Current Affairs 29th June 2016 - Banking, SSC, UPSC Affairs

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Two women have been appointed as judges of Malaysia’s Islamic Shariah High Court for the first time in the history of the judiciary of the Muslim-majority country. Noor Huda Roslan, 40, and Nenney Shuhaidah Shamsuddin, 41, received their official letters of appointment from Selangors Sultan Sharafuddin Idris Shah during a ceremony at the Istana Bukit Kayangan. Malaysia had ratified the UN Convention on the Elimination of All Forms of Discrimination Against Women and the appointments were in line with empowering women. Shariah High Court, also known as Syriah High Court, refers to Sharia law in Islamic religious law and deals with exclusively Islamic laws, having jurisdiction upon every Muslim in Malaysia. Both women graduated with a bachelors degree in Islamic studies and later studied Psychology (Counselling) and International and Comparative Legal Studies respectively. Shuhaidah was a senior Shariah officer at the Attorney-Generals Chambers while Huda was a chief Registrar at the Selangor Shariah Judiciary Depart­ment.   

Three Indian naval ships has  reached Russia as part of efforts to enhance maritime cooperation between the navies of both countries.  INS Sahyadri, Shakti and Kirch, under the Command of the Flag Officer Commanding Eastern Fleet, Rear Admiral S V Bhokare, reached Vladivostok on a four day visit as part of deployment of the Eastern Fleet to the South China Sea. During the visit, the ships will have professional interactions with the Russian Navy aimed at enhancing co-operation between the two forces.  The visiting Indian ships are also likely to conduct exercises with the Russian Navy, aimed at enhancing interoperability in communication as well as search and rescue procedures, post departure from Vladivostok.  The current visit seeks to enhance maritime cooperation between the Indian Navy and the Russian Navy. It will further bolster the strong bonds of friendship between India and Russia and contribute to security and stability in this vital part of the world.  

For the development of Kamakhya temple’s infrastructure, Union petroleum minister Dharmendra Pradhan  announced an aid of Rs 25 crore over the next couple of years. Pradhan, who was in Guwahati to attend a series of meetings and road show made the announcement at the end of the historic Ambubachi Mela. Ambubachi is the celebration of goddess Kamakhya’s annual menstruation cycle, considered as a symbol of fertility by the Hindus. The temple’s sanctum sanctorum is closed to devotees during the period which marks the time of the fair. Kamakhya temple atop Nilachal Hills reopened its doors. During the festival, lakhs of devotees, including politicians made their way to the temple to have a glimpse of the Goddess. According to official sources, the Ambubachi mela drew more than 25 lakh pilgrims this time around.

Union Home Minister Rajnath Singh has inaugurated the newly constructed headquarters of Jharkhand's special anti-Maoist force 'Jharkhand Jaguar' in Jharkhand's capital city Ranchi. The headquarters will pave the way for the further strengthening of the force.  Singh also inaugurated the administration block and other buildings at Jharkhand Jaguar campus. Jharkhand Jaguar is an anti-Maoist squad formed eight years ago in 2008 and has led many successful operations against Maoists so far. Jharkhand Jaguar, also known as Special Task Force, towards becoming a substitute for the central forces engaged in anti-guerrilla operations 22 of the state's 24 Maoist-hit districts.  Spread over 173 acres in Tendargram in Kanke block on the outskirts of the state capital the permanent JJ camp houses anti-guerrilla warfare training facilities, functionally rich barracks, parade grounds, firing range besides administrative block and officers' mess. Helipad is the unique feature of the camp.

