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2014 Prize in Economic Sciences

Posted on 13 October 2014 by admin


The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2014 was awarded to Jean Tirole “for his analysis of market power and regulation”.

Press Release

13 October 2014

The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2014 to

Jean Tirole
Toulouse 1 Capitole University, France

“for his analysis of market power and regulation”.


The science of taming powerful firms

Jean Tirole is one of the most influential economists of our time. He has made important theoretical research contributions in a number of areas, but most of all he has clarified how to understand and regulate industries with a few powerful firms.

Many industries are dominated by a small number of large firms or a single monopoly. Left unregulated, such markets often produce socially undesirable results – prices higher than those motivated by costs, or unproductive firms that survive by blocking the entry of new and more productive ones.

From the mid-1980s and onwards, Jean Tirole has breathed new life into research on such market failures. His analysis of firms with market power provides a unified theory with a strong bearing on central policy questions: how should the government deal with mergers or cartels, and how should it regulate monopolies?

Before Tirole, researchers and policymakers sought general principles for all industries. They advocated simple policy rules, such as capping prices for monopolists and prohibiting cooperation between competitors, while permitting cooperation between firms with different positions in the value chain. Tirole showed theoretically that such rules may work well in certain conditions, but do more harm than good in others. Price caps can provide dominant firms with strong motives to reduce costs – a good thing for society – but may also permit excessive profits – a bad thing for society. Cooperation on price setting within a market is usually harmful, but cooperation regarding patent pools can benefit everyone. The merger of a firm and its supplier may encourage innovation, but may also distort competition.

The best regulation or competition policy should therefore be carefully adapted to every industry’s specific conditions. In a series of articles and books, Jean Tirole has presented a general framework for designing such policies and applied it to a number of industries, ranging from telecommunications to banking. Drawing on these new insights, governments can better encourage powerful firms to become more productive and, at the same time, prevent them from harming competitors and customers.

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The Nobel Prize in Physiology or Medicine 2014

Posted on 06 October 2014 by admin

The Nobel Prize in Physiology or Medicine 2014 goes to three persons named

Edvard I. Moser, May-Britt Moser & John O’Keefe

The Nobel Prize in Physiology or Medicine 2014 was divided, one half awarded to John O’Keefe, the other half jointly to May-Britt Moser and Edvard I. Moser ” for their discoveries of cells that constitute a positioning system in the brain”.

Press Release


The Nobel Assembly at Karolinska Institute has today decided to award

    The 2014 Nobel Prize in Physiology or Medicine

with one half to

John O´Keefe

and the other half jointly to

May-Britt Moser and Edvard I. Moser

for their discoveries of cells that constitute a positioning
system in the brain

How do we know where we are? How can we find the way from one place to another? And how can we store this information in such a way that we can immediately find the way the next time we trace the same path? This year´s Nobel Laureates have discovered a positioning system, an “inner GPS” in the brain that makes it possible to orient ourselves in space, demonstrating a cellular basis for higher cognitive function.

In 1971, John O´Keefe discovered the first component of this positioning system. He found that a type of nerve cell in an area of the brain called the hippocampus that was always activated when a rat was at a certain place in a room. Other nerve cells were activated when the rat was at other places. O´Keefe concluded that these “place cells” formed a map of the room.

More than three decades later, in 2005, May-Britt and Edvard Moser discovered another key component of the brain’s positioning system. They identified another type of nerve cell, which they called “grid cells”, that generate a coordinate system and allow for precise positioning and pathfinding. Their subsequent research showed how place and grid cells make it possible to determine position and to navigate.

The discoveries of John O´Keefe, May-Britt Moser and Edvard Moser have solved a problem that has occupied philosophers and scientists for centuries – how does the brain create a map of the space surrounding us and how can we navigate our way through a complex environment?

How do we experience our environment?

The sense of place and the ability to navigate are fundamental to our existence. The sense of place gives a perception of position in the environment. During navigation, it is interlinked with a sense of distance that is based on motion and knowledge of previous positions.

Questions about place and navigation have engaged philosophers and scientists for a long time. More than 200 years ago, the German philosopher Immanuel Kant argued that some mental abilities exist as a priori knowledge, independent of experience. He considered the concept of space as an inbuilt principle of the mind, one through which the world is and must be perceived. With the advent of behavioural psychology in the mid-20th century, these questions could be addressed experimentally. When Edward Tolman examined rats moving through labyrinths, he found that they could learn how to navigate, and proposed that a “cognitive map” formed in the brain allowed them to find their way. But questions still lingered – how would such a map be represented in the brain?

