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Home »Current Affairs» International Current Affairs of October 2010

International Current Affairs of October 2010


EU bows to German call for debt mechanism

German Chancellor Angela Merkel has won European Union backing for a rewrite of EU treaties to create a permanent debt-crisis mechanism by 2013, to prevent a repeat of the Greece-led shock that jolted the Euro. As the biggest contributor to Euro 860 billion ($1.2 trillion) in loans and pledges to stem 2010-s debt crisis, Germany wants to spare taxpayers the costs of any future operations to rescue financially distressed States.

Bonds in Greece, saved from the brink of default by EU and International Monetary Fund loans in May, led a decline by so- called peripheral European securities as Germany’s triumph spurred concern that the EU mechanism will force bond holders to bear the costs of future bailouts. The extra yield investors demand to hold Greek 10-year debt over German equivalents rose to 813 basis points. German bonds advanced as investors sought safer assets, paring their weekly drop.

G-20 raises developing nations’ quota in IMF

The Group of 20 Finance leaders struck a landmark deal on October 22, 2010, to boost developing countries’ power in the International Monetary Fund, even as they failed to set targets for a wide-ranging global economic rebalancing. The IMF deal was hailed by fund MD Dominique Strauss-Kahn as a ‘historical’ moment that will see Europeans give up two seats on its 24-strong board to powerful developing countries and transfer 6 percent of votes to them.

India is world’s third largest carbon emitter

India is now world’s third biggest carbon dioxide emitting nation after China and the US. The new emission data from the United Nations was a cause of worry for India’s climate negotiators at the next round of talks in Tianjin in China, held in October 2010.

China, in 2009, moved to the top position while contributing 23 per cent of the total global emissions and India, in 2010, surpassed Russia to take the third position with five percent.

The saving grace is that the difference in total carbon emissions between the US (22 per cent) and India is still huge. Russia's emissions have been falling because of economic slowdown.

India's per-capita carbon emission is still lowest in the world (about 4.5 tonnes) but the demand for energy is rising, especially among the middle-class.

The pressure on India and China to reduce emissions is rising. US chief climate negotiator Todd Stern told a meeting of major economies forum that a legally binding climate treaty was not possible until India and China take “obligation” to reduce emissions.

ASEAN Summit

The 17th ASEAN Summit was held in Hanoi, Vietnam, on October 28-30, 2010. The meeting was considered a success, with all members agreeing to cooperate with one another in solving the region’s economic downturn.

The 17th ASEAN Summit focused on the contents of building the community and implementing the ASEAN Charter, external relations and key role of the body, sustainable development and coping with global challenges.

Business News:

After three decades and more than 220 million units, Sony has stopped selling its Walkman cassette player in Japan, admitting the gadget could not keep up in the digital age. Cherished by a generation of joggers, school children and music fans since its launch in 1979, the Walkman evolutionised the way people listened to music but has since been overtaken by another icon of the modern era—the iPod. The July 1, 1979, roll-out of the portable cassette player helped transform Sony into a global electronics powerhouse. The Japanese giant sold 30,000 Walkmans in the first two months after its launch, and 50 million within a decade.

Eurocopter, a company owned by European consortium, European Aeronautic Defence & Space Co. NV (EADS), has become the first global chopper company to open an office in India.

Pfizer Inc has decided to acquire King Pharmaceuticals, a move that will bolster the pharma major’s presence in the pain treatment segment.

Hewlett-Packard has appointed former SAP AG CEO Leo Apotheker as its CEO and President.

Bharti Airtel will partner telecom equipment suppliers Ericsson and Huawei to expand and manage its mobile network in Bangladesh.

India gets UNSC non-permanent seat:

The biggest news on the international front for India has been its inclusion into the UNSC as a non-permanent member after a gap of 19 years. Even as India’s acclamation for a non-permanent bench on the body that includes fifteen members in total was an inevitable cessation afterwards Kazakhstan back out of the chase for the Asian bench beforehand in early January. India got an unbelievable 187 of the 191 votes in the UN General Assembly ballot on October 14th 2010. India’s previous spell in the Security Council was way back in 1992. Almost immediately afterwards India’s appointment, Indian agent to the United Nations Hardeep Singh Puri put it straight that New Delhi would make use of this couple of year valid span to build assurance and accord a feeling of aplomb to the five non changing associates (famously known as the P-5) – the United States of America, Russia, Britain, France and China. Considering that Brazil, a running affiliate of the United Nation Security Council, and South Africa and Germany, which got appointed with India, on October 14th were as well in contention for a permanent membership, he stated: ‘Of course everybody of us will attempt to bring into play the two years we need to render our allies a feeling of aplomb and formulate trust and faith so that they are at ease with our role playing in the United Nation Security Council on a continued period of time’.

India and Mozambique sign 3 agreements:

India and Mozambique came together and signed three agreements and a credit band of 500 million United States dollars has been advanced to that nation state for works regarding the infrastructure, agronomics and power during a convention that featured President of Mozambique Armando Guebuza and Prime Minister of India Dr. Manmohan Singh. Guebuza and Singh, who captivated entrustment level converses, resolved to actualize an affiliation following the lines of superior political meeting, deepening of bread-and-butter collaboration, deepening of defense and aegis collaboration, distinctively to get hold of sea lanes in opposition to piracy and, cooperation in competence building and human resource (or workforce) development. “Both of us together accord to the aforementioned Indian Ocean association and we carve up familiar issues. It is in our alternate absorption to ensure the assurance and aegis of sea lanes of communication in the Indian Ocean,” Dr. Manmohan Singh said in a collective journalist statement. India will back the enactment in preparation and setting up organizations in Mozambique to back capacity building in the coal business and will as well back the ability formation for the defense and patrolling personnel of that nation state, the Prime Minister alleged. Conveying worry over the assurance and aegis of sea lanes in Indian Ocean, Guebuza promised India it will accommodate all practical aid to safeguard them.

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