Current Affairs Global - 30 January 2014

1. Lenovo Group agreed to acquire Google Inc's Motorola handset division for USD 2.91 billion in order to expand its business into a heavily competitive U.S. handset market dominated by Apple Inc. It is Lenovo's second major deal on U.S. soil after acquiring IBM-s low-end server business for USD 2.3 billion announced last week.


2. Google acquired Motorola Mobility for USD 12.5 billion in 2012 and sold the same division for USD 2.91 billion only after nearly 2 years. This is definitely the worst acquisition ever done by the internet giant. Google will keep majority of Motorola's mobile patents after this deal. Google Chief Executive Officer Larry Page said that Google would be best served by focusing on smartphone software rather than devices.


3. The US economy grew by 3.2% in the final quarter of 2013 compared to same quarter last year. US economy is also expected to grow at the strongest pace since the end of US recession in 2009. Due to this optimism and improvement of job market scenario, the Fed announced that it would cut monthly bond purchases by USD 10 billion.


4. The US Federal Reserve announced a USD 10 billion reduction in its monthly bond purchases from USD 75 billion to USD 65 billion in final meeting for outgoing Fed chairman Ben Bernanke. This is the second straight month of reducing stimulus efforts. The Fed left its overnight interest rate unchanged at 0% - the level it has been at since December 2008. Most of the stock markets including China, Japan and India were down following the news bond purchase cut.


5. New Zealand's Kathy Cross became the first woman to be inducted in an ICC umpires' panel today when she was elected as an Associate and Affiliate International official following the annual review and selection process. She is now eligible for appointments to ICC World Cricket League Divisions 3 to 6.