1. Luxor Group Chairman DK Jain passes away(i)The founder and Chairman of one of the country�s leading pen manufacturers, Luxor Group, DK Jain, passed away he was 71.
(ii)Jain was the Chairman and President of Luxor Group, the company which has brought internationally-renowned brands like Waterman, Parker and Pilot to India.
(iii) According to a company official, Jain died following a cardiac arrest at his residence in the afternoon on Wednesday.
2. Federal Deposit Insurance Corporation sued 16 world largest banks
(i)Federal Deposit Insurance Corporation filed a law-suit on 16 of the world�s largest banks. The regulator accused the banks for allegedly manipulating the Libor interest rate.(ii)This Banks that has been sued includes Barclays Plc, HSBC, Citigroup and Royal Bank of Scotland, UBS and British Bankers Association (BBA) and others.
(iii)These global banks broke certain swap contracts and separately planed to rig the labor rate to which the contracts were signed.
A bout Libor interest rate
(i) Libor is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. British Bankers Association fixes the Libor rate on daily basis.
(ii) It is the world's most widely used benchmark for short-term interest rates.
(iii) Libor became keystone for more than 550 trillion dollar in financial products from home loans to derivatives.
3. Russia signed Accession Agreement with Crimea
(i)The Russian Federation signed an agreement with Crimea for accession of Crimea in the Russian Federation in Kremlin in Moscow, Russia.
(ii)This agreement also included a treaty on forming new constituent entities within Russian federation.The agreement was signed by the Russian President Vladimir Putin, Prime Minister of the Republic of Crimea,
(iii)Sergei Aksyonov and Chairman of the Coordinating Council for the Establishment of the Sevastopol Municipal Administration Alexei Chaly and Chairman of the State council of the Republic of Crimea, Vladimir Konstantinov.
4. Lalitanjali group buying out Centom Industries
(i)The Visakhapatnam-based Lalitanjali group is buying out Centom Industries, a ferryo alloys and steel industries with a 3,000 tonnes per month capacity at Durgapur in West Bengal. The unit is facing challenging times, according to Rahul Rao, the CEO of the Lalitanjali Group.
(ii). Bankers found that the company�s debt levels continued to stack up and the profit being earned was not enough to pay labour costs, electricity or bank interest.
(iii)A shutdown of operations and takeover by the bank would have dire consequences for other companies and labour associated with the company.
(iv)Lalitanjali Group, with diversified interests in infrastructure, engineering and supply chain management, has come "to rescue the firm with a buyout that will take place by the end of the month
5. OFB to invest `1,200 crore next financial year
(i)The Ordnance Factory Board (OFB) has invested Rs1,800 crore in the first two years of the 12th Plan.For 2014-15, the identified investment figure is between Rs 1,000-1,200 crore, said MC Bansal, Director General Ordnance Factories and Chairman, OFB.(ii) OFB has been investing in modernisation, expansion of capacities and infrastructure building. Ravi Kant said the current investment focus areas were on armoured vehicles, ammunitions and weapons.
(iii)The proposed products include new generation assault rifles, artillery and mounted guns, rockets and very short range air defence missile.
6. Ekhon Nedekha Nadir Xipaare won audience choice award in North Carolina film festival
(i)An Assamese thriller film, Ekhon Nedekha Nadir Xipaare (As River Flows) won the audience choice award in North Carolina film festival.
(ii)The film that stars Victor Banerjee is a socio-political thriller film set in river island of Majuli. The film also stars Sanjay Suri, Raj Zutshi, Preeti Jhangiani and Bidita Bag.
7. Karnataka won the Vijay Hazare Trophy 2013-14
(i)Karnataka won the Vijay Hazare Cricket Trophy 2013-14 by defeating Railways by four wickets at the Eden Gardens in Kolkata.
(ii)Karnataka for the first time won the Vijay Hazare Trophy.in the final, Railways scored 157 in 47.4 overs whereas Karnataka scored 158 in 43 over for six wickets.
(iii)Abhimanyu Mithun was named as the man of the match for picking up 4 wickets for 19 runs.
(iv)Earlier in the year 2014, Karnataka has already won the Ranji Trophy and Irani Trohy.
8. S&P says credit profile of India Inc improving
(i)Global ratings agency Standard & Poor�s on Wednesday said an increasing focus by India Inc on lowering debt is likely to improve their credit profiles.
(ii)More companies are improving their high financial leverage and boosting their credit profiles by adopting measures such as sale of equity and assets or using their free operating cash flows to reduce debt.
(iii)This routes adopted by domestic companies include raising equity, selling non-core assets and in some cases divesting businesses, it noted.
(iv)S&P credit analyst Mehul Sukkawala said economic gloom and high interest rates have affected debt-servicing ability and these are the primary factors pushing companies towards this strategy.
9. Bangladesh win over Nepal by 8 wickets
(i)Bangladesh dished out a solid all-round display to register a convincing eight-wicket win over Nepal in Group A qualifying match of the ICC World T20 .(ii)Electing to bowl, the Bangladesh restricted Nepal to 126 for five, before chasing down the target with 27 balls to spare at the Zahur Ahmed Chowdhury Stadium.
(iii)Anamul Haque top-scored for Bangladesh with a 33-ball 42 and put on 63 runs for the opening wicket with Tamim Iqbal (30) to put his side on course for a win. The experienced Shakib Al Hasan (37) finished the game in style, clobbering partime off-spinner Sagar Pun for a four and a six. He faced just 18 balls, hitting four sixes and a boundary.
10. Gujarat ranks No 1 in 'economic freedom': Report
(i)Gujarat has been ranked number one in a list of India's 20 largest states in terms of �economic freedom�.
(ii)The index on �economic freedom� takes into account governance, growth, citizens� rights, and labour and business regulations.
(iii)As per the 2013 'Economic Freedom of the States of India' report, �Gujarat has widened its lead at the top of the economic freedom table, with an index score of 0.65 (on a scale from 0 to 1.0). Tamil Nadu remains in second position, but some distance behind, with a score of 0.54.�
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