On 13 December, the Swiss government withdrew the Most Favored Nation (MFN) status from India . Under MFN, all countries under the World Trade Organization (WTO) give each other the status of Most Favored Nation (MFN). The WTO is an institution of the United Nations (UNO) , which has 164 member countries. After this decision of the Swiss government, Indian companies working there will now have to pay 10% more tax from January 1, 2025. Switzerland had given India the status of MNF nation under the Double Tax Avoidance Agreement (DTAA) . Two countries enter into a Double Tax Avoidance Agreement (DTAA) with each other to protect their citizens and companies from double taxation. Under this, companies or individuals do not have to pay tax in two different countries for their services or products. On November 13, Switzerland said that it had to take this step due to the decision of the Indian Supreme Court . In fact, last year, in a case related to Nestle , the Indian Supreme Court had ruled that DTAA cannot be implemented until it is notified under the Income Tax Act. This decision meant that companies like Nestle would have to pay more tax on their dividends. Earlier, the Delhi High Court had ordered that companies and individuals working in or for foreign entities should not have to pay double tax. The Supreme Court overturned this decision. Nestle is a Swiss company . Its headquarters is in the city of Vevey, Switzerland .
In South Korea, the impeachment motion against President Yoon Suk-sol was passed on 14 December . After the passing of this motion, the powers of the President were immediately suspended . Now Prime Minister Han Duck-soo will work as the acting President. President Yoon had imposed a short-term martial law in the country on the night of 3 December earlier this month . However, after massive protests, he withdrew his decision within 6 hours. After the declaration of martial law, an impeachment motion was brought against the President. In the National Assembly, 204 votes were cast in favor of the motion and 85 against it. After impeachment, the motion will now be presented before the court. If 6 out of 9 judges give a verdict against the President, only then the further process will be started. Elections have to be held within 60 days of impeachment.
3 Francois Bayrou becomes the new Prime Minister of France
French President Emmanuel Macron has nominated Francois Bayrou as the country’s Prime Minister . Let us tell you that France ‘s right-wing and left-wing MPs voted together on a historic no-confidence motion last week, due to which Prime Minister Michel Barnier and his cabinet members had to resign. 73-year-old Bayrou, an important partner in Macron’s centrist coalition, has been an important figure in French politics for decades. His political experience is considered important in efforts to restore stability in the country, as no single party has got a majority in the National Assembly.
4 Bloomberg released the list of the 25 richest families in the world
Bloomberg released the list of the world’s 25 richest families on December 13. Their wealth has increased by Rs 34.5 lakh crore this year. The Walton family, which runs the consumer retail company Walmart, is at the top of the list . This family was at number two last year. The royal families of UAE and Qatar are at number two and three in the list. The Ambani family with a net worth of Rs 8.45 lakh crore is at number 8. Mistry family of India is at number 23 with a net worth of Rs 3.5 lakh crore . This family owns the Shapoorji Pallonji Group . The total wealth of the world’s top-25 richest families is Rs 211 lakh crore. More than 70% of the families have been included in the top-25 families of this list for the past several years.
Food is an important aspect of cultural exploration, and many travelers seek out famous destinations for distinctive food experiences on their trip. In this context, Taste Atlas , a renowned food and travel guide, has recently revealed its list of the top 10 best food cities in the world for 2024-25 . The list is dominated by European cities, especially from Italy , while India’s Mumbai also occupies a significant position in the top 5 , reflecting the global recognition of India’s diverse food culture. Rankings and prominent cuisines in the top 10:
- Naples (Italy) – Pizza Margherita: Rank 1, Rating 4.8
- Milan (Italy) – Risotto alla milanese: Rank 2, Rating 4.7
- Bologna (Italy) – Tagliatelle alla Ragù: Rank 3, Rating 4.6
- Florence (Italy) – Bistecca alla Fiorentina: Rank 4, Rating 4.6
- Mumbai (India) – Vada Pav: Rank 5, Rating 4.5
- Rome (Italy) – Spaghetti alla carbonara: Rank 6, Rating 4.5
- Paris (France) – Creme brulee: Rank 7, Rating 4.4
- Vienna (Austria) – Zwiebelrostbraten: Rank 8, Rating 4.4
- Turin (Italy) – Agnolotti: Rank 9, Rating 4.3
- Osaka (Japan) – Takoyaki: Rank 10, Rating 4.3
7 BOBCARD launches Tiara Credit Card
BOBCARD has launched TIARA Credit Card , a premium and women-centric offering . The card is designed with the aim to empower modern women, offering a host of rewards across categories like travel, lifestyle, dining, entertainment and health. The card helps women manage their finances while not compromising on their lifestyle. The Pinkathon launch event was attended by celebrities like Milind Soman and Ankita Konwar. The TIARA Credit Card is powered by the RuPay network and promises to be a game-changer for women’s financial autonomy.
