International Current Affairs 2017

Russia frees former oil tycoon Mikhail Khodorkovsky

Screenshot_1Mikhail Khodorkovsky, an oil tycoon and political opponent of Vladimir Putin, released from prison after being pardoned by the Russian President. He left for Germany where his mother is being treated for cancer He spent ten years in jail for tax fraud, embezzlements and money laundering.

President Putin signed a decree pardoning his former political opponent on humanitarian grounds.

Who is Mikhail Khodorkovsky?

He is a Russian businessman, an oligarch, a philanthropist, a public figure and an author. He was once Russia’s richest man as head of oil giant Yukos, spent 10 years in custody for tax evasion and theft after funding opposition parties.

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UN lowered India’s growth forecast to 4.8% for 2013

United Nations lowered India’s economic growth forecast for 2013 to 4.8% and warned emerging market economies of the possible negative impact of a tapering of the US Federal Reserve’s quantitative easing program.

The UN’s World Economic Situation and Prospects 2014 report lowered India’s economic growth forecast by 1.3 % for 2013, while it pegged India’s growth rate down 1.2 % at 5.3 per cent in 2014. It projects India’s economic growth at by 5.7 % in 2015.

As per the UN report:

  • China’s growth was expected to maintain a pace of about 7.5 % over the next few years, though India’s economy was forecast to grow by more than 5 %.
  • Global economy is expected to expand by 3.0 % in 2014 and by 3.3 % in 2015, compared with estimated growth of 2.1 per cent for 2013.
  • The predictions are based on an end to the euro’s protracted recession and somewhat stronger growth in the United States.

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