Current Affairs For Bank, IBPS Exams

13 June, 2014

A race for space travel

• More than 300 wealthy Chinese have signed up for space travel – at a starting price of around Rs. 60 lakh (600,000 Yuan) for just six minutes in space – after a European company on Thursday launched “private expeditions” starting in 2015.

• Within just one day of the programme's launch, 305 Chinese had purchased trips from the Dutch Space Expedition Corporation, according to the official China Daily newspaper.

• The trips, aimed at wealthy Chinese, were made available through the popular eBay-like Chinese website Taobao.

• From 2016, trips for Rs. 63 lakh on a Lynx Mark II travelling 103 km high would begin.

• The only conditions travellers need to meet – besides fronting the not inconsiderable travel expense – are that they should be less 2 metres tall and weigh below 125 kg, as well as pass basic health examinations and receive one week of training on flight simulators and in zero gravity.

Iraq crisis and concerns in oil market

• The rapid advance of jihadists through large swathes of Iraq raises concerns in the oil market about the ability of the Organization of the Petroleum Exporting Countries (OPEC) to meet global demand, industry experts say.

• Analysts estimate that the cartel needs to ramp up production by at least 700,000 million barrels per day (bpd) in the second half of the year to meet global demand, and their hopes are partly based on increased output from Iraqi oil wells.

• In the longer term, 60 per cent of growth in OPEC’s production capacity is expected to come from Iraq, the International Energy Agency in Paris estimated Friday.

• The European benchmark price for Brent oil from the North Sea shot up to a 9—month high of 114.5 dollars per barrel early on Friday morning, before retreating below 113 dollars later in the day.

• Iraq pumped 3.33 million bpd last month, making it the second—largest OPEC producer after Saudi Arabia.

• Oil from the north of the country stopped reaching markets in March, following violence in Anbar province and an attack on a pipeline to Turkey.

No special category status for Seemandhra

• The residual Andhra Pradesh, known as Seemandhra, can’t be accorded the status of special category State to provide extra Central aid under the current norms, the Planning Commission has said.

• “Andhra Pradesh (Seemandhra) does not meet National Development Council criteria (for special category state),” the Commission said in its presentation to Planning Minister Inderjit Singh Rao.

• This point is significant because the Union Cabinet headed by former Prime Minister Manmohan Singh on March 2 had directed the Commission to accord special category status to the successor of Andhra Pradesh (Seemandhra) for five years.

• Singh had even announced in the Rajya Sabha on February 21 that special category status would be extended to Seemandhra for five years.

• The Commission, however, has intimated to Rajasthan, Odisha and Jharkhand that they are eligible for getting SCS as per the criteria.

• About according SCS to Seemandhra, the Commission pointed out to the Minister that any such proposal would have to be endorsed by the country’s apex planning body National Development Council (NDC) headed by the Prime Minister with Cabinet Ministers and all Chief Ministers on its board.

• As per the Gadgil—Mukherjee formula for devolution of Central assistance for state plans, 30 per cent of the total funds is earmarked for Special Category States.

• As against the composition of Central assistance of 30 per cent grant and 70 per cent loan for major States, special category states receive 90 per cent plan assistance as grant and just 10 per cent as loan.

• The special category status to various States in accorded by the NDC based on consideration of a set criteria.

African elephants killed for ivory

• International conservation measures were not able to significantly reduce poaching of African elephants last year, when more than 20,000 animals were killed to harvest their ivory, according to the international endangered species watchdog Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

• Last year’s figures were similar to 2012, the secretariat of the CITES said in a report in Geneva.

• “Africa’s elephants continue to face an immediate threat to their survival from high levels of poaching for their ivory,” CITES secretary general John Scanlon said, noting that illegal killings exceed natural growth rates.

• For the first time last year, more ivory was seized in Africa than in Asian destination countries.

• A majority of the seizures were made in Kenya, Tanzania and Uganda.

• These three major source countries of ivory had been told by CITES last year to take stronger action to protect elephants.

• Meanwhile, the main consumer and transit countries — China, Thailand, Vietnam, Malaysia and the Philippines — were urged to step up the fight against the ivory trade.

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