John O´Keefe and the place in space

John O´Keefe was fascinated by the problem of how the brain controls behaviour and decided, in the late 1960s, to attack this question with neurophysiological methods. When recording signals from individual nerve cells in a part of the brain called the hippocampus, in rats moving freely in a room, O’Keefe discovered that certain nerve cells were activated when the animal assumed a particular place in the environment (Figure 1). He could demonstrate that these “place cells” were not merely registering visual input, but were building up an inner map of the environment. O’Keefe concluded that the hippocampus generates numerous maps, represented by the collective activity of place cells that are activated in different environments. Therefore, the memory of an environment can be stored as a specific combination of place cell activities in the hippocampus.

May-Britt and Edvard Moser find the coordinates

May-Britt and Edvard Moser were mapping the connections to the hippocampus in rats moving in a room when they discovered an astonishing pattern of activity in a nearby part of the brain called the entorhinal cortex. Here, certain cells were activated when the rat passed multiple locations arranged in a hexagonal grid (Figure 2). Each of these cells was activated in a unique spatial pattern and collectively these “grid cells” constitute a coordinate system that allows for spatial navigation. Together with other cells of the entorhinal cortex that recognize the direction of the head and the border of the room, they form circuits with the place cells in the hippocampus. This circuitry constitutes a comprehensive positioning system, an inner GPS, in the brain (Figure 3).

A place for maps in the human brain

Recent investigations with brain imaging techniques, as well as studies of patients undergoing neurosurgery, have provided evidence that place and grid cells exist also in humans. In patients with Alzheimer´s disease, the hippocampus and entorhinal cortex are frequently affected at an early stage, and these individuals often lose their way and cannot recognize the environment. Knowledge about the brain´s positioning system may, therefore, help us understand the mechanism underpinning the devastating spatial memory loss that affects people with this disease.

The discovery of the brain’s positioning system represents a paradigm shift in our understanding of how ensembles of specialized cells work together to execute higher cognitive functions. It has opened new avenues for understanding other cognitive processes, such as memory, thinking and planning.

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UN Security Council Adopts Binding Resolution against ISIS

Posted on 25 September 2014 by admin

The United Nations Security Council (UNSC) unanimously adopted Resolution No. 2178 (2014) at a special sitting of the UNSC where most members were represented by their heads of state and the meeting itself was chaired by President Obama.ScreenClip[22]

The resolution was passed under Chapter VII of the UN Charter which makes it binding on all member states. The resolution emphasizes on international cooperation to undertake counter terrorism measures to stop the ISIS threat. It places specific obligations on member states to take steps to stop the flow of foreign terrorist fighters (FTF) to the area of conflict. The resolution also calls upon the UN agencies to play their part in helping nations assess and curb the threat of FTF. The resolution is a milestone because it requires the member to take affirmative action to prevent recruitment and movement of FTF instead of merely condemning FTF.

Earlier, in August, Resolution No. 2170 (2014) was adopted by the UNSC which condemned violence and the abuse of human rights by extremist groups like ISIS in Iraq and Syria.

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Ajay Shriram.President of CII for the year 2014-15

Posted on 10 April 2014 by admin

Ajay Shriram: Chairman and senior Managing Director of DCM Shriram Ltd, he has been elected President of CII for the year 2014-15.

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Latest Current Affairs at a glance

Posted on 27 March 2013 by admin

  •  Current Affairs  to know!

  • Union Government to introduce National Policy on Drug Abuse
  • Three NRIs Honoured by Indian High Commission in London on World Hindi Day 2013
  • Tiger Woods Won Arnold Palmer Invitational 2013; Regained World Number 1 Ranking
  • Apple bought Indoor Mapping firm WiFiSlam for 20 Million Dollar
  • Two Time Pulitzer Prize-winner Anthony Lewis died at the age of 85
  • Growth-Oriented MoU Signed Between SPMCIL and Department of Economic Affairs
  • Competition Commission of India (CCI) Nominated for GCR Awards 2013

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Latest Current Affairs at a Glance