8 Bhavesh Jain appointed as MD & CEO of TransUnion CIBIL
TransUnion CIBIL has announced the appointment of Bhavesh Jain as its new Managing Director and CEO . He replaces Rajesh Kumar, who resigned after serving in the position for five years. Bhavesh Jain, who served as Chief Revenue Officer at TransUnion CIBIL for the last five years, brings decades of experience in financial services. His appointment reflects the company’s commitment to drive financial inclusion and digital transformation in India.
9 ‘Joy Bangla’ will no longer be the national slogan of Bangladesh: Supreme Court
‘ Joy Bangla ‘ will no longer be the national slogan of Bangladesh . The Bangladesh Supreme Court has stayed the decision of the High Court. In an order, the Bangladesh High Court declared the popular Joy Bangla of Bangladesh’s Father of the Nation Bangabandhu Sheikh Mujibur Rahman as the national slogan of the country. The interim government of Bangladesh filed an appeal petition in the Supreme Court on December 2 against the High Court’s decision of March 10, 2020. In the case, a four-member bench headed by Chief Justice Syed Refat Ahmed passed the order. The order said that the national slogan is a matter of policy decision of the government and the judiciary cannot interfere in it. Additional Attorney General Anik R Haque, who appeared on behalf of the government in the hearing, said that after this order, Joy Bangla will not be considered as the national slogan.
10 World Squash Team Championships: Indian men’s team beat hosts Hong Kong and China 2-0 in the playoffs to finish fifth
The Indian men’s team finished fifth in the World Squash Team Championship by defeating hosts Hong Kong China 2-0 in the playoffs . India’s Velavan Senthilkumar defeated Henry Leung 3-2 and Abhay Singh defeated Alex Lau 3-0. The Indian men’s squash team performed well in the knockout match. But, due to the defeat against France, it was out of the medal race. On the other hand, the Indian women’s team finished seventh after winning 2-1 over France in its last match . Anjali Semwal defeated Lauren Baltayan 3-2. India has never won a medal in the World Squash Team Championship.
11 Mohammad Aamir retires from international cricket again
Pakistani cricketer Mohammad Aamir has retired from international cricket . Aamir has retired from international cricket for the second time. Aamir retired for the first time from Test cricket in 2019 and from white ball cricket in December 2020. Aamir played 36 Tests, 61 ODIs and 62 T20 Internationals for Pakistan. Aamir has taken 71 wickets in 62 T20 International matches, while his best was 4 wickets for 13 runs. Apart from this, he took 119 wickets in 36 Test matches, while he took 81 wickets in 61 ODIs.
12 Bangladeshi cricketer Shakib Al Hasan banned from bowling
The England and Wales Cricket Board (ECB) on December 14 banned Bangladeshi cricketer Shakib Al Hasan from bowling . Now he will not be able to bowl in any ECB tournament. This ban has been implemented from December 10. Shakib Al Hasan failed a test held at Loughborough University on December 10. He will have to take the test again to lift the suspension. For the re-test, Shakib’s elbow extension should be less than the prescribed 15-degree limit. Shakib Al Hasan announced his retirement during Bangladesh’s India tour in September 2024.
13 National Energy Conservation Day
National Energy Conservation Day reflects India’s dedication towards sustainable development and is celebrated every year on 14 December . This day gives the message of adopting energy efficiency and encouraging environmental conservation. National Energy Conservation Day reminds us of the important role of energy in our lives and the need to conserve it. Starting from the year 1991, this day is celebrated by the Bureau of Energy Efficiency (BEE) under the Ministry of Power , which symbolizes the nation’s commitment to energy efficiency and energy conservation.