Five-time World Champion Viswanathan Anand was conferred the "Honoris Causa" Doctor of Science by Indian Institute Of Technology (IIT) during its 49th convocation ceremony. The 46-year-old Anand was bestowed with the degree by NITI aayog chairman Arvind Panagariya.  Viswanathan Anand : He became the undisputed World Champion in 2007 and defended his title against Vladimir Kramnik in 2008. He then defended his title in the World Chess Championship 2010 against Veselin Topalov and in the World Chess Championship 2012 against Boris Gelfand. In the World Chess Championship 2013 he lost to challenger Magnus Carlsen and he lost again to Carlsen in the World Chess Championship 2014.n April 2006 Anand became the fourth player in history to pass the 2800 Elo mark on the FIDE rating list, after Garry Kasparov, Vladimir Kramnik and Veselin Topalov. He was also the first recipient of the Rajiv Gandhi Khel Ratna Award in 1991–92, India's highest sporting honour. In 2007, he was awarded India's second highest civilian award, the Padma Vibhushan, making him the first sports person to receive the award.

Italian film actor Bud Spencer  known among his fans as the‘big friendly giant’ of the screen because of his height and weight has died at age 86 on 27 June 2016 in Rome. He appeared in, produced and directed over 20 films together.  He was a regular in Spaghetti Westerns (a western film made cheaply in Europe by an Italian director). Pedersoli's first film role was in Quel fantasma di mio marito,an Italian comedy shot in 1949 and released in 1950. In 1951 he played a member of the Praetorian Guard in Quo Vadis, a fampus epic film shot in Italy made by MGM and directed Mervyn LeRoy Spencer was born in the southern Italian city of Naples in 1929, but later moved to Rome, where he became a promising swimmer. In 1950, he was the first Italian to swim 100m in under one minute. He abandoned his swimming career after the 1960 Olympics in Rome. 

State-run Energy Efficiency Services Ltd (EESL) and The Energy and Resources Institute (Teri) have entered into a strategic partnership to jointly work on energy efficiency for two years. Both organisations have decided to enter into an agreement as 'strategic partners' to work jointly for the achievement of common goals and objectives related to energy efficiency in India and abroad, Power Ministry .The MoU was signed in the presence of Power Minister Piyush Goyal. The main focus of Teri will be on working with governments, regulatory bodies, industry organisations, and utilities to create a policy environment for clean energy technologies. EESL will emphasise on implementing projects and programmes to promote clean energy technologies through innovative policy based business model to end users. The agreement will also bring in people and institutions who work on the policy side into the market based interventions.It will also enable cross country and global linkages so that there is an exchange of information and replication of interventions. The collaboration will provide comprehensive turnkey solutions where Teri will use its expertise to create energy efficiency projects through audits, etc. And EESL will bring in its business models to implement them. This model of the collaboration will primarily be used in countries of Africa and East Asia and will further investigate its use in Latin America and other developing countries.In developed nations like Europe and USA, the role of Teri will be to create market awareness about the business opportunities that EESL can potentially unlock.

India has jumped 19 places in the latest World Bank ranking in the global logistics performance, reflecting the improvement in movement of goods inside the country thus facilitating better trade.  The World Bank in its latest once-in-two-year Logistics Performance Index (LPI) said India is now ranked 35th as against the 54th spot it occupied in the previous 2014 report.  Logistics organises the movement of goods through a network of activities and services operating at global, regional, and local scale.  In the 2014 report, India had a LPI score of 3.08, which increased to 3.42 in 2016. For the third time, Germany with 4.23 points tops the ranking, followed by Luxembourg (4.22), Sweden (4.20), Netherlands (4.19) and Singapore (4.14).  Other countries in top 10 are Belgium, Austria, United Kingdom, Hong Kong and the United States. Japan is ranked 11. China has jumped one spot to be ranked 27th while Pakistan is at 68th. Syria ranked lowest.  Logistics performance both in international trade and domestically is central to countries' economic growth and competitiveness . Efficient logistics connects people and firms to markets and opportunities, and helps achieve higher levels of productivity and welfare. Unfortunately, the logistics performance gap between rich and poor countries continues and the convergence trend experienced between 2007 and 2014 has reversed for the least performing countries . The report ranks countries on a number of dimensions of supply chain performance, including infrastructure, quality of service, shipment reliability, and border clearance efficiency.  According to the report, over the past six years, the world's top-10 performers have remained consistent and include dominant players in the supply chain industry.  However, for the first time in the history of the Connecting to Compete reports, landlocked countries are no longer automatically disadvantaged, as shown by the performances of both Rwanda and Uganda, which benefit from regionally coordinated efforts to improve trade corridors. Gonzalez said building on a rich set of information, the report shows that improving logistics performance is a complex, unfinished, cross-cutting, and evolving agenda. The priorities depend on country performance. 

