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Current Affairs December 2012
International Current Affairs First economic dialogue between India, Japan

To impart a renewed momentum in order to grow and flourish new ties and to resolve issues relating to civil nuclear issues, India and Japan are going to hold their first economic dialogue and sixth strategic talks. The two dialogues will be co-chaired by our external Affairs Minister along with his Japanese counterpart Koichiro Gemba, who will be on a two day visit to the National Capital.The dialogues are slated to be centred on range of bilateral and global issues. These issues include the prospects of civil nuclear cooperation, maritime security and the evolving East Asia regional security architecture.
Russia to build two more nuclear reactors in China

Nuclear countries Russia and China have cemented their nuclear cooperation leading the Russian capital to build two more reactors in the Chinese soil. Earlier also Russia helped China in building two reactors in the Taiwan nuclear plant in Jiangsu province. Those two reactors went into operation in the year 2007 as said by the Sergey Sergeevich Razov, Moscow's envoy. The two reactors being built have a combined capacity of 2,000 mw and are using Russia's VVER 1000 nuclear model. Russia will build the two reactors in Taiwan after the Chinese government lifts its suspension on the new atomic power plants imposed after the nuclear disaster in Japan last year.
China set to take over reins of Pakistan's Gwadar port

China appears all set to take over the reins of Pakistan's strategic Gwadar port in Balochistan, with the Singapore Port Authority (SPA) and its partners intending to pull out of a 40yr old management and development contract. The SPA and its partners, the National Logistics cell and AKD Group, have been allowed to quit the project to transfer 584acres at the mouth of the port that are currently in possession of Pakistan Navy. "We have not been able to meet the contractual obligations and resolve land issues. As a result, they (SPA and its partners) have gone under duress and we issued them no objection certificate to give up their contract," ports and shipping minister Babar Khan Ghauri told a meeting of senate's standing committee on ports and shipping.

National

Chaos in the capital as kejriwal and group hits the streets Chaos gripped the streets of Delhi as more than a thousand protestors led by erstwhile team Anna member Arvind Kejriwal and others tried to break police cordons and reach Prime Minister Manmohan Singh, Congress chief Sonia Gandhi and BJP president Nitin Gadkari's residence. Protesting under the banner of India against Corruption (IAC) and against the alleged irregularities in the coal blocks allocation; the crowd tried to march to Singh's residence twice, but was detained on both

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occasions. The first attempt at 6am caught the police off guard. "Arwind Kejriwal and Gopal Rai reached near PM's residence with a few supporters while IAC member Sanjay Singh went to Nitin Gadkari's home at Teen Murti Lane. They were detained and taken to the Mandir Marg police station," said a senior police officer. Indian Parliamentarians gets offer of programme from Yale University The sixth India, Yale Parliamentary Leadership Program that began on June 20 and will conclude on June 30discussed fragile global economy along with evolving political and economic crises in the Middle East and Europe, and the 2012 US presidential elections. The meeting also discussed topics like challenges of leadership. This programme was launched in the year 2007 in collaboration with the Federation of Indian Chambers of Commerce and Industry and the India -US Forum of Parliamentarians. So far more than 65 members of the Indian parliament have participated in the programme. A team of 11 members from India's parliament had come to the Yale University campus in New Haven, to attend the six-day leadership program with Yale faculty. This programme is four day program that consist meetings, discussions, and interactions in Washington, DC along with senior officials of the US government. SAIL, STERLITE make way for Ultratech, Lupin on Nifty Birla Group Firm Ultratech Cement and drug maker Lupin will replace public sector Steel Authority of India (SAIL) and Vedanta group firm Sterlite Industries in the National Stock Exchange's (NSE) benchmark index Nifty. As per the changes announced last month by India Index Services & Products Ltd (IISL), an NSE-Crisil joint venture that maintains Nifty index, SAIL and Sterlite Industries (India) would be excluded from the 50-share benchmark index with effect from September. In their place, Lupin and Ultratech Cement would be included in the Nifty index. Analysts say the removal of SAIL and Sterlite from the Nifty underlines the negative sentiment prevailing on the materials sector even as valuations are at multi year low. Shares of SAIL and Sterlite Industries also fell due to the new changes. Delhi govt sets Nov 24 deadline for plastic ban The Delhi govt has set November 24 deadline for the enforcement of blanket ban on the manufacture, import, sale, storage and use of plastic carry bags, sheets, films or tubs- irrespective of their thickness. Without any feasible alternative in sight, the order also bans plastic sheets used to line dust bins. But the ban will not affect the use of plastic carry bags specified under the bio-medical waste (management and handling), rules 1998. Plastic used to pack food products such as milk and flour bags- in which goods are sealed prior to usewill be allowed. "The sate cabinet passed the ban order on September11 and the government notified it on October 23. A copy of the notification has been uploaded on the government's environment department website. Enforcement has to begin after a month of notification," said a top govt official who is part of the team authorised to enforce the ban. Delhi cops say Namdhari shot Hardeep Chadha Former Uttarakhand minorities commission chairman Sukhdev Singh Namdhari shot dead liquor baron Ponty Chadha's brother Hardeep Chadha, Delhi police crime branch told the city court.

