Current Affairs Global - 17 November 2014

1. The G20 summit for next year 2015 will be held in Turkey while G20 summit in the next year 2016 will be held in China, as per the announcement made by Australian Prime Minister Tony Abbott during current G20 summit in Brisbane.

Turkey took over the presidency from Australia and will host the event in Antalya in 2015. China will host the next G20 Summit of the emerging economies in 2016. The G20 troika would now consist of Turkey, Australia and China.

2. Klaus Iohannis won Romanian Presidential elections held recently. With this win, he will be the first President of Romania of foreign (German) origin. He will replace the incumbent President Traian Basescu.

3. Japan's economy contracted by 1.6% in the third quarter (July-September) of the current year. With this, Japan's economy contracted for the second consecutive quarter, which marks a technical recession for the world's third largest economy.

Japan's economy was contracted by 7.3% in the previous quarter which was also the biggest fall since the March 2011 earthquake and tsunami. On quarter basis, the economy contracted by 0.4% in the third quarter from the previous one.

4. US based pharmaceutical company Actavis announced that it would acquire Botox-maker Allergan for USD 66 billion. Actavis is a global, integrated specialty pharmaceutical company focused on developing, manufacturing, and commercializing generic, branded pharmaceutical and bio similar products. The combined entity will be one of the top ten largest pharmaceutical companies in the world.

Allergan secured the deal with Actavis after overcoming the histile bid by activist investor William Ackman and Valeant Pharmaceuticals. The deal agreed with Actavis is worth USD 12 billion more than the other offer.

5. World number one tennis player Novak Djokovic won this year's ATP World Tour finals yesterday after Roger Federer withdrew from the title clash due to a back injury.This was Djokovic's fourth season ending title and with this win he also became the first man to win three World Tour Finals titles since Ivan Lendl in the 1980s.