing legislation crucial for the entry of U.S. firms like General Electric and Westinghouse Electric.
The bill is crucial for firms such as U.S.-based General Electric and Westinghouse Electric, a subsidiary of Japan's Toshiba Corp, which are reluctant to step in without clarity on accident compensation.
With the approval of parliament, the way has been paved for overseas companies to set up nuclear reactors in the country.
The bill was passed in the Lok Sabha after the government agreed to consider amendments suggested by a parliamentary panel to the original proposed atomic law tripling the liability cap on an operator in case of an accident to Rs.1,500 crore from the earlier Rs.500.
Clause 17(b) of the original draft allowed a right of recourse for the operator in the event of an accident resulting from “a wilful act” or “gross negligence” on the part of the supplier. U.S. nuclear suppliers want this clause deleted as they feel it would expose them to litigation.
Thus, the amended 17(b) gives the operator a right of recourse where “the nuclear incident has resulted as a consequence of an act of supplier or his employees, done with intent to cause nuclear damage, and such act includes supply of equipment or material with patent or latent defects or sub-standard services.”
Opponents of weaker versions of the bill wanted to avoid a possible repeat of problems following the 1984 industrial disaster in Bhopal, central India, which involved US firm Union Carbide.
National Innovation Council
Prime Minister Manmohan Singh on Monday gave the green signal for the setting up of a National Innovation Council headed by Sam Pitroda, Adviser to the Prime Minister on Public Information Infrastructure and Innovations, to give shape to the Government's decision to observe the current decade (2010-2020) as the Decade of Innovation.
The Council will have an Indian model of innovation that focuses on inclusive growth and creating an appropriate eco-system conducive to fostering inclusive innovation.
It’s a 17-member panel.
India, Switzerland sign Double Taxation Avoidance Agreement
India and Switzerland today signed a protocol amending the existing Double Taxation Avoidance Agreement between the two countries. The revised Double Taxation Agreement contains provisions on the exchange of information in accordance with the OECD standard, which were negotiated in line with the parameters decided by the (Swiss) Federal Council.
India, Mexico agree to cooperate in tourism sector
India and Mexico today agreed to promote cooperation between the two countries in the tourism sector and look at renewing the agreement they signed in this regard in 1996.
Nutrition scheme for adolescent girls cleared
The Centre cleared for implementation the Rajiv Gandhi Scheme for Empowerment of Adolescent Girls — known as ‘Sabla' — aimed at enhancing their nutritional and economic status.
The scheme will be run along with the Integrated Child Development Services (ICDS) project in anganwadi centres in 200 select districts, targeting girls in the age group 11-18. The districts will be selected using a set of indicators and will be a combination in equal proportion of good, moderate, and not-so-well-performing districts.
An allocation of Rs.4,500 crore has been made for implementing ‘Sabla' during the remaining period of the 11th Five-Year Plan. For 2010-11, a budget provision of Rs,1,000 crore has been made.
In the initial years, 40-50 per cent of the girls accessing the scheme — or 0.92-1.15 crore per annum — are expected to be covered in the 11th Plan
The cost of the scheme will be shared equally by the Centre, the States and the Union Territories on provision of nutrition — including 600 calories and 18-20 gm of protein which will cost Rs. 5 a beneficiary per day for 300 days a year for school girls in the age group 11-14 and all others aged 15-18.
CCEA approved utilization of $ 128 m grant from Global Fund to Fight AIDS, TB, Malaria
The grant is for implementing a project for scaling up of integrated counselling and testing, prevention of parent to child transmission of HIV (PPTCT) services and referral to care, support and treatment services for people living with HIV in India. The funding will be entirely through GFATM.
The project aims to cover 60% of HIV positive pregnant women in the country with PPTCT services and to diagnose and refer for treatment 70% of patients co-infected with HIV/TB. The project also seeks to strengthen capacity building, quality assurance, and supply chain systems under the National AIDS Control Programme.
CCEA approved computerisation of all post offices in country
The Cabinet Committee on Economic Affairs (CCEA) approved the Information Technology Modernisation Project-Phase II of the Department of Posts under which all post offices in the country will be computerised.
The project will be implemented over a three year period covering 2010-11, 2011-12 and 2012-13.
The total expenditure involved in this project will be Rs.1877.20 crore and it will cover all the post offices throughout the country in all the States and Union Territories.
The decision will cover both the Departmental and Grameen Dak Sevak (GDS) post offices
The CCEA also accorded approval for creation of IT infrastructure, including the establishment of a Data Centre, networking of the departmental post offices, and development of scalable, integrated and modular software for all the operations of the Department of Posts.
CCEA nod for acquisition of two passenger vessels for Lakshadweep
The Cabinet Committee on Economic Affairs (CCEA) approved a proposal by the Union Territory of Lakshadweep (UTL) Administration for the acquisition of two 400-passenger vessels at an indicative cost of Rs 360 crore.
