News Roundup - 6 December 2014

1. India’s ‘Doing Business’ ranking is an abysmally low 142 among 189 countries ranked, down from 140 last year. World Bank team will suggest changes in commercial legislation — at local, State and national levels — so that the government can undertake reform.
2. Sikorsky of the United States has been selected for supply of 16 multirole helicopters for the Indian Navy in a contract worth Rs. 6,000 crore. Sikorsky’s S-70B helicopter was the sole bid left in the fray after “partial ban” on the European company Finmeccanica. A “partial ban” was imposed on Finmeccanica, the parent company of AgustaWestland after the controversy over the Rs. 3,550-crore VVIP helicopter deal, in August this year. The partial ban meant the company would not be able to take part in any future defence deals. Indian Navy, in 2008, floated a global tender for 16 multirole helicopters to operate from its warships with an option for eight more. Finmecccanica with its NH-90 and Sikrosky with S-70B were left in the evaluation which saw many claims and counter claims of deviation in the process. S-70B is the naval variant of the US Army’s Black Hawk UH 60 helicopter. It can be used both for anti-surface and anti-submarine warfare.
3. The 1962 Nobel Prize medal won by biologist James Watson for the discovery of the structure of DNA has fetched more than $4.7 million, setting a world record for any Nobel Prize sold at auction.
4. Prime Minister Narendra Modi was on Friday named ‘Asian of the Year’ by Singapore Press Holdings Limited, publisher of The Straits Times for being focused on India’s development and getting the world “excited” about the prospects of the country again.
5. Reliance Industries Ltd (RIL) has signed a memorandum of understanding (MOU) with Mexico’s state-owned company Petroleos Mexicanos (PEMEX) to explore opportunities in upstream oil and gas sector in Mexico and jointly evaluate value added opportunities in international markets.
6. SBICAP Trustee Company Limited (SBICTCL), launched an online Will creation service for all individuals, including State Bank of India and non-State Bank of India customers.
7. ICICI Bank has decided to sell its shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank.

Credits: The Hindu, Google.