Scientists discovered Phosphorous in remnants of Supernova
Astronomers have, for the first time, discovered phosphorous — one of the vital elements for life — in the cosmic remains from a supernova explosion.
It has been found that phosphorus is 100 times more abundant in the leftovers of a supernova than elsewhere in the galaxy, affirming the hypothesis that massive exploding stars are the churning factories of the element.
While researches have calculated the abundance of essential life elements like carbon, nitrogen, oxygen and sulphur in supernovae remains, supernova remnant Cassiopeia A disclosed the first measurement of the relatively scarce phosphorus. The new observations of the object were made with a spectrograph positioned on a 5-meter telescope at Palomar Observatory at the California Institute of Technology.
What are Supernovae and Supernova remnant?
A supernova is a celestial event which happens when massive stars exhaust their nuclear fuel and explode in a spectacular fashion. Being extremely luminous, they briefly outshine an entire galaxy, before fading from view over several days.
During a short period of some weeks or months, a supernova can radiate as much energy as the Sun is expected to emit over its entire life span. Once it fades away, what remains is an expanding shell of gas and dust called a supernova remnant.
What is the scientific thought on the formation of essential life elements?
As per astronomers, these elements are formed in the stars and are dissipated throughout our galaxy when the star explodes, and they become part of other stars, planets and ultimately, humans.
Scientists are of the view that when a star with mass several times the mass of the Sun runs out of the hydrogen that it combusts to produce energy, the core of the star goes through a sequence of collapses, synthesising heavier elements with each collapse.
OIL signs pact with IRMA for studying the feasibility of Project ‘Kamdhenu’
PSU (Public Sector Unit) Oil India Ltd. has inked an agreement with Institute of Rural Management, Anand (IRMA) to conduct a feasibility study for the company for its plan to set up dairy production facility in Assam. The project which has been named ‘Kamdhenu’ aims to set up big milk production centre in Upper Assam.
Why OIL intends to enter dairy sector?
OIL wants to set up dairy production facility under its project ‘Kamdhenu’ as part of a Corporate Social Responsibility (CSR) initiative. The project would seek to boost milk production in Upper Assam by providing employment opportunity to the people of the state. In future, the project aims to enhance the production to supply milk and dairy products in the whole North-East region. The project derives inspiration from the ‘Amul’ model which has been very successful in Gujarat.
What is the role of IRMA in this project?
As per the agreement with Institute of Rural Management, Anand (IRMA) in Gujarat, the institute has the task of conducting feasibility study and prepare a Detailed Project Report (DPR) after the study in Dibrugarh and Tinsukia districts of Assam where Oil India Ltd (OIL) has significant presence. The DPR will help the company to devise a roadmap and a long-term broad vision plan for the project.
What is CSR?
As mentioned in the new Companies Act 2009, CSR or Corporate Social Responsibility is the obligation of the companies to spend 2% of their net profit in philanthropic activities every year.
The law was meant to be applicable for all companies with
a net worth of Rs 500 crore or more, or
a turnover of Rs 1,000 crore or more, or
a net profit of Rs 5 crore or more
Responding to the objections raised by corporate sector against this mandatory provision, the government has recently diluted it. Now, if a company is unable to do so, it will have to explain in its report as to why it could not fulfill its CSR obligations.
India’s e-commerce market rose 88% in 2013: Survey
As per the survey, India’s e-commerce market grew by 88% in 2013 to $16 billion. The increased internet penetration and availability of more payment options boosted the e-commerce industry in 2013. The survey was conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Highlights of the survey conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM)
Approximately 3,500 dealers and organized retailers participated from Delhi, Mumbai, Chennai, Bangalore, Ahmedabad and Kolkata. Mumbai topped the list of online shoppers followed by Delhi and Kolkata.
As per the age-wise analysis, 35% of online shoppers are aged between18-25 years, 55 % between 26-35 years, 8 % between 36-45 years, while only 2 % are in the age group of 45-60 years. In addition, 65 % of online shoppers are male while 35 % are female.
The online shopping arose at a rapid pace in 2013, owing to online discounts, high fuel prices and availability of abundant online options.
The products that are sold most are in the tech and fashion category, viz. mobile phones, I-pads, accessories, MP3 players, digital cameras, jwellery, etc.
Those who are unwilling to shop online quoted reasons viz. prefer research products and services online, find delivery cost too high, fear to share personal financial information online, lack of trust on whether products would be delivered in good condition , people have no credit or debit card facility, etc.
As per the rising online retail, the survey forecasts the country’s e-commerce market to reach $56 billion by 2023.
About the Associated Chambers of Commerce and Industry of India (ASSOCHAM)
Represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives.
Founded: 1920
Headquarters : New Delhi, India
President: Dr. Rana Kapoor
Aim: To promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
Mr. Pradeep Kumar: New MD (Corporate Banking) of SBI
The Country’s biggest lender, State Bank of India (SBI) appointed Mr. P.Pradeep Kumar as its Managing Director and group executive in charge of corporate banking. The seat was lying vacant as of Ms. Arundhati Bhattarcharya became the Chairman of SBI in October 2013.