Natural gas availability in India at 167.80 MMSCMD: Deora
Petroleum and Natural Gas Minister Murli Deora today informed the Lok Sabha that the total availability of natural gas in India, including imported liquid natural gas (LNG), was around 167.80 million standard cubic meters per day (mmscmd).
Railways to launch "Mother Express" to mark centenary of Mother Teresa
The Indian Railways have, in a special gesture, decided to run an exhibition train named "Mother Express" to commemorate the birth centenary of Mother Teresa, the Catholic nun who founded the Missionaries of Charity in Kolkata. Mother Teresa was awarded the Nobel Peace Prize in 1979 and the Bharat Ratna, India's highest civilian honour, in 1980 for her humanitarian work.
Krishna launches second phase of Pan-African e-Network Project
External Affairs Minister S.M. Krishna inaugurated the second phase of the Pan-African e-Network Project, under which India is helping in setting up a fibre optic network to provide satellite connectivity, tele-medicine and tele-education to all 53 nations of Africa.
The second phase of the project will cover 12 countries: Botswana, Burundi, Cote d'Ivoire, Djibouti, Egypt, Eritrea, Libya, Malawi, Mozambique, Somalia, Uganda and Zambia. The first phase had covered 11 countries.
Railways to accept credit card as identity proof for e-tickets
The Ministry of Railways has decided to accept credit cards issued by banks with laminated photograph as proof of identity for those travelling on e-tickets.
This is in addition to the existing seven documents accepted by the Railways as proof of identity for undertaking journey on e-tickets: Voter Identity Card, Passport, PAN Card, Driving License, Photo Identity Card issued by Central/State Government, Student Identity Card with photograph issued by recognised School/College for their students and Nationalised Bank Passbook with photograph.
CCEA approves expansion of Livestock Health and Disease Control scheme
The Cabinet Committee on Economic Affairs (CCEA) today approved the expansion of the ongoing Centrally Sponsored Scheme "Livestock Health and Disease Control" by adding four new components.
The new components to be added to the scheme are: National Animal Disease Reporting System, National Control Programme on Peste des Petits Ruminants, National Control Programme on Brucellosis and Establishment and Strengthening of Veterinary Hospitals and Dispensaries.
At present, this scheme has following four components -- Assistance to States for Control of Animal Diseases, National Project on Rinderpest Eradiction, Professional Efficiency Development and Foot and Mouth Disease Control Programme.
The release said implementation of the existing and additional components and expansion of the Foot and Mouth Disease Control Programme would involve an investment of Rs.886.10 crore in 2010-11 and 2011-12.
CCEA Okays Ethanol Blended Petrol Programme
The Cabinet Committee on Economic Affairs (CCEA) today approved the proposal for implementation of the Ethanol Blended Petrol (EBP) Programme in the country, except in the North-Eastern States, Jammu & Kashmir, Andaman & Nicobar Islands and Lakshadweep.
After months of deliberations, the Union Cabinet decided to fix an interim price of Rs.27 for a litre of sugarcane-extracted ethanol for blending with petrol. A committee of experts, headed by Planning Commission Member Saumitra Chaudhuri, will determine the formula for deciding the future pricing of ethanol.
Under the proposal, there will be an ad hoc uniform ex-factory price throughout the country at Rs. 27 per litre for ethanol procured by the public sector Oil Marketing Companies (OMCs) from the date of communication of the order till the time price is recommended by the expert committee and a decision taken thereon by the competent authority.
5010 km of National Highways constructed in 2009-10
Mr Singh said the Government was giving priority for the development of roads in the North-East region, Bihar, Chhattisgarh and Jharkhand along with other parts of the country. He said the Government had taken up the Special Accelerated Road Development Programme for North East (SARDP-NE) to upgrade NHs connecting State Capitals to 2/4 lane and to provide connectivity of all District Headquarter towns of North East region (NER) by at least 2-lane NH, State road and General Staff (GS) road.
He said that between 2000-01 and 2009-10, a total of 30,412 km of National Highways had been constructed in the country. This included 4490 km in 2008-09 and 3683 km in 2007-08, 2386 km in 2006-07 and 3778 km in 2004-05, he said.
PM announces Rs 125 crore relief package for Leh cloudburst victims
Prime Minister Manmohan Singh announced a Rs.125-crore relief for the flood-ravaged Leh from the Prime Minister's Relief Fund.
PM inaugurates helpline for Micro, Small and Medium Enterprises
Prime Minister Manmohan Singh inaugurated Udayami Helpline, the call centre of the Ministry of Micro, Small and Medium Enterprises (MSME).
According to an official press release, the helpline 1800-180-6763 – a toll-free number - will provide information on a wide range of subjects including guidance on how to set up an enterprise, access loans from banks, project profiles and the various schemes being implemented by the Government for the promotion of MSMEs. It will also facilitate lodging of complaints with various agencies of Central and State Governments dealing with MSMEs, including banks. This facility will be available both in Hindi and English between 6:00 A.M. and 10:00 P.M. on all 365 days, including Sundays and holidays.