Posted on 13 February 2013 by admin

  • India and World Bank signed a Deal for Karnataka Watershed Development Project ii
  • Mahindra & Mahindra (M&M) Acquired Stake of Navistar International Corporation
  • Institute of Chartered Accountants of India Elected New President and Vice-President
  • Pankaj Advani Became First Indian Cueist to Reach Betvictor Welsh Open Pro Snooker Series
  • New President and Vice-President of the Institute of Chartered Accountants of India
  • India’s Trade Deficit for April – January, 2012-13 was estimated at 167168.12 Million US Dollars
  • North Korea conducted its third Nuclear Test and defied UN Regulations for World Peace
  • Twitter launched Pay-By-Tweet services in partnership with American Express

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General Knowledge Today Quiz Contest .Answers with explanations

Posted on 07 December 2012 by admin

GK Today Quiz Contest .Answers with explanations

asked on 4th December

1. In which of the following Oceans/ seas, lies the Sunda Trench?

(B)Indian Ocean

The Sunda Trench is formed along this boundary where the Indo-Australian and Eurasian Plates meet. The Sunda Trench is not as distinct as the Peru-Chile trench but is still discernible.

2. How much of longitude account for one hour?

(B)15 Degrees

3. Who was the author of ‘Common Sense’ , a revolutionary pamphlet of the American Revolution?

(B)Thomas Paine

4. What is the focal length of a concave lense with number -5D?

(C)20 cms

5. What is the number of “True Ribs” in human body?


There are total 24 ribs (12 pairs) , out of which 14 (7 pairs) are true ribs

Congratulations to everyone who got the correct answers. A new set of challenging questions will be posted shortly. Wait for it.

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Latest Current Affairs from general knowledge today

Posted on 03 September 2012 by admin

  • INT-The 16th NAM (Non-Aligned Movement) Summit was held in Tehran
  • No Mobile Connection to any Foreign Tourist for more than Three Months
  • India beat Cameroon in Penalty Shoot-out to win Nehru Cup Football Tournament
  • Admiral Devendra Kumar Joshi took over as the new Indian Navy Chief
  • USA slapped Sanctions on Laskar-e-Toiba’s Top Eight Commanders
  • Supreme Court directed Sahara Group to refund 17400 Crore Rupees to their Investors
  • Queen Elizabeth officially opened the London Paralympic Games
  • The Bhilai Steel Plant won the Prime Minister’s Trophy for the 10th Time

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Aditi Mukherjee won the prestigious Norman Borlaug Award

Posted on 31 August 2012 by admin

Aditi Mukherjee, a Delhi based scientist, won the prestigious Norman Borlaug Award in Field Research and Application. Mukherjee was picked for the award for her work in transforming access to water for thousands of farmers in West Bengal. The award will be formally presented to Mukherji on 17 October 2012 in Des Moines, Iowa, US.

Mukherji, 37, is a senior researcher at the Delhi office of the International Water Management Institute (IWMI). As alumnus of Presidency College (Kolkata), JNU (Delhi), she completed her PhD at the University of Cambridge.

The international award is conferred by the World Food Prize Foundation, which was started by Norman Borlogue, the father of Green Revolution in India. The award carries 10000 dollar cash prize. The Borlaug Award is restricted to scientists under 40.

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Posted on 16 August 2012 by admin

Centre reluctant to convene Cavery River Authority

Ramdev’s parliament march stopped – gains political support
Teesta water sharing in the agenda while Ershad meets Manmohan sing
China’s moon rover will be powered by nuclear battery
Olympic flag arrives in Rio de Janeiro
Arctic ice is melting faster- Scientists
Syria crisis: Rebels ‘shoot down warplane’

Zardari, Gilani caution Supreme Court

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Generalknowledgetoday for the latest general knowledge and current affairs!!

Posted on 06 August 2012 by admin

 Latest Current Affairs

  • Jamaican Sprinter Usain Bolt won Gold in Men’s 100 Meter Race, set Olympic Record
  • Securities and Exchange Board of India inaugurated their local office in Jaipur
  • Bimal Gurung sworn in as the Head of Gorkhaland Territorial Administration
  • KNR Constructions bagged on the Tollway Road Project
  • Prime Minister of Fiji, Laisenia Qarase was punished for One year Prison
  • India’s NSE became the World’s Largest Bourse in Equity Segment as per WFE’s Global Ranking
  • Typhoon Damrey hit the Chinese Provinces Liaoning and Hebei
  • NASA’s New Robot Rover Curiosity touched the Surface of Mars
  • India Current Affairs August 2012.

