Current Affairs For Bank, IBPS Exams - 09 January, 2014

Current Affairs For Bank, IBPS Exams

World stock markets were muted amid concern an improved U.S. economy might prompt the Federal Reserve to reduce its stimulus faster than previously expected.
Crude rose as expectations of greater heating oil demand in chilly North America offset signs of weak gasoline demand.
A survey that showed U.S. employment increased in December prompted concern the Fed might accelerate the process of winding down bond buying that has supported stock prices. The Fed has been buying $85 billion of bonds a month in a strategy dubbed quantitative easing, or QE, but said in December it will trim that by $10 billion to $75 billion beginning this month.
In Europe, France’s CAC 40 gained 0.1 to 4,264.02 while Germany’s DAX dropped 0.1 per cent to 9,491.49. Britain’s FTSE 100 was steady at 6,720.99.
Tokyo’s Nikkei 225 shed 1.5 per cent to 15,880.3 and China’s benchmark Shanghai Composite Index fell 0.8 per cent to 2,027.62. Hong Kong’s Hang Seng dropped 0.9 per cent to 22,787.33.
Elsewhere in Asia, Taiwan’s Taiex was down 0.5 per cent and Seoul’s Kospi fell 0.7 per cent. Sydney’s S&P/ASX 200 added 0.2 per cent to 5,324.40.
In the United States, payroll processor ADP said companies added 238,000 jobs in the U.S. in December, up slightly from 229,000 in the previous month. November’s figures were also revised higher.

The government decided to retain 100% foreign direct investments (FDI) for existing pharmaceutical companies setting aside the speculation that the limit, if not curbed could eventually encourage a hike in cost of medicines.
FDI in the pharmaceutical sector jumped by 86.5% to $1.08 billion during April-October period of the current fiscal amid concerns over continuous mergers and acquisitions of domestic drug makers by multinationals.
In the past one year, a number of multinational companies have tried to acquire Indian pharmaceutical companies leading to fears that these companies will stop producing essential and generic drugs in the country that will result in increase in the cost of medicines.
India had allowed 100% FDI in the pharma sector through the automatic approval route in 2002.
In its proposal, the Department of Industrial Policy and Promotion (DIPP) had said that the acquisition of Indian pharma companies will severely impact availability and affordability of generic medicines in the country and recommended a reduction in the FDI cap to 49% from 100% in rare or critical pharma verticals. In September 2013, the government cleared the US based Mylan’s FDI proposal.

Tata Group has opened its fourth international nodal office in Singapore to help group companies grow faster in ASEAN region (Association of Southeast Asian Nations).
Tata Sons the investment holding company of the group today said that it appointed K V Rao, a former civil servant of Singapore, as resident director for ASEAN – Tata Sons. Rao is also managing director of Trust Energy Resources, a subsidiary of Tata Power.
ASEAN comprises ten countries located in Southeast Asia including Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei ,Myanmar, Cambodia, Laos and Vietnam. More than 15 companies of Tata Group already has their presence in Singapore in diverse areas employing over 3,100 people and assets over $7 billion.
Tata Technologies, the engineering and design company of the group, has its headquarter in Singapore. Besides group firms such as Tata Motors and Tata Power have respectively made inroads in countries such as Indonesia and Vietnam.
The $100 billion Tata Group is aiming for $500 billion turnover target by 2022. This would require aggressive inorganic route across the globe to seek new opportunities. Group’s recent focus on Africa and ASEAN would help it achieve the same.

World number ones of both men and women's tennis, Rafael Nadal and Serena Williams, have reportedly been made the top seeds at the Australian Open, which begins on Jan 13 at Melbourne Park.
Defending champion and world number two Novak Djokovic have been made second-seeded, followed by Spaniard David Ferrer at third, Wimbledon champion Andy Murray at fourth, Argentine Juan Martin del Potro at fifth and 17-time Grand Slam champion Roger Federer at sixth.
According to Sport24, on the women's side, defending champion Victoria Azarenka is No 2, followed by Maria Sharapova, Li Na, Agnieszka Radwanska and former Wimbledon champion Petra Kvitova in sixth.
The report mentioned that the 32 seeds were only altered twice from the rankings, both because of injuries, with No 29-ranked Jurgen Melzer not playing due to a left shoulder injury and Maria Kirilenko, who would have been seeded 18th, having a left knee injury.