ISRO to host 39th Scientific Assembly of COSPAR in July 2012
The Indian Space Research Organisation (ISRO) will host the 39th Scientific Assembly of Committee on Space Research (COSPAR) at Mysore from July 14-22, 2012.
COSPAR was funded in 1958 by the International Council for Science, coinciding with the launch of the first artificial satellite Sputnik-I and the beginning of the space age.
It has its headquarters in Paris, France and its current president is Dr Giovanni F Bignami, the Chairman of European Space Agency`s Scientific Advisory Council.
Biometric database of MGNREGA workers soon in collaboration with UIDAI
The Government plans to soon roll out a nationwide biometric database of all workers employed under the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) as part of its efforts to ensure transparency and accountability in the implementation of the scheme.
The Ministry of Rural Development signed a memorandum of understanding (MoU) in this regard with the Unique Identification Authority of India (UIDAI).
India, China defence ties hit by visa denial to top general
Consequently, India is understood to have put on hold permission to two Chinese defence officials who were due to attend a course at the National Defence College in the capital. A planned visit by Indian military officials to China has also been postponed, sources said.
Chinese delegation evinces keen interest in MGNREGA
A visiting Chinese delegation has evinced keen interest in the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and other poverty reduction initiatives launched by the Government and said that China could learn from them. The delegation was accompanied by the representatives of the United Nations Development Programme (UNDP).
Centre's carrot-and-stick policy for States on pollution control
The Central government is attempting to drive the States' fight against pollution with a series of carrot-and-stick measures.
From the next fiscal year, about 2 per cent of the money that the Planning Commission transfers to States annually will be dependent on their environmental performance.
A proposed World Bank scheme to build capacity in Pollution Control Boards will be “implemented with strict conditionalities and the Rs.1,300-crore project was expected to become operational next year, but States would get the money only if they implemented reforms in recruitment and work procedures and upgrade instrumentation facilities.
Cap and trade system
Performing States will receive a suitable reward. Gujarat and Tamil Nadu, which already have an online pollution monitoring system, were chosen for a pilot project on a market-based mechanism to control air pollution. The pollution permit project to be implemented in coordination with MIT scientists would involve a cap and trade system.
25,000 crore to tackle climate change
National Commission for Scheduled Tribes submits report to President
The National Commission for Scheduled Tribes presented its fourth report for the year 2008-09 to President Pratibha Patil. The report was presented by Mr Maurice Kujur, Vice-Chairman of the Commission.
The Commission was constituted with effect from 19 February, 2004 consequent to the amendment of Article 338 of the Constitution of India and insertion of a new Article 338A vide the Constitution (Eighty-ninth Amendment) Act, 2003.
Present report(s) to the President upon the working of the Constitutional safeguards for Scheduled Tribes and to make in such report(s) recommendations regarding measures that should be taken by the Union or any State for effective implementation of those safeguards and other measures for the protection, welfare and socio-economic development of Scheduled Tribes.
Another defence procurement under FMS route planned
The Defence Ministry has plans to approach the United States to procure third generation ‘Javelin' anti-tank guided missile for the Army under the Foreign Military Sales (FMS) route.
It is a fire-and-forget missile with lock-on before launch and has automatic self-guidance besides other features.
Tapping Facebook to improve traffic
Through Facebook, the police give out frequent updates and advisories on the traffic scenario in the capital. They also share data on special drives carried out from time to time.
A large number of commuters post updates on problems, ranging from non-functional traffic signals and snarls to the men-in-white allegedly indulging in corrupt practices. A member, who is a lawyer with sound knowledge of traffic rules, even clears doubts of other members.
Project to conserve ecology
The country's first Clean Development Mechanism (CDM) project has been launched in Sirsa district by the European Union to conserve environment by making rain-fed areas of the district lush green.
Parliament's nod to Nalanda University Bill
The Rajya Sabha on Saturday passed the Nalanda University Bill, which intends to revive the 5th century residential institution that attracted students from all over the world.
The revival has been taken place under an international initiative by the East Asia Summit, a bloc of which India is a member and with the Ministry of External Affairs being actively involved in the $1billion project.
A mentor group that drafted the regulations will be the university's interim governing body, which is headed by Nobel laureate Amartya Sen and includes the Singapore Foreign Minister.
The aim is to attain the standard reached by Chulalongkorn University of Thailand and The Institute of Southeast Asian Studies, Singapore.
Facebook India's No.1 social networking site
Facebook has dethroned Google-owned Orkut as India's No.1 social networking site. With over 2-crore visitors this past month, Facebook has shown stupendous growth, overtaking Orkut, according to global research firm comScore, Inc.
Government issues notice to Tamil daily
The State government issued a notice to Tamil daily Dinamalar, seeking explanation for publishing what it called false news about the Kalaignar Housing Scheme and the Mullaperiyar Dam issue.
Writer's plan to return Sahitya Akademi award
Kendriya Sahitya Akademi award winner Asit Mohanty's proposal to return his award has added to the controversies surrounding the affairs of the Sahitya Akademi related to Oriya literature.
