India and Afghanistan signed MoUs under SDP Scheme

India and Afghanistan on 30 July 2013 signed memoranda of understanding (MoUs) in Kabul for implementing 60 projects in ten Afghan provinces under the Small Development Projects (SDP) scheme.

The MoUs signed by Afghan Minister of Economy Abdul Hadi Arghandiwal and Indian Ambassador Amar Sinha in Kabul are related to the third phase of the SDP scheme and will be completed in the next four years.

100 million dollar SDP scheme was announced during Prime Minister’s visit to Afghanistan in May 2011. The first two phases of the scheme with a total outlay of 20 million dollars are nearing completion.

The scheme has been designed by Indian government to address the developmental needs of mainly rural communities in far-flung areas of Afghanistan.

SN Hanumantha Rao, the Former Indian Test Umpire Passed Away at 83

SN Hanumantha Rao, the former Indian Test umpire passed away on 29 July 2013 at a private hospital in Karnataka. He was 83 years of age.  He is survived by his wife, two sons as well as a daughter.

Life Sketch of SN Hanumantha Rao

• SN Hanumantha Rao was born on 4 September 1929.
• He was the umpire in nine Test matches from 1978 to 1983 against England, Pakistan and West Indies.
• He also umpired two ODIs against Sri Lanka and England.
• Apart from this, he remained an umpire in 16 first class matches.
• He had also remained the BCCI Match Referee.
• He debut as the Test umpire was from 1 December 1978 to 6 December 1978 in Mumbai, in a match between India and West Indies.
• His final umpiring in the Test match was also in the India-West Indies match, from 12 November 1983 to 16 November 1983 in Ahmedabad.

Yes Bank became the First Lender in India to hike Deposit Rates

Yes Bank became the first lender to hike lending and deposit rates. Others may follow as the RBI move has tightened liquidity in the markets. Yes Bank said it would hike its deposit rates by 0.25 percent to 0.5 percent in select tenors effective from 1August 2013. Yes Bank took this step following the RBI’s decision to keep key policy rates unchanged and cut growth forecast.

This provides an opportunity for retail depositors to lock in higher rates on term deposits. The bank has also decided to hike its base rate by a quarter percent to 10.75 percent effective from Thursday. This will make lending by the bank costlier.
In the first quarter review of the monetary policy, the RBI had left all key policy rates unchanged to support the Rupee to stay stable. The repurchase, or the repo rate, the interest that commercial banks pay to the RBI on short-term borrowings, has been left unchanged at 7.25 percent, and so has the reverse repo rate at 6.25 percent.

The cash reserve ratio (CRR), or the share of deposits banks must keep with the central bank, is also maintained at 4 percent. Earlier this month, the central bank had taken a number of measures to squeeze liquidity out of the banking system, in order to ensure stability in the currency markets.

Yes bank is India’s fourth largest private sector lender.

Scientists decoded Human Brain's ability to Pay Attention

Scientists from Dartmouth's Geisel School of Medicine and the University of California, Davis studied communications between synaptically connected neurons under conditions where subjects shifted their attention toward or away from visual stimuli that activated the recorded neurons.

The Scientists were able to demonstrate that attention operates at the level of the synapse to improve sensitivity to incoming signals, sharpen the precision of these signals and selectively boost the transmission of attention grabbing information while reducing the level of noisy or attention-disrupting information.  They reached this conclusion using the highly sensitive measure of attention’s on neuron-to-neuron communication. The scientific results point to a novel mechanism by which attention shapes perception by selectively altering presynaptic weights to highlight sensory features among all the noisy sensory input.

While scientific findings are consistent with other reported changes in neuronal firing rates with attention, they go far beyond such descriptions, revealing never-before tested mechanisms at the synaptic level. In addition to expanding our understanding of brain, this scientific study could help people with attention deficits resulting from brain injury or disease, possibly leading to improved screening and new treatments.

Prasar Bharti and Australian Network signed an Agreement

Prasar Bharati and the Australian Network on 30 July 2013 signed an agreement to strengthen the partnership between the two public broadcasters. The accord was signed by Prasar Bharti CEO Jawahar Sircar and ABC International CEO Lynley Marshall in New Delhi. With the agreement, ABC International will be available on DD Direct plus from 1 November 2013.  It will allow the channel to be shown along with 59 other channels on Doordarshan's DTH platform.

