Current News (January)

ECONOMY/BUSINESS

Sodexo acquires Chennai based company Sodexo, whose products range from meal vouchers to management services, has announced an acquisition of MacLellan Integrated Services India, a Chennai-based company which is being divested by its US promoter. The Rs. 130-crore MacLellan India dominates the market in providing technical facilities management and has 4,500 technicians on its payrolls.

Allahabad Bank Signed MoU with Chamber of Indian Micro, Small and Medium Enterprises Allahabad bank signed a Memorandum of Understanding (MoU) with Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) in Kolkata in January 2013. The MoU was signed to support the priority sector lending. CIMSME is basically a body that represents interest of the companies in the Micro, Small and Medium Enterprises (MSME) sector, with the financial institutions, banks, concerned ministries as well as other organisations. According to the agreement, CIMSME would help in activating the proposals from the members for the due consideration of the bank. Once the bank sanctions the loan, CIMSME would help the bank in following-up as well as recovering the dues. CIMSME would also help in providing the early signs of warning, if they exist. The MoU signed between the two will basically help in accelerating the process of faster clearance of loan proposals which lie under MSME. It would additionally, also enable the bank in acquiring quality proposals as well as boosting up the credit flow to this sector. MoU signed between CIMSME and Allahabad Bank was executed by General Manager (SME & Retail Credit) as well as the President of CIMSME in the presence of CMD of Allahabad Bank. FIPB clears 14 FDI proposals worth over Rs. 1,300 crore The Foreign Investment Promotion Board (FIPB) has approved 14 FDI proposals aggregating to Rs. 1,311 crore. The proposal from Hindustan Port Ltd. to induct foreign funds worth Rs. 440 crore for investment in downstream companies was also approved by FIPB. Based on the recommendations of FIPB, the government has approved 14 proposals of foreign direct investment amounting to Rs. 1,310.60 crore (approximately). The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, has also allowed pharma firm Aanjaneya Lifecare to raise funds worth Rs. 405 crore through issue of foreign currency convertible bonds. The board also allowed Syngene International to induct foreign equity of Rs. 125 crore. US-based Gavis Pharma LLC can also invest Rs. 73.75 crore in an Indian company engaged in the business of manufacture of injectable products. Other major proposals, which were approved by the FIPB include Excedo Reality Fund-I to accept NRI investment worth Rs. 210 crore, and that of pharma company Saurav Chemicals Ltd. to issue fresh equity shares valued Rs. 14.85 crore to foreign company.

India and Vietnam signed an MoU aimed at building capacity for developing institutional framework and identifying thrust areas and opportunities for micro, small and medium enterprises in Vietnam. The MoU was signed between the Ministry of Planning and Investments of Vietnam and Ministry of Micro, Small and Medium Enterprises (MSMEs) of India during the 4 days state visit of Vice President Hamid Ansari to Vietnam. The pact was inked by Dao Quang Thu, Vice Minister of Planning and Investment of Vietnam and Indian Ambassador Ranjit Rae. It also envisages promotion of partnership projects and institutional cooperation between the two countries, organising exhibitions and trade fairs for marketing the products of MSMEs, exchange of business missions to initiate transfer of technology and business alliance, and providing training for improvement of managerial and technical skills for MSMEs. The MoU is a part of India’s efforts to further strengthen economic ties with Vietnam. The two countries have set a trade and investment target of $7billion by 2015.

GENERAL AWARENESS

LinkedIn appoints Nishant Rao as country Manager for India

Professional networking website LinkedIn appointed Nishant K Rao as the new Country Manager for its India operations. Rao's appointment follows the promotion of former country Manager Hari V Krishnan in a larger role as the Managing Director of Asia-Pacific and Japan. LinkedIn is the world's largest professional network with 187 million members globally. It has over 18 million members in India. With a member base of 18 million professionals, India is one of our fastest growing markets and the largest outside of the US. Rao was serving as Director (Business Operations - Head of Global Sales Strategy) at LinkedIn's headquarters in Mountain View. He has over 10 years of industry experience and has held leadership positions with companies like McKinsey and ARIBA Inc. He holds an MBA degree in Strategy, Entrepreneurship, Marketing and International Business from Massachusetts Institute of Technology and a B.S. in Computer Science from the University of Texas, Austin. Rajiv Takru appointed Financial Services Secretary The Appointments Committee of the Cabinet appointed Rajiv Takru, a 1979 batch IAS officer of Gujarat cadre, as Secretary in the Department of Financial Services. He will replace the incumbent DFS Secretary D.K. Mittal when the latter superannuates on January 31. Takru is currently Additional Secretary and Financial Adviser, Department of Health and Family Welfare, Ministry of Health and Family Welfare. The committee has also appointed Ravi Mathur, a 1979 batch IAS officer of Rajasthan cadre, as Disinvestment Secretary. Mathur, who is now Additional Secretary in the Labour Ministry, will fill the vacancy of Mohammad Haleem Khan, who had superannuated as Disinvestment Secretary. It has also appointed K. Vijayraghavan, Director, National Centre for Biological Sciences, Bangalore, as Secretary, Department of Biotechnology.

