Major News and Events of 04 December 2014
What Happened on 04 December 2014
Hiccup for OnePlus One in India
SC asks Government To Rap up Black Money Investigation by 31 March 2015
BJP MPs keep Embaracing NaMo
Home Ministry seeks Report after Reported Disrespect of Chhattisgarh's Slain CRPF Personnel
US President Praises Indian PM
Shiv Sena set to Join BJP-led Maharashtra Government Tomorrow
Sadhvi Niranjan Jyoti Hate Speech Fiasco: PM Speaks Up in Parliament but Fails to Placate Opposition
Indian Bourses Hit All Time High
5 Per cent Disinvestment of SAIL to Cut Budget Deficit
Mukesh Ambani Expects India to become Fastest Growing Economy in 2 to 3 years
Raghuram Rajan gets pat on the back from Renowned Economists and Investors
Sarbananda Sonowal, Sports Minister of India, has written to Dr Ching Kuo Wu, President of AIBA, and pleaded to revoke imposed suspension order on ace woman Indian boxer Sarita Devi. The minister has asked AIBA to reconsider the decision keeping the humble background of the boxer in mind. It is learnt that final decision on the extent of Sarita’s punishment has not been decided yet by AIBA.
Science and Technology
Launch of the ‘flagship killer’ OnePlus One in India faced serious hiccup as the software providing company of OnePlus – Cyanogen – entered in exclusive agreement with Micromax, by which Micromax will be the only company in India to sell Cyanogen based smartphones. This means Cyanogen run OnePlus One in India will not get any software update. Carl Pei, co-founder of OnePlus, informed that his company will launch customised Android-built smartphone by February 2015.
Supreme Court of India asked the union government to complete the ongoing black money probe of 627 Indians having HSBC bank accounts in Geneva by March-end of 2015. SC has also asked SIT, which is spearheading the black money investigation, to provide report copies of the investigation to Ram Jethmalani, one of the petitioners in the matter.
After Sadhvi Niranjan Jyoti’s hate speech, another BJP MP Ramesh Pokhriyal embarrasses Prime Minister Narendra Modi. The former CM of Uttarakhand and current MP Pokhriyal compared astrology with science and also claimed that the former is way ahead of the latter. He also claimed astrology to be the leading most science in the entire world.
Home Ministry sought report from Chhattisgarh government after blood stained uniforms of the slain CRPF personnel, in Maoist ambush, were found in a garbage outside the hospital where bodies of the Jawans autopsied. INC, main opposition in Chhattisgarh assembly, has claimed that Raman Singh government in Chhattisgarh has dishonoured the paramilitary personnel who died during carrying out duty for the State.
US President Barack Obama today praised Indian Prime Minister Narendra Modi for shaking up insurmountable inertia of Indian bureaucracy. Obama’s recent adulation comes within a month of him calling Modi a ‘Man of Action’. However, US President also said that it needs to be seen how current PM of India remains successful in taming the bureaucracy in the long run.
Shiv Sena showed its firmness to join BJP-led Maharashtra government on Friday. Devendra Fadnavis, CM of Maharashtra, announced today that the two estranged saffron partners are back together and both the parties will contest future elections together. Per available information, 20 MLAs will take oath tomorrow Maharashtra's Raj Bhavan at 4pm, which will include 12 MLAs from Shiv Sena (5 as Cabinet minister and 7 MoS).
Prime Minister Narendra Modi tried to placate united opposition today by addressing Rajya Sabha on MoS Sadhvi Niranjan Jyoti’s hate speech. He told Parliament that he has already criticised her in the strongest terms possible and she has also apologised for her speech. He asked the House to accept the apology gracefully and let the House function. However, opposition was not ready to budge. Sitaram Yechury of CPIM questioned how the person can remain a minister who violated Constitution itself. After repeated adjournments, Chairman of the House Hamid Ansari called opposition’s behaviour ‘disgraceful’.
Sensex and Nifty hit all time high levels during early hours of trade today. While BSE Sensex touched record high of 28,822 points, NSE Nifty touched 8,626.95. Biggest gainer was ITC, which rose by 5 per cent. Stocks of other tobacco companies such as VST Industries and Godfrey Phillips also made significant gains because of the news that earlier announced ban on loose cigerrates in India may not be implemented by Government. 65-70 per cent of cigarette sales in India is from sales of loose cigarette. ICICI Bank, which announced 1:5 stock split, also made significant gains.
Government of India is set to disinvest 5 per cent stake in SAIL tomorrow. GOI currently holds 80 per cent share of Steel Authority of India Ltd. From a regulatory filing it is known that Narendra Modi government will offload 206.5 million stocks of SAIL in the secondary market through stock exchange auction. Government is expected to raise around $286 million through this 5 per cent stake sell, in an effort to meet its target of raising $9.5 billion by March-end of 2015 through sales of share.
One of the richest man in the world and leading industrialist of India, Mukesh Ambani, expects India’s growth rate to surpass that of China’s in the coming two to three years. He believes the recent fall in petroleum prices globally is a gift to the fledging Indian economy. Chairman of RIL also said that he expects Indian economy to become world’s fastest growing economy in 2016-2017 as well as 2017-2018. Mukesh also earmarked 2014 as landmark year for India.
Current RBI Governor’s not succumbing to tremendous pressure of interest rate cut from Indian Inc has been lauded by noted investors as well as renowned economists across the globe. Jim Rogers, an exponent on commodity market, has reportedly said he respects RBI more than US Federal Reserve. LIC Nomura’s Fund Manager Killol Pandya also regarded RBI’s policy pragmatic as well as balanced. Rajan is surely a "celebrity central banker" now, as called by Professor Kenneth Rogoff of Harvard University recently.