Following are June 5th 2015 Current Affairs
India loses poultry case against United States at WTO
India imposed a ban on the import of poultry meats, egg and live pig from USA because of concerns related to bird flu in 2007. This ban was imposed as a precautionary measure to prevent spread of Avian Influenza.
- In 2012, USA filed a complaint against India at WTO. A panel was constituted to look into the matter. The panel found that India's measures were not based on international standards and were discriminatory.
- India went to the Dispute Settlement Board of the WTO to challenge the panel's decision. The appellate body upheld the panel's findings that India's measures were inappropriate and were not based on international standards.
- India lost the case and has 12-16 months for implementation of this ruling. Now, because of this ruling, USA will be able to export their poultry products to Indian market without any trade barriers. This will help US farmers and poultry industry to supply their products to Indian broiler meat consumers which has increased to 3.72 million tonnes in 2014 from 3.45 million tonnes in 2013.
- India claimed that the panel committed legal errors in its interpretation. According to the WTO norms, affected parties are allowed to dispute panel's ruling on the points of law. However, the dispute settlement process can't re-open factual findings made by the panel.
JNPT & MMB ink MoU for Vadhawan port in Maharashtra
- .Jawaharlal Nehru Port Trust (JNPT) and Maharashtra Maritime Board (MMB) have signed an MoU for the construction of green field port at Vadhawan in Thane district. The new port will have a capacity of over 60 million tonne per annum.
- The project involves an investment of Rs 6,000 crore, out of which JNPT will have 74% share while the remaining 26% will be balanced by MMB.
- This new port, whose foundation stone will be laid in December, will be used for the transportation of high quality coal in the Nashik and Bhusawal power generation plants run by the MahaGenco, among other purposes.The port development is expected to be complete in two years.
- The location is clear of fishing activities, and also has deep water depth contour of more than 20 meter which is a mere 4.5 nautical miles from the coast.
- The union minister for ports and shipping : Nitin Gadkari
Solar power capacity touches 4,000 MW, Rajasthan races ahead of Gujarat
- India has crossed the 4000 MW mark in the total installed solar capacity.
- Maharashtra and Tamil Nadu are following closely. Some new states such as Uttar Pradesh, Punjab and newly formed Telangana are also joining the elite solar power generating group.
- India is likely to add 1.7 GW by the end of December, according to a study made by, a leading consultancy firm, Bridge to India - monitoring foreign investment in Indian renewable energy space. With 2.7 GW of expected capacity addition in 2015, India will likely surpass Germany and reserve a global top 5 spot for new yearly capacity addition.
- Senior Manager- Consulting at Bridge to India : Jasmeet Khurana
- India needs to add close to 15,000 Mw every year to meet 1 lakh MW target by 2022.
India and Netherlands signed agreements to enhance bilateral cooperation
Recently, Intergovermental agreements between India and Netherlands have been signed in New Delhi in order to enhance the bilateral cooperation between the two nations. The agreements were signed in the presence of Indian PM Mr Narendra Modi and PM of Netherlands Mr Mark Rutte after the discussions held between the leaders regarding regions and the world in general.
• Netherlands PM Mark Rutte is on two day visit to India.
• Indian PM Modi said both the nations are going to be benefitted from bilateral and multilateral collaboration in terrorisms, defence, maritime security and cyber security etc..
Various agreements signed are
• Agreements on manufacturing of dredgers at the Cochin Shipyard.
• Agreements in the production of Measles and Rubella vaccines in India with technology transfer from Netherlands.
• Agreements in the development of coastal roads and metro lines in India.
• Joint Working Group on skill development agreement.
• Developing Joint pilot project for electric vehicle ecosystem in India in the renewable energy is another agreement.
• Setting up centres of excellence in areas like animal husbandry and horticulture etc agreement.
• Agreement on setting up Joint Working Group on Counter Terrorism .
• A dutch team would would be visiting India sooner for drawing a roadmap for collaboration in National
Fortune released 61st edition of list of top 500 companies
The 61st edition of the annual list of top Global 500 companies was released by Fortune Magazine. Retail chains goliath - Walmart topped the list, with total revenue of $ 485.6 billion. It was followed by Exxon Mobil, Chevron and Berkshire Hathaway at the 2nd , 3rd and 4th position respectively. Mobile-maker giantApple, settled in on the 5th spot.
- The top five spots of 2015 list remains unchanged from that of 2014 and Apple was the most profitable company with an annual profit of $ 39.5 billion followed by Exxon Mobil ($ 32.5 billion).
- Facebook witnessed the highest leap in rankings (from 341 to 242). Some of the new players to enter the list includes : Salesforce.com, Netflix,Expedia.
- Microsoft, Google, IBM, Intel and Oracle are some of the companies, who are included in the top 20 in terms of profit but not in terms of revenue.
- The total revenue of the Fortune 500 companies increased by 2.6 percent in 2014-15. The total profits however were down by 12.6 per cent to 945 billion US dollar. These Fortune 500 companies report for $ 12.5 trillion in revenues, $ 945 billion in profits, $ 17 trillion in market value, alone. They employ 26.8 million people worldwide.
IREDA awarded Miniratna ( Category-1) status by the Department of Public Enterprises
Recently, IREDA or Indian Renewable Energy Development Agency Limited, was presented with the Miniratna( category-1) status by the department of public enterprises under the Union Ministry of Heavy industries and Public Enterprises.
• Union Ministry of New and Renewable Energy MNRE recommended the proposal of conferring miniratna status for IREDA.
• For IREDA, the ceiling on equity investment for the establishment ofof JV and subsidaries in India will be 15% of its networth in one project limited to 500crore rupees.
Volvo India appointed Tom von Bonsdorff as Managing Director
- Tom von Bonsdorff is the new Managing Director of Volvo Auto, India replacing Tomas Ernberg, who is being posted back to Sweden for a new role.
- Bonsdorff is the Market Area Director, Asia Region presently. He has a career of 17 years in Volvo, working in various operational and managerial positions in countries like US, Sweden and Finland.
- Volvo Auto India sells five luxury models -- Volvo S80, Volvo S60, Volvo XC60, Volvo V40 Cross Country and Volvo XC90 in Indian market presently.
- Volvo Cars Group, Vice President, Asia-Pacific : Jari Kohonen
Infosys appoints Seshasayee as its Chairman, Kamath steps down
- Software giant Infosys, announced that the company's board had approved the appointment of Mr Seshasayee as Non-Executive Chairman of the Board with immediate effect. KV Kamath, due to his nomination as the President of BRICS bank, New Development bank, would step down from his position as Infosys Chairman of the Board according to a press statement.
World Environment Day 2015 - June 5
- World Environment Day (WED) is celebrated every year on 5 June to raise global awareness to take positive environmental action to protect nature and the planet Earth. The United Nations Environment Programme (UNEP)runs it.
- World Environment Day 2015 Theme: 'Seven Billion Dreams; One Planet; Consume with Care'
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