Previously, Mr. Kumar was the deputy managing director and group executive of the corporate banking group of SBI, which looks after corporate accounts and project finance of the bank. The other three managing directors are K Krishna Kumar (national banking), Hemant Contractor (global banking) and A Vishwanathan (subsidiaries and associates).
Note: The top management at SBI consists of a chairman, four managing directors, over a dozen deputy managing directors and about 35 chief general managers.
Delhi CM Arvind Kejriwal announces free water
Delhi Chief Minister Arvind Kejriwal delivered on the AAP’s promise of its poll manifesto by announcing 20 kilo litres of free water a month to all metered households. The decision was questioned by Congress, saying every citizen of Delhi must be provided 700 litres of free water per day.
However, there is a condition that those consuming above this limit will have to pay as per tariff, increased by 10%, effective Jan 1, 2014. The promise of 700 litres of free water to every Delhi household was made in the AAP poll manifesto. The cost of providing the free water would be borne by the Delhi Jal Board (DJB) for the first three months. Though AAP were to provide for 700 litres of water per day to every household but the DJB in its final calculations arrived at the figure of 667 litres per day or 20 kilo litres a month to be provided to those households with regular connections.
In another step, the AAP government, which had promised to go over the problems of auto-rickshaw drivers, new Transport Minister Saurabh Bharadwaj decided to issue 5,500 inter-state permits for them to commute within the National Capital Region.
amil Nadu government launches free CFL scheme
In a bid to promote power saving, Tamil Nadu government began the first phase of distributing free Compact Fluorescent Light (CFL) bulbs to over 14 lakh hut-dwellers in the state. The scheme is aimed at saving 40 mw of electricity.
The government will implement the scheme in phases. The first phase costing Rs 8.77 crore will cover 7 lakh domestic consumers. The Chief Minister also unveiled various sub-stations in the capacity of 230 kv, 110 kv and 33 kv, build in different parts of the state at an overall expense of Rs 509.88 crore.
Millionaire Tax” approved by the French constitutional council
The French Constitutional Council approved the government’s controversial “millionaire tax” proposal for companies to pay 75% tax on annual salaries exceeding €1 million ($1.375 million USD), in line with President Francois Hollande’s drive to limit executive pay at a time of economic hardship. To reduce France’s budget deficit, the increase in tax raised discontent among the business leaders and the football clubs.
About Millionaire Tax
The super tax is one of the President Francois Hollande’s signature policies, to pull out France from its economic crisis.
The tax will include a 50% levy on the portion of wages exceeding €1 million paid in 2013 and 2014. It will be levied on companies, not the individual.
The tax, for earnings in 2013 and 2014, will hit around 470 companies and a dozen football clubs. It is expected to raise €210 million a year.
Including social contributions, the rate will effectively remain about 75%, though the tax will be capped at 5% of a company’s turnover
RBI extends deadline to issue inflation-indexed bonds
The Reserve Bank of India (RBI) extended the time for issuance of Inflation Indexed National Savings Securities Cumulative (IINSS-C) bonds (or inflation linked bonds) by three months to March 31, 2014, from December 31, 2013. The issuance can be closed earlier than March 31, 2014 with a prior notice.
Why RBI extended the deadline to issue inflation-indexed bonds?
The operational guidelines (internal to banks) for selling these certificates at the branch level are still in the works.
Secondly, it will take time to create awareness among customers in relation to inflation linked bonds.
Inflation linked bonds
The limit for investment per applicant per annum: Rs 5,000 – Rs 5 lakh.
Eligibility for subscription: Individuals, Hindu Undivided Family, charitable institutions and universities.
The interest rate on these bonds would be linked to the Consumer Price Index (CPI).
The interest rate would comprise two parts — a fixed rate of 1.5% per annum and inflation rate based on CPI with a lag of three months. It would be compounded on the principal on half-yearly basis and paid at the time of maturity.
For senior citizens (65 years and above of age), early repurchase will be allowed after one year from date of issue and other investors can redeem them after three years but with penalty of 50 per cent of the last coupon paid.
RBI will act as a central depository, as these securities will be issued in the form of Bonds Ledger Account (BLA) and held with RBI.
Distribution or sale of bonds would be through banks: SBI, nationalized banks and three private banks HDFC Bank, ICICI Bank and Axis Bank and Stock Holding Corporation of India.
Note: Inflation linked bonds are launched as instruments that will protect savings from inflation, especially the savings of the poor and middle classes.
Lativa becomes the 18th state to join the Eurozone
The Baltic nation, Latvia joined the Euro Zone, with the expectation that the euro will lower its borrowing costs and encourage investors by eliminating currency risk. It became the 18th member of the European Union, which uses the Euro as its currency and the fourth smallest economy in the euro zone after Malta, Estonia and Cyprus.
The euro switchover ceremony took place at a site where Latvia’s crisis began – the former headquarters of the collapsed Parex bank, now headquarters of state-owned Citatele bank, which emerged from Parex’s ruins. The official conversion rate is 1 EUR = 0.702804 LVL.
About the Euro
Established by the provisions in the 1992 Maastricht Treaty.
Central bank: European Central Bank.
Official currency of the Eurozone.
The Eurozone is an economic and monetary union (EMU) of 18 European Union (EU) member states that have adopted the euro (€) as their common currency and sole legal tender.
Member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
Latvia joined the Eurozone on January 1, 2014.
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