The recent controversy is related to allegations made by Bibhuti Patnaik, convener of the Oriya Advisory Board (OAB) of the Akademi. Mr Mohanty has decided to return the award in protest against alleged derogatory comments made by Mr Patnaik against him.
Mr Mohanty had received Kendriya Sahitya Akademi award for the year 1998 for his work ‘Adhyaya Ekabinsha'. Mr Patnaik had alleged that the prize had been decided in Mr Mohanty's favour due to collusion.
E-waste management project launched
The Mumbai-Pune corridor is the highest producer of India's electronic waste. About one third of India's electronic waste is generated in this region.
The consultation event of all stakeholders also witnessed the launch of a new project on e-waste management by German Technical Cooperation GTZ. One of the main objectives is to bridge the gap in e-waste management between the formal and informal sector. The project is aimed at improving the situation of e-waste management in Pune, Pimpri and Chinchwad.
H.M. Modak, a consultant working for the Pune Municipal Corporation said that the Rochem Concord Blue has been assigned the task of recycling 700 metric tonnes of waste every day.
Chennai increases its subsidy for Central housing scheme
The Chennai State government has decided to increase its contribution by Rs.15,000 per dwelling unit for the Indira Awaas Yojana (IAY), a Centrally-sponsored scheme.
At present, the State government's share is Rs. 26,250. This will go up to Rs. 41,250. Consequently, the overall unit cost will rise from Rs. 60,000 to Rs. 75,000. This includes the Union government's share of Rs. 33,750.
Khushwant hails Manmohan's integrity
rime Minister Manmohan Singh lost the Lok Sabha election from South Delhi in 1999 but he immediately returned Rs.2 lakh he had taken from writer Khushwant Singh for hiring taxis saying he had not used it.
This act of Dr. Singh's integrity finds a mention in a new book “Absolute Khushwant: The Low-Down on Life, Death and Most things In-between” written by the 95-year-old Mr. Khushwant Singh.
Shaurya Chakra for Dhonde
Commander Dilip Dhonde of Maharashtra has been decorated with Shaurya Chakra for becoming the first Indian to undertake a solo circumnavigation of the globe.
Commander Donde undertook “Sagar Parikrama” on Indian Naval Sailing Vessel Mhadei. The Shaurya Chakra is a military decoration awarded for valour, courageous action or self-sacrifice while not being engaged in direct action with the enemy.
International affairs
Four nations entered into pact to fight terrorism – Sochi Summit
Under the Central Asia-South Asian-1000 (CASA-1000) plan sponsored by the World Bank, Tajikistan and Kyrgyzstan will supply surplus electricity to Afghanistan and Pakistan. There is also a plan to build a motorway and a railroad from Pakistan to Tajikistan.
China overtakes Japan to become No. 2 economic power
After three decades of spectacular growth, China passed Japan in the second quarter to become the world's second-largest economy behind the United States.
in the second quarter, the Japanese economy was valued at about $1.28 trillion, slightly below China's figure of $1.33 trillion. Japan's economy grew 0.4 per cent in the second quarter.
China passed the United States last year to become the world's largest market for passenger vehicles. China also passed Germany last year to become the world's biggest exporter. According to experts, China will pass the United States as the world's biggest economy as early as 2030.
While Japan's economy is mature and its population quickly aging, China is in the throes of urbanisation and is far from developed, analysts say, meaning it has a much lower standard of living as well as a lot of room to grow. Just five years ago, China's gross domestic product was about $2.3 trillion, about half of Japan's.
Putin opens oil pipeline to China
The new pipeline is a 64-km spur from the strategic 4,800-km Eastern Siberia-Pacific Ocean (ESPO) pipeline. The ESPO pipeline will initially carry 30 million tonnes of crude a year, half of which will go to China. Russia plans to eventually increase the pipeline's capacity to 50 million tonnes a year.
Kenya gets new Constitution
Kenya's President Mwai Kibak signed a new Constitution into law that institutes a U.S.-style system of checks and balances and has been hailed as the most significant political event since Kenya's independence nearly a half century ago.
Mexico's Navarrete is Miss Universe
Runners-up
She was followed by Miss Jamaica Yendi Philipps while Miss Australia Jenista Campbell was the second runner-up at the 59th annual pageant
Phase 1 of Hambantota port opened
Sri Lanka has opened up the first phase of the $1.5-billion Hambantota port being constructed with Chinese help. The port, which will begin handling ships from November, is one of the four ports being built or upgraded under Mr. Rajapaksa's plan to boost the economy. The new port is meant to challenge Singapore's status as a regional shipping hub.
WHO endorses superbug study findings
Even as the controversy over the origin of the new antibiotic-resistant bacteria named after India — New Delhi Metallo-beta lactamase-1 (NDM-1) — continues, the World Health Organisation (WHO) has virtually endorsed the study published in The Lancet Infectious Diseases journal saying that the article had drawn attention to the issue of antimicrobial resistance (AMR), and, in particular, raised the awareness of infections caused by multi-drug resistant bacteria.