The partnership between the two public broadcasters will help build better understanding between people of both the countries. The partnership between Prasar Bharati and the Australian broadcaster will cover other areas like co-production activities, exchange of TV programmes, exchange of radio programmes and aspects.

The US Senate Approved James Comey to be the Next Director of FBI

The Senate of US approved the decision of Barack Obama to choose James Comey as the next director of Federal Bureau of Investigation (FBI). On 29 July 2013, James Comey was supported by the Senators with the vote of 93-1. He will be replacing Robert Mueller, who had remained the Director of FBI since 2001.

Life History of James Comey

• James Brien Comey was born on 14 December 1960.
• He is an American political figure.
• He had remained as the United States Deputy Attorney General during the administration of President George W. Bush, from December 2003 through August 2005.
• As the Deputy Attorney General, he was the second-highest ranking official in Department of Justice (DOJ) of America.
• He was also the U.S. Attorney for the Southern District of New York before being the Deputy Attorney General.
• He became the General Counsel at Bridgewater Associates in the year 2010.
• Earlier in 2013, he became the Senior Research Scholar and Hertog Fellow on National Security Law at Columbia Law School.
• He had also remained a part of London-based board of directors of HSBC Holdings.

James Comey’s FBI Nomination- a Background

In May 2013, James Comey was reportedly nominated for the post of Director of FBI. In June 2013, it was declared officially that President Barack Obama will be nominating James Comey to lead FBI. He was chosen over Lisa Monaco, who in turn, had overseen the security issues of US at the Justice Department during the attack on the U.S. consulate in Benghazi, Libya on 11 September 2012. Finally, on 29 July 2013, it was confirmed that the Senate gave approval for James Comey to be the Director of FBI for a complete 10-year term.

About the Federal Bureau of Investigation

• The Federal Bureau of Investigation (FBI) is the US Agency belonging to United States Department of Justice.
• FBI was formed in the year 1908 as the Bureau of Investigation (BOI). In 1935, it was re-named as Federal Bureau of Investigation (FBI).
• The headquarters of FBI are located in Washington, D.C.
• It serves as the counterintelligence (internal intelligence agency) as well as federal criminal investigative body of the US.
• It also investigates the crimes on Native American reservations in the United States under the Major Crimes Act

Union Government to launch Bharat Mobile Scheme

The Union government of India on 30 July 2013 planned to launch Bharat Mobile Scheme under which one member of every rural household who has completed 100 days of work under MGNREGA can get free mobile device. The new scheme is aimed at empowerment. The mobile may be provided per household preferably to a woman and the handset will come with a three-year warranty.

The mobile device for The Mahatma Gandhi National Rural Employment Guarantee Act workers will be non-transferable as it will also be customized for transfer of benefits of different government programmes like direct cash transfers scheme.

According to initial proposal, selected telecom operators will be asked to provide mobile devices. Distribution would be done by the service providers in coordination with district administration. The mobile numbers in the device is expected to work as first level authentication to identify and inform the beneficiary of scheme, sources said. Around 5 crore households have been provided work in year 2012-13.

The proposal for Bharat Mobile Scheme was mooted by Planning Commission of India.

India defeated Nepal to lift Under-16 SAFF Football Title 2013

Indian boys defeated Nepal 1-0 in final to lift the South Asian Football Federation Under-16 Championship title in Kathmandu on 30 July 2013.The match was played at the Dashrath stadium. It was the second edition of the championship.

The early and spectacular goal by defender Jerry Lalrinzuala through a long ranger turned out to be the match winner. India was represented by All India Football Federation's Regional Academy. India scored its first goal in the 18th minute.

The early goal, which stunned the home crowd to silence, turned out to be the match-winner. India remained unbeaten in the biennial tournament.

The Indian lads, who led 1-0 at halftime, maintained the pressure on the opposition team.Bangladesh won the third place, defeating Afghanistan 1-0 in the other match played for the third position.

