Current Affairs for BANK, IBPS Exams 09 April 2017

Current Affairs for BANK, IBPS Exams

09 April 2017

:: National ::

Agreements in the fields of energy and defence between India and Bangladesh

Stepping up cooperation in the fields of connectivity, energy and defence, India extended lines of credit worth $5 billion to Bangladesh, as the two countries exchanged 22 agreements.
However, despite the presence of West Bengal Chief Minister, the two sides were unable to make any progress on the contentious Teesta water sharing agreement that Ms. Banerjee has opposed.
“This (Teesta) is important for India, for Bangladesh and for India-Bangladesh relationship,” Mr. Modi said after the meeting. He added, “I firmly believe that it is only my government and Excellency Sheikh Hasina, your government, that can and will find an early solution to Teesta Water Sharing.”
Apart from the water issues, both sides agreed to work together on ways to advance issues like trade, connectivity, and regional cooperation.

Govt is considering the introduction of a ‘no fly list’

Minister of State for Civil Aviation Jayant Sinha said the government was considering the introduction of a ‘no fly list’ to deal with unruly passengers.
“The Ministry of Civil Aviation is strengthening rules so that a national no-fly list can be implemented, such incidents can be prevented, and safety improved,” Mr. Sinha tweeted.
“Air travellers should note that safety and security of passengers and crew is our paramount priority."
"Unruly or disruptive behaviour will result in severe consequences. This includes police action for a specific incident as well as being placed on a no-fly list,” the Minister said.
Domestic airlines have witnessed 53 cases of unruly behaviour by passengers between July 2016 and March 2017.
Air passenger representatives welcomed the move on a ‘no-fly list’ – a practice followed by airlines in Europe and the United States.
Airlines abroad have their own rules for dealing with unruly passengers and maintain their own ‘no fly list.’

CJI says parties should e kept accountable for unfulfilled promises

Chief Justice of India Jagdish Singh Khehar said political parties should be held accountable for the routinely unfulfilled promises made in their election manifestos.
Manifestos had become a mere piece of paper owing to the short-term memory of citizens, but the political parties had to be made accountable for the unfulfilled promises, said Justice Khehar.
The CJI said the parties gave brazen excuses to justify non-fulfilment of the promises.

Indo-Mongolian Joint Military Exercise Nomadic Elephant at vairengte

A small elite contingent of Indian and Mongolian troops began a two-week joint military exercise away from media glare. Indian Army made public the joint exercise, named Nomadic Elephant.
The timing of the exercise may be a mere coincidence, but assumes significance given last December China mounted economic sanctions on Mongolia after it refused to cancel the visit of Dalai Lama to the Buddhist majority country.
The Army said the 12th “iteration of Indo-Mongolian Joint Military Exercise Nomadic Elephant is presently under way at Vairengte from 05 April 2017 till 18 April 2017.”
Vairengte in Mizoram houses the elite Counter-Insurgency and Jungle Warfare School of the Indian Army.
It said the exercise was aimed at training the troops in counter insurgency & counter terrorism operations under the United Nations mandate.
India-Mongolia relations have been on an upswing in recent years, with the latter turning to New Delhi in December 2016 for help after China hiked transit tariffs on Mongolian trucks, as part of its action to protest Dalai Lama’s visit to Mongolia.
Prime Minister Narendra Modi during his visit to Mongolia in May 2015 had extended a credit line of $1 billion to Mongolia.
The India-Mongolian bilateral ties have been growing against the backdrop of the communist country’s growing influence, and New Delhi’s efforts to find a balance.
The Indo-Mongolian military exercise is taking place just about 800 kilometers away from Tawang—second highest seat of Tibetan Buddhism and home to a historic monastery.
On China’s insistence that the next Dalai Lama be born in China, he said his followers will decide whether the tradition continues or not, or if his successor should be a woman.

:: India and World ::

Dalai Lama compared China’s actions in Tibet to the regime of Cambodian dictator

In his sharpest comments yet, the Dalai Lama compared China’s actions in Tibet to the regime of Cambodian dictator Pol Pot, who was held responsible for the death of more than a million Cambodians in the 1970s.
Speaking at the Tawang Monastery, the Tibetan leader and spiritual guru said that despite atrocities in Tibet he had decided to “forgive China” and was even willing to follow the “One China” policy.
In the run-up to his visit, the Chinese government issued several direct threats to India.
The Dalai Lama also accused China of spreading wrong information about his trip to Arunachal Pradesh, saying it is normal for Beijing to give “political colour” to his spiritual visits.