Justice D K Jain appointed new Law Commission chief Justice D. K. Jain was appointed Chairman of the Law Commission of India which gives advice to the government on complex legal issues. Justice Jain, will take over as the chief of the law panel later in January after retiring from the Supreme Court. The Union Cabinet had approved the constitution of the 20th Law Commission with a three-year term ending on August 31, 2015. Besides the Chairman, the new Commission will have four full time members. The Law Secretary and Secretary, Legislative Department are the panel's ex-officio members. They have been included in the Commission, with a view to achieve better coordination and faster implementation of reports and its recommendations. This time, the Commission will also examine the existing laws with a view to promote gender equality and suggest amendments thereto. It will also have a look at laws, which affect the poor and carry out post-audit for socio-economic legislations. Justice P. V. Reddi was the Chairman of the previous Law Commission. Cabinet approves higher funds for Indira Awaas Yojana The Union Cabinet approved the Ministry of Rural Development’s proposal to raise the unit cost under Indira Awaas Yojana (IAY), keeping in view the steep increase in the cost of materials. According to the approved cost, in plain areas, unit assistance under the scheme has been raised from Rs. 45,000 to Rs. 70,000 and from Rs. 48,500 to Rs. 75,000 in hilly and difficult areas, respectively. The IAY is a flagship scheme of the Ministry of Rural Development and aims at addressing rural housing needs by providing grant for construction/upgradation of dwelling units of BPL families. NID In another decision, the Cabinet approved making the National Institute of Design (NID) an ‘Institution of National Importance’. This status would authorise NID, Ahmedabad to award degree to its students, which may prove to be beneficial for students planning to pursue post graduation. This will fulfil the need to professionalise, standardise and internationally benchmark professional design education in India, so as to take full advantage of opportunities opening up in the design industry, both in domestic as well as in international markets.

CCEA DECISION The Cabinet Committee on Economic Affairs approved the Coal Ministry’s proposal for enhancement of area of dwelling units for rehabilitation of affected persons in line with Jawaharlal Nehru National Urban Renewal Mission (JNNURM) norms under the Master Plan for Jharia and Raniganj Coalfields, within the leasehold of Bharat Coking Coal Ltd. and Eastern Coalfields Ltd. respectively. The implementation of the Master Plan will ensure the safety of people who will be moved from endangered areas to safer places with better amenities; saving of large amount of coal from burning which provides scope for using the available reserves eventually, and preventing environmental pollution.

70th Golden Globe Awards: List of winners Winners of the 70th annual Golden Globe Awards were announced in January 2013 in Beverly Hills, California. Here is a list of winners: MOTION PICTURES - Picture, Drama: 'Argo.' - Picture, Musical or Comedy: 'Les Miserables.' - Actor, Drama: Daniel Day-Lewis, 'Lincoln.' - Actress, Drama: Jessica Chastain, 'Zero Dark Thirty.' - Director: Ben Affleck, 'Argo.' - Actor, Musical or Comedy: Hugh Jackman, 'Les Miserables.' - Actress, Musical or Comedy: Jennifer Lawrence, 'Silver Linings Playbook.' - Supporting Actor: Christoph Waltz, 'Django Unchained.' - Supporting Actress: Anne Hathaway, 'Les Miserables.' - Foreign Language: 'Amour.' - Animated Film: 'Brave.' - Screenplay: Quentin Tarantino, 'Django Unchained.' - Original Score: Mychael Danna, 'Life of Pi.' - Original Song: 'Skyfall' (music and lyrics by Adele and Paul Epworth), 'Skyfall.' TELEVISION - Series, Drama: 'Homeland.' - Series, Musical or Comedy: 'Girls.' - Actress, Drama: Claire Danes, 'Homeland.' - Actor, Drama: Damian Lewis, 'Homeland.' - Actress, Musical or Comedy: Lena Dunham, 'Girls.' - Actor, Musical or Comedy: Don Cheadle, 'House of Lies.' - Miniseries or Movie: 'Game Change.' - Actress, Miniseries or Movie: Julianne Moore, 'Game Change.' - Actor, Miniseries or Movie: Kevin Costner, 'Hatfields & McCoys.' - Supporting Actress, Series, Miniseries or Movie: Maggie Smith, 'Downton Abbey.' - Supporting Actor, Series, Miniseries or Movie: Ed Harris, 'Game Change.'

Halimah Yacob Became First Woman Speaker of the Singapore Parliament Halimah Yacob became the first woman and the 9th Speaker of the Singapore Parliament in January 2013. She replaced Michael Palmer, the former People's Action Party MP. Palmer got down from the post of Speaker of the Parliament and as an MP in December 2012. Prime Minister of Singapore, Lee Hsien Loong nominated her for the designation of speaker. Halimah Yacob came down from her post of Minister of State (Social and Family Development) and was elected as the Speaker by Members of Parliament. In her role, she is expected to play an independent role during all the parliamentary debates, but she stressed the fact that she would remain ahead for the Singaporeans' concerns and would also share the views on various policies.