Current Affairs For Bank, IBPS Exams - 12 August, 2015

Current Affairs for BANK, IBPS Exams

12 August 2015

:: National ::

India is biggest market for FB after US

Facebook on Tuesday launched FB Start, a new programme designed to help early stage mobile startups in India. FB Start provides startups with exclusive community access, worldwide events, mentorship and up to $80,000 worth of free tools and services.
Ime Archibong, director of strategic partnerships at Facebook, said, “Outside the US, India continues to be a highly important region for Facebook. Of the $50 million in benefits distributed to Asia Pacific startups through FB Start since 2014, more than $21 million went to startups in India.”
Archibong added that more than 70% of Facebook developers were located outside the US and more developers were building apps with Facebook in India than any other country outside the US.
Facebook has more than 1,000 members as part of the FB Start programme and it has held events in London, New York, Mexico City, Hong Kong, Seoul and Taipei. In India, it is hosting these events in Bangalore and Gurgaon.

India & Travel and Tourism Competitiveness Index

According to the Travel and Tourism Competitiveness Index 2015, of the World Economic Forum, India ranks 52nd this year from 65th in 2013.

India,s voluntary emission reduction targets soon

India will announce its voluntary emission reduction targets well ahead of the deadline of October 1, the Union Minister for Environment, Forests and Climate Change, Prakash Javdekar, told Parliament on Tuesday.
It was agreed in the Lima climate conference last year that all countries would submit their ‘intended nationally determined contributions’ (INDCs) by October 1, 2015, two months ahead of this year’s climate conference, which will be held in Paris from November 30.
India has undertaken “an elaborate, multi-stakeholder consultation process for finalising its INDC,” says a government press release, quoting the Minister.
Climate conferences (negotiations) are held each year under the auspices of the United Nations Framework Convention on Climate Change (UNFCCC).
This year’s conference is expected to be epochal, given the urgency of hammering out an agreement to do something before it is too late to halt and reverse mankind-caused climate change.
A major global deal is expected to be negotiated which might say what each country would do and how the efforts will be funded.
India is among the top three polluting countries in the world, along with USA and China, though India is the 10th in terms of carbon dioxide emissions per person.
“India has been advocating a strong and ambitious outcome in Paris in accordance with the principle and provisions of the United Nations Framework Convention on Climate Change

:: Business ::

Impact of Yuan's Devaluation on Indian economy

China on Wednesday devalued the yuan for a second straight day, leading to over 4 per cent drop in its currency in two days.
The devaluation of the yuan strengthened the US dollar, most other currencies were reeling for cover.
The Indian rupee sank to a two-year low of 64.92 per dollar on Wednesday; domestic stock markets also come under selling pressure.
Industry body Assocham said yuan's devaluation could lead to a full-fledged "currency war". For India, the devaluation in the yuan will prove to be a "triple whammy" as rupee volatility will increase, exports will come under pressure and there will be dumping of Chinese goods in India, it added.

Here's How the Yuan Devaluation Will Impact India:

1) Rupee volatility: The sharp fall in the rupee has already rattled stock markets, which fell for a fourth straight session today. If the rupee continues to fall sharply, imports will become costlier, stoking inflation.

This will force the Reserve Bank to hold on to high interest rates, which will hamper the ongoing economic recovery.
Since India runs a trade deficit (imports are more than exports), chances are the current account deficit will also rise, which will further pressure the rupee.
Falling rupee is bad for those companies that have dollar-denominated loans and also for foreign flows because stock market returns become unattractive.

2) Pressure on exports: In normal course, falling rupee would have aided domestic exports, which have contracted for seven straight months until June 2015.

However, analysts are betting against a rise in domestic exports because of a global slowdown. The fact that China and India compete for several export items such as textiles, gems and jewellery, etc. will also go against domestic exporters, analysts say.
"The large overlap between Indian and China in markets and also products highlights the threat Indian exporters face from China," said DK Pant, chief economist of India Ratings and Research. The economic slowdown in China - which is among the top five countries for Indian exports - is another negative for Indian exporters, analysts say.

3) Dumping of Chinese goods: There's fear that the sharp devaluation in yuan will help China dump goods into the Indian market, which will impact domestic manufacturers.

The fear is already playing out on the Dalal Street with tyre stocks and steel makers falling sharply over the last two days.

:: Sports ::

Rohit Sharma selected for Arjuna award

Sania Mirza today became only the second tennis player to be recommended for the prestigious Rajiv Gandhi Khel Ratna, while star cricketer Rohit Sharma and ace shooter Jitu Rai were among the 17 sportspersons picked for this year's Arjuna awards.
Sania, currently ranked world number one in women's doubles, scripted history by becoming the first Indian to clinch a women's doubles Grand Slam when she partnered Swiss great Martina Hingis for the Wimbledon trophy earlier this year.
Sania is only the second tennis player after Leander Paes to be named for the top award. Paes had been bestowed the honour way back in 1996 after his bronze medal in the Atlanta Olympics.
The 28-year-old, who has won three mixed doubles Grand Slams in her career, beat competition from squash player Deepika Pallikal, discus thrower Vikas Gowda, track and field star Tintu Luka, rising shuttler P V Sindhu, and hockey captain Sardar Singh for the coveted honour.
It is learnt that the committee recommended 17 names for the Arjuna awards, including those of Jitu, Rohit, gymnast Dipa Karmakar, hockey player P R Sreejesh, wrestling duo of Bajrang and Babita, athlete M R Poovamma, shuttler K Srikanth and boxer Mandeep Jangra.
The recommendations will now be sent to the Sports Minister Sarbananda Sonowal, who will take a final decision.
The Khel Ratna carries a prize money of Rs 7.5 lakh along with a citation, while the Arjuna awards come with a cash prize of Rs 5 lakh and a citation.
Rohit has been India's batting mainstay in the ODIs and became the highest individual scorer with a knock of 264 against Sri Lanka last year.

Pankaj Advani,s 13th title in Snooker Championship

India's poster boy of cue sports Pankaj Advani on Tuesday clinched his 13th world title after winning the World 6-Red Snooker Championship in a convincing manner.
Defending champion Advani outplayed Chinese Yan Bingtao 6-2, stamping his authority on the green baize in the final.
The final started off with a bang with the Bangalore cueist racing to a rapid 3-0 lead in the best-of-11 final. But the Chinese found his form and ran away with the next two frames with the aid of a 66 break.
In no mood to give anything away, Advani did not allow his opponent to score a single point in the next two. He fired in a massive 71 break in the seventh frame to be one frame away from defending his title which he won in Egypt last year.
In the final frame, Bingtao took a healthy 28-5 lead before missing what was going to be his final shot of the tournament as Advani cleared the table with finesse. A 35 break saw the Indian ace adding another feather in his ever-glowing crown.