Current News 10 October 2013
23rd ASEAN Summit 2013 begins in Brunei Darussalam
This is the fourth time that Brunei Darussalam has chaired ASEAN, having previously been the Chair in 1989, 1995 and 2001.
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.
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.”
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.
However, a strong recovery in exports can push up the growth to over 5 per cent, the Fund said in its World Economic Outlook. .
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.
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.
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. “
EU announces €30 million to help Italy refugees
head of the European Commission has announced during a visit to the Sicilian island of Lampedusa that Italy will receive an additional €30 million in E.U. funds to help settle refugees, after the sinking of a migrant boat killed at least 275 people.
Jose Manuel Barroso also pledged to work “tirelessly” for an E.U.-wide asylum policy and to beef up the Frontex border patrol agency to prevent similar tragedies.
Some islanders shouted “Shame!” as they arrived. Lampedusans have long complained that they have been forgotten by Italy and the E.U. and left to cope alone with the thousands of migrants who come ashore each year.
The visit by Mr. Barroso, accompanied by Italian Premier Enrico Letta, follows agreement by E.U. Interior Ministers to strengthen the patrol capabilities of Frontex.
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.
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.
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.
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.
23rd ASEAN Summit 2013 begins in Brunei Darussalam
Brunei Darussalam also chair the 22nd ASEAN Summit on 24-25 April 2013 .
This is the fourth time that Brunei Darussalam has chaired ASEAN, having previously been the Chair in 1989, 1995 and 2001.
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.
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.”
ASEAN includes Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Laos, the Philippines, Singapore, Thailand and Vietnam.
Know 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.
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.
Mudgal panel submits report on new cinema act
lead to a new legal framework for governing Indian cinema, with implications for free speech, an empowered committee —headed by Justice Mukul Mudgal, retired Chief Justice of the High Court of Punjab and Haryana — has proposed a model Cinematograph Bill, in a report submitted to the Ministry of Information and Broadcasting.
The Mudgal committee was set up earlier this year after the government felt the need to update The Cinematograph Act, 1952 in the wake of the controversy over Tamil Nadu’s ban on Vishwaroopam. I&B Minister Manish Tewari told , “The trigger for the constitution of the committee was the decision of a particular State to invoke the law and order remit to ban the release of a certain movie, notwithstanding that the Supreme Court in the Aarakshan case had said that once a film was certified for viewing, the fig leaf of law and order could not be allowed to stand in the way.”
We have also suggested that if anyone has a complaint against a movie, instead of moving to the court immediately, they should go to the Film Certification Appellate Tribunal (FCAT). Its mandate can be enlarged.”
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.
Mudgal panel submits report on new cinema act
lead to a new legal framework for governing Indian cinema, with implications for free speech, an empowered committee —headed by Justice Mukul Mudgal, retired Chief Justice of the High Court of Punjab and Haryana — has proposed a model Cinematograph Bill, in a report submitted to the Ministry of Information and Broadcasting.
The Mudgal committee was set up earlier this year after the government felt the need to update The Cinematograph Act, 1952 in the wake of the controversy over Tamil Nadu’s ban on Vishwaroopam. I&B Minister Manish Tewari told , “The trigger for the constitution of the committee was the decision of a particular State to invoke the law and order remit to ban the release of a certain movie, notwithstanding that the Supreme Court in the Aarakshan case had said that once a film was certified for viewing, the fig leaf of law and order could not be allowed to stand in the way.”
We have also suggested that if anyone has a complaint against a movie, instead of moving to the court immediately, they should go to the Film Certification Appellate Tribunal (FCAT). Its mandate can be enlarged.”
IMF cuts India’s GDP growth to 3.8% this fiscal
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.
However, a strong recovery in exports can push up the growth to over 5 per cent, the Fund said in its World Economic Outlook. .
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.
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.
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. “
EU announces €30 million to help Italy refugees
head of the European Commission has announced during a visit to the Sicilian island of Lampedusa that Italy will receive an additional €30 million in E.U. funds to help settle refugees, after the sinking of a migrant boat killed at least 275 people.
Jose Manuel Barroso also pledged to work “tirelessly” for an E.U.-wide asylum policy and to beef up the Frontex border patrol agency to prevent similar tragedies.
