Current Affairs for BANK, IBPS Exams 02 May 2017

Current Affairs for BANK, IBPS Exams

02 May 2017

:: National ::

India and Turkey called for collective fight against terrorism

Turkey and India called for a collective fight against terrorism. Turkish President condemned the attack on CRPF personnel in Sukma, Chhattisgarh, and expressed solidarity with India.
“We will never bow to terrorism that spreads tears and unhappiness. Terrorists will drown in their own blood,” said Mr. Erdogan
However, Mr. Erdogan’s condemnation of the killing of security personnel in central India contrasted with his silence over the news of alleged cross-border attack by elements based in Pakistan.
The issue of cross-border terrorism was strongly taken up by Prime Minister Narendra Modi who urged for a common strategy against states that use terrorism as an instrument of power.

Seas around India shows signs contrary to popular belief

Global warming may be inching the oceans higher every year but researchers studying the seas around India report a paradox.
From 1993 to 2003 — the first decade when satellites started to consistently track the rise and fall of ocean heights and global temperatures soared — the north Indian Ocean (NIO) sea levels fell.
The NIO consists of the Arabian Sea, the Bay of Bengal and part of the Indian Ocean up till the 5°S latitude. After 2004, sea levels began an unprecedented, accelerated spike till 2014.
This rise and fall was even as global temperatures steadily climbed and registered their largest two-decadal jump in more than a century.
Previous studies that had measured ocean heights based on traditional tide gauges found that the NIO —like the rest of the world’s seas — continued to rise between 1993 and 2004.
The NIO went down about 0.3 mm a year and from 2004 gained about 6 mm annually. This was twice the global, annual average of about 3 mm.
When temperature and sea level trends in the NIO were mathematically separated out from the other oceans, the fall was even more dramatic: nearly 3 mm per year and the Arabian Sea cooling off rapidly at 4 mm per year.
Sea levels primarily rise due to water expanding from atmospheric heat and, more water being added from, for instance, melting ice sheets and glaciers. In this case, said Mr. Ravichandran, 70% of the NIO’s warming could be explained by expansion.
Unlike the Pacific and Atlantic, the NIO was hemmed in all sides, except for an outlet on the southern side. This influenced the rate at which heat was absorbed and flushed out from within the system.
According to their calculations, heat was moving out slower during after 2004 than during the 1990s.

Visiting Turkish President supports India’s UNSC bid

Jamia MilliaIslamia conferred the Degree of Doctor of Letters (HonorisCausa) to Turkish President RecepTayyip Erdogan who is on a two-day visit to India.
Citing the commonness and familiarity between the Indian and Turkish cultures, he said that “culture and education” were potential areas which could take the relationship between both countries to the next level.
In his address, he supported a permanent United Nations Security Council seat for India and called for reforms in the UNSC.
“India, with a population of 1.3 billion is not a part of the UNSC. Over 1.7 billion people live in the Islamic world but they too are not a part of the UNSC. This is not a healthy sign,” President Erdogan said.
Criticising the current structure of the Council as arbitrary, he said that it was set up to address the crisis emanating from the Second World War but now that situation had changed drastically.
It therefore required thorough restructuring to address the current geo-political reality of the world. “Only five permanent members of the Council are deciding the fate of the entire world which is not fair”, he added.

:: International ::

ASEAN focussed on a regional trade pact

Steering clear of blaming China for the maritime disputes in the South China Sea, the 10-member Association of South East Asian Nations (ASEAN) has focussed on a regional trade pact and shoring up economies of some of the lesser developed countries in the grouping.
A statement issued at the end of the Manila summit took note of the improving cooperation between ASEAN and China. It welcomed the progress to complete a framework of the code of conduct in the South China Sea by mid-2017.
The code is a non-binding document that urges self-restraint and resolution of disputes through direct negotiations
The document welcomed the operationalisation of the Guidelines for Hotline Communications among senior officials of the ministries of foreign affairs of ASEAN countries and China in response to maritime emergencies.
The leaders focused on the Regional Comprehensive Economic Partnership (RCEP) negotiations, pointing out that the giant free trade pact will boost global trade.
The RCEP is a proposed free trade agreement between ASEAN and six other states — Australia, China, India, Japan, South Korea and New Zealand.
The document highlighted a commitment to assist Cambodia, Laos, Myanmar and Vietnam to enable them to bolster regional integration.
The grouping reaffirmed its aspiration to play a bigger role in the global economy and reiterated their full support for the denuclearisation of the Korean Peninsula, and for concerned parties to explore all avenues for dialogue.

