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Day To Day Current Affairs - 12th October by Gandhi Raveendra Reddy

Day To Day Current Affairs - 12th October 2014

1.    Frenchman Tirole wins Nobel economics prize 
i. French economist Jean Tirole won the Nobel prize for economics on Monday for research on market power and regulation.
ii. The Royal Swedish Academy of Sciences cited Tirole for clarifying "how to understand and regulate industries with a few powerful firms." 
iii. Tirole, 61, works at the Toulouse School of Economics in France. 
iv. "From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such market failures," the academy said, adding his work has strong bearing on how governments deal with mergers or cartels and how they should regulate monopolies. 
v. "In a series of articles and books, JeanTirole has presented a general framework for designing such policies and applied it to a number of industries, ranging from telecommunications to banking," the academy said. 

2.    India, Finland to ink pacts in energy, education & other areas
iIndia and Finland are expected to sign a slew of agreements to bolster cooperation in energy, fishing and education, besides exploring tie-ups in science and technology during President Pranab Mukherjee's three-day state visit to this key Nordic nation beginning on Tuesday.
ii. The two sides are also likely to firm up pacts for enhanced cooperation at the government-to-government, business -to-business level as well as among institutions. 
iii. India is also seeking to benefit from Finland's expertise in knowledge-based economy and clean technology, official sources said. 

3.    India signed the Minamata Convention on Mercury
i. India on 30 September 2014 signed the Minamata Convention on Mercury. The convention is named after the Japanese city Minamata that has become synonymous with deadly mercury contamination since 1950. 
ii. The Minamata Convention gives five years time to India to control and reduce emissions from new power plants and 10 years time for the already existing power plants.

Minamata Convention 
The Minamata Convention on Mercury is a global treaty to protect human health and the environment from the adverse effects of mercury. It was agreed at the fifth session of the Intergovernmental Negotiating Committee in Geneva, Switzerland on 19 January 2013.

4.    Retail inflation drops to 6.46 % in Sept this year
i. Bringing some relief to the common man, retail inflation dropped to 6.46 percent in September this year--its lowest level since the government started releasing the data in January 2012--due to falling prices of fruits and vegetables. 
ii. As per official data released today, overall food inflation measured by the Consumer Price Index fell to 7.67 per cent in September, from 9.35 per cent in August. Consumer price based inflation in the vegetable basket fell sharply to 8.59 per cent in September, from 15.15 percent in August. 

5.    India promises $4 million aid for rebuilding Gaza
i. India has promised $4 million in the total $5.4 billion aid that the global donors have pledged to raise funds for rebuilding the Gaza Strip destroyed by the conflict with Israel. 
ii. Announcing India's aid at the UN-sponsored International Donor's Conference in Cairo yesterday, Joint Secretary of West Asia and North Africa, Ministry of External Affairs Sandeep Kumar said that the early realization of the objectives of the Cairo Conference will be an important element in the consolidation of the current ceasefire understanding between Palestine and Israel. 

6.    India to host first leg of Asia Cup Archery Tournament in Delhi in January 2015
i. India will host first leg of Asia Cup Archery Tournament in Delhi in January 2015. The announcement was made on 12 October 2014 by Archery Association India (AAI).
ii. The Asia Cup will be held on the format of the annual World Cups. Asia Cup will replace the Asian GP.
iii. The first leg will be conducted in Delhi in January 2015 while the second and third legs was allotted to Bangkok and Tehran. 

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