Some islanders shouted “Shame!” as they arrived. Lampedusans have long complained that they have been forgotten by Italy and the E.U. and left to cope alone with the thousands of migrants who come ashore each year.
The visit by Mr. Barroso, accompanied by Italian Premier Enrico Letta, follows agreement by E.U. Interior Ministers to strengthen the patrol capabilities of Frontex.
FinMin expects FY’14 growth at around 5.5%
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.
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.
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.
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.
Queen's Baton Relay to get underway in London
Queen's Baton Relay for the Glasgow 2014 Commonwealth
Games is all set to get under way in London.
The baton will travel to all 70 nations and territories
of the Commonwealth during its journey of around 248 days.
The baton will contain the Queen's hand-written message
to the Commonwealth. The 248-day relay starts from Buckingham Palace in London.
The baton will visit the big Commonwealth countries such
as Pakistan, Bangladesh, Nigeria, South Africa, Malaysia, Australia, Kenya,
Ghana, Jamaica and Canada.
The baton will visit the big Commonwealth countries such
as Pakistan, Bangladesh, Nigeria, South Africa, Malaysia, Australia, Kenya,
Ghana, Jamaica and Canada.
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.
S R Bansal takes over as chairman of Corporation Bank
S R Bansal has taken over as Chairman and Managing Director of Mangalore-based Corporation Bank.
Prior to assuming the position, he was executive director in Punjab National Bankand was responsible for large field operations and many other key areas, Corporation Banksaid in a statement.
Bansal, who has experience of more than 32 years, had joined Dena BankBSE in 1981. On deputation from Dena Bank, he had been to India Infrastructure Finance Company Ltd, where he set up the credit functions including project appraisal, sanction of loans, monitoring of loans and credit risk management.
Note -- The RBI cut the MSF rate by another 50 basis points (bps) on October 7 to 9 per cent. It had raised the rate by 200 bps to 10.25 per cent in mid-July.
S R Bansal takes over as chairman of Corporation Bank
S R Bansal has taken over as Chairman and Managing Director of Mangalore-based Corporation Bank.
Prior to assuming the position, he was executive director in Punjab National Bankand was responsible for large field operations and many other key areas, Corporation Banksaid in a statement.
Bansal, who has experience of more than 32 years, had joined Dena BankBSE in 1981. On deputation from Dena Bank, he had been to India Infrastructure Finance Company Ltd, where he set up the credit functions including project appraisal, sanction of loans, monitoring of loans and credit risk management.
Note -- The RBI cut the MSF rate by another 50 basis points (bps) on October 7 to 9 per cent. It had raised the rate by 200 bps to 10.25 per cent in mid-July.
UK to host 2014 NATO summit
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.
The prime minister, David Cameron, said the biennial
gathering would be an "important moment in the history of the
alliance".
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,
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."
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.
Headquarter: Brussels, Belgium
NATO is an Alliance that consists of 28 independent
member countries
India is not a member of NATO.
Samsung launches world's first smartphone with curved display
The world's first smartphone with a curved display, a variant of the Galaxy Note which moves the Asian giant a step closer to achieving wearable devices with flexible - even unbreakable - screens.
Curved displays are on the frontlines
of Samsung's innovation war with rivals such as Apple Inc and LG Electronics Inc, as the South Korean firm seeks to expand its lead in the slowing market for high-end smartphones.
Its key features include a tilt function which allows users to check information such as missed calls and battery life, even when the home screen is off.
Users can also scroll through media files by pressing the screen's right or left, the company said.
Samsung launches world's first smartphone with curved display
The world's first smartphone with a curved display, a variant of the Galaxy Note which moves the Asian giant a step closer to achieving wearable devices with flexible - even unbreakable - screens.
Curved displays are on the frontlines
of Samsung's innovation war with rivals such as Apple Inc and LG Electronics Inc, as the South Korean firm seeks to expand its lead in the slowing market for high-end smartphones.
Its key features include a tilt function which allows users to check information such as missed calls and battery life, even when the home screen is off.
Users can also scroll through media files by pressing the screen's right or left, the company said.
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