AMR will be the theme of the WHO's World Health Day 2011.
AMR — the ability of micro-organisms to find ways to evade the action of the drugs used to cure the infections they cause — is increasingly recognised as a global public health issue which could hamper the control of many infectious diseases.
Wikipedia reveals secret of Agatha Christie's play
Wikipedia has finally revealed the secret of one of Agatha Christie's famous murder mystery plays, “The Mousetrap,” by identifying the killer.
For 58 years, the identity of the killer has been one of the theatreland's closely guarded secrets. At the end of every performance, the audience were forbidden from revealing the plot.
Bangladesh to honour Indira Gandhi
he former Prime Minister, Indira Gandhi, will be conferred with a special posthumous honour for her remarkable contributions to Bangladesh's independence in 1971. This is part of a government plan to acknowledge the role of foreign nationals.
Economy, Banking And Finance
Amendment in Takeover Regulations to adopt best global practices
They include open offer trigger, offer size, indirect acquisitions, exemptions from open offer obligations, calculating the offer price and competing offers.
The Achuthan panel report comes 16 years after the first set of rules relating to takeovers were first framed in India.
Some of the panel's key recommendations:
(a) The open offer trigger limit increased from 15 to 25 per cent;
(b) The open offer size increased from 20 to 100 per cent.
These two core recommendations have far reaching implications. The higher trigger point obviously gives considerable leeway to the acquirer. Private equity and other forms of overseas capital would welcome it. The new trigger point for the open offer harmonises the takeover rules with the delisting guidelines. The increase in the offer size to cover all shareholders is a radical move. On the face of it, it gives all shareholders an opportunity to participate. While small shareholders will welcome it, the substantially larger open offer will raise the financing costs significantly.
For the acquirer, the likely gains from a higher trigger point may be nullified by the requirement of a 100 per cent offer.
More transparency
(c) Acquirers cannot be represented on the board of the target company;
(d) independent directors of the target company to give mandatory opinion on offer.
These two recommendations will increase transparency. Acquirers will not be able to directly influence the target company's action. The proposal to make independent directors of the target company give an opinion on the bid is theoretically an excellent idea and in line with the best global practices. However, corporate governance in India, especially the part played by independent directors, is yet to evolve.
(e) Non-compete fee/control premium if paid to promoters need to be added to offer. This will ensure equal treatment of all shareholders. Promoters of the target company will not receive special consideration through a private deal and sell out.
(f) Shareholder approval must for material transactions during the offer period. This will improve corporate governance norms in the target company and prevent, say, alienation of a valuable asset during the offer period.
(g) Acquirers to make upfront disclosure of delisting plans.
Retail investment limit proposed to be doubled in public issues
Market regulator Securities and Exchange Board of India (SEBI) proposed to double the investment limit for retail investors to Rs.2 lakh in public issues, a move which will enable individuals to aggressively participate in primary issues of companies.
The current limit of Rs.1 lakh for retail investors was fixed over five years ago in March 2005. The limit for retail investors was Rs.50,000 before it was raised to Rs.1 lakh.
Govt. aims at Rs 41 lakh crore investment in infrastructure in 12th Plan
Infrastructure has been the key to sustain the economic development and also concerned with the inclusiveness and equity of ‘aam admi’. Finance Minister Pranab Mukherjee felt that there could be a 30 per cent shortfall in funding the investment target of Rs.41 lakh crore during the XII Plan (2012-17).
To facilitate a larger flow of funds into infrastructure, the government has taken up initiatives such as the ‘takeout financing' scheme of India Infrastructure Finance Company Ltd. (IIFCL) under which commercial banks can lend more to infrastructure projects and, after a short period, sell a part of that loan to the state-owned funding agency.
Other measures like infrastructure funding include separate classification of infrastructure non-banking finance companies (NBFCs), and long-term infrastructure bonds with tax exemption up to Rs.20,000 for individual investors, has been taken to promote Infrastructure funding.
Govt. announces sops for exporters, says will meet $ 200 b export target
The Government today announced sops worth Rs 1052 crores for exporters, especially in the textile, handicrafts and leather sectors and said it was confident of achieving the export target of $ 200 billion for 2010-11.
Also see Highlights of the Annual Supplement 2010-11 to Foreign Trade Policy
India's middle class drives consumption, growth: ADB
In a special chapter of ‘Key indicators for Asia and the Pacific 2010' report — ADB's flagship annual statistical publication — the multilateral lending agency has said that the ranks of India's middle class, defined as those consuming between $2 and $20 a day (based on survey data in 2005 purchasing power parity), grew by around 205 million between 1990 and 2008, second only to China.
The surge in numbers, it argued, has seen additional annual spending of $256 million and spawned low-cost, locally produced products and services such as Tata Motor's $2,200 Nano car, the Godrej Group's $70 battery-operated refrigerator and cheap mobile phone rates.