Mamnoon Hussain defeated Wajihuddin Ahmed to be the President of Pakistan

Mamnoon Hussain was elected as the 12th President of Pakistan on 30 July 2013. 73-year old Mamnoon Hussain belonged to the PML-N Party. He will be administered the oath on 9 September 2013.
Mamnoon Hussain succeeded Asif Ali Zardari. Mamnoon Hussain competed against the ex-judge Wajihuddin Ahmed of Pakistan Tehreek-e-Insaf party. Raza Rabbani of Pakistan People’s Party was withdrawn as a competitive candidate.
About Mamnoon Hussain
• Mamnoon Hussain was born on 2 March 1940 in Agra, India.
• He is the textile businessman and politician of Pakistan.
• He briefly served as the Governor of Sindh in the year 1999.
• He migrated to Pakistan from India in 1954.
• He earned the degree from the Institute of Business Administration (IBA) in Karachi in 1960s.
• Mamnoon Hussain had, also remained the president of the Karachi Chamber of Commerce and Industry. - See more at: http://www.jagranjosh.com/current-affairs/mamnoon-hussain-defeated-wajihuddin-ahmed-to-be-the-president-of-pakistan-1375262479-1#sthash.X0e40D5k.dpuf

Mamnoon Hussain, the India-Born Pakistani Businessman, Elected as the President of Pakistan

Mamnoon Hussain, the India-born Pakistani businessman was on 30 July 2013 elected as the 12th President of Pakistan. 73-year old Mamnoon Hussain, who belonged to the PML-N Party, will join the office on 9 September 2013.
Mamnoon Hussain succeeded Asif Ali Zardari, who did not go for re-election. The presidential office of Pakistan will be vacated on 9 September 2013 by the incumbent Asif Ali Zardari, as his term of 5 years ended. Mamnoon Hussain became a clear winner, in comparison to ex-judge Wajihuddin Ahmed of Pakistan Tehreek-e-Insaf party. Raza Rabbani of Pakistan People’s Party was withdrawn by the Party.
Life Sketch of Mamnoon Hussain
• Mamnoon Hussain was born on 2 March 1940 in Agra, India.
• He is the textile businessman as well as politician of Pakistan.
• In the year 1999, he briefly served as the Governor of Sindh.
• He migrated to Pakistan from India in 1954.
• He earned the degree from the Institute of Business Administration (IBA) in Karachi in 1960s.
• Mamnoon Hussain had, at some point of time, also remained the president of the Karachi Chamber of Commerce and Industry.
Background
The Supreme Court of Pakistan on 23 July 2013 ordered the Election Commission of Pakistan to hold the Presidential election on 30 July 2013. The decision of the Supreme Court of Pakistan was issued following the petition filed by, Raja Zafarul Haq, the PML(N) leader, who pleaded the court that a large number of Parliamentarians, who will cast vote in the election would precede for Umrah and observe Aitakaf, during the last ten days of Ramazan. Earlier, the Presidential election of Pakistan was scheduled to be held on 6 August 2013.
The Election Process of President of Pakistan
The polling for the Presidential elections in Pakistan started amidst tight security on 30 July 2013. More than 1000 members of Majlis-e-Shoora (the Parliament of Pakistan), as well as four provincial assemblies cast their votes in the Presidential elections.
The unofficial results declared that Mamnoon Hussain had secured 277 votes in all, from Senate and National Assembly.
Mamnoon Hussain required a total of 263 votes for winning. His competitior, Wajihuddin Ahmed, on the other hand got merely 34 votes, while 3 votes were rejected by the polling staff.
• Khyber Pakhtunkhwa Assembly: 110 voted in all for the presidential poll. 69 MLAs voted in favour of Wajihuddin Ahmed and 41 voted for Mamnoon Hussain.

• Sindh Assembly: 69 in all, voted for the presidential poll. 64 votes went in favour of Mamnoon Hussain, while 5 votes were polled for Wajihuddin Ahmed.
• Balochistan Assembly: 56 voted in all. 55 voted in favour of Mamnoon Hussain and 1 was given to Wajihuddin Ahmed.

