Current Affairs For Bank, IBPS Exams - 17 November, 2015

Current Affairs for BANK, IBPS Exams

17 November 2015

:: National ::

India asked to promote cooperation among countries to counter terror

At the G-20 summit, India called for a comprehensive global strategy to delink terror and religion, and to promote cooperation among countries to counter radicalisation.
Prime Minister Narendra Modi said, “We need to involve religious leaders, thinkers and opinion-makers for a social movement against extremism, particularly addressed to the youth.”
In a strongly worded address PM Modihit at terrorism, especially that perpetrated by countries as an instrument of state policy.
The changing character of terrorism, he said, was visible with the use of cyberspace for recruitment and propaganda. “We don’t have a comprehensive global strategy to combat terrorism. And, we tend to be selective in using the instruments that we have.”
In a possible reference towards Pakistan he said there should be no distinction between terrorist groups or discrimination between states and the world must act in unison against terrorism, without any political considerations.
He also highlighted the need to restructure the international legal framework for dealing with the unique challenges of terrorism and increasing international cooperation in intelligence and counter-terrorism and appealed for early adoption of a comprehensive convention on international terrorism.

G20 vows to step up anti-terror coordination

The G20 on Monday pledged stepped up cooperation to combat terrorism, especially the threat from the Islamic State.
G20 also resolved to develop measures for better information-sharing, border management and to strengthen global aviation security.
G20 statement came after the meeting of USA and Russian Presidents on the sidelines of the summit.
The united show also helped ease concerns about the differing tactics being pursued by various powers in Syria, and their possible disastrous consequences.
To tackle the terrorism, the G20 leaders also pledged to cooperate on preventive measures and appropriate criminal justice response.
The statement, the first-ever political communique,condemned the “heinous” at-tacks in Paris and pledged solidarity in com-bating terrorism.
It also expressed concern over the acute and growing flow of foreign terrorist fighters and the threat it poses for all states, including countries of origin, transit and destination.
However, Mr. Obama rules out putting U.S. troops on the ground. Increasing theU.S. ground force against theIS in Syria and Iraq would be a serious mistake and lead the nation into an unsustainable strategy requiring along-term occupation in the region.

Rahul declared himself aBritish national: Swamy

BJP leader Subramanian Swamy accused Congress vice-president Rahul Gandhi of declaring himself as a British national in 2005, while holding the post of director in aU.K. Private firm, Backops Limited, a charge fiercely denied by the Congress.
Mr.Gandhi had specifically declared his nationality as Indi-an in the Memorandum of Association signed in 2003 at the time the company was founded.
Yet, in a separate listing of annual returns filed in 2005,documents show Mr. Gand-hi’s citizenship as British.
The BJP leader alleged that prima facie there was a violation of Article 9 of the In-dian Constitution, according to which every citizen of India is barred from voluntarily acquiring citizenship of any foreign State. While the United Kingdom permitted dual citizenship, India did not.

Demystifying the Constitution for students

A circular, issued by theMinistry of Human ResourceDevelopment to observeConstitution Day on November 26, stated “all schools throughout the country may conduct” activities to observe the first Constitution day.
It was on November 26, 1949 that the Constitution was adopted by the ConstituentAssembly following which the Constitution came into force on January 26, 1950.
Schools affiliated to theCentral Board of SecondaryEducation (CBSE) have been asked to celebrate the Constitution as living documents that is capable of adapting it-self to the current situation.
CBSE schools have also been also asked to mail reports on the celebrations along with photographs.

President says to Express dissent through debate

President Pranab Mukherjee has intervened twice in the recent past to comment on acts of intolerance in the country.
However,on the occasion of National Press Freedom Day, in the backdrop of a debate initiated by civil society, notably by artists and writers who re-turned their awards to pro-test against the government’s silence, the President said disagreement should be ex-pressed through debate and discussion without letting emotions overrun reason.
Mr.Mukherjee said that prestigious awards “are a public recognition of talent,merit and hard work, by peers and leaders in the profession” and that “such awards should be cherished and valued by those who receive them.”
The President observed,“Sensitive minds sometimes get disturbed by some incidents in society. But, expression of concern over such events should be balanced.Emotions should not over-run reason, and disagreement should be expressed through debate and discussion.”

:: International ::

G20 nations narrow differences on climate change

The world’s largest economies narrowed their differences over the stand on climate change ahead of theCOP 21 talks in Paris that start at the end of this month.
After “intense” negotiations on the key issue of whether to mention the aim to limit the rise in global warming to 2 degrees, they included the two-degree-goal in the G20 communique.
The final text did not specify the target deadline for the phasing out of fossil fuel subsidies, taking care of a major concern for Indian negotiators.
“India has done a lot by phasing out subsidies on petrol and diesel but those on fertilisers and power are apolitically sensitive issue,”NitiAayog Vice-Chairman and Prime Minister Narendra Modi’s G20 Sherpa ArvindPanagariya briefed presspersons just before the release of the G20communique.
The G20 expressed deep disappointment with the continued delay in implementing the IMF quota and governance reforms agreed in 2010 and urged the U.S. to ratify the reforms as soon as possible.
It also asked the IMF to complete work on an interim solution that will “meaning-fully converge quota share as soon as and to the extent possible to the levels agreed under the 14th General Review of Quotas.”

:: Economy ::

WPI inflation at -3.8 per cent, 12th straight month in negative territory

WPI inflation in October was -3.8 per cent, com-pared with -4.5 per cent in September, the 12th consecutive month in which WPI inflation was negative.
This was mostly driven by a high base effect, muted commodity prices in India and internationally, and poor demand in the economy.
“The annual rate of inflation, based on monthly WPI,stood at -3.81 per cent (provisional) for the month of October, 2015 (over October, 2014)as compared to -4.54 per cent(provisional) for the previous month and 1.66 per cent during the corresponding month of the previous year,” the government said in a release.
WPI inflation was -5 percent in August.One of the statistical reasons for WPI inflation remaining negative for so long is the high-base effect.
That is,the index numbers in the year-earlier period were higher. However, this base effect is coming to an end.\
“Besides muted commodity prices, this is also reflective of persisting weak demand conditions in the economy.
At this point in time all steps should be taken for improving the demand situation in the economy and bringing pricing power back in the hands of manufacturers”.

Canadian pension fund set to pick up 49% in Reliance Infra

Anil Ambani-owned Reliance Infrastructure (RInfra) has agreed to sell49 per cent stake in its Mumbai-based power generation, transmission and distribution business to aCanadian pension fund for an enterprise value of Rs.15,000 crore,leading to six per cent increase in RInfra shares to Rs.417 in a firm Mumbai market on Monday.
RInfra signed the non-binding term sheet with the Public SectorPension Investment Board (PSP In-vestments), one of the largest pen-sion fund managers in Canada withC$112.0 billion of net assets under management.
Specified business was to be carved out on a going concern basis into a separate special purpose vehicle (SPV), in which RInfra would own the con-trolling 51 per cent stake.
This move is significant as the enterprise value comprisesRs.7,500 crore in debt and equity each, meaning Rs.7,500 crore of debt goes of from RInfra’s book directly to the SPV and the company will get another Rs.3,500 crore from PSP Investments for the 49per cent stake.