CPI's V Sasi was elected as the Deputy Speaker of the 14th Kerala Assembly. While Sasi polled 90 votes, opposition UDF candidate I C Balakrishnan garnered 45 votes in the voting held in the assembly. Four members were absent, including BJP's lone member O Rajagopal, and one vote was declared invalid.Speaker P Sreeramakrishnan did not exercise his franchise. Sasi, the two-time MLA from Chirayankeezhu constituency in the Assembly, was earlier a member of the Travancore Devaswom Board. The CPI(M) headed LDF has a strength of 92 in the 141 member Assembly, including the nominated Anglo-Indian member, John Fernandez. Congress led UDF has 47 members, BJP has one and P C George is an Independent MLA. V Sasi  : He belongs to Communist Party of India and represents Chirayinkeezhu constituency. He is a Member of the Board of Directors of National Textile Corporation and Coir Board, Kerala.He is Chairman, Kerala Agriculture Workers Welfare Fund Board (2006-2009).He also Member of Travancore Deveaswom Board.

Indian Super League, Indian cricket Test captain Virat Kohli has now partnered with Stepathlon Lifestyle, a wellness-promoting entity, to launch Stepathlon Kids, a company dedicated to children's fitness programmes. This venture will also mark Stepathlon’s entry into the business to consumer space. The company will also receive operational support from Cornerstone Sports and Entertainment, a sports celebrity management company. The new firm, through an annual ‘30 Day Race’ around a virtual world, will urge children to take 15,000 steps a day, in a bid to have a healthy lifestyle and to create long-term positive behaviour.  According to a study commissioned by the World Health Organization in 2014, as many as 22 per cent of children in India are obese and facing health issues. Stepathlon Kids will be focused on building children’s holistic health – encouraging of physical activity and educating them on nutrition, exercise, stress and more. Kohli will play a role in creating widespread awareness. The company will begin with the launch of a nationwide, 30-day, pedometer-based, mass participation virtual race, built to promote fitness among children. Initially, targeting the eight to 12 years age bracket through this campaign, Stepathlon Kids’ target for the first year is to reach 50,000 children, aiming to use technology positively in reaching out via a gamified environment. It will, they say, encourage teamwork and healthy competition, while being educational and fun. Children will be given pedometers to track their steps during the 30 Day Race. These steps when entered on the Stepathlon Kids website get converted into distance and the team will move across a map of the world. Stepathlon Kids is a first of its kind and much needed offering in our country, and I'm sure Stepathlon will replicate the success it has witnessed in the corporate space. I will be substantially involved in the development and promotion of Stepathlon Kids to achieve our goal to create a healthier nation through the future of India - our kids.

Council of Scientific and Industrial Research (CSIR) and Central Institute of Mining and Fuel Research (CSIR-CIMFR) on 28 June 2016 inked a Memorandum of Understanding (MoU) with Coal Supplying companies and Power Utilities for quality analysis of coal being supplied to power utilities by coal companies. The CSIR-CIMFR would make use of its knowledge base support in maintaining the quality of coal at national level for the entire power sector.  It is estimated that about 300 million metric tons of coal samples would be analyzed for quality per year. The contract value of the project is around 250 crore rupees per annum at minimum.  It is also expected that this project will result in improvement in performance of power plants besides leveraging benefits to the consumer in particular and society as a whole. The endeavour would help the nation in sustainable energy supply and security planning for future as it may reduce import of thermal coal.

