Current Affairs For Bank, IBPS Exams - 16 January, 2014

Current Affairs For Bank, IBPS Exams

16 January 2014

Incentives for raw sugar production

India will consider providing incentives for production of raw sugar up to 4 million tonnes for exports in the next cabinet meeting, Food Minister K V Thomas said, as part of efforts by the world's second-biggest producer to stop adding to massive mounds of the refined grade which are piling up because of low prices.
A group ministers under the chairmanship of Farm Minister Sharad Pawar revived the proposal to be placed before the cabinet, but haven't decided about the quantum of incentives yet.
Indian mills traditionally produce white sugar but a global glut has made exports difficult. A rise in sugar refining capacity in Asia and Africa has now given an opportunity to export raws. Exports of raws from India, the world's biggest consumer of sugar, will eat into the share of top suppliers Brazil and Thailand. Extra supplies could also put further pressure on benchmark prices in New York, which are hovering around a 3-1/2-year low in an oversupplied world market.

Millennium Bus Depot removed

In a move that has been welcomed by environmental activists, the Millennium Bus Depot, constructed as a temporary structure on the Yamuna river bank during the 2010 Commonwealth Games, will be shifted out.
Chief minister Arvind Kejriwal announced that the government would clear its stand on the controversial depot before the high court through an affidavit. The case will come up for a hearing . The CM also announced that no further construction would be allowed on the river bed.
Kejriwal stressed that it was not just a question of safeguarding the environment but also the important issue of ensuring that the city's natural resources are protected. "It is a catchment area for water which cannot be meddled with," he said.
Millennium Depot is one of the biggest depots that the DTC operates at present. Spread over 60 acres, the depot houses four units within the complex. These four depots in turn park 800 low-floor buses— the single depot to have so many low-floor buses.
Besides the buses, the depot also has four CNG filling stations, workshops, ETP, automated washing plants and air-inflation plants. Delhi government had spent over Rs 60 crore to construct the depot in 2010 with more funds being pumped in to build the existing infrastructure.

Moody's rating

A rating downgrade for India is not on the cards according to a report, citing Moody's rating analyst Thomas Byrne.
Moody's has an investment grade rating of Baa3 on India with a stable outlook.
Last month, Moody's had said India's economic growth rate remains weak and there is little chance of recovery next year.
The May elections open possibility of better governance . The global rating agency had also earlier cautioned that low growth and high inflation could weaken the country's debt profile and raise financing cost.
If current lower growth and high inflation persist over the medium term, the domestic financial system's capacity to absorb government debt could fall quite considerably.
This could change the structure of government debt, raise debt financing costs and weaken government debt ratios.

Hockey World League

At the start of the Hero Hockey World League, India’s hockey skipper Sardar Singh had promised his side wouldn’t just make up the numbers but would surprise their opponents. Its unlikely anyone took him very seriously at the start of the tournament. After the first couple of defeats, one would be even less inclined to think so.
The draw against Germany was perhaps the first time, there appeared to be some validity to the skipper’s predictions. But, ten minutes into their game against defending world champions Australia and with a two goal to nothing lead, it is likely even Sardar would have been surprised.
The match eventually finished 7-2 to the Australians, but at least for the first quarter of the game, India looked like pulling off the biggest upset of the tournament. The match had got off to a fast start. India had put together their first good opportunity in the opening minute of the game courtesy a move by K Uthappa and Mandeep Singh. But while the chance came to nothing, the lead eventually came in the sixth minute.
Dharamvir Singh found space on the right, crossed to Birendra Lakra who shot on target from a tight angle. The goalbound attempt caught an Australian stick on the way to the net, but the umpires arms were pointing to the centerline all the same. Australia had a chance to pull things back when they earned a PC in the 9th minute, but PR Sreejesh cleared the high drag attempt. Australia would have known that India would come hard at them, but they still seemed unprepared for it. They made some surprisingly basic errors including in the 10th minute when they left Yuvraj Walmiki unmarked on the left flank.

Malaysia Open

Saina Nehwal and P V Sindhu got off to winning starts in their season, notching up straight-game victories in their respective opening round women’s singles matches in the USD 500,000 Malaysia Super Series Premier .
While eighth seeded Saina took just 36 minutes to get the better of Indonesia’s Hera Desi 21—10, 21—16 in their first ever meeting, Sindhu fought hard before prevailing 21—17, 21—18 over her old foe Lindaweni Fanetri of Indonesia in a 43-minute contest.
Saina next faces Yao Xue of China, while world number 11 Sindhu takes on sixth seed Yeon Ju Bae of Korea in the second round at the Putra Stadium here.
In the men’s singles, however, Anand Pawar and R M V Gurusaidutt crashed out of the event after suffering contrasting defeats in their first round matches.