Major News and Events of 26 February 2014
What Happened on 26 February 2014
Mishap on INS Sindhuratna, 2 missing 7 injured
LJP ties up with BJP for the Lok Sabha Polls
Non-bailable warrant issued against Sahara chief by Supreme Court
Salary hike in 2014 to be lowest in the decade
Free internet access for everyone on earth?
India won the 2nd ODI against Bangladesh in the ongoing Asia Cup at the Khan Shaheb Osman Ali Stadium at Fatullah in Bangladesh. India was given a target of 280 runs by Bangladesh who was put to bat by the visitors and had compiled 279 for 7 wickets.Bangladesh’s skipper Mushfiqur scored a smashing 117 runs in 113 balls in which he posted 7 boundaries and 2 sixes. India got a six wickets emphatic victory with Virat Kohli carving the victory for the team with his 19th century and 213 runs partnership with Ajinkya Rahane. Kohli made 146 which had 16 boundaries and two sixes while Rahane scored 73. India was at one time 54 for 2 when openers Shikhar Dhawan (28) and Rohit Sharma (21) got out in a difference of only 10 balls.
In an accident abroad the submarine INS Sindhuratna , two personnel of the Indian Navy are feared dead who were initially believed to be missing and 7 are injured. This accident happened in the Arabian Sea at a distance of 50 nautical miles off the Mumbai harbor, today early morning. The injured personnel were transferred to the Navy’s hospital INS Asvini in an unconscious state. The two missing officers are Lieutenant Commander and Lieutenant. Leakage in the battery compartment led to the mishap and the sailors suffered suffocation. This accounts for the 10th accident where Navy’s warship was involved and and the 3rd submarine accident in the past 7 months. On August 14, submarine INS Sindhurakshak, sank after there was a major fire. This too happened off the Mumbai harbor and 18 crew members died in the accident.
The political alliances are gradually becoming order of the day and in keeping with the preparations for the Lok Sabha, Ram Vilas Paswan’s LJP has joined hands with BJP for the Lok Sabha elections. Before this a meeting of the Parliamentary Board of LJP was held. The party was not too pleased with the seat sharing process with RJD and Congress getting delayed. As per the sources, LJP does not have much of trust in RJD chief Lalu Yadav and that there are apprehensions that RJD may bring in dummy candidates for some seats in the same manner it did the last time. It is being said that BJP has an offer of 7 seats for LJP, which is looking for 9 seats in Bihar.
A non-bailable warrant has been issued by the apex court against Subrata Roy, the Sahara group chief for his failure to come in person to the court as it was ruled in the last hearing. The Supreme Court had given Roy the time till March 4 to comply with the orders. The Supreme Court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar, stated that a petition was made asking for exemption from appearing personally in the court but that was rejected. The case is pertaining to non-refund of money to investors. The apex court has now issued an NBW and has sent direction to Subrata Roy to be in person in the court on March 4. When the proceedings began the court asked whether Roy and the three directors of the two companies of Sahara group, Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited were there in the court or not. The court was informed that the directors of the two companies were there but Roy was unable to turn up as he had to visit his ailing mother urgently in Lucknow. Sahara had defaulted to deposit SEBI securities amounting to Rs19000 crore as a guarantee for the money to be returned to the investors.
The salary hike in 2014 is poised to be lowest in the decade as employers will go for a 10% salary hike as per a survey done by Aon Hewitt. This would be lowest in the decade except in 2009 when the economy was unstable due to financial crisis. For those employed in pharmaceutical, engineering services, chemicals and consumer goods, hike can be anywhere between 10-12%. The salary costs in these sectors form a small part of the total costs. Where the salary costs are a major chunk of the cost structure like in retail, hospitality and financial services, hike will be less than 10%. Performance is a key factor for the hike and the top performers can get on an average 15.3% hike in 2014.
Science and Technology
A US based non-profit organization is intending to come out with a novel project which is to provide free internet to everyone on this earth. The organization Media Development Investment Fund (MDIF) will be providing free internet to everyone beyond any location. The project will not take into consideration any censorship or filtering. For this project cube satellites will be constructed which will enable anyone having phone or computer to access the internet through number of ground stations. The organization specified that internet is not accessible by 40% of the population in the world, this project will help anyone right from Siberia to New York to access internet. The project though is expensive and will require $100,000 to $300,000. It has to be seen whether this initiative actually becomes a reality or not.