Saturday, July 21, 2012

HEADLINES

• Even as the Congress Core group goes into discussion, the NCP has said that it with resign from the Govt and give outside support
• Microsoft said on Thursday that an accounting adjustment to reflect a weak online ad business led to its first quarterly loss in its 26 years as a public company

NATIONAL NEWS

• Crop damage from frost, cold now a natural calamity
  • From now on, damage to crops due to extreme cold or frost will be considered a natural calamity and the affected farmers will be eligible for financial relief from the National Disaster Response Fund (NDRF) or the State Disaster Response Fund (SDRF);
  • The Union Cabinet, at a meeting on Thursday, approved the recommendation of the Group of Ministers (GoM) on Drought to this effect. So far, crops damaged in natural calamities such as drought, floods, cyclone, earthquake, fire, flood, tsunami, hailstorm, landslip, avalanche, cloud burst and pest attack were eligible for relief under the SDRF and NDRF;
  • However, since the incidence of damage to crops in extreme cold or frost has gone up in recent years, the government set up the EgoM.
• Centre's nod for replacing word 'rape' with 'sexual assault'
  • The Union Cabinet on Thursday approved a proposal to replace the word “rape” with the phrase “sexual assault,” making it a gender-neutral offence, and identified acid attacks as a separate offence punishable by a maximum of 10 years;
  • Besides the two proposals that have been accepted, it has also been decided by the Cabinet that minors will be defined uniformly as a person below 18 years in both Cr.PC or IPC, which is now the legal age for minors;
  • Former member of the Law Commission of India and Supreme Court lawyer Kirti Singh said: “We welcome the approval by the Cabinet for replacing the word ‘rape’ with ‘sexual assault,’ but we are specific about our demand of the laws being gender-specific when it comes to adults. At present the offence is defined under Section 375 of the Indian Penal Code as per which a man is said to commit ‘rape’ in case he has sexual intercourse with a woman against her will. We had demanded that ‘rape’ also include forced oral and anal penetration; we are keen to see what the Government has approved.’’

INTERNATIONAL NEWS

• Planet that may support human life discovered
  • Astronomers have claimed to have discovered a planet that may be capable of supporting human life. The planet is 22 light years away and is formally known as Gliese 581g;
  • It is twice the size of earth It is known as a ‘Super Earth’ due to its ability to hold on to its gassy atmosphere, which increases its chances of retaining liquid. The scientists were not clear whether the liquid is frozen and stored under the surface or is flowing freely across the planet;
  • The planet exists in a band of perpetual twilight near its orbiting star known as the ‘Goldilocks Zone,’ an area like where earth is located that is not too hot or cold, but is just right for sustaining life;
  • Lead researcher Professor Vogt of the University of California said he named it ‘Zarmina’s World’ after his wife, and the planet has “churchly weather.”
• Syrian rebels capture key border crossings
• US cuts $650 million aid to Pakistan

EDITORIALS, OPINIONS & COLUMNS

• If you have time, read this article which discusses some novel ideas for democracy
• If you have time, read this article on the recent conviction of Thomas Lubanga by the ICC

ECONOMY & BUSINESS NEWS

• New LNG policy coming soon
  • With the worldwide production of liquefied national gas (LNG) expected to double within the next five-to-six years and demand in the country set to expand, the Petroleum and Natural Gas Ministry is coming up with a new LNG policy;
  • The policy will provide level-field for new and old terminal operators, offer free-to-market LNG at market-driven prices and make Petroleum and Natural Gas Regulatory Board (PNGRB) the regulatory body for giving licence for pipelines;
  • he policy is expected to lay the ground rules for an array of issues - setting up LNG terminals, qualification for setting up such terminals, their capacity, marketing of gas, laying pipelines;
  • According to documents floated by the Ministry and various stakeholders, the government has proposed that since the capex involved in LNG terminal is very high, the LNG terminal company should be given freedom to market LNG at market-driven prices in adjacent areas without restrictions of city gas distribution circles;
  • The PNGRB will be given the authority for granting permission for setting up captive/dedicated pipelines for transporting the fuel to the nearest market by the LNG player. It is also proposed that the LNG player should be asked to complete the project within six years from the date of registration, and the applicant has to start construction within two-and-a-half years from the date of registration.
• RBI levels the field for priority sector lending
  • The Reserve Bank of India (RBI), on Friday, said that foreign banks having 20 or more branches in the country will be brought on par with domestic banks for priority sector targets in a phased manner over a maximum period of five years starting April 1, 2013. “They will be required to submit an action plan for achieving the targets over a specific timeframe to be approved by the RBI,” it said while announcing the revised guidelines on priority sector lending;
  • Foreign banks with less than 20 branches will have no sub-targets within the overall priority sector lending target of 32 per cent. This is expected to allow them to lend as per their core competence to any priority sector category;
  • The RBI said that the revised guidelines aim at implementing the essence of recommendations of Nair Committee without dismantling the established and accepted structure of priority sector lending;
  • The RBI said that loans to micro and small service enterprises up to Rs.1 crore; all loans to micro and small manufacturing enterprises up to Rs.25 lakh and for housing in metropolitan centres above Rs.10 lakh and at other centres Rs.15 lakh would form part of priority sector lending as per the revised guidelines. Loans to food and agro processing units and individuals for educational purposes, including vocational courses up to Rs.10 lakh in India and Rs.20 lakh abroad would also be part of priority sector lending;
  • Loans for housing projects exclusively for economically weaker sections and low-income groups, provided the cost does not exceed Rs.5 lakh per dwelling unit, loans to distressed farmers indebted to non-institutional lenders, overdrafts up to Rs.50,000 in no-frills account, loans to state sponsored organisations for scheduled castes and scheduled tribes, loans to individuals for setting up of off-grid solar and other off-grid renewable energy solutions for households and loans to individuals other than farmers up to Rs.50,000 to prepay their debt to non- institutional lenders would also be part of priority sector lending.