Titled ‘The rise of Asia's middle class', the chapter also notes that the emergence of a substantial middle class in India has created new avenues for employment and entrepreneurship, and a louder voice for improved public infrastructure and services.
over 75 per cent of the country's middle class remains in the $2-4 daily consumption bracket — the lower end of a range of $2 to $20 — leaving this segment at risk of falling back into poverty in the event of a major economic shock like the global financial crisis.
India conveys to US its concern about Emergency Supplemental Appropriations Bill
The Government has conveyed to the United States its strong concerns at the Emergency Supplemental Appropriations Bill that was signed into law by US President Barack Obama on August 13.
The Bill aims to raise $ 600 million for augmenting US Border Security by increasing fees to $ 2250 for applicants that employ 50 or more employees in the US if more than 50 % of the applicants’ employees are non-immigrants admitted on H1B visas or L visas and by increasing the filing fee for such applications to $ 2000 for such applicants.
This provision, while not country specific, would affect Indian software companies adversely as a large number of H1B and L visas are availed by them.
NTPC signs MoU with Bangladesh Power
NTPC signed a Memorandum of Understanding (MoU) with the Bangladesh Power Development Board (BPDB) to set up thermal power projects of 1,320 MW in the neighbouring country. The outlay on the coal-fired power plants to be set up at Chittagong and Khulna is estimated at Rs.13,200 crore. The plants are likely to be installed on a 50:50 equity basis.
TRAI goes for 10-digit landline numbers
Due to a massive expansion of subscribers every month, the Telecom Regulatory Authority of India (TRAI) recommended that the country migrate to an integrated numbering scheme for both fixed and mobile services by December 31, 2011. So these will be 10-digit landline numbers.
Releasing recommendations on “Efficient utilisation of numbering resources in India,” the TRAI said: “The existing 10-digit numbering scheme should be continued to avoid inconvenience to customers that would accompany any move to shift to an 11-digit scheme.”
In other words, both fixed line and mobile phones will have a 10-digit number.
India-U.S. clean energy research centre established
India and the U.S. formally signed an agreement for cooperation on a joint Clean Energy Research Development Centre. The Centre aims to facilitate joint research and development by teams of scientists and engineers from the U.S. and India on clean energy.
India is top exporter of petro products in Asia
India is now the largest petroleum products exporter in Asia, surpassing South Korea.
According to the data compiled by oil and metal information provider Platts, India's gross exports currently average 1 million barrels a day, inching past South Korea which exports 0.9 million barrels a day.
The commissioning of a new refinery by Reliance Industries at Jamnagar and Essar Oil increasing refinery output at Vadinar also helped India push its oil products exports. In the current year, the average oil products export from India stands at 1.07 million while South Korea exports average 0.88 million. Both Reliance Industries' Jamnagar and Essar's Vadinar refineries contribute more than 90 per cent of the petroleum products exports while the rest is by public sector oil companies
$4.6 billion drop in forex reserves
Foreign exchange reserves declined by $4.56 billion to $282.79 billion for the week ended August 13, from $287.35 billion in the previous week due to a heavy dent in foreign currency assets. The country's gold remained unchanged at $19.27 billion. Foreign currency assets, a major component of foreign exchange reserves, tanked by $4.49 billion to $256.59 billion
SEBI Chief hails RTI Act
Securities and Exchange Board of India Chairman C. B. Bhave has hailed recent legislations bringing in more transparency and accountability in government functioning.
IDBI Fortis Life Insurance rechristened as IDBI Federal Life Insurance
IDBI Fortis Life Insurance Co Ltd, a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International, has changed its name to IDBI Federal Life Insurance Company Ltd.
IDBI Bank has a 48 per cent share of the equity in the company while Federal Bank and Fortis Insurance have 26 per cent shareholding each.
Vedanta to acquire 60 % in Cairn India for $9.6 billion
London-listed Anil Aggarwal-led mining group Vedanta Resources announced its decision to acquire a majority of up to 60 per cent stake in Cairn India for $9.6 billion.
The deal will give Vedanta Resources access to India's largest onshore oilfield. Vedanta will pay $8.48 billion to buy Edinburgh-based Cairn Energy's 51 per cent stake in the company, the two firms said in separate statements.
Vedanta Resources will acquire 31 to 40 per cent interest in Cairn India while the remaining 20 per cent would be taken by group firm Sesa Goa.
Vedanta will be the second largest firm after BHP Billiton to diversify from mining into oil and gas.
Inflation slips to 9.97 % in July
India's infrastructure sector grows by 3.9 % in July
India's six core industries (Coal, Crude Oil, Electricity, Furnished steel, Cement, Petroleum Refinary products) grew by 3.9 per cent in July this year as compared to 3.2 per cent in the same month of 2009.
The six core indutries had registered a growth rate of 3.4 per cent in June this year.
The index of six core industries, which have a combined weight of 26.7 per cent in the Index of Industrial Production (IIP), stood at 257.6 in July, 2010.