Armed Forces and state government of Assam started exercise JALRAHAT at Narangi Cantt of Assam on 28 June 2016 . It is an initiative that is being carried on for flood relief in the state. The Exercise spread over three days terminates on 30 June 2016. Exercise Jalrahat, a joint initiative led by GAJRAJ Corps with full support from HQ Eastern Command, is based on Flood Relief in an urban setting. It is a clubbed name of the relief works that will be carried by all the three forces of India that is, Indian Army, Navy and Air Force. Indian Navy will be carrying out Exercise Prakampana based on relief and assistance in case of a super cyclone at Vizag, Andhra Pradesh in August 2016. Indian Air Force will be undertaking Exercise Sahayta based on relief and assistance in case of a major earthquake at Bhuj, Gujarat.  

The World Bank’s Board of Executive Directors has approved 201.50 million US dollars for Technical Education Quality Improvement Project III (TEQIP III) in India to improve the quality of engineering education in select Indian states on 24 June 2016. The objective of the project is to enhance quality and equity in participating engineering education institutes and improve the efficiency of the engineering education system in focus states. The maturity period for the project if 25 years with an additional 5 years grace period. Two Components of the Projects : Improving quality and equity in engineering institutes in focus states :  It will focus on improving engineering education in all government and government-aided colleges including the ATUs in Andaman and Nicobar Islands, LIS, states in the North East of India and hill states. It has three sub-components: a. institutional development for participating institutes b.widening impact through ATUs c.twinning arrangements to build capacity and improve performance of participating institutes System-level initiatives to strengthen sector governance and performance : It will support the Ministry of Human Resource Development (MHRD) and key apex bodies including the All India Council for Technical Education (AICTE) and National Board of Accreditation (NBA). It will strengthen sector governance, management, accountability mechanisms and performance in the overall system of engineering education.

Union Cabinet has approved the recommendations of the 7th Pay Commission on 29 June 2016. The recommendations will come into force from 1 January 2016. The commission recommended 23.55 percent hike in pay and allowances of government employees. Approved Recommendations are :  The minimum pay for government employees is recommended to be set at 18000 rupees per month. The maximum pay is recommended to be 225000 rupees per month for Apex Scale and 250000 per month for Cabinet Secretary and others presently at the same pay level. The increase in pay will be 16 percent, increase in allowances will be 63 percent and increase in pension will be 24 percent.  The present system of pay bands and grade pay has been dispensed and a new pay matrix has been designed. Grade Pay has been subsumed in the pay matrix. The status of the employee, determined by grade pay, will now be determined by the level in the pay matrix. The rate of annual increment for employees will be 3 percent. Abolition of 52 allowances and introduction of a Health Insurance Scheme. One Rank One Pension proposed for civilian government employees on line of OROP for armed forces. Increase in Military Service Pay and revised pension formula for civil employees including Central Armed Police Forces (CAPF) and Defence Personnel retiring before 1 January 2016. Military Service Pay (MSP), which is a compensation for the various aspects of military service, will be admissible to the defence forces personnel only. Ceiling of gratuity enhanced from 10 lakh rupees to 20 lakh rupees and ceiling on gratuity will be raised by 25 percent whenever DA rises by 50 percent. Short service commissioned officers will be allowed to exit the armed forces at any point in time between 7 to 10 years of service. A fitment factor of 2.57 which will be applied uniformly to all employees. Systemic change in the process of Cadre Review for Group A officers recommended. Allowances relating to Risk and Hardship will be governed by the newly proposed nine-cell Risk and Hardship Matrix. It recommends that House Rent Allowance (HRA) be paid at the rate of 24 percent, 16 percent and 8 percent of the new Basic Pay for Class X, Y and Z cities respectively. The rate of HRA will be revised to 27 percent, 18 percent and 9 percent respectively when DA crosses 50 percent. It recommended abolition of all non-interest bearing advances and increased the limit for interest-bearing advances for buying home from 7.5 lakh rupees to 25 lakh rupees. Introduction of a Health Insurance Scheme for Central Government employees and pensioners has been recommended. It recommends that in case of death in the line of duty, the force personnel of CAPFs should be accorded martyr status, at par with the defence forces personnel. A consolidated pay package of 450000 rupees and 400000 rupees per month for Chairpersons and Members respectively of select Regulatory bodies.  Introduction of the Performance Related Pay (PRP) for all categories of Central Government employees, based on quality Results Framework Documents and Annual Performance Appraisal Reports. All India Service officers and Central Services Group A officers who have completed 17 years of service should be eligible for empanelment under the Central Staffing Scheme and there should not be two year edge. The age of superannuation for all CAPF personnel should be 60 years uniformly. The 7th Pay Commission was set up on 28 February 2015 to revise remuneration of over one crore central government employees and pensioners.  The commission headed by Justice AK Mathur submitted its report to the Union Finance Minister Arun Jaitley on 19 November 2015. Other members of the Commission were : Vivek Rae (full time Member), Dr. Ratin Roy (part time member) and Meena Agarwal (Secretary). Later, the government constituted a panel headed by Cabinet Secretary PK Sinha to study the recommendations of the pay commission.  This implementation of the recommendations will put an additional burden of 1.02 lakh crore rupees on the exchequer annually or nearly 0.7percent of GDP.