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Metropolitan magistrate Gaurav Rao sent Namdhari to police custody till December 2for further interrogation after crime branch said he has been formally booked for murder following eyewitnesses' inputs. Initially police had arrested him for trespass and attempt to murder on the basis of disclosure made by Bhupinder Singh Bisht, another accused who was Ponty's personal security officer. Police said they Namdhari to recover various weapons used in the shootout, which are believed to be hidden at his farmhouse. "I am satisfied that to unearth the entire conspiracy... it is a fit case for grant of three days of police custody," the judge said. Business and Economy Current Affairs Newer version of Halo in November Microsoft has revealed that they'll be releasing a new instalment to the hit videogame "Halo" in November this year. The officials stated that Microsoft will launch the hugely popular franchise instalment. Halo 4 has been designed exclusively to be played on Microsoft's Xbox 360 consoles. Microsoft Studios corporate vice president Phil Spencer said in a release-"We are starting a new era with Halo 4 and will embark our journey which will encompass the next decade of 'Halo' games". Losses likely to ground Kingfisher Air temporarily Debt-laden Kingfisher Airlines (KFA), owned by billionaire Vijay Mallya, faces the prospect of an operational shutdown, temporarily and needs and immediate equity infusion of $600 million, feel aviation expert. The liquor baron, who owns F1 and IPL teams, is heavily indebted to lessors, suppliers, lenders, employees, oil firms, and Airport and tax department. Aircraft lessors and banks have begun invoking corporate guarantees given by United Breweries Holdings (UB Holdings) - Mallya's flagship spirits business "The total amount invoked and outstanding as on June 30 is Rs. 836 crore and KFA is under negotiation un this regard with beneficiaries," UB Holdings said in its quarterly results filed on the Bombay Stock Exchange. TCS America gives a whopping 1860% dividend to TCS TCS, India's ranked no.1 computer software firm received a massive dividend from its wholly-owned subsidiary, TCS America. TCS America is a wholly-owned subsidiary with a puny paid-up capital of Rs 1.02 crore. It announced one of the largest dividend payouts for the Indian corporates of 1860%, which is worth Rs 1,900 crore. Though the dividend is higher as compared to most Indian companies' payouts, TCS America International is a fairly large company which earns more money than any group firms such as Tata Global Beverages, Titan Industries or any other. TCS America was set up in 2004 and declared a dividend of 280% of the net profits, as said by the company official. The company spokesperson said that- the distribution of dividend is based on many factors which includes' the total reserves available, the current financial performance and the expected future investment along with expenditure requirements". Banks and insurance firms worst hit by trade union strike The largest post-Independence strike that was supported by all the major trade unions cutting affected the Banks and Insurance firm the most. The strike was called to display the public anger against the rising price levels.