Weightage of respective six core Industries
Coal – 3.2%
Cement – 1.99%
Crude oil – 4.17 per cent
Petroleum refinery products – 2%
Electricity – 10.17%
Furnished steel – 5.13%
Thomson Reuters launches Elektron in India
Information provider Thomson Reuters today launched Elektron, a real-time network and hosting environment, in India to meet the strong demand from financial firms for fast and cost-effective access to this important emerging market.
This new facility has been launched at the Bombay Stock Exchange.
According to the press release, , Elektron is a global, ultra-high speed network and hosting environment that enables financial firms to access and share information faster and more cost effectively. Hedge funds, asset managers, banks, brokerages, exchanges and other participants will for the first time, be able to connect to the world’s largest financial community and securely reach trading partners over the network
Mandatory mileage norms from October 1: SIAM
The Society of Indian Automobile Manufacturers (SIAM) said from October 1, 2010, all its members would start disclosing the fuel efficiency ratings of all their models.
SIAM has announced the scheme for voluntary fuel efficiency labelling for vehicles. This label, which will be implemented from October 1 would provide information to consumers on the comparative fuel efficiency of vehicles in different categories.
Awards
Rajiv Gandhi Manav Sewa Awards
Mr Fulendra Chaudhary of Bihar, Mr V Nandansabapathy of Tamil Nadu and Dr Sarojini Agarwal of Uttar Pradesh were today named for the Rajiv Gandhi Manav Sewa Award for Service to Children 2009 by the Ministry of Women and Child Development.
The award, given on the eve of the birth anniversary of late Prime Minister Rajiv Gandhi, carries a cash prize of Rs 100,000 and a citation. The award was instituted on August 20, 1994 to honour individuals who have made outstanding contribution towards the cause of children.
Parliamentarian Awards
President Pratibha Patil today conferred the Outstanding Parliamentarian Awards for the years 2007, 2008 and 2009 on Mr Priya Ranjan Dasmunshi of the Congress, Mr Mohan Singh of the Samajwadi Party and Dr Murli Manohar Joshi of the Bharatiya Janata Party (BJP).
National Sports awards presented
National Sports Awards are given every year to recognize and reward excellence in sports. The Government has announced the Rajiv Gandhi Khel Ratna Award, Arjuna Awards, Dhyan Chand Awards, Dronacharya Awards and Rashtriya Khel Protsahan Puruskar for the year 2010.
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‘Modern Family,' ‘Mad Men' sweep the 62nd Primetime Emmy Awards
‘Mad Men,' a dark period drama set in the 60's New York, and comedy series ‘Modern Family,' a mockumentary about three families, won the top honours at the 62nd Primetime Emmy Awards.
‘Top Chef,' hosted by Indian model Padma Lakshmi, won the Emmy for outstanding reality series
The HBO miniseries The Pacific won eight awards.
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Appointments
Debabrata Saha appointed as next Ambassador to Italy
Mr Debabrata Saha, currently India's Ambassador to Ukraine, has been appointed as the country's next Ambassador to Italy.
Harishankar Brahma named as third Election Commissioner
Former Union Power Secretary Harishankar Brahma was today appointed as the third Election Commissioner in the Election Commission of India.
The post of an Election Commissioner had fallen vacant recently after the retirement of Mr Navin Chawla as the Chief Election Commissioner and Mr S Y Qureshi's appointment as his successor. Mr V S Sampath is the other Election Commissioner in the three-member Commission.
Mukesh Ambani elected to WEF Foundation Board
Others elected to the Board are: Alcatel-Lucent's CEO Ben J. Verwaayen and Special Adviser, International Monetary Fund (IMF) and a former Deputy Governor, People's Bank of China, Zhu Min, according to a release.
Vineet Jain elected PTI Chairman
Vineet Jain, Managing Director of the Times of India Group, was elected Chairman of the board of directors of the Press Trust of India (PTI).
Sports
Badminton
Rajiv Khel Ratna conferred on badminton star Saina Nehwal
President Pratibha Patil conferred the Rajiv Gandhi Khel Ratna for 2010, the country's highest award in sports, on badminton star Saina Nehwal as well as the Arjuna Awards on 14 other sportsmen at a glittering ceremony at Rashtrapati Bhavan.
Rajiv Gandhi Khel Ratna Award is given for spectacular performance in the year under consideration. Rajiv Gandhi Khel Ratna Award is given to only one sportsperson in a year.
The Arjuna Awards for 2010 were received by Joseph Abraham (Athletics), Krishna Poonia (Athletics), Dinesh Kumar (Boxing), Parimrajan Negi (Chess), Jhulan Goswami (Cricket-Women), Deepak Kumar Mandal (Football), Sandeep Singh (Hockey-Men), Dinesh Kumar (Kabaddi), Sanjeev Rajput (Shooting), Rehan Jehangir Poncha (Swimming), Kapil Dev K.J. (Volleyball), Rajeev Tomar (Wrestling), Rajesh Chaudhary (Yachting) and Jagseer Singh (Paralympic Athletics).