Naga rebel leader Isak Chishi Swu died on 28 June 2016 following a prolonged illness at Fortis hospital in Vasant Kunj, Delhi. He was 87. He was the co-founder and chairman of Nationalist Socialist Council of Nagaland (Isak-Muivah) (NSCN-IM). Isak Chishi Swu :  Swu, who belonged to the Sumi tribe, hailed from Nagaland’s Zunheboto district.  In the 1950s, Swu joined the Naga National Council (NNC) and served in various capacities in the organisation.Opposed to the Shillong Accord signed by the then NNC with the Centre, he formed the NSCN-IM in 1980.   Swu played a significant role in bringing out the Framework Agreement for Naga peace. Isak Chishi Swu's death has brought the focus back on the status of the Naga peace accord negotiations that are going on since the signing of a framework agreement between the Union Government and the NSCN-IM in August 2015. The signing of the pact came after over 80 rounds of negotiations that spanned 16 years with first breakthrough in 1997 when the ceasefire agreement was sealed.  The National Socialist Council of Nagaland (Isaac-Muivah) is the biggest Naga rebel group which has been maintaining the ceasefire.  

United Nations General Assembly (UNGA) has elected Ethiopia, Bolivia, Sweden and Kazakhstan as non-permanent members of the United Nations Security Council (UNSC) on 28 June 2016. The two-year terms at UNSC of the new members will begin from 1 January 2016 and run through 31 December 2018. The 193-member UN body conducted the elections for five non-permanent seats. A third round of voting is due to take place on 29 June 2016 for the final available seat with Italy competing against The Netherlands. These newly-elected countries will replace Spain, Malaysia, New Zealand, Angola and Venezuela. Process of Election : In the election of the five nations, the members of the General Assembly voted by secret ballot for five seats divided by geographical grouping – three from Africa and the Asia-Pacific region, one from Eastern Europe, and one from Latin America and the Caribbean. 1.Bolivia and Ethiopia were chosen by their regional groups and had no competitors. 2. Kazakhstan won the seat reserved for Asia Pacific against Thailand. 3. Italy, the Netherlands and Sweden had competed for two seats for Western Europe. United Nations Security Council : Under the UN Charter, the Security Council has the primary responsibility for international peace and security, with all UN Member States required to comply with Council decisions.  The Council’s 10 non-permanent seats are allocated according to a rotation pattern set by the Assembly in 1963, to ensure a proportionate representation over time from the different parts of the world: five from African and Asian States; one from Eastern European States; two from Latin American States; and two from Western European and Other States. The Security Council has 15 members, including five permanent. The five permanent members, each with the power of veto, are China, France, Russia, the United Kingdom and the United States. Other current non-permanent members are Japan, Egypt, Senegal, Ukraine and Uruguay. Responsibility of the Security Council : The Security Council is responsible for determining the existence of a threat against peace and to respond to an act of aggression. It is also responsible for finding peaceful means to settle a conflict or a dispute between States. In some cases, the Council can resort to sanctions or even authorize the use of force to maintain or restore international peace and security.  It also recommends to the General Assembly the appointment of the Secretary General and the admission of new Members to the United Nations.  

