Major News and Events of 09 December 2014
What Happened on 09 December 2014
Moody's expects Sovereign Bond Rating of India to Improve
SAP India set to Explore Cloud Business to Offset Drop in ERP Sales
Amway's Turnover and Net Profit Falls in FY 2014
Modi Tops Most Searched Politician of 2014
Nitin Gadkari accuses Opposition Parties of using Dalit Community for Political Gain
Russian President set to Visit India to attend India-Russia Summit
Congress Gives Go Ahead to Insurance Bill
Modi Greets Sonia on her Birthday
Uber Cab Driver Rape Case: Culprit Confesses
Arun Majumdar becomes part of 4-Scientist Team of US Science Envoy
Ex-BCCI Chief's Son-in-Law in Big Trouble
One of the leading credit rating agencies Standard & Poor's has categorically regarded India as the brightest spot in Asia Pacific region after factoring in the recent spurt in reform measures (decrease in government spending, favourable environment on FDI in Insurance sector, doing away with subsidy in diesel, etc.) by Narendra Modi government. S&P in its quarterly update said that investors’ confidence on India has improved and most importantly the current growth momentum is hovering at around 7 per cent.
Moody’s Investor Services Inc., renowned rating agency, has expressed hope on improving sovereign bond rating of India from current BAA3. The rating agency has said that the bond rating is expected to improve only if Government of India tames inflation and fiscal deficit, on one hand, and accelerate infrastructure investment, on the other. Moody’s expect RBI to achieve inflation target of 6 per cent by the year 2016 and also expects improvement in economic growth.
SAP India, renowned software firm, is all set to explore new cloud-based applications including Cloud HR, Ariba (B2B trading website), social media, and succession planning tool. This decision comes at a time when the company is finding it tough to deal with the dip in sales of on-premise ERP services. Available figures show that SAP India’s main ERP business has slowed down to around 10 per cent. To compensate the falling prospect of ERP, SAP India has decided to shift focus to new cloud based applications, where the year-on-year growth is more than 50 per cent.
Largest direct-selling company of India, Amway, is facing serious trouble as both its revenue and net profit declined sharply during 2014 fiscal that ended in March. When compared to corresponding period, Amway’s net profit and revenue declined by 19.87 per cent (drop from Rs. 247.32 crore to Rs. 198.16 crore) and 8.2 per cent (drop from Rs. 2,168.14 crore to Rs. 1,990.29 crore) respectively in FY 2014. William S Pinckney, MD and CEO of Amway, blamed the rising misconceptions of consumers about its legitimate business model as the main reason behind its falling prospects.
Review report of Yahoo India shows that Prime Minister of India and BJP’s numero uno Narendra Modi leads the top ten chart of ‘High and Mighty’ politicians in the year 2014. Per the report, Modi is the most searched politician over internet in India. NaMo is followed by Amit Shah, Arun Jaitley, Mohan Bhagwat, Rajnath Singh, Manohar Parrikar, Sonia Gandhi, Suresh Prabhu, Ram Madhav, and Sharad Pawar.
While addressing a rally of 5000 strong crowd at Ramlila Maidan of Delhi, Nitin Gadkari (Union Transport Minister) alleged that opposition political parties, in the quest of making political gain, are exploiting and at the same time misleading people of Dalit community. While assuring that the Union government is all set to deliver economic as well as social justice to everyone, he admitted that opposition is partially successful in portraying BJP as a party that is against SC and ST communities.
Vladimir Putin, President of Russia, will visit India along with his fifteen strong business delegation to attend 15th Annual India-Russia Summit, which is going to start on December 10. Russian President is scheduled to have delegate as well as closed-door discussion with Indian PM Narendra Modi during the visit. The issue of Russian President’s addressing Indian Parliament is still not finalised. It is learnt that after India’s request to Russia of expanding number of nuclear energy units in India, Russia has agreed to increase the number from 14-16 units to 20-24 units.
Sources reveal that Indian National Congress has given go ahead to government proposal of increasing the upper limit of FDI in insurance sector from 26 per cent to 49 per cent in the Select Committee on Insurance Amendment Bill. Chandan Mitra, Chairman of the panel, said that Select Committee has adopted draft report on Insurance Bill and on December 10, they are going to place it in Rajya Sabha, where BJP does not have the majority numbers. Left, TMC, JD-U, and SP are expected to place their dissent note on the proposed bill, which they have to submit by tomorrow.
Indian Prime Minister Narendra Modi wished good health as well as long life to his political rival INC President Sonia Gandhi, who turned 68 today. However, through an official statement, Sonia Gandhi asked workers of Indian National Congress not to celebrate birthday of their party chief keeping the martyrdom of security personnel in Chhattisgarh as well as Jammu and Kashmir in mind. While fourteen CRPF personnel died in Maoist attack in Chhattisgarh, 11 security personnel were killed in a gun-battle in J&K.
Shiv Kumar Yadav, the rapist driver of Uber Taxi services, confessed of committing the crime. Sources from his village reveal that he is a serial rapist. In fact, while admitting the crime he didn’t show any remorse. It is learnt that he threatened the 25-year-old finance professional of shoving ‘iron rod in her’ if she made noise while raping, reminding many of December 2012 Delhi rape case. While Home Minister formally asked state governments to seriously think about banning app-based taxi services, Union Minister of Transport opined ban of such services cannot be the solution to this problem.
Science and Technology
Dr. Arun Majumdar, an eminent Indian-American scientist, becomes one of the four eminent scientists (Dr. Geri Richmond, Dr. Jane Lubchenco, and Dr. Peter Hotez are the other scientists) to represent US Science Envoys, which starts in January next year. Dr. Majumdar is an expert in climate change, energy, and innovation. He is currently working as a professor at Stanford University. Majumdar is an IIT, Bombay alumni, who completed graduation in the year 1985.
Apex court of India asked BCCI to undertake punitive action against Gurunath Meiyappan (son-in-law of former BCCI chief N. Srinivasan), who was charged with betting charges during IPL 2013. Supreme Court didn’t buy N. Srinivasan's reasoning that no conflict of interest is there in remaining President of BCCI and owning IPL team, all at the same time.