1. Modi, Shinzo Abe to visit Varanasi on Dec 12
i. Marking a new chapter in centuries-old ties between India and Japan,
Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe will visit
this ancient temple town tomorrow.
ii. The visit assumes significance as it comes against the backdrop of
Partner City Agreement between Kyoto and Varanasi, Modi’s Lok Sabha constituency,
signed by the two leaders during the Prime Minister’s visit to Japan in August
last year.
iii. Abe, who is on a three-day visit to India from today, along with
Modi will attend the ‘Ganga Arti’, a beautifully choreographed ritual worship
of the holy river performed daily at the fabled Dashashwamedh Ghat.
iv. A gigantic make-shift stage has been erected on the river bed with
the help of pontoons and a music system is being installed with special
permission from the Allahabad High Court.
v. The ancient temple town, situated less than 15 kms from Sarnath where
Buddha delivered his first sermon upon attaining enlightenment, boasts of a
special place in the religious and cultural consciousness of Japan as well as
most of the South East Asian countries with sizeable Buddhist populations.
2. Kapil Chopra to head world tourism council
i. Kapil Chopra, President, The Oberoi Group, has been appointed as the
Chairman of World Travel & Tourism Council, India Initiative (WTTCII) for
2016, a statement from the hotel group said on Thursday.
ii. The Annual General Meeting of the WTTCII was held on December 9.
Chopra, who served as the council’s Vice-Chairman for 2015, takes over from
Manav Thadani, Chairman, HVS, South Asia. iii. Ashwani Lohani, Chairman &
Managing Director, Air India, has been appointed as the Vice-Chairman of WTTCII
for 2016.
3. A portal to help SMEs get bank loans
i. While the SMEs that have managed to get timely finance from banks
prefer not to comment on the difficulties in getting the support, there are
many that are not even aware of the support system. According to an IFC survey,
there are about 55 million registered SMEs, of which just about 35 per cent are
in the banking system.
ii. Jyotsna and HD Sheriff, founders of the Chennai-based start-up said
they specifically decided to address this gap when they mooted the venture. The
portal, which went live in August has till date registered 5,000 visitors.
iii. Interestingly, the applicants are from tier-II and III towns, including
Coimbatore, Hyderabad, Erode and Ahmedabad among others.
iv. Quickrupee has tied up with 16 bankers (mostly private banks and
NBFCs) and another seven are in the pipeline, Jyotsna said.
4. India and South Korea ink MoU on taxation treaty
i. India and South Korea have inked a new memorandum of understanding
(MoU) on suspension of collection of taxes during pendency of mutual agreement
procedure.
ii. This MoU will relieve the burden of double taxation for taxpayers in
both the countries during the pendency of Mutual Agreement Procedure (MAP)
proceedings. Besides, both countries also have agreed that transfer pricing
dispute cases will be taken up for MAP under the revised Double Tax Avoidance
Agreement (DTAA) between India and Korea.
iii. MAP is an alternate dispute resolution mechanism that allows
competent authorities of particular nation and its treaty partner to negotiate
a mutually acceptable settlement. Under it, two signatory sides can negotiate
settlement on a case that can subsequently be taken off from the formal legal
process.
iv. As a resolution process, MAP draws up parameters for taxation in one
country for which credit would be available in another. Eliminates of double
taxation arising out of transfer pricing tax disputes, characterisation of
income and attribution of profits and existence of Permanent Establishment.
5. World’s first dengue vaccine, Dengvaxia,
approved for use in Mexico
i. The Mexican authorities on 9 December 2015 approved the use of the
first-ever vaccine against dengue fever, which will be publicly available for
the first time. French manufacturer Sanofi Pasteur declared that the Mexican
authorities have granted marketing authorization to Dengvaxia, the vaccine
against dengue fever.
ii. Sanofi has requested regulatory approval of Dengvaxia vaccine in 20
countries across Asia and Latin America, but Mexico was the first to green flag
it. The Federal Commission for the Protection against Sanitary Risks (COFEPRIS)
approved Dengvaxia for the prevention of disease caused by all four dengue
virus serotypes in preadolescents, adolescents and adults, 9 to 45 years of age
living in endemicareas.
iii. The COFEPRIS approval of Dengvaxia is based on results from an
extensive clinical development program involving over 40000 people of different
ages, geographic and epidemiological settings, and ethnic and socio-economic
backgrounds living in 15 countries.
iv. According to a World Health Organization (WHO) report published in
late 2014, the vaccine had an average rate of effectiveness of about 60.8
percent in protecting against the four strains of dengue now circulating.
v. Dengue fever is a mosquito-borne tropical disease caused by the
dengue virus. Overall, the disease is a potential threat to almost half of the
world’s population.
