India's first nuclear submarine heads for sea trials
(ii). While it was "a baby step" towards making the country's first indigenous nuclear submarine fully-operational, given that INS Arihant will now first undergo a whole host of surface sorties and then "dived" ones with test-firing of its ballistic missiles over the next 18 months, it did mark a significant milestone towards building a long-awaited credible nuclear weapons triad.
Record Manmohan’s statement: Court tells CBI
(i). The Central Bureau of Investigation was on Tuesday directed by a special court to record statements of former prime minister Manmohan Singh, who was holding charge as Coal Minister in 2005, and others in a coal blocks allocation scam case allegedly involving top industrialist Kumar Mangalam Birla.
(ii). Refusing to accept CBI’s closure report filed in the matter, Special CBI Judge Bharat Parashar said, “I have ordered further investigation. I desire that statements of the then minister of coal (Manmohan Singh) be recorded besides other officials.”
New Silk Road needs SCO security cover, says China
(i). China is pushing for a collective security arrangement, with Russia and Central Asian countries as partners, which would focus on countering mega-terror strikes along the New Silk Road.
(ii). On Monday, visiting Chinese Prime Minister Li Keqiang, proposed in Astana, the capital of neghbouring Kazakhstan, that the Shanghai Cooperation Organisation (SCO)—a six nation grouping led by Beijing and Moscow---should become the guardian of Eurasia.
Atal Bihari Vajpayee may be chosen for Bharat Ratna(i). Speculation is rife that former Prime Minister Atal Bihari Vajpayee may be named for the country's highest civilian award Bharat Ratna on his 90th birthday on December 25.
(ii). Sources said Prime Minister Narendra Modi would take a call on it and may make the announcement on Vajpayee's birthday, which will be observed as good governance day.
Karmali - LTT AC Superfast trains from December 18
(i). Konkan Railway will run AC Superfast Express train on Konkan route in co-ordination with Central Railway.
(ii). The details are as follows: Train No. 22115 Lokmanya Tilak (Terminus)-Karmali AC Superfast Express train will leave from Lokmanya Tilak (T) at 1:10am with effect from December 18, every Thursday. The train will reach Karmali at 11am same day.
'BRICS expediting efforts to set up New Development Bank at the earliest'
(i). India has said it has begun the internal process to set up the $100 billion New Development Bank (NDB) aimed at funding projects in developing nation, and hoped other BRICS members would also finalise the instruments of ratification at the earliest.
(ii). “India has initiated the internal process of ratification of the (Inter-Governmental) Treaty and we are hopeful that other members would also finalise their instruments of ratification soon,” said Indian Ambassador to China Ashok K. Kantha.
IOC is India's biggest company: Fortune 500 list
(i). State-run Indian Oil Corporation is the country's largest company in terms of revenue, followed by Reliance Industries and Bharat Petroleum in the second and third place respectively, according to the Fortune 500 list of Indian companies for 2014.
(ii). Indian Oil Corp (IOC) tops the chart with an annual revenue of Rs 5,00,973 crore, while Mukesh Ambani-led Reliance Industries Ltd's (RIL) full-year revenue is Rs 4,44,021 crore.
RBI allows banks to recast large project loans
(i). Hundreds of road, power, steel and other large projects that are stuck because of their
(ii). With the RBI allowing restructuring of even those loans that have been declared in default, there is hope that a large chunk of bad loans will be eventually upgraded.
(iii). "Until now, banks were focused on a 'fault finding' mission after a default. Now they will go in search of profits," said Nirmal Gangwal, founder and MD, Brescon Corporate Advisors, a firm that advises banks on bad loans. Gangwal said that banks have enough powers to use as a stick against borrowers, including laws to attach assets and the power to convert debt to equity
New Silk Road needs SCO security cover, says China
(i). China is pushing for a collective security arrangement, with Russia and Central Asian countries as partners, which would focus on countering mega-terror strikes along the New Silk Road.
(ii). On Monday, visiting Chinese Prime Minister Li Keqiang, proposed in Astana, the capital of neghbouring Kazakhstan, that the Shanghai Cooperation Organisation (SCO)—a six nation grouping led by Beijing and Moscow---should become the guardian of Eurasia.
(iii). Mr. Li was amplifying the Chinese President Xi Jinping’s proposal of establishing an economic belt along New Silk Road, which would run through Eurasia, hosting a network of roads, railways, energy pipelines and fiber optic highways.
Supreme Court to examine amendment to BCCI rules
(i). The Supreme Court on Monday decided to examine amendment 6.2.4 brought by the BCCI in February 2008 that excluded IPL and Champions League from the purview of conflict of interest.
The amendment enabled BCCI office-bearers to own and promote teams for the two events.
(ii). The decision by a Bench led by Justice T.S. Thakur came when former BCCI president and intervenor in this case, I.S. Bindra, said the amendment was “the heart of the problem” and “because of this, greed has come into the game.”
Tough test for Saina, Srikanth in WSS final(i). Shuttlers Saina Nehwal and K. Srikanth will have a tough task at hand when they lead the Indian challenge in the World Super Series final starting in Dubai on Wednesday.
(ii). A tough draw awaits Saina as she has been clubbed with China’s Shixian Wang, Koreans Ji Hyun Sung and Yeon Ju Bae in Group A, while Srikanth has been handed a relatively easy draw with Jan O Jorgensen of Denmark, Kento Momoto of Japan and Tommy Sugiarto of Indonesia in Group B.
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