Current Affairs For Bank, IBPS Exams - 12 April, 2014

Current Affairs For Bank, IBPS Exams

MRF is set to emerge as a major supplier of tyres for the Indian Air Force (IAF) as the country’s leading tyre maker has now created yet another record of supplying aircraft tyres for the defence.
After successfully producing and supplying tyres for Indian defence helicopters, the company has now started supplying indigenously developed tyres for Sukhoi 30 MKI, the most advanced fighter aircraft group in the IAF fleet.
Though MRF has been supplying tyres to various vehicles of Defence Forces, its journey to supply aviation tyres began in 2001. After meeting all requirements and securing approvals from various authorities, it started supplying helicopter tyres for Chetak fleet in 2008. In the same year, it took up the project of developing main wheel tyres for Sukhoi 30 MKI.
After completion of the tests, the product has been cleared by CEMILAC (The certifying authority for Military aviation) for commercial production in 2012. These tyres are being produced at its facility at Medak (Andhra Pradesh).

A Kuwaiti opposition group led by a former lawmaker convicted of making comments considered insulting to the ruling Emir says it plans to launch a series of street protests to press for reform in the Gulf state.
Former lawmaker Musallam al-Barrak’s reform agenda includes allowing people to run for the position of prime minister. Currently, Prime Ministers are appointed by the Emir and are from the ruling family.
Al-Barrak is known in Kuwait for an October 2012 speech where he suggested that the Emir was trying to turn the country into an “autocracy”. He was sentenced to five years imprisonment, but was allowed to remain free on bail after he refused to surrender to authorities and his supporters fought security forces.

Calibrated and clearly communicated monetary policies will build trust and improve business sentiments across the world by leaving little room for speculations , according to the Economic Affairs Secretary Arvind Mayaram.
Recent risks of very low inflation in euro areas might demand use of appropriate tools in the coming time to thwart deflation tendencies.
Mr Mayaram represented India during the ongoing spring meet of the International Monetary Fund and the World Bank.
In terms of exchange rate policy, while flexible exchange rates are desirable, a cautious approach should be followed before going for currency revaluations which can result in trust deficit and currency wars.

Natco Pharmaceuticals, the Hyderabad-based generic pharmaceutical company, has filed a ‘pre-grant opposition’ with the Indian Controller General of Patents, Designs & Trademarks to prevent the granting of a patent to U.S. pharmaceutical major Gilead Sciences for its breakthrough drug for treatment of Hepatitis C, Sovaldi.
Under India’s patent laws, a third party can dispute the validity of a pending patent application.
The grant of a patent can be opposed under 11 grounds that include lack of novelty and inventive step.
Indian Pharmaceutical Alliance (IPA) and Initiative for Medicine and Access to Knowledge (I-MAK) have also filed pre-grant opposition on similar grounds earlier.
Sofosbuvir is considered a breakthrough as it is a once-daily regimen expected to replace the injection-based therapy. It is a direct-acting anti-viral (DAA), and reduces treatment time to 12 weeks from 24-48 weeks. The existing treatment has several side-effects while sofosbuvir has none.