• Punjab Assembly: 337 voted in all. Mamnoon Hussain secured 313 votes, while Wajihuddin Ahmed won 24 votes.
Overall, Mamnoon Hussain secured 432 votes, while Wajihuddin Ahmed secured just 77 votes.
According to the Part III: Chapter 1: The President- [Article 41] of the Constitution of Pakistan, The President  shall be elected in accordance with the provisions of the Second Schedule by the members of an electoral college consisting of:
(a) The members of both Houses; and
(b) The members of the Provincial Assemblies.
Election to the office of President shall be held not earlier than sixty days and not later than thirty days before the expiration of the term of the President in office:
Provided that, if the election cannot be held within the period aforesaid because the National Assembly is dissolved, it shall be held within thirty days of the general election to the Assembly.
(5) An election to fill a vacancy in the office of President shall be held not later than thirty days from the occurrence of the vacancy:
Provided that, if the election cannot be held within the period aforesaid because the National Assembly is dissolved, it shall be held within thirty days of the general election to the Assembly.
(6) The validity of the election of the President shall not be called in question by or before any court or other authority.
Some Important Facts
• Mamnoon Hussain is an India-born resident of Pakistan and was elected as the 12th President of Pakistan.
• He was born in historic Agra city and belongs to Urdu-speaking ethnic group which migrated to Pakistan during partition in 1947.
• In Pakistan, the office of President is ceremonial. However, the President is still the Constitutional chief of the armed forces. He/she cannot order the deployments.
• The President of Pakistan appoints the services chiefs, but after recommendation from the Prime Minister.
• So far, Pakistan has had 11 Presidents. Out of these, five have been military generals. Four of these illegally received powers through the coups.
• The first President of Pakistan- Major Sikandar Mirza was elected in the year 1956 after adoption of the first constitution.
Constitution of Pakistan: Part III: Chapter 1: The President (Article 41-49)
• There shall be a President of Pakistan who shall be the Head of State and shall represent the unity of the Republic.
• A person shall not be qualified for election as President unless he is a Muslim of not less than forty-five years of age and is qualified to be elected as member of the National Assembly.
Article 42: Oath of President
• Before entering upon office, the President shall make before the Chief Justice of Pakistan oath in the form set out in the Third Schedule.
Article 44: Term of office of President
• Subject to the Constitution, the President shall hold office for a term of five years from the day he enters upon his office: Provided that the President shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office.
• Subject to the Constitution, a person holding office as President shall be eligible for re-election to that office, but no person shall hold that office for more than two consecutive terms.
• The President may, by writing under his hand addressed to the Speaker of the National Assembly, resign his office

President of Ireland signed the Abortion Bill into Law

President of Ireland, Michael D Higgins on 31 July 2013 signed the bill (Government’s Protection of Life during Pregnancy Bill) into law. The bill, overwhelmingly passed by both houses of the Irish parliament in July 2013, permits abortions only in cases where doctors deem the woman's life at risk from continued pregnancy. The law comes in the wake of the tragic death of Savita Halappanavar, 31, on 28 October 2012 of blood poisoning as a result of a miscarriage. Savita was reportedly denied a potentially life-saving abortion. The new legislation, which replaces 146 years old British era law, also permits abortions to alleviate life-threatening conditions, including a woman's own threat to commit suicide if refused a termination.

Till recently, Ireland's only legislation on abortion was a handed-down British law from 1867, outlawing the practice with a maximum penalty of life imprisonment. The new maximum sentence is 14 years.

Higgins convened a meeting of the Council of State on 29 July 2013 to seek its advice on the bill, which he could have opted to send to the Supreme Court to test its constitutionality. The meeting, chaired by the President, was attended by 21 members of the 24-strong council. The 21 persons who attended, including seven members of the judiciary, still made it the biggest council since the Constitution came into effect in 1937.

Angelina Jolie Declared as the Highest Paid Actress of Hollywood by Forbes

The Forbes, which released its list on 30 July 2013, declared that Angelina Jolie was the Hollywood’s highest paid actress. She had the estimated earnings of 33 million US dollar. She defeated Jennifer Lawrence, the 2013 Best Actress Oscar winner, who had the estimated earnings of 26 million US dollar. Angelina Jolie also defeated Kristen Stewart in the list. Kristen Stewart had the earnings of 22 million US dollar.

Angelina Jolie rose from the third place on the list of Hollywood’s highest paid actresses. At the fourth position was Jennifer Aniston who had the earnings of 20 million US dollar. At the fifth position was Emma Stone with the earnings of 16 million US dollar.

In order to compile the rankings for the Hollywood’s highest paid actress, Forbes held talks with managers, agents as well as professionals associated with the film industry. The rankings were based on the earnings from June 2012 to June 2013.