6. Sharad Pawar’s autobiography On My Terms
released
i. Sharad Pawar's On My Terms: From the Grassroots to the Corridors of
Power, an autobiography of Sharad Pawar was released by Prime Minister Narendra
Modi on 10 December 2015. The book was released on the 75th birthday of Pawar,
the Maratha strongman and the leader of Nationalist Congress Party (NCP).
ii. In this book, Pawar has detailed his experiences of political and
social issues spanning 50 years. He, in his book, has provided a detailed
account of the reason which helped in creation of rough patches in his relation
with Rajiv Gandhi. He tells that his proximity with Chandra Shekhar brought
rough patches to his ties with Rajiv.
iii. Born on 12 December, 1940 in Katewadi village of Baramati tehsil of
Maharashtra, he is the only leader of the state, who became Chief Minister 4
times. He also held cabinet minister portfolio in several Congress led
Government's at the centre.
iv. A heavyweight in national politics and NCP President Sharad Pawar
has completed 75 years of his life and a political innings of 55 years.
7. Myanmar inaugurated Yangon Stock Exchange
i. Myanmar on 9 December 2015 inaugurated a new stock exchange, named
Yangon Stock Exchange (YSX), with plans for six companies to start trading in
March 2016.
ii. Initially, the Yangon Stock Exchange will be open only to Myanmar
companies and investors and will eventually allow foreigners to invest in
Myanmar shares.
iii. The exchange was set up by local companies in a joint venture with
Daiwa Institute of Research Japan and Japan Exchange Group, which operates the
Tokyo Stock Exchange.
iv. It is hoped that the opening of stock market will help companies
raise capital and fuel economic development in Myanmar, which is one of Asia's
poorest countries. Myanmar's economy was stunted by decades of international
sanctions until military rulers yielded to a civilian government in 2010.
8. Udai Kumar to take over as MD & CEO of
Metropolitan SE
i. The Metropolitan Stock Exchange (formerly MCX Stock Exchange) is set
to appoint its interim Managing Director and CEO Udai Kumar as MD & CEO.
The equities and commodities market regulator SEBI is expected to clear the
appointment soon. Kumar was the lead runner among the two other candidates
shortlisted from foreign and public sector banks, said sources.
ii. The appointment will create a vacancy for the MD’s post at the
exchange’s clearing corporation as Kumar was playing the dual role of heading
both the organisations. In October, Kumar was asked to lead the exchange as a
stop-gap arrangement after the incumbent Managing Director and Chief Executive
Officer Saurabh Sarkar resigned.
iii. Kumar, who has experience of over two decades, is expected to play
a key role in the turnaround strategy of the exchange, which posted a loss of
Rs. 15 crore during the September quarter against Rs. 12 crore in the same
period last year.
iv. He has worked in senior capacity with large institutions, such as JM
Financial Consultants, JM Morgan Stanley, Centrum Capital and Fortune
Financial. He joined Metropolitan Clearing Corporation from Inter-connected
Stock Exchange where he was Managing Director.
9. ABB India appoints Sanjeev Sharma as MD
i. ABB India Ltd has appointed Sanjeev Sharma as Managing Director with
effect from January 1, 2016, to continue the path of next level of growth
across utilities, industries and infrastructure in the country.
ii. Sanjeev Sharma first had joined ABB in 1990 and since then has held
a number of global senior management roles. He brings extensive experience in
industrial automation and electrification across market segments and
geographies and has led several successful change management initiatives across
global operations.
iii. Prior to this appointment, Sanjeev was the global Managing Director
for ABB’s Low Voltage Systems business unit, where he was based in Malaysia. He
started his career working for ABB in India and has also worked in Germany and
Switzerland.
iv. “Sanjeev brings over 25 years of experience in ABB in diverse roles
across various locations and functions, where he has most notably been
responsible for running successful global business units,” said Frank Duggan,
Chairman of the Board, ABB India Ltd.
v. “ABB in India has been steadily growing despite a challenging market
environment, therefore we look forward to welcoming Sanjeev to the team where
he will be responsible for driving the next level of growth for ABB in India,
which is a key market and an important resource base for ABB.”
10. Naseeruddin Shah receives lifetime achievement
award at DIFF
i. Veteran Bollywood actor Naseeruddin Shah was honoured with the
lifetime achievement award at the Dubai International Film Festival (DIFF).
French actress Catherine Deneuve also received the award. The stars shared the
podium with the likes of Egyptian actor Ezzat Al Alayli, award-winning
French-Tunisian actor Sami Bouajila at the gala Wednesday night opening.
ii. The 12th edition of the festival opened with the screening of Lenny
Abrahamson’s suspenseful and heartrending drama ‘Room’ based on Emma Donoghue’s
2010 best-selling novel of the same name.
iii. Actor Michael B. Jordan, Deepa Mehta and Anu Menon, Jacob Tremblay,
the young star of ‘Room’ walked the red carpet.
iv. ‘Room’ starring Brie Larson, tells the extraordinary tale of a young
mother and her five year-old son living out their lives in the confines of a
tiny windowless room. Hollywood actor Jake Gyllenhaal is also expected to attend
the festival.
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