:: Science and Tech ::

IMD says the country is on an average 0.6 degree Celsius hotter than a century ago

The India Meteorological Department (IMD) says the country is on an average 0.6 degree Celsius hotter than a century ago. 2016 was the warmest year since 1901.
Until 2015, 13 of India’s 15 warmest years ever were after 2000. Heat waves are a sharply defined concept, as per Indian meteorology.
Depending on whether a place’s historical temperature is 40C or less, a 4.5C (or greater) rise in temperature counts as a ‘heat wave’ and 6.5C and more, a ‘severe heat wave.’
The IMD counted the number of heat wave days in 110 weather stations nationwide and, in a 2013 report, found that between 1960 and 2010, there were about 510 ‘heat wave days’ every year in the decades 1961-70 and 1971-80.
This decreased to 470 in (1981-90) and jumped to about 580 days/year and 670 days/year respectively in the decades (1991-00 and 2001-10). The same roughly holds for severe heat waves.
Studies have linked an increase in heat waves to more increase in El Nino events, or years marked by an anomalous heating in the Central Pacific Ocean that’s linked to a weakening of the Indian monsoon.
The Indian Ocean temperatures are also rising faster than the other oceans, and this, too, may be reducing moisture over the Indian mainland, thus playing some part in longer stretches of hot days.
Deforestation, the heat-island effect, and industrial pollution are also being blamed for exacerbating heat waves.
Typically, heat waves are associated with the north and northwest of India and over coastal Andhra Pradesh, north Odisha and parts of West Bengal.
However, there’s been a slight increase in the number of regions in recent years, with more parts of the Himalayan plains, regions north of Andhra Pradesh and Central India also registering more heat waves.
This year, the maximum spikes in temperatures, in May, were recorded in unconventional places such as Shimla, Kullu and tourist spots in Uttarakhand.
Prolonged exposure can cause dehydration and sometimes death. Heat waves killed 1,422 in Andhra Pradesh and 541 in Telangana in 2015 or about 90% of all the heat wave mortality of that year.
The next year, deaths halved because of several initiatives by the government, including early-warnings and improved public access to drinking water. Staying indoors during a heat wave is the best way to be safe.

A relatively large near-Earth asteroid will fly safely past Earth

A relatively large near-Earth asteroid will fly safely past our planet on April 19 at a distance of about 1.8 million kilometres — over four times the distance from Earth to the Moon, NASA said.
Although there is no possibility for the asteroid to collide with Earth, this will be a very close approach for an asteroid of this size.
The asteroid, known as 2014 JO25, was discovered in May 2014 by astronomers at the Catalina Sky Survey in Arizona, US.
Contemporary measurements by NASA’s NEOWISE mission indicate that the asteroid is roughly 650 meters in size, and that its surface is about twice as reflective as that of the Moon.
At this time very little else is known about the object’s physical properties, even though its trajectory is well known.
The asteroid will approach Earth from the direction of the Sun and will become visible in the night sky after April 19.
It is predicted to brighten to about magnitude 11, when it could be visible in small optical telescopes for one or two nights before it fades as the distance from Earth rapidly increases, NASA said.
Small asteroids pass within this distance of Earth several times each week, but the upcoming close approach is the closest by any known asteroid of this size, or larger, since asteroid Toutatis, a five-kilometre asteroid, which approached within about four lunar distances in 2004.
The next known encounter of an asteroid of comparable size will occur in 2027 when the 800-metre-wide asteroid 1999 AN10 will fly by at one lunar distance, about 380,000 kilometres.
The encounter on April 19 is the closest this asteroid has come to Earth for at least the last 400 years and will be its closest approach for at least the next 500 years.
Also on April 19, the comet PanSTARRS (C/2015 ER61) will make its closest approach to Earth, at a very safe distance of 175 million kilometres, NASA said.

:: International ::

Changed approach by US towards Syria throws many challenges

President Donald Trump’s decision to strike Syria has upended assumptions about U.S. military involvement in the Middle East, angering adversaries and raising hopes among allies.
The swift decision, by a President who had previously shown no interest in entering conflicts like Syria’s, set Mr. Trump apart from his predecessor’s far more cautious approach to the war.
The missile strikes on a Syrian airfield inflicted only minor damage and are unlikely to change the dynamics of a complex conflict that rages on local, regional and global levels.
On the ground, it pits an array of rebel groups against the Syrian President Bashar al-Assad. Supporting the rebels are nations such as Saudi Arabia and Turkey, who oppose Mr. Assad and his ally, Iran.
The war has also entangled Russia and the United States, and sent shock waves through Europe, which streams of Syrian refugees have fled to.
Russia and Iran, who back the Syrian government, have responded angrily to the strikes, while allies who criticised President Barack Obama’s cautious approach have welcomed the change.
Some allies renewed their calls for a leadership change in Damascus, although officials in the Trump administration did not portray the strikes as the start of a broader campaign.
In Turkey, which has long backed Syrian rebels in their effort to topple Assad, President Recep Tayyip Erdogan told a rally that he supported the attack but wanted further action.
He called for the establishment of “safe zones” inside Syria, an idea considered but ultimately rejected by the Mr. Obama administration.
In Israel, which has kept its distance from the war raging across its northern border, Prime Minister Benjamin Netanyahu said the strikes sent a clear message against the spread of chemical weapons.

