Current Affairs for BANK, IBPS Exams - 03 December 2017
Current Affairs for BANK, IBPS Exams - 03 December 2017
Bitcoin implicated in several crimes being investigated by police
Bitcoin, dubbed a bubble by economist Joseph Stiglitz, has been
implicated in several crimes being investigated by police, the Narcotics
Control Bureau and the Enforcement Directorate.
The value of the cryptocurrency soared from $1,000 a unit to $10,000
last week, before dipping. India’s policy on Bitcoin regulation is still
evolving and no legal framework exists.
The Reserve Bank of India (RBI) has cautioned against its use, informing
users, holders, investors and traders dealing with virtual currencies that
they are doing so at their own risk.
Investigating agencies worry about the absence of controls. They see any
transaction using cryptocurrency and involving foreign exchange as a
contravention of the FEMA and the FEM (Manner of Receipt & Payment)
Yet, domestic digital exchanges and platforms have been facilitating
sale of cryptocurrency, while the Reserve Bank of India says it has not
licensed any entity for this.
The role played by such virtual currency payments in crime has been
recorded by the global Financial Action Task Force, an inter-governmental
body. It says these are potential modes for money laundering and funding of
High level bilateral consultation between US and India continues
As part of continuing high-level bilateral consultations, U.S. President
Donald Trump spoke with Prime Minister Narendra Modi, a press release from
the White House announced.
he two leaders discussed the just-concluded Global Entrepreneurship
Summit (GES) in Hyderabad in which Ivanka Trump, daughter of the U.S.
President, participated as chief guest.
The telephone conversation was the first since the two leaders met in
Manila on the sidelines of the ASEAN and East Asia Summit on November 13.
Mr Trump’s phone call came hours after former U.S. President Barack
Obama was hosted by Mr. Modi in Hyderabad House.
The GES in Hyderabad highlighted women entrepreneurs and supporting
economic growth globally.
“For all of our progress, gender divides on access to technology,
nutrition, and health, preventing women, their families, and their
communities from reaching their full potential,” State Department
spokesperson Heather Nauert had said.
Salil S. Parekh will be the new CEO of Infosys
Infosys Ltd. named Capgemini veteran Salil S. Parekh as Chief Executive
Officer and Managing Director, filling the vacancy created at the top
following the sudden resignation of Vishal Sikka on August 18.
Mr. Parekh, who holds Master of Engineering degrees in Computer Science
and Mechanical Engineering from Cornell University and was a member of the
Group Executive Board at Capgemini, will join Infosys on January 2, 2018.
Mr. Parekh will need to tap all of that experience given that he would
be taking the helm in the wake of a trying period for the company that saw
its co-founder N.R. Narayana Murthy engage in a very public spat with Mr.
Sikka and Infosys’s erstwhile board over issues of corporate governance.
Following Mr. Sikka’s abrupt departure, Infosys had restructured its
board and brought back Mr. Nilekani, another co-founder and former CEO, as
non-executive chairman with a mandate to help find a new executive leader
and restore confidence among customers and employees.
Beijing and Naypyidaw have moved a step closer to negotiating the
China-Myanmar economic corridor, an initiative being given high priority on
account of the stalled Bangladesh-China-India-Myanmar (BCIM) connectivity
Chinese President Xi Jinping on Friday advocated that Beijing and
Naypyidaw should “nurture new growth points, such as discussing the
construction of China-Myanmar economic corridor, so as to advance bilateral
ties,” Xinhua reported.
Mr. Xi made these remarks during a meeting with visiting State
Counsellor from Myanmar Aung San Suu Kyi. On her part, Ms. Suu Kyi “agreed
with China’s proposal of building the Myanmar-China economic corridor,” the
President Xi’s backing for the corridor followed last month’s
announcement of the plan in Myanmar by Chinese Foreign Minister Wang Yi.
During his visit to Myanmar, Mr. Wang said the Y-shaped corridor could start
from China’s Yunnan province and head towards Mandalay in Myanmar.
From there, it could extend towards the east and west to Yangon New City
and Kyaukphyu Special Economic Zone in the Rakhine province.
Mr. Wang had also proposed a three-point plan to resolve the Rohingya
refugee crisis, for which Ms. Suu Kyi has been widely criticised in the
Ethnic Rohingya have flooded into neighbouring Bangladesh amid
allegations of human rights abuses by Myanmar’s military.
Japan ramping up its interest in India’s talent pool
Increasing protectionism in the U.S., combined with the trend of Western
firms choosing to retain Indian talent locally, means that global
opportunities for Indian IT professionals are getting squeezed.
But even as the technology sun may be setting in the West, it could be
rising in the East, with Japan ramping up its interest in India’s talent
Japan’s shrinking demographics are causing a rethink of the
archipelago’s notoriously immigrant-averse outlook. In 2016, only 9,80,000
babies were born in Japan, down from 2 million in 1975.