:: Science and Technology ::

Cartilage tissue generated using a 3D bioprinter

Researchers have successfully generated cartilage tissue using a 3D bioprinter, an advance that could lead to new treatments for osteoarthritis. This is a giant step forward in the ability to generate new, endogenous cartilage tissue.
In future, it should be possible to use 3D bioprinting to generate cartilage based on a patient’s own, “backed-up” stem cells.
The research team was able to influence the cells to multiply and differentiate to form chondrocytes (cartilage cells) in the printed structure.
The team used cartilage cells harvested from patients who underwent knee surgery, and these cells were then manipulated in a laboratory, causing them to rejuvenate and revert into “pluripotent” stem cells.
The stem cells were then expanded and encapsulated in a composition of nanofibrillated cellulose and printed into a structure using a 3D bioprinter.
Following printing, the stem cells were treated with growth factors that caused them to differentiate correctly, so that they formed cartilage tissue.

GSAT-9 to make advanced Indian spacecraft far lighter

GSAT-9 or the South Asia Satellite, will carry a new feature that will eventually make advanced Indian spacecraft far lighter. It will even lower the cost of launches tangibly in the near future.
The 2,195-kg GSAT-9, due to take off on a GSLV rocket on May 5, carries an electric propulsion or EP system. The hardware is a first on an Indian spacecraft.
The satellite will be flying with around 80 kg of chemical fuel - or just about 25% of what it would have otherwise carried.Managing it for more than a decade in orbit will become cost efficient.
In the long run, with the crucial weight factor coming down later even for sophisticated satellites, ISRO can launch them on its upcoming heavy rockets instead of sending them to space on costly foreign boosters.
Shortly, its own vehicle GSLV MkIII is due for its full test flight.

:: Business and Economy ::

Govt expects new policy on mobile phones to create 2 million jobs

The government expects its ‘major new policy’ of a phased manufacturing programme for mobile phones to create two million jobs and half-a-billion dollars worth of manufacturing activity in the country over the next five to seven years.
The Centre will initiate fresh talks with Apple Inc which will now have to calibrate its plans to manufacture its iconic iPhones in the country, in line with a new phased manufacturing programme for mobile phones.
While the programme will enable handset makers and component suppliers to plan investments, separately, infrastructure will be created across 8,000 acres of land over three years for electronics manufacturing clusters.
The basic issue for mobile phones, she said, was that it became cheaper to import components and finished goods after India signed the World Trade Organisation’s ITA-1 pact, under which certain inputs for IT products were exempted from duties.
The manufacturing roadmap has been prepared keeping in view the ‘state of play of the design/manufacturing ecosystem in the country, wherein through appropriate fiscal and financial incentives, indigenous manufacturing of mobile handsets.
Also various sub-assemblies that go into their manufacturing shall be promoted over a period of time.
Programme envisages promoting the sub-assembly of mechanics, microphone and receiver, keypad and USB cables in 2017-18; printed circuit boards, camera modules and connectors in 2018-19; and display assembly, touch panels, vibrator motor and ringer in 2019-20.

Rates on fixed deposits cut by banks

Public sector lenders like State Bank of India (SBI) and Bank of Baroda have reduced interest on fixed deposits on various maturities from the end of April as the banking system is flush with liquidity.
SBI, the country’s largest lender, reduced the retail term deposit rate (for up to Rs. 1 crore) by 25-50 basis points (bps) on various maturities.
For deposits maturing from two years to less than three years, SBI customers will earn 6.25% as compared with 6.75% earlier.
For three years to 10-year deposits, the interest rate will be 6.25% as compared with 6.5%. The new rates came into effect. Senior citizens will continue to get 50 bps more over the card rate.
Another public sector lender, Bank of Baroda, reduced the deposit rate by 10-25 bps on various maturities. The one-year deposit rate will now be 6.9% as compared with 7% earlier.
In early January, banks had reduced the benchmark lending rate — the marginal cost of funds based lending rate — sharply, by about 90 bps.
The move followed demonetisation which resulted in significantly high mobilisation of low-cost deposits. However, banks had not reduced deposit rates at the time. Now, banks have not cut their lending rates.

Higher coal and steel production takes core industries growth to 5 percent

The eight core industries grew by 5% in March, the fastest in three months, on the back of higher coal and steel production.
The growth rate of eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — was, however, lower than 9.3% recorded in March 2016.
As per government data, coal production increased 10% in March as against 2.5% in the previous year. Steel (alloy and non-alloy) production rose 11% while it had expanded by 7.8% in March 2016.
Electricity generation was up by 5.9%. Crude oil and natural gas production was 0.9% and 8.3%. Meanwhile, cement production declined 6.8% as also fertiliser output (-0.8%). There was also a decline in production of refinery products (-0.3%).
The core industries, which contribute 38% to the total industrial production, had expanded by 1% in February and 3.4% in January.Infrastructure industries grew 4.5% in FY17, up from 4% in the previous fiscal.