Top 10 Hollywood’s highest paid actress:

Name of the Actress	Estimated Earnings
Angelina Jolie	$33m
Jennifer Lawrence	$26m
Kristen Stewart	$22m
Jennifer Aniston	$20m
Emma Stone	$16m
Charlize Theron	$15m
Sandra Bullock	$14m
Natalie Portman	$14m
Mila Kunis	$11m
Julia Roberts		$11m

Batla House Encounter convict Shahzad Ahmed got Life Sentence

A trial court on 30 July 2013 awarded life term to Batla House encounter convict Shahzad Ahmed for killing MC Sharma and injuring two others. Batla House encounter had taken place in 2008. Shahzad was also fined 95000 rupees of which 40000 rupees would be paid to family of slain inspector MC Sharma and 20000 rupees to injured cop Balwant. Additional sessions judge Rajender Kumar Shastri pronounced the judgment after listening to the arguments of the prosecution and the defence.

Batla House encounter officially known as Operation Batla House, took place on 19 September 2008, against Indian Mujahideen (IM) terrorists in Batla House locality in Jamia Nagar, Delhi. Encounter specialist and Delhi Police inspector Mohan Chand Sharma, who led the police action was also killed during the incident.

Batla House Encounter convict Shahzad Ahmed got Life Sentence

A trial court on 30 July 2013 awarded life term to Batla House encounter convict Shahzad Ahmed for killing MC Sharma and injuring two others. Batla House encounter had taken place in 2008. Shahzad was also fined 95000 rupees of which 40000 rupees would be paid to family of slain inspector MC Sharma and 20000 rupees to injured cop Balwant. Additional sessions judge Rajender Kumar Shastri pronounced the judgment after listening to the arguments of the prosecution and the defence.

Batla House encounter officially known as Operation Batla House, took place on 19 September 2008, against Indian Mujahideen (IM) terrorists in Batla House locality in Jamia Nagar, Delhi. Encounter specialist and Delhi Police inspector Mohan Chand Sharma, who led the police action was also killed during the incident.

Amjad Ali Khan to get 21st Rajiv Gandhi National Sadhbhavna Award

Sarod maestro Amjad Ali Khan was chosen for the 21st Rajiv Gandhi National Sadhbhavna Award for his contribution towards promotion of communal harmony and peace. It will be conferred on Amjad Ali Khan on 20 August 2013, the birth anniversary of former Prime Minister Rajiv Gandhi.

Rajiv Gandhi National Sadbhavana Award (Rajiv Gandhi National Communal Harmony Award) is an award given for outstanding contribution towards promotion of communal harmony, national integration and peace. The award was instituted by All India Congress Committee of the Indian National Congress Party (INC), in 1992 to commemorate the lasting contribution made by the former Prime Minister Rajiv Gandhi. The award carries a citation and a cash award of five lakh rupees.

The award is given on 20 August evry year, the birth anniversary of Rajiv Gandhi, which is celebrated as Sadbhavna Diwas (Harmony Day).The former recipients of the award comprise Mother Teresa, Bismillah Khan, Teesta Setalvad, Swami Agnivesh, Harsh Mander, Sunil Dutt, Dilip Kumar, Mohammed Yunus, Maulana Wahiuddin Khan and K R Narayanan.

Eldest Daughter of Maharaja of Faridkot Won Legal Battle for Assets Worth 20000 Crore

The Chandigarh Court on 25 July 2013 passed the verdict in favour of Amrit Kaur, the eldest daughter of erstwhile Maharaja of Faridkot- Sir Harinder Singh Brar. Chief Judicial Magistrate Rajnish Kumar Sharma passed the judgement in favour of Amrit Kaur.

Amrit Kaur had challenged in a local court, the will which entitled Meharwal Khewaji Trust as caretaker of the assets as well as estates, which include the Faridkot House, a fort in Punjab, a palace as well as the jewellery and bank deposits. The suit was filed by Amrit Kaur in the year 1992. After the verdict, the daughters of Sir Harinder Singh Brar would inherit the estates as well as assets, which are worth 20000 crore Rupees. This was the 23-year old legal battle.

Maharaja of Faridkot- Sir Harinder Singh Brar had three daughters- Amrit Kaur, Deepinder Kaur and Maheepinder Kaur. Amrit Kaur lives in Chandigarh, Deepinder Kaur lives in Kolkata, while Maheepinder Kaur passed away in the recent past in Shimla.

What do the assets and estate include?

All the assets as well as estate worth 20000 crore Rupees include huge properties in Andhra Pradesh, Haryana, Himachal Pradesh as well as Chandigarh. The court declared that Amrit Kaur and her sister Deepinder Kaur will be the heir to assets as well as estate, as per the Hindu Succession Act.