The World Bank Board has approved the 63 million US dollar project on 21 June 2016, Tejaswini : Socioeconomic Empowerment of Adolescent Girls and Young Women in Jharkhand. Tejaswini is the first World Bank project in India that is solely focused on the welfare of adolescent girls and young women.   The project will support adolescent girls and young women between the ages of 14 and 24 to complete their secondary level education. It will also help them to acquire relevant skills for the job market.   Highlights of the project : The project will support market-driven skills training, secondary education and broader socio-economic empowerment for adolescent girls and young women in 17 select districts of the state. It is expected to benefit about 680000 adolescent girls and young women in the state. In the 17 project districts, there are about 2.1 million adolescent girls and young women in the 14-24 age group, of which 13% belong to Scheduled Castes and 25% to Scheduled Tribes. The project will intervene at two levels, i.e., at the community and at the institutional level.The community-based platforms will hold regular counselling and guidance sessions, life skills education, livelihood support services and more. At the institutional level, it will work with partner institutions through performance-based contracts to deliver vocational training, business skills training and non-formal education. Life skills education will include four core elements: a.Resilience and soft skills : It includes communication and problem-solving skills, goal-setting and techniques to maintain psychological wellbeing through adversity. b.Rights and protections : This is related to early marriage, child labour, safe migration, gender-based violence and more. c.Health and nutrition : It includes sanitation and hygiene, nutritional habits for self and children and sexual and reproductive health. d.Financial literacy : It will help teach numeracy, saving, budgeting and accessing credit and financial institutions.

The Comptroller and Auditor General (CAG) of India Shashi Kant Sharmahas been conferred with the honorary professorship by the Nanjing Audit University (NAU), China. China’s Nanjing Audit University is the only university which is recognized by the Institute of Internal Auditors. Shashi Kant Sharmahas  : Shashi Kant Sharmahas is a 1976 batch Indian Administrative Service (IAS) officer of the Bihar cadre. He had succeeded Vinod Rai as the CAG, supreme federal auditor of the country in May 2013 Prior to appointment as CAG he had served as secretary in the Union Ministry of Defence. In July 2014 he had assumed office as Member of the United Nations Board of Auditor General (UNBAG) for a term of 6 years.

The Andhra Pradesh government has signed a memorandum of understanding (MOU) with a three-nation consortium of China Huanqin Contracting and Engineering Corporation, LEPL Ventures Private Limited and Isomeric Holdings to set up a gas-based fertilizer project at Krishnapatanam with an investment of Rs 10,183 crore.  The MoU was signed during Chief Minister N Chandrababu Naidu's ongoing visit to China, wherein he was participating in the World Economic Forum's 10th annual meeting of New Champions in Tianjin.  This proposed year of commencement for the project is 2017-18, a release from the CMO here said.  This project will help generate 5,000 thousand jobs.China Huanqiu, headquartered in Beijing, is an affiliate of China National Petroleum Corporation (CNPC).  Isomeric Holdings is a Malaysian company with expertise in gas-based manufacturing projects while LEPL is a Vijayawada-based infrastructure company that also runs an airline.  Chandrababu presented him a brief on the emerging business opportunities in the state as the government intended to make it a logistics hub. 