        The Union Cabinet on 3 August 2012 gave its consent to the launch of   satellite to the Mars proposed in 2013
    • Bimal Gurung sworn in as the Head of Gorkhaland Territorial Administration
    • Union Government approved Relaxation in Policies Related to Transfer of Government Land
    • Special Tribunal approved MHA Move to declare SIMI as an Unlawful Organisation
    • Union Government approved 492 Crore Rupees to set up Central Academy for Police Training in Bhopal

      International Current Affairs

  • India and Israel signed Collaborative Academic Research Programme Agreement
  • US Senate passed Bill to label Haqqani Network as a Foreign Terrorist Organisation
  • United Nations General Assembly adopted Resolution on Syria
  • Pakistan Supreme Court annulled New Law Protecting the Prime Minister


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Latest Current Affairs to Note

Posted on 31 July 2012 by admin

  • Exports from SEZs grew 64% to Rs 118321.56 crore in the April-June Quarter of 2012-13
  • RBI left the Key Policy Rates unchanged, cut down the Growth Projection for 2012-13
  • Union Government introduced National Certification Standards for Organic Textiles to boost Demand
  • Ravneet Gill appointed as the New CEO of Deutsche Bank India
  • Gagan Narang won Bronze in the men’s 10 meter air rifle event at London Olympics
  • India banned US-sanctioned Iranian ships from entering its water
  • Assam’s Kokrajhar, Udalguri District Hit by Violence: Bodos and Muslims Clashed

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Topics in the news-Current events and affairs Today

Posted on 30 June 2011 by admin

  • The 1318-km Beijing–Shanghai High-Speed Railway opens after 39 months of construction.
  • Amid heavy protests, the Greek parliament passes austerity measures in order to obtain the latest tranche of a 110 billion euro loan of the EFSF.
  • Christine Lagarde is appointed Managing Director of the International Monetary Fund, beginning 5 July.
  • At least nineteen people, including eight attackers, are killed in a Taliban assault on the Hotel InterContinental in Kabul, Afghanistan.
  • The International Criminal Court issues an arrest warrant for Muammar Gaddafi, accusing him of crimes against humanity during the ongoing civil war in Libya.

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Banks to Allow Only One ATM Transaction Per PIN Entry

Posted on 14 January 2011 by admin

In order to check misuse of ATM cards by unauthorised people, RBI(Reserve Bank of India) has asked banks to allow only one transaction at ATM machines for one entry of PIN (Personal Identification Number) which acts like a password for ATM transactions).

The transactions that a bank customer can conduct through the ATMs (Automated Teller Machines), by inserting or swiping the card and entering the PIN, include withdrawal of money, deposits, fund transfer, bill payments, checking account details etc.

Previously, customers were allowed to conduct multiple transactions through the ATM by punching in their PIN only once in a single session.

for more current affairs and Bank/Banking related information’s read

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Indian Oil Corporation regain its position as India’s biggest refiner

Posted on 27 December 2010 by admin

State-owned Indian Oil Corporation (IOC) has surpassed Reliance Industries to regain its position as India’s biggest refiner. This was achieved after completion of expansion of its Panipat refinery.

Indian Oil Corporation Ltd. is India’s largest company by sales with a turnover of Rs. 271,074 crore and profit of Rs. 10,221 crore for the year 2009-10.

IndianOil is the highest ranked Indian company in the latest Fortune ‘Global 500’ listings, ranked at the 125th position. IndianOil’s vision is driven by a group of dynamic leaders who have made it a name to reckon with.

IOC Distinctions
  • IndianOil tops the Fortune India 500 Rankings
  • IndianOil in top five in Business India’s Super 100
  • IndianOil is India’s Biggest Company: ET 500
  • IndianOil in Platts ‘Top 250 Global Energy Company’ Rankings
  • IndianOil in top ten of BT 500 PSU rankings
  • IndianOil: India’s largest PSU and Highest Revenue Earner in BW Real 500 rankings
  • IndianOil: One of ‘India’s Most Valuable Brands 2010’

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General Knowledge and Current Affairs

Posted on 20 December 2010 by admin

India’s first eco-sensitive zone on a major river
The Union government has decided to declare the natural course of the Ganga in 135 km stretch from Gaumukh to Uttarkashi in Uttarakhand as India’s first “eco-sensitive” zone on a major river. This means that part of the river cannot be disturbed for any projects.

UNDP Human Development Report
India is ranked 119 out of 169 countries on the Human Development Index (HDI) of the UNDP’s 2010 Human Development Report.

The 16th United Nations Climate Change Conference took place in Cancun, Mexico, from November 29, 2010. India was among the 190 UN members who took part in the 12-day event.

