Current Affairs Global - 5 March 2014

1. Third BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit was held from 1st March to 4th March 2014 in Nay Pyi Taw, Myanmar. The Third BIMSTEC summit was attended by the heads from six countries India, Bangladesh, Nepal, Sri lanka, Bhutan, Mayanmar and Special Envoy of the Prime Minister of Thailand.

The leaders called for expediting the ratification for entry into force of the BIMSTEC Convention on Cooperation in Combating International Terrorism, Transnational Organized Crime and Illicit Drug Trafficking and also for the early signing of the BIMSTEC Convention on Mutual Assistance in Criminal Matters. The members also recognized the threat that terrorism poses to peace, stability and economic progress and agreed for closer cooperation in combating all forms of terrorism and transnational crimes.

2. Global tech giant Apple announced that Peter Oppenheimer, the company's senior vice president and CFO, will retire at the end of September. Luca Maestri will succeed him as CFO and he will report to Tim Cook. Oppenheimer joined Apple in 1996 and he was one of the most recognizable faces among Apple's executive team. During his tenure as CFO, Apple's annual revenue grew from USD 8 billion to USD 171 billion in last decade.

3. China has projected its economic growth target at 7.5% for 2014 as the Chinese government looks to steer the world-s second largest economy. This is slightly lower than 7.7% growth achieved in 2013. It has also set its inflation goal at 3.5% for 2014. The new target was announced in the first work report by Premier Li Keqiang at the annual session of the National People-s Congress.

4. South African Test skipper Graeme Smith has announced that he would retire at the end of the Test against Australia in Cape Town. He began his international career in 2002. He led South Africa in more than 100 tests and led to a record 53 Test victories. Under his captaincy SA achieved the No.1 ranking which it has held for the past 19 months.