Verdict of the Local Court

The court, in its verdict, declared that the will was fabricated and forged on 1 July 1982. Therefore, it was void and illegal. Also, the Meharwal Khewaji Trust has become illegal. It was found that when the will was forged, Sir Harinder Singh Brar was in depression because of the death of his only son Tikka Harmohinder Singh Brar.

Amrit Kaur, in the meanwhile, was divested of all heiress powers on the basis that she married against wishes of late Maharaja. Deepinder Kaur was in turn, appointed as the Chairman of the trust and Maheepinder Kaur was paid the salary of 1000 Rupees per month.

Who was the Maharaja of Faridkot- Sir Harinder Singh Brar?

• Maharaja of Faridkot- Sir Harinder Singh Brar was the last king or Maharaja of Faridkot Riyast before 1947, i.e., before the independence of India.
• He had four children- one son and three daughters.
• His son was named Tikka Harmohinder Singh Brar.
• His daughters were named- Rajkumari Bibiji Amrit Kaur Sahiba, Rajkumari Bibiji Deepinder Kaur Sahiba and Rajkumari Bibiji Maheepinder Kaur Sahiba.

British Airways to launch Flights from Hyderabad to London

British Airways on 30 July 2013 announced that it intends to increase its flight frequency from Hyderabad to London by having daily flights. The daily flights will be operated by a Boeing 777.

British airways is the UK-based premium airline. For British Airways, Hyderabad is truly a key market in their South Asian network. It has shown tremendous growth in the market since 2008, which resulted in concerted growth in the outbound business and leisure tourism.

India as a nation is amongst the fastest growing markets for British Airways and is the second largest market for the airlines after USA. As per international tourism board’s estimate, India emerged as the world’s fastest growing outbound market recently and in terms of numbers it is second only to China.

The number of Indians travelling overseas is set to rise from around 15 million to 50 million by 2020. India’s middle class is likely to grow to 50 per cent by 2030 as against the current 5 per cent. British Airways has been flying to India for the last 84 years. At present, it operates 46 flights a week from London Heathrow to five  following cities namely Delhi, Mumbai, Chennai, Bangalore and Hyderabad.

Saudi Arabia Awarded 22 Billion US Dollar Contracts for Development of Metro Line in Riyadh

The Government of Saudi Arabia, on 28 July 2013, announced that it awarded over 22 billion US dollar in contract for the development of metro line in the capital, Riyadh. This is said to be the largest public transport initiative of the world and will help in boosting the economy of Saudi Arabia considerably.

The metro line will join Dubai as well as Qatar in the expansion of the public transport networks. The contracts were awarded to Bechtel Group Inc. (9.4 billion US dollar), Fomento de Construcciones y Contratas (7.8 billion US dollar) and Ansaldo STS SpA (STS) (5.2 billion US dollar).

Six driverless subway lines in all, will serve to the Riyadh’s city centre, universities, government facilities, commercial areas, financial district as well as airport. This will be a 175-kilometer (109-mile) network. The Vice-President of High Commission for the Development of Riyadh, Tarek al-Fares, announced that the project will take a total of five years to be completed. The project will be overseen by Arriyadh Development Authority, the government body.

Various architects won for their designs of the metro stations. Among the winning designs of metro stations were also the ones from Iraqi-British architect Zaha Hadid.

It is important to note that the budget of Saudi Arabia for telecoms and transportation swelled 84 percent in 2013 to 17.3 billion US dollar, which is the fastest expansion since 2004.

The Longest Metro of the World

The planned project will be an 85-station network. It is said to be the longest metro of the world under construction. This will help in creating 15000 jobs over the time period of 5 years.

Scenario of the Persian Gulf Nations

• It is very important to note that the Persian Gulf nations are incurring billions of dollars for building their rail networks, ports as well as airports.
• Qatar, which is the largest exporter of liquefied natural gas, awarded four contracts of the value of around 30 billion riyals or 8.2 billion US dollar, for the first phase of Doha Metro in June 2013. Doha will also host 2022 soccer World Cup.
• Dubai, the second-biggest sheikhdom in the United Arab Emirates, also constructed the first metro network in the Gulf Cooperation Council in 2009.
• As far as Riyadh is concerned, the population is projected to increase to 8.5 million people by 2023 from 6 million in 2013. Saudi Arabia is said to be the biggest Arab economy and it is spending over 500 billion US dollar for upgrading infrastructure as well as creation of jobs, while at the same time reducing its dependence on the hydrocarbons.
• Also, the Gulf Cooperation Council member states are already spending a considerable expense on the infrastructure projects, which are aimed at improvement of living standards as well as smoothing of the social discontent.
• Riyadh Metro Project also signifies that there is a shift in the thinking in terms of public transport as a means for saving gasoline.
• In the meanwhile, the Jeddah metro tender is also lined up to be awarded in 2013 itself.