The working age population is predicted to decline from 77 million in
2015 to 67 million in 2030. Unsurprisingly, more than half the companies
surveyed recently by Japan’s Ministry of Economy, Trade and Industry, say
they have an interest in recruiting from overseas.
To boost skilled immigration, Tokyo now allows foreign professionals to
get permanent residency in Japan after living in the country for one to
Japan’s shortfall in talent in the IT sector is acute. The country
already suffers a lacuna of 2,00,000 IT engineers, which is expected to grow
to 8,00,000 by 2030.
India is a fertile hunting ground for new talent. Yohei Shibasaki, CEO
of Fourth Valley Concierge Corp, a headhunting firm based in Tokyo, says he
has begun recruiting from 30 Indian universities, including the IITs.
Some of these challenges have eased. In particular, a few Indian schools
have opened in Tokyo. Housing with simpler rules for renting is also
increasingly available, and areas with a preponderance of Indians, like
Nishikasai in eastern Tokyo, have emerged.
::Business and Economy::
Much higher investment in retail sector in Tier-2 and Tier-3 cities
The retail sector in Tier-2 and Tier-3 cities has witnessed a much
higher investment of $6.2 billion between 2006 and 2017, as against $1.3
billion of the same in Tier-1 metro cities during the same period, according
to a CII-JLL report.
Factors including lack of space in retail malls in metro cities,
increasing lease rentals in metro malls, and high land prices in Tier-1
cities have made it difficult for retailers to own real estate in metros, it
These factors, the report added, had become a deterrent for expansion
and growth of malls in big cities. The report said various global and local
brands plan their expansion in Tier 2 cities due to factors like
international airport connectivity and rising levels of disposable income.
The report identified 20 cities, including Tier-2 cities such as Lucknow,
Jaipur, Chandigarh, Kochi, Patna, Bhubaneshwar, Indore and Nagpur among the
leading cities, as the next retail destinations in the country.
Releasing the report, Commerce and Industry Minister Suresh Prabhu said,
“Retail business must take into account the social issues. The organised
retail should be done in a manner that it does not affect the social
"They should create more employment, should not displace the retailer
who already are in business for years.”
Organised retail armed with huge capital and unorganised retail should
create a win-win situation for the growth of the sector. Citing the huge
wastage of fruits and vegetables due insufficient cold storage facilities,
he asked the retail industry to consider setting up a proper supply chain.
The Minister said that the government was considering a proposal to set
up a hub for exports of vegetables and fruits, adding that his ministry was
in discussions with the Civil Aviation ministry in this regard.
The e-commerce sector had the potential to create millions of jobs and
that the government was keen to ensure mobile connectivity across the
country in this regard, Mr. Prabhu said.
::Science and Tech::
All about bio-informatics
The human body is made up of cells, tiny factories that perform much of
the action in the body. They make up tissues, which make up organs, which in
turn make up the body.
The cell is thus the ultimate action site. What cells do is governed by
the information packed inside its head office — the nucleus. The information
there is packed in the collection of chromosomes, each of which has this
information written in the collection of genes.
Genes contain this information for what a cell does, and hence the
tissues and organs do, and the body itself does. An error in the information
contained in one or several of the genes can reflect itself in the form of a
malfunction in the tissue, organ or the body.
This information in the genes is written in the form of DNA molecules,
each of which is a long sequence of four molecules, known as ‘bases’, strung
together in a long polymeric chain.
While the English alphabet has 26 letters and punctuation marks, the
alphabet of the genes has four bases, called A, G, C and T, as letters. The
sequence in which these are arranged makes the genetic words and punctuation
The human genome is the collection of information contained in the genes
packed into the chromosomes, which in turn are packed inside the nucleus of
Our genome is thus our book of life containing chromosomes as chapters,
each packed in sentences written in the genes, which in turn are coded in
the collection and sequence of the four-letter genetic alphabet.
It is an interesting fact of biological history that we had already
started learning about and identifying genes before we understood the nature
and chemical structure of DNA and the genetic code.
That certain traits such as haemophilia run in families was understood
as faults in genes, though how to read them in molecular terms was still far
Proteins in the body are made from the message inscribed in the genes.
While it became possible to read the sequence of bases in the DNA of genes
only in the last 50 years or so, reading the sequence of amino acids in
protein chains became popular even by the 1950s.
Errors of this type in protein sequences often arise due to errors in
the sequence of the parent genes. Once it became possible to read the
sequence of the DNA in genes, it led to an understanding of the genetic
basis behind the disease, and the field of medical genetics was born.
With the rapid pace in which gene sequencing has developed in the last
two decades, medical genetics has flowered fast. Cancer genetics is a busy
area, and a study of the genes associated with cancer has become popular.
So has the field of understanding the genetic connection to Alzheimer’s
and similar neural disorders.