GK UPDATE 25 SEPTEMBER 2013

GK UPDATE 25 SEPTEMBER 2013
Hun Sen sworn in Cambodian PM

Hun Sen, 61, who has been in power for 28 years, was sworn in Tuesday as Cambodian prime minister for another five-year term.

Hun Sen took office after parliament re-elected him as the prime minister amid a boycott by the opposition party.

The premier, along with his newly approved cabinet members, took oath at the Royal Palace under the auspices of King Norodom Sihamoni and Buddhist monks Tep Vong and Bour Kry.

Under the country's constitution, a new government can be formed by a 50 percent plus one majority, or 63 lawmakers, in the parliament.

Blackstone to buy IT SEZ in Gurgaon for 2,600 crore

world's largest property investor, Blackstone, has agreed to buy out a 3.6-million-sqft IT SEZ in Gurgaon, partly owned by Unitech, for 2,600 crore.

one of the biggest involving a private equity (PE) firm in the country's real estate sector, will bring cheer to a property market where prices have softened, and also provide succour to the Gurgaon company as it wriggles out of a failed telecom joint venture with Norwegian firm Telenor to refocus on its core concern of building homes and offices.

Blackstone, which is currently negotiating similar deals to acquire leased office space in other parts of the country, had said earlier this year that it has been waiting for property prices to soften. The US PE firm, which also owns the Hilton hotel group, has an appetite for income-producing assets like offices and SEZs, which have been leased out.

The SEZ, Infospace, is promoted by Unitech Corporate Parks (UCP), an entity promoted by Unitech and other investors such as RBS AA Holdings, Brookfield Asset and Morgan Stanley and has Donald Lake, Mohammad Yousuf Khan, Nicholas Sallnow-Smith, John Sleeman and Unitech MD Ajay Chandra on its board. Unitech's indirect holding in UCP, a London-based Alternative Investment Market (AIM)-listed firm, is around 45%.

AMFI may launch 'MF Utility' portal by end of  2014

Association of Mutual Fund in India (AMFI) is likely to launch 'MF Utility' portal as a single platform for all mutual fund transactions by the end of 2013

AMFI Chief Executive H N Sinor told---We are planning to run the trial for 'MF Utility' in January next year. If the trial run is as per operational satisfaction, then we will launch it within the next few months.

The interface will not only help investors to invest across MF schemes through creation of a single account but will also benefit distributors as they can upload their transactions.

Mayaram submits report on NSEL

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

The panel is said to have recommended two sets of measures to deal with the NSEL issue and also the problem of regulatory gaps in oversight of spot exchanges. Enforcement action has been recommended against NSEL and the persons behind the company, it is learnt.

The panel is said to have spelt out the immediate measures to be taken against NSEL in the context of the investigations by various agencies. 

The Mayaram committee report is said to have recommended a regulatory framework for spot exchanges. But closing the regulatory gaps around spot exchanges will be the long-term solution.

The Commission, which has come under the administration of the Finance Ministry, had no powers to regulate spot exchanges.

The main issue was whether NSEL violated the Government exemption for one-day forward trading and also the ban on all short sales.

NSEL, part of Jignesh Shah-led Financial Technologies group, is facing a crisis in settling dues worth Rs 5,600 crore.

TRAI notifies tariff order for digital cable, DTH

operators will have to ensure that a la carte rate of a pay channel should not be more than twice the price at which it is offered wholesale.

The new conditions will be applicable from January 1, 2014, as Multi System Operators (MSOs), DTH and other service providers have been given time to adjust their pricing.

It also clarifies the position that subscribers can either opt for channels on a la carte basis or bouquet or combination of both, as per their choice.

TRAI has also changed rules related to broadcasting services as per which provisions regarding a minimum channel carrying capacity of 500 channels for MSOs and prohibition on charging of placement fees by them have been done away with.

 ICICI Bank launches new Facebook app Pockets 

ICICI Bank has launched a new Facebook app that will enable its customers to transact directly from the social networking site.

Primarily targeted at young customers, the new app 'Pockets' will enable customers of the bank to transfer money, recharge mobile phones and book movie tickets from their Facebook pages.

There will be no additional charge for using the application, the bank said.

The "split and share" app on the platform will allow customers to split and track group expenses and share them with friends on Facebook. The app also gives the customer the option of sending messages to remind friends about pending payments.

For every new transaction, the bank will send a one-time password to the customer. This will ensure safety of the transaction.

According to a Comscore report, Facebook users in India spend about three-and-a-half hours on the social networking site daily.

Bo Xilai appeals against life term

Bo Xilai, China’s disgraced former Communist Party leader, has appealed against his life sentence conviction.

The move came after a court in eastern China sentenced Bo to life in prison on Sunday for bribe-taking, embezzlement and abuse of power.

Besides the life sentence, he was stripped of political rights and his assets were seized. He received the life sentence for bribe-taking, 15 years for embezzlement and seven years for abuse of power.

Bo — A former rising political star, fell from power amid a scandal involving murder, betrayal and financial skullduggery.

According to Chinese law he could appeal to the higher court in the province whose judgement will be final.

The sentence is the most severe punishment of a former Politburo member since the so-called Gang of Four’s trial in 1980-81 involving Mao Zedong’s widow, Jiang Qing.

World’s oldest bank Banca Monte gets a lease of life

world's oldest bank is extending its longevity by suspending payments on some of its debt—without triggering a default. Italy's Banca Monte dei Paschi di Siena, which was founded in 1472, received a $5.5 billion government bailout.

European authorities ordered the bank, as a condition for the aid from taxpayers, to impose some pain on some of its bondholders by suspending payments to them.

The debt in question is $650 million worth of hybrid notes issued through MPS Capital Trust II and Antonveneta Capital Trusts I and II.

Monte Paschi, as the bank is known for short, is allowed to suspend interest on the notes without being declared in default. Better yet, it doesn't have to catch up on missed payments when payments resume.

Air New Zealand to fly planes to Antarctica

Air New Zealand plans to fly its planes to Antarctica that would see pilots landing on an ice runway. 

However, the chartered flights will be only for the scientists and their support crew and not for the common people as the airline said it had no plans to start commercial trips. 

The airline will carry out a trial flight on October 4 from Auckland to Pegasus Field on Ross Island in order to prove that the trip could be possible. The airline also said that if the test flight proves successful it would operate two more flights during the upcoming Antarctic summer season. 

For the Antarctic flights, Air New Zealand will use one of its regular passenger planes - an unmodified Boeing 767-300. 

Unlike the RNZAF 757s which currently flies to Antarctica, Air New Zealand planes can make a return trip without refuelling. 

About 2200 scientists are being transported between New Zealand and Antarctica each year. Most of the flights are carried out by the US Air Force from Christchurch, using either Boeing C17 or Hercules aircraft. 

 In 1979, an Air New Zealand plane crashed into the Mt Erebus on Ross Island killing all 257 on board, which was New Zealand’s worst civil disaster.

Total Employment News September 2013