Majuli was in news  as the Government of Assam approved its up gradation as a district on 27 June 2016. With this approval, Majuli has become the first island district in the country. The approval was given by the State Cabinet in its first meeting after the formation of the government on 24 May 2016. At present, Majuli is a Mohkuma, a sub division of the Jorhat District and represented by the Chief Minister Sarbananda Sonowal in the Assembly. Related to Majuli island :  It is a fluvial landform (a riverine delta), a unique geographical occurrence and a result of the dynamics of the Brahmaputra river system. It is bounded by the river Subanisri and her tributaries on the North West, the kherkatia Suli (a spill channel of the river Brahmaputra) in the northeast and the main Brahmaputra River on the South and the South west. It is the largest mid river delta system in the world. It is also comprised of many islets locally called the Chaporis.Its area has shrunk from about 1250 square kilometers in 1891 to about 515 square kilometers due to the erosion of river-bank. It is the abode of the Assamese neo-Vaisnavite culture initiated around 15th century by the revered Assamese saint Srimanta Sankardeva and his disciple Madhavdeva.There are a total of 30 Sattras or Vaishnavite monasteries including the Dakhinpat Satra which was established in 1584 AD. Each Sattra, represents, within its region, a centre for cultural activities and even acts as a democratic institution to settle local disputes. Most of the villages associate with respective Sattra, and the villagers partake in the activities of their own Sattra during festivals and occasions. These sattra villages and other vernacular settlements house people from various ethnic origins all of whom have settled in Majuli like Mishings, Deori, Sonowal Kachari, Koch, Kaivartta and Nath.It is a hotspot for flora and fauna, harbouring many rare and endangered avifauna species including migratory birds that arrive in the winter season. Among the birds seen here are the greater adjutant stork, pelican, Siberian crane and the whistling teal. Paddy, mustard, potato, pulses, sugarcane, wheat are the main crops cultivated on the island.Various seasonal vegetables and fruits like orange, banana, pineapple, jackfruit, etc are also grown in abundant quantity. In March 2011, the Archaeological Survey of India (ASI) of the Union Ministry of Culture proposed to nominate the island for inclusion in the UNESCO World Heritage list.

Food and Beverage multinational Nestle SA on 27 June 2016 named Ulf Mark Schneider as its next Chief Executive Officer (CEO). He is the CEO of Fresenius, a Germany-based healthcare company. He will join Nestle on 1 September 2016 and start as CEO on 1 January 2017. He will succeed incumbent CEO Paul Bulcke, who will resign from the position on 31 December 2016. Bulcke has been named by Nestle board as its next chairman after incumbent Peter Brabeck-Letmathe retires in 2017. 50-year old Schneider will be the first outsider to run 150-year old Nestlé since 1922, when banker Louis Dapples was appointed to head the company after its only financial loss. The appointment of Schneider highlights the increasing importance of health and nutrition for Switzerland-based manufacturer of Maggi noodles and Kit Kat candy bars. Schneider appointment will expand the Nestle's capability to become one of the pre-eminent players in the Nutrition, Health and Wellness sector. In this line, Nestle also unveiled plans to integrate its skin-health and health-sciences businesses into the main Nestle organization reporting directly to Schneider from January 2017. The succession announcement comes against the backdrop of Nestle missing its sales target of organic growth of 5% to 6%, dubbed the “Nestlé Model”, for three years. The slowdown has been due to slowdown in major markets like Europe and China, strong Swiss franc and weak consumer prices. Ulf Mark Schneider : He has been the CEO of Fresenius for over 13 years. Under his leadership company generated annual sales of 28 billion euro (31 billion dollar) and offers products and services for dialysis, hospitals and outpatient treatments.He is a German and U.S. citizen with a doctoral degree from the University of St. Gallen and an MBA from Harvard Business School. Nestle : Nestle foundation was laid in 1866 with the setting up of Anglo-Swiss Condensed Milk Company It was founded by German-born pharmicist Henri Nestle, who develops a breakthrough infant food in 1867.In 1905 the company was merged with Anglo-Swiss to form what is now known as the Nestlé Group. It sells more than 200 brands in 189+ countries with 436 factories in 85 countries.

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