Major News and Events of 10 December 2014
What Happened on 10 December 2014
Rs 2.5-lakh crore Market Capitalisation Wiped Out due to Major Correction
ONGC wins Bid to Explore New Zealand's Taranaki Offshore Basin
RS Hurdle for Insurance Bill Cleared
Polling Turnover Remains Impressive in the 3rd Phase of J&K Election
Lima Climate Talk: India Makes its Stand Clear
Journalists come under SEBI (Research Analyst) Regulations, 2014
Congress-BSP Attack Union Government on Alleged Religious Conversions in UP
Passenger Car Sales rise by 5.4 per cent in 2014
Uber Rape Case: Asia-Pacific Head of Uber to be questioned Again Today
Google's Chromecast to be Launched in India
India Hockey Team Enters Quarterfinal by Defeating the Mighty Netherlands
Sources reveal that apex bank of India has given in-principle approval to banks as well as FIIs for participating in commodity market. Per available information, the concerned issue is in the final stage of RBI’s internal process of approval. Till now the banks as well as financial institutions are barred from participating in the commodities market.
S&P BSE Sensex witnessed major correction in the last three trading days, to the extent of 750 points. During this period BSE witnessed an erosion of Rs 250,000 crore market capitalisation. From December 4 to December 9, cumulative market capitalisation has come down from Rs 10,073,073 crore to Rs 98,05,882 crore, wiping out 267,191 crore. The major losers are TCS, ONGC, Infosys, and SBI.
Indian government owned ONGC Videsh has won exploration permit in New Zealand’s 14TAR-R1 Exploration Block Taranaki offshore basin. Minister of Energy and Resources, Simon Bridges, awarded exploration permit to ONGC Videsh during a ceremony at Wellington. After winning this bid in New Zealand, ONGC Videsh now is working on 36 projects spread in 17 countries.
Major reform agenda has started rolling out as Insurance Laws Amendment bill was cleared by Rajya Sabha today. BJP-led government was successful in achieving this herculean task as Indian National Congress submitted no-dissent note today. Two major recommendations in the tabled bill are hike in upper limit of FDI in insurance sector and doing away with FII-investment in insurance. CPIM and many other political parties filed dissent note against the bill but could not stall it because of the numbers.
Electorates in Jammu and Kashmir keep on their renewed faith on ballot over bullet during 3rd phase of Assembly election held yesterday. Final statistics reveal 61 per cent polling during this phase. Though it is surely much less than the over 70 per cent turnout during the first two phases, 61 per cent polling is surely much better than 2008’s 49 per cent polling. By and large, the polling on December 9 was peaceful. Till now voting has taken place on 49 seats out of the total 87 seats. Two remaining phases of polling will be held on December 14 and December 20.
Union Environment Minister of India, Prakash Javedkar, has made it clear during Lima Talks that India is in no way going to compromise on protecting interests of the poor, just what they did in WTO. India will not hesitate to take a tough stand coming year while the question of signing climate change agreement comes up in 2015 in Paris, Javedkar said. He made these statements on a day when EU proposed upward revision of developing countries’ contribution after they are made public. India opposes any ex-ante review of the proposed contributions.
SEBI, the securities watchdog, said that from now on journalists who recommend through public media on IPOs or securities will come under SEBI (Research Analyst) Regulations, 2014. Per the regulation, journalists will come under its purview just like the registered research analysts.
After reports surfacing alleged conversion of Muslim families by RSS-affiliated Bajrang Dal, it became a point of contention between government and opposition. Congress and Bahujan Samaj Party pointed out that any kind of religious conversion either through allurement or force is illegal. They alleged that these kinds of incidents are repeatedly taking place in Uttar Pradesh. However, Union Government skirted responsibility by saying law and order is a state government issue.
November witnessed a handsome rise in sales of passenger cars. 212,438 units were sold in the month of November 2014, a rise of 5.4 per cent. Analysts believe that this has become possible mainly due to relief in excise duty coupled with fall in fuel prices, thereby decreasing the overall ownership cost of a car significantly. October 2014 witnessed a fall in passenger vehicle sales by 7.5 per cent.
Asia-Pacific Head of Uber, Eric Alexander, is to be questioned today again on Uber-rape case in Delhi of a 27 year old finance professional. Police has sought some important documents from him on Uber under section 91 CrPC. A senior police personnel has revealed that there are eight points on which information is sought from Uber’s Asia-Pacific head and some of the most important ones are details of company directors and details of taxis along with their drivers.
Science and Technology
Google is set to launch its Chromecast streaming drive in India to make its presence felt in the burgeoning market base. This device is currently available in over ten countries including the USA, Denmark, and Germany. Analysts believe this decision of Chromecast launch comes at a time when USA decided to expand its reach in emerging markets, and extend cooperation with India. Google has partnered with Bharati Airtel to make its launch in India a success.
Indian hockey team makes its way to the quarter finals by securing a convincing win over Netherland. India stunned the second ranked Netherland by defeating them 3-2 and finished third in Pool B. After this win Indian hockey team is going to face Belgium in the quarters. The other quarterfinal matches are between Argentina-Australia, Netherland-Pakistan, and Germany-England. All these games will be played tomorrow.