Problem with Spring exception in Intellij editor

Hi,

I am a complete newbie to IntelliJ attempting to make a switch from Eclipse.

I created a basic Spring project to get started. I am stuck at a point where IntelliJ is reporting an unhandled exception during Spring context creation even though I have attached a throws clause to the method:

I also tried surroung the block with a try-catch but same problem persists. I am on version 14.1.4. Is this a known problem with IntelliJ or is there some kind of Intellij knowledge gap here?

Thanks.