:: Business and Economy ::

Centre’s credit-linked interest subsidy scheme for home loan borrowers

Home loan borrowers have had a lot to cheer about lately. Banks have cut lending rates by 1-1.2 percentage points over the past year, reducing the monthly EMI (equated monthly instalment) for borrowers.
For the middle-income category, the Centre’s credit-linked interest subsidy scheme brings more good tidings.
The scheme, effective from January 1, 2017, offers an upfront interest subsidy of up to Rs. 2.3-2.35 lakh to eligible borrowers availing themselves of loans to buy ready-to-use or under-construction property.
The newly-launched credit-linked subsidy scheme for the middle income group, referred to as CLSS-MIG, covers two income segments — Rs. 6,00,001 to Rs. 12 lakh (MIG-I) and Rs. 12,00,001 to Rs. 18 lakh (MIG-II) per annum.
Those under the MIG-I category will be offered interest subsidy of 4 per cent for loans up to Rs. 9 lakh and under MIG-II an interest subsidy of 3 per cent for loans up toRs. 12 lakh.
The subsidy will be calculated at 9 per cent NPV (net present value) of the interest savings over 20 years or the actual tenure, whichever is lower. The subsidy could work out to a maximum of Rs. 2.3-2.35 lakh per beneficiary.
After your loan is approved and sanctioned, the lender submits the claim to one of the Central Nodal Agencies with whom it has signed an MOU.
Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as the central nodal agencies to channelise this subsidy to the lending institutions.
The subsidy is approved by the nodal agency after verification of eligibility criteria under the CLSS scheme. Once approved, it releases the subsidy amount directly to the lender, which is then credited into the borrower’s account.
This will be deducted from the principal loan amount of the borrower, who will pay EMI on the remainder of the principal amount. The entire process of credit of subsidy can take about two to three months after the account is fully disbursed.
Also, if the loan amount exceeds the specified limit — Rs. 9 lakh for MIG-I and Rs. 12 lakh MIG-II — the subsidy will be available only up to the threshold limit, beyond which the borrower will have to pay rates applicable under normal circumstances (non-subsidised rates).
For now, the scheme is opened only until December 31, 2017. This implies that the property (if under construction) has to be completed in a year.
Else you will not be able to receive the subsidy. To avoid uncertainty, it may be better to go for a ready-to-use property.
Home loan borrowers under the scheme can also get the usual tax benefit. Under Section 80C of the Income Tax Act, maximum deduction of up to Rs. 1,50,000 is available on the principal amount.
Under Section 24, interest that is paid towards the home loan is exempt up to Rs. 2 lakh. Remember though that you can claim exemption only on the net interest you pay and not on the subsidy component.

U.S. investors are looking overseas for stronger earnings

America First may be a main policy of the White House and fuel to the stock market rally but U.S. investors are looking overseas for stronger earnings as S&P 500 companies are set to report their first quarter of double-digit profit gains since 2014.
A strong earnings season would help justify pricey stock valuations, with the S&P 500 rallying this month to its most expensive since 2004 on a forward price-to-earnings basis.
While the U.S. economy has gotten a lot of attention since the Nov. 8 election and President Donald Trump’s vows to boost the domestic economy, data during the quarter has suggested the global economy is strengthening.
Shares of the biggest U.S. companies, which tend to have the most overseas exposure, have been among the strongest performers over the past several weeks.
For instance, the S&P 500 has outperformed its average stock this year since mid-February, after performing mostly in line at the beginning of the year.
A weaker dollar boosts offshore revenues when they are translated into the U.S. currency. The U.S. dollar index was down 1.8% in the first quarter, but it was still cheaper during last year’s first quarter.
A recent survey showed euro zone business activity at a six-year high. Forecasts from the IMF show a pickup in the global economy in 2017 and 2018, especially in developing economies.
However, some investors worry multinationals may have already priced in big gains in earnings.
The U.S. earnings season gets under way next week, with results from banks JPMorgan Chase, Wells Fargo and Citigroup among others. The financial sector is projected to post a 15.4% profit gain, second only to energy among S&P sectors.