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Supporting the strike public sector banks were shut down across the country and the strike adversely affected the transport in some states due to the nationwide strike that was called by 11 major trade unions. The trade unions that went on strike included CITU, INTUC, AITUC and HMS. Not only the transport, some other day to day chores were also affected. Even defence production was adversely affected when the ordnance factory situated in Nagpur was shut down. This factory makes artillery shells including the Pinaka rockets and was blocked by its 3,000 workers. This was the first strike in the ordnance factory in a decade. Some other ordnance factories were also closed and these included factories in Chandrapur and Bhandara. Facebook to replace Infosys in NASDAQ 100 Indian IT major Infosys will make way for global social networking giant Facebook on the Nasdaq 100, key US stock market index, effective December 12. Infosys is the only Indian company to figure in Nasdaq 100, where it was included six years ago in December 2006, and its imminent exit from the benchmark index follows the IT giant's announcement last week to shift its listing to New York Stock Exchange (NYSE). Nasdaq said in a statement that Facebook would become a component of the NASDAQ-100 Index, the NASDAQ-100 Equal Weighted Index, and the NASDAQ-100 technology Sector Index prior to market open on December 12. Wal-Mart looks for smaller store in India strategy The world's largest retailer, Wal-Mart famed for its large deep discount stores, will cut down the size of its super marts to about 50,000 sq ft in India- about a fifth of the average size of its stores in US. The decision to scale down the store size comes at a time when the company is busy chalking out a strategy to enter the lucrative multi brand retail business of India after the government allowed foreign direct investment (FDI) in retail sector. The company reasoned out the rationale for the smaller store format in India as an effort to remain closer to their target customers, and on the availability of space. "In order to have a store spread across several lakh square feet, we would have to locate them on the outskirts of the city. In the Indian context it will not be the right thing to do so," said Raj Jain, president Wal-Mart India. Sports Current Affairs Hockey India League postponed The player's auction for the Hockey India League (HIL) has been postponed from December 1 to December 16. Subsequently the league too has been postponed and will commence on January 17. "Some of the coaches involved with the league are busy as the FIH Champions Trophy starts in Melbourne from December 1, and couldn't have participated in the auction," HIL chairman Narinder Batra, said in a statement. "Since the franchises expressed concern that the coaches could not be present for the auction, to pick players, it was necessary to reschedule the event," said Batra. Almost all top players expected to compete in the HIL are representing their nations in the champions Trophy, which will see India, Olympic champions Germany, England, the Netherlands, Belgium, Pakistan, New Zealand and hosts Australia compete for top honours. Sunil Gavaskar asks to accept the cricket team as selected. Former Indian cricket team captain, Sunil Gavaskar has said that the team selectors should not be bogged down by dropping the non-performing players and has refused to point out at the selection of the team for the upcoming Asia Cup. After the controversial statement of the present Captain M.S.Dhoni, there were rising speculations that

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the selectors may drop some senior players following the team's poor performance in Australia. But even the selectors didn't make any major changes in the team's side. When asked by the media personals whether the players should be kept off from the next match if they showed poor performance Gavaskar said that yes such action should be justified. In his statement, Gavasker said "If you don't drop off the non performing players then it could mean that the team may lose the next matches. It does not matter whether some more prominent players are removed or not what matter is that the team should not be a bunch of non performing players. And if that's a case then all the cricket lovers must be prepared for the result of the future matches as well." Real Madrid eyes 32nd Spanish title at Athletic The Real Madrid can still hold the Spanish league title with their victory at the Athletic Bilbao. In the score update the real Madrid is seven points clear of its top rival with only three games to play. Also even a Barcelona loss will also award the Spanish leader its record 32nd domestic crown. Barcelona's last three games are seen to serve as preparation for next month's Copa del Rey final against Athletic. These matches will be the last games for the coach Pep Guardiola's before he hands over the reins to assistant Tito Vilanova. Manipur road named after Olympian winner Mary Kom A road in Manipur's Churachandpur district, 65km south of the state capital, was named 'MC Mary Kom road' at a felicitation function to honour the Olympic medallist. Mary Kom won a bronze at the London's 2012 Olympic. Mary Kom was honoured with numerous other awards that included a cash award of Rs.1.5 lakh, a mithun apart from getting cash reward of Rs. 5 lakh. So far she has received cash award of Rs 75 lakh from the Manipur government and Rs 10lakh from the Ministry of Tribal affairs. On the occasion the 29 yr old world champion appealed to bring peace and unity in the trouble torn state in order to bring more laurels in the future. Leander paes roars- no one can step him from entering 2012 Olympics Leander Paes, India's No. 1 doubles player arrived for his Wimbeldon post match along with his daughter Aiyana and trainer Sanjay Singh. The champion then confirmed his participation the London's Olympic removing any doubt. He further said in his statement that he was ready to partner anyone that AITA, All India Tennis Association nominates to play with him i.e. Sania Mirza in the mixed and Vishnu Vardhan in the men's doubles. In his stament, Paes said-"I am here to play sport not politics and am looking forward to represent my country in the 2012 Olympics. However with bad luck I see games being played in games itself which is very disheartening. Still I am looking ahead to play my sixth Olympics for my country as I have played for last 22yrs for my country and countrymen. At first Paes refused to talk about any matter, later he cleared tougher questions regarding- Sania's press statement which slammed the demands made by Paes or how he will prepare for the quadrennial with Sania .

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