Current Affairs for BANK, IBPS Exams - 09 July 2022

::National::

India to double steel production in eight years to 240 MT: Union minister

Stating that steel plays a major role in the country's economy, newly-appointed Union Steel Minister Jyotiraditya Scindia on Friday said India's steel production will double from the current 120 million tonnes to 240 million tonnes in the next eight years.
"In any country's economic development, steel makes an important contribution. Today India is the second largest producer of steel in the world with 120 MT production. I am confident that the target that we have set to double it to 240 MT in next eight years will be done," Scindia told reporters here, 24 hours after taking additional charge as the steel minister.
"I have taken charge of the steel ministry yesterday only and I am not the one who starts lecturing without understanding the sector. I will take some time to understand the ministry and the sector," Scindia added, while expressing gratitude towards Prime Minister NarendraModi and other leaders for reposing faith in him.
The middle and small scale industries also play a major role in the steel sector, accounting for nearly 50-52 per cent production through their nearly 3,000 units, he said.
"I will ensure that the production of steel in the country will enhance by taking medium and small industries along with the large units," he said.
Scindia said steel plays a major role in industries like construction and automobiles.
When asked about his plans for the sector, Scindia said he will not comment until he discusses the matter with subject experts to understand the industry.
"I don't believe in making comments but on solid work. So far, only 24 hours are over of my taking over the charge and I am not aware of everything. Give me some time, as you have given me when I became the civil aviation minister," he said.
Scindia, who completed one year as civil aviation minister on Friday, highlighted his work in providing flight connectivity and investment in new airports.

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::International::

Russia's Lavrov on stalled Ukraine talks: ‘We don’t run after anyone...'

Amid an ongoing war with Ukraine, Russian foreign minister Sergey Lavrov on Friday expressed hope to resolve issues with the West to resume supply of Ukrainian grain at Black Sea ports, but asserted they have to be willing to talk and if they don't, “it is their choice”.
Speaking on the sidelines of the G20 meet, the Russian foreign minister said Moscow was open to negotiations with the West. This was the first time Russia had a face-to-face meeting with its fiercest critics from the West, including US Secretary of State Antony Blinken. "It's not us who've ceased mutual contacts. This has been done by the US... We do not run after anyone, offering to meet. If they do not want to talk, it is their choice," Lavrov was quoted as saying by TASS at the G20 foreign ministers' meeting.
"We're ready for negotiations with our Ukrainian & Turkish colleagues. We've all solutions, if we're talking about Ukrainian grain, then Ukraine must unblock its ports, clear them of mines or ensure safe passage through minefields," he added.
"Russia is ready to fulfill all its obligations on the supply of cheap energy," Lavrov reportedly said, accusing western nations of employing doublethink on Ukraine.
The Russia-Ukraine conflict and its impact on food security and energy were the talking points of the closed-door gathering on the Indonesian island of Bali. The meeting ended without any joint statement or announcements of any agreements being reached.
"The West's doublethink shows that it is ideology that comes first rather than their concern about Ukrainians, Ukraine and European security in general," Lavrov stressed.
Lavrov further blamed western countries at the meeting for having "avoided following the G20 mandate, focusing on global economic issues and seeking agreements to pave the way for solutions on sustainable development at the United Nations.

::Economy::

BoB mulls issuing long term bonds to fund infra, affordable housing sectors

Bank of Baroda is mulling to raise capital by issuing long term bonds to finance infrastructure and affordable housing sectors in the country.
A meeting of the investment committee will be convened later this month to get an approval, Bank of Baroda said in a regulatory filing on Thursday.
"The Investment Committee meeting of our bank is scheduled to be held on 16th July 2022 to finalise the quantum and timing of issuance of long term bonds for financing of infrastructure and affordable housing, out of the board approved limit of Rs 5,000 crore," it said.
Stock of Bank of Baroda closed 5.63 per cent higher at Rs 105.05 apiece on BSE.

HDFC Bank hikes MCLR by 0.2% in third consecutive increase in rates

The country's largest private sector lender HDFC Bank announced a 0.20 per cent hike in its marginal cost of funding based lending rate across all tenors.
This is the third such move by the lender in as many months since May, and takes the overall quantum of the rate hikes to 0.80 per cent.
The RBI has hiked rates by a cumulative 0.90 per cent since shifting to rate tightening in the first week of May as it saw its core objective of inflation management getting under trouble. Analysts have been expecting more rate hikes from the central bank in the days ahead as price rise pressures are expected to continue.
HDFC Bank said the one year MCLR, to which many consumer loans are pegged, will now be 8.05 per cent as against 7.85 per cent earlier.
The overnight MCLR will be 7.70 per cent as against 7.50 per cent, while the three-year MCLR will be 8.25 per cent, as per the bank's website.

::Science and tech::

Researchers rediscover oak tree thought to be extinct

According to a new study, botanical researchers revealed that oak tree once were thought to be extinct, and now are in immediate need of conservation within Big Bend National Park in Texas.
Researchers headed by The Morton Arboretum and United States Botanic Garden (USBG) were thrilled to find a lone Quercustardifolia (Q. tardifolia) tree standing about 30 feet tall, though it is in poor condition. First described in the 1930s, the last living specimen was believed to have perished in 2011.
"This work is crucial to preserve the biodiversity that Earth is so quickly losing," said Murphy Westwood, Ph.D., vice president of science and conservation at The Morton Arboretum. "If we ignore the decline of Q. tardifolia and other rare, endangered trees, we could see countless domino effects with the loss of other living entities in the ecosystems supported by those trees," she said. According to Westwood, Q. tardifolia is considered one of, if not the rarest oak in the world.
The team that made the discovery on May 25, 2022, described a dire scene. The trunk is scarred by fire and shows signs of severe fungal infection. A drought or fire has the potential to end its life, say the scientists who also report that climate change makes this outcome more likely every year.
The group is now working with the National Park Service to reduce the immediate wildfire threat to the tree, and conservationists in this collaborative are moving quickly to return to search for acorns and to attempt propagation, the process of breeding specimens from a parent plant.

::Sports::

Aldrin fails to impress in second trial, out of world championships

Long jumper JeswinAldrin will not go to the world athletics championships that start in a week's time in Eugene, USA. Asked to leap “close to 8.10 metres” to convince the Athletics Federation of India (AFI) of his form and fitness, the 20-year-old could only record the best jump of 7.93m.
Competing with two juniors, Aldrin began his series on the hot Friday evening in Patiala with a foul before jumping 7.93m. Two more fouls followed before Aldrin leapt 7.67m. He ended the trial with another foul. The conditions remained tough throughout, with temperatures touching 35 degrees and humidity in excess of 70 per cent.
“There was barely a minute's break between jumps. Imagine running 41 strides at full speed and jumping with just a minute's break in between. It was quite tough,” said a source close to Aldrin.
The result means Aldrin, despite meeting AFI's qualification criterion (8.22m) in April – when he jumped 8.26m and wind-aided 8.37m – has failed to make it to the world championships. India will be represented by national record holder MuraliSreeshankar and MuhammedAnees Yahiya.
AFI, however, got Aldrin and quarter-milers Rajiv Arokia and Aishwarya Mishra for a trial on July 4 in Thiruvananthapuram, where Aldrin produced a best jump of 7.99m.
"The selection committee was not happy with 7.99m. With modern spikes and technical advancements, we expect our jumpers to do better. His last 8m-plus jump was in April. This 7.99m jump was not up to the mark for world championships," former long jumper and member of national selection committee Anju Bobby George told this paper.