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Chen Jin wins world title
Cricket
Sachin, Dhoni, Sehwag nominated for ICC Awards
India skipper Mahendra Singh Dhoni, senior batsman Sachin Tendulkar and opener Virender Sehwag are among the eight cricketers who have been nominated for the October 6 LG ICC Awards 2010.
Eight players from four teams have each been nominated in three different categories for the award which is scheduled to be held in Bangalore later this year.
Tennis
Murray retains Toronto Masters title
Golf
Kaymer pips Watson to title
Motor Racing
Lorenzo wins Czech GP
Spanish rider Jorge Lorenzo recorded his seventh MotoGP victory of the season by winning the Czech Grand Prix.
Billiards/Snooker
Mike Russell Beats Pankaj Advani To Win IBSF Billiards Championships Title
Nine-time world champion Mike Russell of England won the International Billiards and Snooker Federation World Billiards Championships beating the defending champion Pankaj Advani of India.
Chess
Carlsen defeats Anand, wins title
Norway's Magnus Carlsen emerged as the champion of the four-player Arctic Securities chess stars rapid chess tournament by defeating Viswanathan Anand.
Sailing
Rajesh wins gold
Rajesh Choudhary clinched gold in the International Presidents Cup regatta's Laser Radial category at Istanbul, Turkey. His Army Yachting Node (AYN) teammate B.K. Rout bagged the silver, making it a memorable one-two for India. Rohini Rau, the only other Indian entrant, clinched silver in the women's category.
Cycling
Brown wins cyclothon
Arran Brown of South Africa emerged as the winner in the Gitanjali Tour de Delhi cyclothon.
Horse Racing
Becket clinches Nizam's Gold Cup
Becket (Suraj Narredu up) claimed the Nizam's Gold Cup (2,000m), the feature event of the races. This was Suraj Narredu's 1000th win. The winner is owned by Mr. Harresh N. Mehta and Miss. Mayuri H. Mehta representing Rohan Bloodstock Pvt. Ltd.
General
Kumarakom Club regains Nehru Trophy
Pooja Dhanda bags first medal for India
Woman wrestler Pooja Dhanda won the first medal for India at the Youth Olympic Games. After beating three opponents without conceding a point, Pooja lost 1-3 to Baatarzorig Battsetseg of Mongolia in the final to settle for silver medal in the 60kg freestyle category.
Kadian bags bronzein wrestling
Wrestler Kadian Satywart won a bronze in 100kg freestyle event in the Youth Olympic Games.
India claims rugby title
The Indian team, now in England as part of a 10-day training programme, won the Bee's International 7s rugby tournament. India defeated favourite Yorkshire Select Green 26-24 in the final after trailing 21-24 till a minute before the hooter.
Richa Mishra wins gold in Aquatic championship
Seven times national champion Richa Mishra (Police) won the gold medal in 800-m freestyle on the second day of the 64th Reliance Senior National Aquatic Championship .
More current affairs
The 100th birth anniversary of Mother Teresa, who won the Nobel Peace Prize in 1979, was observed on 26 August. The Albanian-born Catholic nun had worked tirelessly in the service of the poor, sick, orphaned and destitute in Kolkata and other places for nearly half a century.
Sir Robert Charles Swan is the first-ever person to walk to both north and south Poles unassisted. Swan is also the president of 2041, a company which is dedicated to the preservation of the Antarctica. His travels and teaching have resulted in appointments as the U.N. Goodwill Ambassador for Youth as well as the Special Envoy to the Unesco Director-General. He was also awarded an OBE (Order of the British Empire) in 1995.
Birth centenary of Mother Teresa begins on August 26
21st FIBA Asia Under-18 Championship 2010 was held at Sana'a, Yemen
UNICEF supports India's anti-measles drive - The United Nations Children's Fund (UNICEF) has backed India's efforts to increase measles vaccination in the country through routine immunisation and anti-measles campaigns.
Africa's first refugee phone network launched in Uganda - Africa's first ever refugee social network was launched in Uganda on September 3 on a pilot basis where refugees and internally displaced persons (IDPs) will be able to trace their family or friends through a mobile phone. The project is supported by Ericsson and the United Nations High Commissioner for Refugees (UNHCR)
Rajya Sabha member and industrialist Vijay Mallya's personal website has been hacked allegedly by Pakistani hackers
The oil spill was caused by the collision between Panamanian ships MSC Chitra and m.v. Khalijia-III in the Arabian Sea off the Mumbai coast.
The Working Group, consisting of members from the Government of India, the Securities and Exchange Board of India (SEBI) and the private sector, had submitted its report on financial investments to the Government on July 30 this year.
Japanese Foreign Minister Okada travels by Delhi Metro
Cabinet Okays two additional battalions for National Disaster Response Force (NDRF).
Palestinian-Israeli clash moves to Wikipedia
Suzuki Motorcycle launches mass segment bike 125cc SlingShot
India is keeping a close watch on Myanmar's n-programme and gathering facts about it
National Sports Day is observed on 29th August
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great effort
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