Scientists created World’s Fastest Electrical Switch

US department of energy's (DOE) SLAC National Accelerator Laboratory invented the fastest electrical switching in magnetite- a naturally magnetic mineral. This scientific finding will enable faster, more powerful computing devices. Scientists used SLAC's Linac Coherent Light Source (LCLS) X-ray laser to find that it takes only 1 trillionth of a second to flip the on-off electrical switch in samples of magnetite, which is thousands of times faster than the electrical switch used in transistors.

This scientific finding will throw new light on the electronic properties of magnetite. We already know the basic magnetic properties of magnetite. In fact, for the first time the speed limit for electrical switching in magnetite was revealed by this scientific breakthrough.

Scientists hit magnetite with a visiblelight laser, which resulted into the fragmentation of the material's electronic structure at an atomic scale, rearranging it to form the islands. The laser blast was followed by an ultra bright, ultra short X-ray pulse. It allowed researchers to study the timing and details of changes in the sample excited by the initial laser strike.

After adjusting the interval of the X-ray pulses, the scientists measured the time duration of the material to shift from a non-conducting to an electrically conducting state and observed the structural changes during this switch. The magnetite was needed to be cooled to minus 190 degrees Celsius to lock its electrical charges in place.

FIPB Cleared Jet-Etihad Deal; But With Certain Conditions

The Foreign Investment Promotion Board (FIPB) on 29 July 2013 cleared the proposal of Jet Airways to sell 24 percent stake to Abu Dhabi-based Etihad. With this clearance, Jet-Etihad deal has become the first one after the Union Government of India relaxed the FDI rules for aviation sector in the year 2012. The deal will now have to cross the hurdle of Cabinet Committee on Economic Affairs (CCEA) for final approval.

The Economic Affairs Secretary Arvind Mayaram announced that the Jet-Etihad deal was approved after the FIPB meeting, but with certain conditions.

Conditions Imposed

• According to the first condition, both Jet Airways as well as Etihad need to settle any dispute between them under the Indian law and not under the English common law as it was proposed originally.
• Apart from this condition, both the companies also need to get the prior FIPB approval for the purpose of change in the shareholding structure.

The approval for Jet-Etihad deal was stuck at FIPB on the grounds of various concerns such as whether Jet Airways would retain its effective control, including the retain of Indian owner or not. Also, it was a matter of concern whether Jet Airways would change the place of its business or not.

According to the revised agreement, it was agreed upon that all the committees formed by these two airlines for the operational as well as administrative functions would remain advisory in nature. The agreement also made it clear that Etihad would only make recommendations of the Senior Executives for appointments at Jet Airways.

Now, Etihad will have two directors on the Board which includes 12 members. Jet Airways would have four, which would in turn give more authority to the Indian promoters. The resolutions of the Board will be passed by a simple majority. The Veto power as well as the voting powers will vest in the Chairman, Naresh Goyal.

Impact of the Jet-Etihad Deal

• The deal is said to be very important for Jet Airways, which at present, is facing significant challenges in terms of finance.
• The deal will enable the Indian civil aviation industry, because there will be an enhanced capacity, bringing down of airfares as well as increased competition.
• The deal, after the final approval, will instill more confidence on a global level in the airline industry of India.
• The deal will primarily benefit the partners, while at the same time, improving the prevailing investment climate of India.
• The deal is also very good for the civil aviation sector as well as passengers in India. There is a need of foreign investment in the infrastructure sector of India. The deal will therefore reaffirm the confidence of the investors in India’s growth.
• The Jet-Etihad deal would garner approximately 2058 crore Rupees or 379 million US dollar for the Jet Airways, which in turn, will be used by it for paying off the debts as well as providing better passenger connectivity.
• The deal will enable the passengers from 23 cities of India to get direct international flights.
• The deal will also enable the passengers in India to avail the frequent flyer programmes of Jet Airways and Etihad.