Daily GK Update 17 February 2015

Wholesale price index slips into negative zone

(i) Riding high on the fall in fuel prices, the wholesale price index (WPI) dipped to – 0.39 per cent in January. 

(ii) A fall in inflation has been recorded for the eighth consecutive month. Inflation was at 0.1 per cent in December.

(iii) The WPI plunged into the negative zone as the slide in fuel prices more than offset the increase in food prices, which continued to be high.

(iv) Negative WPI inflation reflects falling cost of production in the economy. It could eventually be reflected in consumer prices. Consumer price inflation hit 5.11 per cent in January, according to official data released last week.

(v) It captures inflation closest to producers and has a broader coverage of manufactured products. It does not capture price inflation in services.

‘Smart cities must be eco-friendly’

(i) The smart cities initiative gets under way in India, U.N. Special Envoy for Cities and Climate Change Michael Bloomberg has cautioned that global financial institutions are increasingly coming under pressure not to assist any development activity that does not adequately address environment and climate change concerns.

(ii) During a meeting with Union Urban Development Minister M. Venkaiah Naidu, Mr. Bloomberg, who has agreed to assist the Ministry in organising a ‘City Challenge’ competition for assessing cities and towns for inclusion in the smart cities development programme, emphasised that smart cities should be environment friendly.

(iii) Mr. Bloomberg pointed out that carbon emissions in New York had been reduced by 19 per cent and life expectancy increased by three years in the past few years.

Nokia India signs 3 year contract with HCL Infosystems

(i) Nokia India, a subsidiary of Microsoft Mobile Oy, has signed a three-year sales contract with HCL Infosystems to sell its mobile phones.

(ii) “NISPL (Nokia India Sales Private Ltd), subsidiary of Microsoft Mobile OY, and HCL Infosystems Ltd have signed a contract that will enhance the footprint of Microsoft Mobile devices across the organised trade and general trade channels and rural India,” HCL Infosystems said in a statement in the Bombay Stock Exchange.

(iii) HCL Infosystems has a network of over 1,00,000 retail outlets, 800 direct distributors and 12,400 channel partners across 15,000 towns and 664 districts in India.

Mahindra & Mahindra to launch electric car in Europe in August

(i) Homegrown auto major Mahindra & Mahindra to launch its electric car in Europe in August as it looks to tap rising demand for eco-friendly vehicles in the continent.

(ii) “The way electric vehicle technology is growing in Europe, we expect it to play an important role there. 

(iii) We are also looking at the opportunity to launch our electric vehicle there and expect to do so in next six months,” Mahindra & Mahindra Chief Executive, Automotive Division, Pravin Shah told PTI.

(iv) M&M had launched its small electric car e2o in India in 2013 and last year launched it in Bhutan. The company also sells the electric car in Nepal.

‘Humshakals’ leads nominations list at Golden Kela Awards

(i) Multi-starrer ‘Humshakals’, which was critically-panned, leads at the 7th Annual Golden Kela Awards nominations, with five nods including worst film, worst actor for Saif Ali Khan and worst director for Sajid Khan.

(ii) Golden Kela Awards is an Indian version of Golden Raspberry Awards and honours the worst in Bollywood.

(iii) ‘Humshakals’ is also nominated in the category of ‘most atrocious lyrics’ and for ‘Baawra Ho Gaya Hai Ke’ award.

(iv) These awards will be announced at a ceremony on March 14.

SBI to soon take call on Adani's $1 billion loan for Australian mining project 

(i) State Bank of IndiaBSE -0.08 % is in the process of completing the due diligence for the controversial $1 billion (Rs 6,200 crore) loan to Adani Group for its Australian mining project and take a final call on it soon. 

(ii) "The appraisal process is on. We have not yet taken a final call on the disbursement," sources close to the development said. 

(iii) In November last year, SBI had signed a pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia. 

(iv) The final decision on the Adani issue would be taken by the executive committee after due deliberations. 

Hero Women’s Professional Golf Tour: Vani Kapoor eyes her third title

(i) After a dominating victory at the Tollygunge Club, Vani Kapoor will look to keep the momentum going in the 5th Leg of the Hero Women’s Professional Golf Tour.

(ii) Vani currently leads the Hero Order of Merit with total earnings of Rs.4, 64,000 in four appearances and will start as firm favourite at the Bombay Presidency Golf Club.

(iii) Delhi youngster Vani Kapoor is expected to face tough competition from Hero Motocorp sponsored Shamila Nicollet and Kolkota golfer Neha Tripathi. 

(iv) Bengaluru’s Sharmila showed signs of her return to form with a second place finish in the last leg and is expected to press for victory this time. 

(v) Neha is placed third in the Hero Order of Merit with earnings of Rs. 2,38,000 and will try to close the gap at the top of the table.

Faisal Siddiqui appointed as South Asia President of HTC

(i) Faisal Siddiqui was on 16 February 2015 appointed as South Asia President of High-Tech Computer Corporation (HTC), Taiwanese smartphone maker. He succeeded Jack Yang, who left the company citing personal reasons.

(ii) With this, Siddiqui will lead the company in the region which includes India, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and other emerging markets in Asia.

(iii) Currently, Faisal Siddiqui is Vice President and Head of HTC India. Siddiqui will continue to retain this position along with the new one.

Cyclist Alberto Contador of Spain announced to retire from Cycling after 2016 season

(i) Alberto Contador, the two-time Tour de France winner, on 16 February 2015 announced that he will retire from professional cycling after the 2016 season. 

(ii) He announced his plan to retire at the presentation of the junior and under 23 Fundación Alberto Contador (Alberto Contador Foundation) at the Hotel Princess Eboli in his hometown of Pinto, Spain.

(iii) The 32-year-old Contador of Spain has won six Grand Tours in all during his career. 

(iv) He won the Tour de France in 2007 and 2009, the Giro d’Italia in 2008 and the Vuelta a Espana in 2008, 2012 and 2014.  

Punit Renjen appointed as CEO of Deloitte’s Global Operations

(i) Punit Renjen was on 16 February 2015 appointed as the Chief Executive Officer (CEO) of Deloitte Touche Tohmatsu Limited's Global Operations with effect from 1 June 2015.

(ii) Renjen will succeed Barry Salzberg. Currently, he is serving as Deloitte group's US business Chairman and CEO.

(iii) With this appointment, Renjen will be the first Indian-origin person to head a Big-Four audit firm. 

(iv) The other three firms in Big-Four group are PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG.

(v) Renjen has rich and wide experience of 27 years with Deloitte and has held a number of leadership positions, including chairman and CEO of Deloitte Consulting LLP.