Egypt got country’s first freely elected President

Egypt got country’s first freely elected President, Mohamed Morsy, succeeding Hosni Mubarak who was ousted 16 months ago. Mohamed Morsy was sworn in Saturday before Egypt’s highest court.

New ISAC director appointed

K. Shivakumar, scientist and associate director of the Indian Space Research Organisation Satellite Centre (ISAC) took over as its director, succeeding T. K. Alex.
ISAC at Bangalore is engaged in developing satellite technology and implementation of satellite systems for scientific, technological and application missions.

Current account deficit soars

According to The Reserve Bank of India (RBI), the Current Account Deficit (CAD) rose to $78.2 billion (4.2 per cent of gross domestic product (GDP)) in 2011-12 from $ 46 billion (2.7 per cent of GDP) in 2010-11, “largely reflecting higher trade deficit on account of subdued external demand and relatively inelastic imports of oil and gold and silver”.
It also said that foreign exchange reserves declined by $12.8 billion for the year ended March 31, 2012, against an increase of $13.1 billion during the previous year.
“The stress witnessed in India’s Balance of Payments (BoP) in the third quarter continued during the fourth quarter of 2011-12 as well due to large increase in imports,” the RBI said.

Paraguay’s President removed through impeachment

Paraguay’s Senate removed President Fernando Lugo from office in a rapid impeachment trial on Friday, and the leftist former priest said he was stepping aside even though he considered his ouster a blow to democracy.

Vice-President Federico Franco was promptly sworn in as President after tense hours during which Mr. Lugo’s supporters massed in the streets facing off with riot police. The outgoing President, who was elected on pledges of helping the poor, averted the potential for a bigger conflict by appearing on television and saying he would comply with the Senate’s vote.

Raja Parvez Ashraf: New Pak PM

Raja Parvez Ashraf, a Pakistan Peoples Party (PPP) loyalist elected new PM with 211 votes in the National Assembly, well above the halfway mark of 172.  Raja Parvez Ashraf, enters the office with a corruption case, already in the Supreme Court, that earned him the nickname ‘Raja Rental’.

Huge penalty slapped on cement firms for cartel sale

Competition Commission of India (CCI) has slapped a hefty penalty of over Rs.6,300 crore on 11 cement producers, who were found violating the provisions of the Competition Act, 2002. The Act deals with anti-competitive agreements, including cartels.

The Commission has imposed a penalty on them “at 0.5 times of their profits for the years 2009-10 and 2010-11.’’

The 11 cement firms are: ACC, Ambuja Cements, Ultratech Cements, Grasim Cements (now merged with Ultratech). J.K. Cements, The India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.

India offers $10 billion to fight eurozone crisis

India pledged $10 billion to the International Monetary Fund (IMF) to help Eurozone countries out of the current crisis and prevent adverse fallout on emerging economies.

“The International Monetary Fund has a critical, supportive role to play in stabilizing the Eurozone. All members must help the fund to play this role,” the Prime Minister told the G20 Summit  at LOS CABOS (Mexico) on Monday. “I am happy to announce India has decided to contribute $10 billion to IMF’s additional firewall of $430 billion,” he said, also appealing to countries with surpluses, such as China, to make similar contributions.

Mehdi Hassan passed away in Karachi

India-born Ghazal legend Mehdi Hassan, the melodious voice behind many evergreen hits died on June 13 following multiple organ failure at the age of 84.

Hassan, who had millions of fans in India and Pakistan, had been admitted to the Agha Khan Hospital in the southern port city of Karachi some days ago. He had been in a serious condition and was on ventilator.

Finally Greece got new PM

Greece ended its protracted political impasse on Wednesday, swearing in Antonis Samaras as new prime minister to lead a largely pro-bailout coalition tasked with saving the country’s place in the eurozone and easing a European financial crisis with global repercussions.

Antonis Samaras, became the fourth prime minister in eight months.

Pak Supreme Court disqualified Yusuf Raza Gilani as Prime Minister

Pakistan Supreme Court disqualified Yusuf Raza Gilani(Pakistan People’s Party) as Prime Minister in the wake of his conviction for contempt in April.
The PPP, which continues to enjoy a majority in the National Assembly with its coalition partners, announced it would consult allies and its legislators to finalise a replacement for Mr. Gilani.

Moody’s says India is in stagflation

Global financial services firm Moody’s said Indian economy is in stagflation, where growth is slow and inflation high, and cautioned that the Reserve Bank cannot go aggressive in cutting interest rates.

“India’s economy is in stagflation, with notably weaker growth but inflation still stubbornly high,” said Glenn Levine, Senior Economist, Moody’s Analytics.

Third Youth Asian games in a Sri Lankan port town

Sri Lanka’s southern port town of Hambantota awarded the third Youth Asian games in 2017. Which failed to win the bid to host the 2018 Commonwealth Games last year when it lost to Australia’s Gold Coast.

What is ICANN?

Internet Committee for Assigned Names and Numbers is the nonprofit organization that oversees the use of Internet domains. ICANN is responsible for the coordination of the global Internet's systems of unique identifiers and, in particular, ensuring its stable and secure operation.

Head Quarters :- Marina del Rey, California, U.S.

India's oil imports hit new record

India’s oil import bill leaped 40 per cent to a record $140 billion in Financial Year 2011-12, Oil Minister S Jaipal Reddy said.

Speaking at the 5th OPEC International Seminar in Vienna, Reddy said it was “estimated that a sustained $10 increase in oil prices lead to a 1.5 per cent reduction in the GDP of developing countries“.

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Nadal makes history by winning French Open

Nadal claimed French Open title by defeating  Novak Djokovic in their men's final match and overtook Sweden's Bjorn Borg, who won six Roland Garros titles, and ended Djokovic's hopes of becoming the third man to win four consecutive Grand Slam events. 

Bhupathi-Sania win French Open mixed-doubles title

Sania Mirza and Mahesh Bhupathi won their second Grand Slam title and first French Open trophy together after crushing Klaudia Jans-Ignacik and Santiago Gonzalez 7-6(3), 6-1 in the mixed doubles final on Thursday.

New CEC will take charge on 11th June

V S Sampath will take charge charge as the next Chief Election Commissioner on June 11, replacing S Y Quraishi according to a government notification. President Pratibha Patil had cleared his appointment.