General knowledge 1 October 2013

General knowledge 1 October 2013

Bharti Airtel launches new Africa network Named Africa connect

Named "Africa Connect", the network is expected to contribute to the growth of internet and data services in Africa.

The new network has an integrated fibre and satellite network with 42 Points of Presence (PoP) spread across the 17 African countries that Bharti Airtel has a presence in.

EOW files FIR against NSEL bosses, defaulters; conducts searches

The Economic Offence Wing of Mumbai police on Sunday searched the offices and residences of promoters, directors and defaulting brokers of the crippled National Spot Exchange (NSEL) and filed an FIR against them in connection with Rs 5,600 crore payment crisis. 

The NSEL, promoted by Jignesh Shah-led Financial Technologies, has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients, after it suspended trade on July 31 on the government's direction. 

An FIR was registered today against the NSEL promoters, directors and defaulters on charges of cheating, forgery and breach of trust among others," said an official at Economic Offence Wing (EOW) of the Mumbai Police. 

A special investigating team (SIT) had been formed to conduct a preliminary inquiry after complaints from a couple of investors against NSEL, the EOW official said. 

The SIT conducted its inquiry after receiving crucial inputs from the commodity market regulator Forward Markets Commission and Registrar of Companies, the official said. 

BJP leader and Investors Grievances Forum president Kirit Somaiya had also recently filed a PIL in the Bombay High Court stating that NSEL forged/manipulated documents regarding stocks and liquidity and allowed some of the companies to pledge the same stock with more than one financial institution.

Somaiya has also alleged that government officials and politicians connived with NSEL to cheat investors. There are 24 buyers/members who have to pay Rs 5,600 crore to the spot exchange for settling dues of the investors. 

A high-level panel, headed by Economic Affairs Secretary Arvind Mayaram, submitted its report to Finance Minister P. Chidambaram  on the alleged irregularities at the National Spot Exchange Ltd (NSEL).

The report was finalised based on the reports of two working group from Enforcement Directorate and Reserve Bank.

CLP India signs financing structure with banks for wind farms

CLP India has  signs wind projects to mitigate risks and ensure security to lenders.

The company on Monday announced signing of the new pooled financing structure for its wind assets with three Standard Chartered Bank, IDBI Bank Ltd and IDFC.

Company managing director Rajiv Mishra said pooled financing will help secure CLPIndia's current and future assets and mitigate the inherent risk arising out of the unpredictable nature of wind projects' output.

Mishra said the company would move wind projects to the pool as and when they get commissioned.CLP India expects to add 250 mw - 300 mw of wind projects every year.

CLPIndia, a wholly owned subsidiary of Hong Kong-listed CLPGroup owns 3,000 mw power projects in the country.

Net-enabled cellphones to be distributed under MGNREGA

Net-enabled cellphones could soon be provided to 2.5 crore people under the MGNREGA scheme. 

The ambitious scheme to be launched ahead of the Lok Sabha elections in 2014 is aimed at enhancing tele-density in rural areas.

According to the proposal, one person per family registered under MGNREGA scheme will be provided with the cellphone for which a recharge of Rs 30 per month will be provided for free for two years. 

This will entitle the users 30 minutes of airtime, 30 SMSes and 30 Mbps net or data usage per month. 

If users cross the Rs 30 limit, they will have to get a recharge at their own cost. 

To get the cellphone, the beneficiary will have to pay Rs 300. 

Sources said the government prefers to provide the cellphone to a woman member of the beneficiary family.

The scheme will be funded by Universal Service Obligation Fund (USOF) at a cost of Rs 4,850 crore spread over a period of four years to cover 2.5 crore beneficiaries, they said.

Universal Service Obligation is access to telegraph service to people in rural and remote areas at affordable and reasonable prices. 

25 lakh people will be provided with the handsets in the first year, while 50 lakh more beneficiaries will be added in the next year.

The cellphone is likely to cost Rs 1,200 for which BSNL - the service provider - will undertake competitive bidding, the sources said. 

According to the proposal, the scheme would enable people in rural areas to access information related to agriculture, health care, education, financial services, skill development and employment.
 

Govt issues clarification on wage-material ratio under NREGA projects

Rural development minister Jairam Ramesh announced a clarification to the operational guidelines of the Mahatma Gandhi National Rural Employment Guarantee Act, which would allow for use of funds to create durable assets.

The clarification relates to the wage material ratio set out in the 2013 guidelines.

It states that the ratio of wage costs to material costs should not be less than the minimum norm of 60:40 set out in the Act.

The 60:40 ratio for wage and material costs should be maintained at gram panchayat level for all works to be taken up by the gram panchayat and for works to be taken by all other agencies it should be maintained at the Block/Intermediate Panchayat level," the guidelines states.

"This clarification would allow you to take up durable works that support the livelihoods of the most backward areas," Ramesh wrote to the chief ministers.

Depending on the approved labour budgets for the year, states will have anywhere from 102 crore to nearly 1,500 crore which they can use for creating durable assets at the block level.

 Leaders of BRICS announced to Set up 100 Billion US Dollars Fund

Leaders of the Brics (Brazil, Russia, India, China and South Africa) group of nations on 5 September 2013 announced to set up a 100 billion US dollar fund to steady currency markets destablised by an expected pullback of US monetary stimulus.

