Current Affairs: Top Headlines for September 4, 2013

Raghuram Rajan becomes 23rd RBI Governor

Noted economist Raghuram Rajan became the new RBI Governor as he took charge from the outgoing Governor D Subbarao. Rajan has been an Economics Professor and has also served as chief economist at the International Monetary Fund. Rajan, who is known for having forecasted 2008 global financial crisis has taken charge of the vital position at time when rupee has declined nearly 20% against dollar and the problem of widening current account deficit and declining forex reserve has become serious.

Union Cabinet gives nod to set up “National Institute of Solar Energy”

The Union Cabinet approved the proposal for setting up of an autonomous “National Institute of Solar Energy” (NISE) to function as apex national body for research and technology development and related activities in the area of solar energy technologies in the country. The institute is to be set up by converting the Solar Energy Centre (SEC), Gurgaon with a long term vision to develop it as a world class institute.

Housing loans should be linked to stages of construction: RBI

The Reserve Bank of India has stated that housing loans from banks to individuals should be linked to the stages of construction. It said such loan products, popularly called 80:20 or 75:25 schemes, are likely to make the banks as well as their home loan borrowers susceptible to additional risks. It added that upfront disbursals of lump sum loans should not be made in case of incomplete or under-construction housing projects.

SJAM to honor Tedulkar with ‘Century of Centuries’ award

Sports Journalists’ Association of Mumbai (SJAM) has selected famous batsman Sachin Tendulkar for a special ‘Century of Centuries Award’. The Little Master has been chose for the award for scoring 100 international hundreds.

Malala inaugurates new Birmingham Library

Famous brave schoolgirl and education activist Malala Yousufzai was the chief guest at the opening ceremony of the new Birmingham Library which will now be the largest in Europe. On this occasion she delivered a moving speech in which she called for peace and advocated free education for children around the world.

Hyundai unveils new compact car ‘Grand i10’

With hopes to further strengthen its business in Indian car market, Hyundai Motor India (HMIL) unveiled its new compact car ‘Grand i10’ priced between Rs 4.29 lakh and Rs 6.41 lakh. The car has been launched in two engine variants 1.1 litre diesel and 1.2 litre petrol.  While the diesel version is priced between Rs 5.23 lakh and Rs 6.41 lakh, the petrol variant is priced from Rs 4.29 lakh to Rs 5.47 lakh. 

Verizon Communications to acquire Vodafone’s 45% in JV for $130 billion

Verizon Communications has decided to acquire Vodafone Group’s 45% stake in Verizon Wireless for $130 billion. The deal will be the third biggest acquisition in corporate history, after Vodafone’s 1999 takeover of Germany’s Mannesmann for $203 billion and AOL’s $165 billion buyout of Time Warner in 2000. It also marks British telecom heavyweight Vodafone’s exit from the US mobile market.

Indian engineering grad wins $ 12,500 bounty from Facebook for detecting critical bug

Social networking website Facebook will pay Arul Kumar (21), an Indian engineering graduate, a bounty of $12,500 for detecting a critical bug that allowed anyone to delete any photo hosted on the social networking website. Earlier his claim of finding such a bug was rejected by the Facebook but later when he sent a video to the website explaining how it could be done, they agreed to pay the bounty. Facebook runs a programme which rewards people who find flaws on the website.

Microsoft to buy Nokia for $7.2 billion

Software behemoth Microsoft Corp will buy Nokia’s business and its patents for 5.44 billion euros with the aim to enter into mobile market. The deal will include Nokia’s mobile phones and smart devices business units as well as operations including all Nokia devices and services –related production facilities, sales and marketing activities and related support functions.

Birth certificate, Passport or Aadhaar card alone no proof of citizenship: Bombay HC

The Bombay high court, in a judgement, held that if an individual was born after July 1, 1987 then merely having a birth certificate, passport or even an Aadhaar card is not enough to prove that he/she  is an Indian citizen. As per Indian Citizenship laws, a person born in India after July 1, 1987 cannot claim automatic citizenship unless at least one of the parents is an Indian.

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