Daily Current Affairs : 27th November 2013

1. First Islamic Bank in Eurozone to come up in Luxembourg. A host of private investors from GCC countries, including a royal family from the UAE have planned to set up the first full-fledged Islamic bank in the euro zone.The Eurisbank will come up in Luxembourg during the last quarter of 2014. An announcement to this effect was made on the sidelines of Global Islamic Economy Summit in Dubai. The Excellencia Investment Management group said that with an initial capital of $80m, the bank would offer retail, corporate and private banking services, and would open branches in Paris, Brussels, the Netherlands and Frankfurt.

2. The Reserve Bank of India (RBI) has confirmed its decision to grant self-regulatory status to associations of non-banking financial firms that deal in microfinance. Announcing the decision, the RBI said that the move would ensure effective monitoring of non-banking financial companies and microfinance institutions (NBFC-MFIs), and their compliance with set of laws and code of conduct. The central bank added that the membership of NBFC-MFIs in the self-regulatory organisations (SRO) would be seen as a mark of confidence.

3. The Reserve Bank of India (RBI) on 26 November 2013 directed the banks to charge customers for the transaction SMS alerts on the basis of usage, instead of imposing a fixed fee. The RBI in its notification issued to all banks has asked the banks to charge customers based on actual usage of SMS alerts, considering the technology available with banks to considering the technology available with banks and the telecom service providers. Earlier, the Reserve Bank of India had set the guidelines for banks to send online alerts to the customers for all types of transactions, irrespective of the amount in March 2011.

4. Banks might adopt Aadhaar as additional authentication or move to EMV (Euro pay MasterCard Visa) chip and pin technology to ensure security in card-based payment transactions, the Reserve Bank of India (RBI) suggested. The central bank also said that all new card present infrastructures must be enabled with EMV chip and Pin technology as well as Aadhaar acceptance. Banks are now thus free to decide on whether they should adopt Aadhaar for making additional confirmation or make use of EMV Chip and PIN technology to ensure security of card payment infrastructure. EMV chip and PIN authentication involves card-information stored in a chip that is accessible through a PIN (personal identification number) that replaces the signature of a cardholder. The notification is based on Gowri Mukherjee-headed working group's recommendation. Mukherjee is the global head of digital marketing at Standard Chartered Bank.

5. Tata Sons Ltd has withdrawn its application for a new bank licence, according to the Reserve Bank of India. The licences are likely to be announced by January by the central bank. A panel chaired by former RBI Governor Bimal Jalan has been entrusted with scrutinising applications for new bank licences. In the past 20 years, the RBI has licensed 12 banks in the private sector in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993.

6. The Bombay Stock Exchange will launch its platform for trading in currency derivatives from Friday, making it the fourth bourse in the country to offer such trades. Other stock exchanges present in the currency futures segment are — National Stock Exchange, MCX-SX and United Stock Exchange. Currency derivative contracts allow investors to take position on change in foreign exchange rates between pairs of two currencies, such as rupee and dollar. At present, NSE has the largest share in currency futures market, followed by MCX-SX.

7. Global technology major Apple is the world’s most valuable brand followed by Microsoft, Coca-Cola, IBM and Google, as per the latest list published by Forbes. Apple has topped the ‘World’s Most Valuable List’ compiled by ‘Forbes’ magazine with a brand value of USD 104.3 billion. Microsoft secured 2nd place with a brand value of USD 56.7 billion followed by Coca-Cola (USD 54.9 billion), IBM (USD 50.7 billion), Google (USD 47.3 billion) which make up the top five. Among the top 10 brands, McDonald’s, General Electric, Intel, Samsung and Louis Vuitton have been ranked from 6th to 10th.

8. Doug McMillon, head of Wal-Mart Stores Inc.’s international business, will replace Mike Duke as chief executive officer when he retires on 1st Feb next year. Duke will stay on as chairman of the board’s executive committee, and McMillon will join the board immediately. McMillon will become the fifth CEO since Wal-Mart’s founder Sam Walton.

9. National Aluminium Company Limited (NALCO) on 22 November 2013 received the EEPC (Engineering Export Promotion Council, Eastern Region)’s Gold Trophy. NALCO has bagged the EEPC Gold Trophy, as Top Exporter in the Large Enterprise Category, for its outstanding export performance during the year 2011-12. National Aluminium Company Limited (NALCO) is a Navratna PSU and India’s leading manufacturer-exporter of alumina and aluminium. NALCO also have the Premier Trading House status, and it is the first Indian aluminium company to be registered with London Metal Exchange, for its high quality products.