The announcement was made at the meeting of BRICS leaders. Brazil, India and Russia committed 18 billion dollars each while China announced 41 billion US dollars. South Africa announced 5 billion US dollars.

BRICS had earlier planned to set up 240 billion US dollars fund.

Earlier this year, Brics nations had discussed the formation of a new development bank to fund infrastructure and development projects throughout the developing nations.

Current account gap widens to 4.9% of GDP in Q1: RBI

High imports of gold and oil pushed Current Account Deficit (CAD) to 4.9 per cent of GDP to $21.8 billion in the April-June quarter of the current fiscal, the RBI said today.

CAD, the difference between inflow and outflow of foreign exchange, was 4.4 per cent or $16.9 billion in the same quarter of last fiscal, 2012-13.

The trade deficit, coupled with a slow recovery in net invisibles (income and services), led to widening of CAD to $21.8 billion in Q1 of 2013-14 from $16.9 billion in Q1 of 2012-13,” the RBI said in its Balance of Payments statement.

The government plans to bring down CAD to 3.7 per cent or $70 billion in the 2013-14 fiscal, from 4.8 per cent or $88.2 billion in 2012-13.

Nabard opens lending window for pvt sector

The National Bank for Agriculture and Rural Development (Nabard) has opened a lending window for private sector for the creation of warehouse space and also to set up cold storages and cold chains in Karnataka.

Nabard would be financing the storage infrastructure projects of private companies and private entrepreneurs, besides state governments, state undertakings, SPVs set up under PPP mode, cooperatives, federations, co-operative federations, APMCs, State-level boards, apex marketing boards/ bodies, and panchayats, G.R. Chintala, Chief General Manager, Karnataka Regional Office, 

Siemens AG has decided to cut 15,000 jobs by the end of 2014

Siemens AG has decided to cut 15,000 jobs by the end of 2014 across the world to reduce costs and improve profits, triggering speculation about the possible downsizing of its India operations as well. 

The German engineering and capital goods conglomerate, which has been grappling with narrowing profit margins and muted sales, will reduce 5,000 jobs in Germany, and 10,000 posts across geographies. 

Siemens has 370,000 workers worldwide, of which 19,000, or 5%, are in India.

Siemens AG holds 75% stake in its Indian subsidiary: it owns 13 arms, including Siemens Ltd, with a total business volume of Rs 12,000 crore. 

Its staff cost accounts for over 9% of sales, which is higher than most of its Indian peers, experts said. "Siemens India is not very lean, so some degree of downsizing would help the company improve efficiency.

Rafiq Kathwari, Won Patrick Kavanagh Poetry Award 2013

Rafiq Kathwari, an Indian-American poet selected for 2013 Patrick Kavanagh Poetry Award for the collection of his debut poems.

Rafiq Kathwari is the first non-Irish person to win the Patrick Kavanagh Poetry Award.

Rafiq Kathwari's collection of 20 unpublished poems In Another Country was selected for the coveted award amidst 112 contestants from across the world.

About Rafiq Kathwari

Rafiq Kathwari, a Kashmiri by descent has become the first non-Irish to have won the award and will recieve 1000 euros as the prize money.

He has translated selected Urdu poems of Alama Iqbal, creating his own version. His poems are mostly inspired by loss of innocence in Kashmir and from his mother's long time illness.

Rafiq Kathwari graduated from the University of Kashmir in 1969 before studying at the New York University and Columbia University.

iv. Many of his works have been in print and online in the US, Ireland and Asia.

About Patrick Kavanagh Poetry Award

The award was founded by the Patrick Kavanagh Society in 1971 to commemorate the Irish poet Patrick Kavanagh.

The Patrick Kavanagh Poetry Award meant for a first unpublished collection of poems in English is open to poets, born in the island of Ireland, or of Irish nationality, or long term resident in Ireland.

Bharti Airtel CEO Sanjay Kapoor inducted into BCCL board

Bennett, Coleman & Co Ltd (BCCL), the publisher of this newspaper, has inducted former Bharti Airtel CEO (India & South Asia) Sanjay Kapoor into its board as an independent director.

         

Kapoor, a telecom industry veteran, left Bharti Airtel earlier this year, after spending 15 years in the company. Prior to joining Bharti, he had worked as director, operations support at Xerox India.

He holds a bachelor's degree in Commerce (Hons) from Delhi University, an MBA from Cranfield School of Management (UK) and is a graduate of The Wharton Advanced Management Programme.

He has played an active role in various industry forums such as CII, COAI and Nasscom. 

Kapoor said he was excited to join the board of India's largest media group and feels honoured to be given this opportunity.

ISI Kolkata student gets $100,000 offer from Google

Indian Statistical Institute, Kolkata, an M-Tech student has received an offer of $100,000 ( Rs 62.7 lakh) from Google.

24-year-old fresher pursuing his Master of technology (MTech) in Computer Science.

Pradipta Bandyopadhyay said--

The offer is a milestone for the institute. "We were known for our academic programmes in the international community but now, will be known in the job market too," he added. Last year's highest offer was Rs 28 lakh from Goldman Sachs. 

ISI has 100 students in Kolkata besides branches in Bangalore, Chennai and Delhi.

Companies that have visited the ISI campus this year include ICICI, HSBC, Morgan Stanley and Microsoft. 

Global retailer Walmart will be a first timer and is expected to hire students for its analytics wing for a salary of Rs 15 lakh from the statistical department of ISI.