World mayors sign climate change pact
Mayors from around the world have signed a voluntary pact in Mexico City to reduce greenhouse gas emissions. The pact was signed at a meeting meant as a precursor to the UN-sponsored talks in Cancun.

Paris-based  BNP Paribas has become the world’s biggest bank, with assets rising 34 per cent in last three years, reaching $3.23 trillion.

Poultry giant Venky’s has become the first Indian company to own an English Premier League (EPL) club. It has taken over Blackburn Rovers for $36.8 million.

The Bimal Jalan committee was set-up to review the ownership and working of capital markets infrastructure institutions (MIIs). One major recommendation of the report is that only banks, insurance companies and domestic financial institutes with a net worth of Rs 1,000 crore be roped in as anchor investors.

National Legal Services Day is observed on November 9.

The G-20 Summit meeting was held in Seoul, South Korea.

Sachin Tendulkar has been named as the official ambassador of Cricket World Cup, 2011.

India was ranked 119 in terms of human development, according to UNDP’s Human Development Report 2010.

National Cancer Awareness day is observed on November 7.

World Diabetes Day is observed on November 14.

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Latest News Updates-Headlines Today

Posted on 06 December 2010 by admin

December 9,2010

World News :International Affairs

  • Wikileaks ‘revenge’ attacks hit Visa and Mastercard

    Web attacks by a group of activists targeting firms that withdrew services from Wikileaks disrupt Mastercard and Visa.

    Visa acknowledged the cyber attack on its website and reassured cardholders that no customer data had been put at risk.

    “Visa’s corporate website – – is currently experiencing heavier than normal traffic,” the company said in a statement. “The company is taking steps to restore the site to full operations within the next few hours.”

    Visa said its processing network that handled cardholder transactions was functioning normally.

    “Cardholders can continue to use their cards as they routinely would,” Visa said. “Account data is not at risk.”

    Earlier, the Swedish prosecutor’s office came under cyber attack as WikiLeaks supporters vowed to retaliate for the arrest of WikiLeaks founder Julian Assange.

    The Swedish prosecution authority, whose arrest order for Mr Assange over accusations of sexual offences led a British court to remand the 39-year-old in custody, said it had reported the online attack to police.

»Chile prison fire kills lot of peoples

A fire in a prison in the Chilean capital Santiago has left at least 81 inmates dead.The blaze broke out in the San Miguel prison at 0500 local time (0800 GMT),with television pictures showing smoke billowing from the building.

»Akatsuki, Japan’s first space probe bound for Venus, fails to enter planet’s orbit

India News : National Affairs

» Spectrum scam: CBI raids residences of Raja, four other

»Explosion in Varanasi, Indain Mujaheddin  Claims Responsibility

» Supreme Court seeks widening of 2G spectrum probe

» ‘India Telecom 2010′ to kick off in New Delhi tomorrow

»India, France ink multi-billion trade, nuke deals

Sports News :

  • India won 4th odi vs newzeland by 5 wickets

  • England won the second test match in the ashes series defeating Australia by an innings and 71 runs.

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Ashes Series Updates-England thrash Australia by an innings and 71 runs

Posted on 06 December 2010 by admin

In one of the worst test performances in decades on home soil, Australia slumped to an innings defeat at Adelaide to hand England a crucial 1-0 lead in the five-match series. Australia now have to win at least 2 of the remaining 3 test matches to regain the Ashes from England.

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India and France signed seven major agreements

Posted on 06 December 2010 by admin

Opening a new line of  co-operation in stratagic ties, India and France today signed seven agreements, including one for setting up of a nuclear plant in Maharashtra, the first such pact after the end of New Delhi’s isolation in the nuclear field.

Prime Minister Manmohan Singh and French President Nicolas Sarkozy also decided to work for doubling bilateral trade to 12 billion Euros by 2012, much of which is expected to be propelled by enhanced cooperation in the fields of civil nuclear energy and civil aviation.

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The TRAI -TRAI today announced new guidelines

Posted on 29 November 2010 by admin


The Telecom Regulatory Authority of India  or TRAI established in 1997  is the independent regulator established by the Government of India to regulate the telecommunications business in India.

TRAI in Recent News

TRAI  today announced new guidelines to curb the menace of unsolicited calls by imposing hefty penalties on errant telemarketing firms and operators.

Besides hefty penalties, the telemarketing firms would be allotted a separate series of numbers beginning with ‘700’ that would allow subscribers to recognise their calls and decide whether to accept or reject them.

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