10. Priti Patel, an Indian Origin British MP on 22 November 2013 has been honoured with the prestigious Asian Trader Editor’s Award. She was awarded for her tireless campaigning to support small shops and convenience stores. She was awarded at the Park Plaza Westminster Bridge Hotel in a ceremony held. Priti Patel was elected as the first Member of Parliament for the Witham Constituency in May 2010. She was born in London and educated at a comprehensive school in Watford before studying economics at Keele University and completing her postgraduate studies at the University of Essex.

11. President Pranab Mukherjee will arrive in Nagaland on November 30 to inaugurate the 10-day Hornbill Festival and take part in the 50th anniversary celebration of statehood of Nagaland. The President will inaugurate the 10-day Hornbill Festival and launch the year-long golden jubilee celebration of Nagaland statehood.". The ten-day festivities will not only showcase the rich tradition and culture of the Naga tribes, but also various other events for the young and old alike. The Hornbill Festival of Nagaland is one of the biggest cultural extravaganzas in the North East. It seeks to revive, protect, sustain, and promote the richness of the Naga heritage and traditions. 

12. Following the Centre’s Food Security Programme (FSP) meant for poor and needy and allegedly moulding a part of it for its own benefit by subsidising wheat price, Punjab is starting its newly amended Atta-Dal Scheme from coming December in the state. Under the scheme wheat has been further subsidised and will be given to the beneficiary at 1 rupee per kilogram instead of 2 rupees given under FSP. 2.5 kilogram Dal would be given at 20 rupees per kg.

13. Prime Minister Nawaz Sharif on Wednesday appointed Lt Gen Raheel Sharif as Pakistan’s new Army Chief and Lt Gen Rashid Mehmood as Chairman Joint Chiefs of Staff Committee. Lt Gen Sharif will replace 61-year-old Gen Ashfaq Parvez Kayani who would hang his boots on Friday after being at the helm of the Army for six years. The army chief is arguably the most powerful person in Pakistan, with the military having ruled the country for more than half its 66-year history since independence from Britain.

14. Pakistani Prime Minister Nawaz Sharif on 26 November 2013 launched the construction of the country's biggest Nuclear power project. The 2200-MegaWatt- Karachi Coastal Power Project, comprising the K-2 and K-3 nuclear plants, is being built at Paradise Beach, located 40 km from the Karachi. The nuclear power plant is to be built with Chinese technical assistance on the Arabian Sea coast.

15. Sarah Teelow, the world champion water skier of Australia died on 25 November 2013 after a fall during a high-speed endurance race on Australia’s Hawkesbury River. The 21 year old, Teelow fell from her skis after the start of the 75 mile Bridge to Bridge Water Ski Classic near Sydney. Teelow had won the Formula 2 category at the World Waterski Racing Championships in Spain in September. Teelow was the daughter of two-time world waterski champion, Tania Teelow.

16. Amar Chitra Katha (ACK), well-known publishers of children’s graphic comics is planning to immortalise sports legends Dhyan Chand and K D Jadhav, too, in its series on India’s “Visionaries”. The popular publication has sold the maximum numbers on legends like Mother Teresa, Jim Corbett, Salim Ali and JRD Tata, Reena Puri, Editor of the Group, told Business Line here on sidelines of a function where ACK unveiled an illustrated graphic comics on life and times of the late Dr Verghese Kurien, Father of White Revolution, on his 92nd birth anniversary on Tuesday.

17. India clinched the ODI series against West Indies 2-1 with a comfortable five-wicket victory in the third and final match, riding on Shikhar Dhawan's sparkling century. The Indians first restricted West Indies to 263 for five and then overhauled the target with 23 balls to spare to lift yet another ODI trophy at home. Dhawan stole the limelight with an attacking 119 that came off 95 balls, his fifth ODI hundred, while Yuvraj Singh notched up a 74-ball 55 to seal the issue for the home side at the Green Park Stadium which was hosting an international game after a gap of nearly four years.

18. The 4th World Cup Kabaddi, circle style, will be held in Punjab from Saturday next week to 14th of of next month. This was announced yesterday by Deputy Chief Minister Sukhbir Singh Badal, chairman of the organising committee. The world cup, is organised by the Punjab government, and it will witness 12 teams in the men section and eight in the women section, vying for the top position. 

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