Current Affairs – July, 2015

Latest Current Affairs July, 2015 with Current Affairs, news summary on current events of National and International importance of July, 2015 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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DIPP accepts ADB, JICA plans on industrial corridors

Department of Industrial Policy and Promotion (DIPP) has given nod to Asian Development Bank’s (ADB) and Japan International Cooperation Agency (JICA) for their conceptual development plan (CDP) report on Vizag Chennai Industrial Corridor (VCIC) and Chennai-Bengaluru Industrial Corridor (CBIC) respectively.

Background

Vizag Chennai Industrial Corridor (VCIC):

On 22 April 2015, Andhra Pradesh government approved to take loan assistance from ADB for the development of proposed Visakhapatnam-Chennai Industrial Corridor (VCIC) project. The conceptual development plan report was in pipeline to receive nod from DIPP to carry forward it’s on ground development.

VCIC is envisaged from Kolkata to Tuticorin (in Tamil Nadu) also known as East Coast Economic Corridor (ECEC). ECEC in its first phase focuses on the Vizag-Chennai section which runs from Vishakhapatnam (Vizag), Andhra Pradesh to Chennai, Tamil Nadu.

The recent report sanctioned by DIPP includes development of three industrial nodes in first phase they are; Krishnapatnam (Andhra Pradesh), Tumkur( Karnataka) and Ponneri ( Tamil Nadu).

The Chennai-Bengaluru Industrial Corridor (CBIC):

In 2011, India and Japan met at consensus for development of CBIC, under this Japan agreed to provide financial and technical assistance for infrastructure development in the areas between Chennai and Bengaluru.

The two countries government directed their officials concerned to speedily prepare the Comprehensive Integrated Master Plan and get it completed at the earliest.

This corridor of around 560 km is projected between Chennai and Bengaluru under DBIC which will also have its influence on states across it.

The approach to develop the CBIC is to achieve accelerated development and regional industry agglomeration in the states of Tamil Nadu, Andhra Pradesh and Karnataka.

It should be noted that this belt has many Japanese manufacturing companies including some small and Medium Enterprises SMEs.

Japan’s Nikkei buys Financial Times in $1.3-bn deal

The two leading financial news operations from Europe and Asia are now together, as Nikkei Japanese media group is going to buy the Financial Times from Britain’s Pearson in a $1.3 billion.

Financial Times acquisition is a triumph for Nikkei as this is the biggest acquisition ever by any Japanese media organisation.

This acquisition has brought an opportunity to Nikkei newspaper to expand its readers outside its home market.

Pearson a 171-year-old international media company sold FT as it wanted to expand its education business. Pearson owned FT for nearly 60 years.

It should be noted that the FT’s acquisition does not include its 50 percent stakes in The Economist magazine and nor its headquarters at London.

About Financial Times:

FT printed its first pink paper 127 years ago in 1893. It is one of the world’s leading business news and information organisation that is recognised internationally for its accuracy, authority, and integrity.

About Nikkei:
Nikkei the employee owned firm is Asia’s largest independent business media group that owns the flagship newspaper Nikkei which has over 3 million circulations for its morning edition alone and enjoys a must-read reputation for financial and business news in Japan.

Nikkei is involved in other operations from magazines and books to digital media and also operates database services and broadcasting.

Note: The main stock market index in Japan is named after Nikkei.

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