Current Affairs for BANK, IBPS Exams 19 April 2016

Current Affairs for BANK, IBPS Exams

19 April 2016

:: National ::

ED obtained non-bailable warrant against Mallya

In yet another step to secure the presence of liquor baron Vijay Mallya, the Enforcement Directorate obtained a non-bailable warrant against him from a Special Court here.
The Ministry of External Affairs had earlier suspended Mr. Mallya’s passport on the ED’s advice.
The businessman, who left the country in the midst of efforts by a consortium of banks to recover dues from Kingfisher Airlines, did not appear before the agency in response to summons on three occasions.
Mr. Mallya was summoned thrice for his statement to be recorded, but he repeatedly failed to appear before the ED.
ED would seek a Look Out Circular at all airports and ports in India in Mr. Mallya’s name on the basis of the NBW. The ED would also approach Interpol for issue of a Red Notice against him.

Centre told SC that Kohinoor diamond was given voluntarily to British

The heirs of Maharaja Ranjit Singh gave the Kohinoor diamond to the British as “voluntary compensation” to cover the expenses of the Anglo-Sikh Wars, the Centre told the Supreme Court.
The Supreme Court is hearing a petition filed by an NGO, All India Human Rights & Social Justice Front, on whether the government intends to make a bid to get back the Kohinoor.
There is a long journey of one of the world’s most famous diamonds from Indian shores to find a place of pride in the Crown jewels of the United Kingdom.
During a visit to India, British Prime Minister David Cameron was reported by the media to have ruled out handing back the 105-carat Kohinoor. The diamond is on display at the Tower of London.
Meanwhile, Chief Justice Thakur enquired whether Tipu Sultan’s sword was brought back to India.

Higher number of bore wells along with unscientific use are problems of Maharastra

The indiscriminate use of groundwater has been the bane of Latur. The number of irrigation bore wells in Latur stood at 34,778 in 2007, only second after Nashik at 37,545.
As per the rules, there can be only five borewells per square kilometre. This simply means, in an ideal situation, the 715 sq km of the 10 talukas should have only 3,575 bores. But the unofficial number is 90,000.
A 2012 GDSA report warned of over-withdrawal of groundwater in Latur and Osmanabad, due to “the water intensive cash crop like sugarcane, banana, grapes and oranges, which are mostly groundwater dependent.”
However, even after knowing the disadvantages of irrigation borewell — low dependability of yield, low discharge and recuperation rate — farmers were still opting for it, the report said.
The growing feeling is that sugarcane’s commodity cycle has to end. While cane farmers are being offered unattractive rates by loss-making sugar factories, there has been a rise in the rates of soyabean and pulses.
The charge against sugarcane is it guzzles over 2,000 mm water in a year, forcing farmers to sink borewells. Initially, factory owners too did not promote drip irrigation.
When the ‘water express’ chugged into Latur City last week with 5,00,000 litres, people hoped it would end the city’s crisis.\
But residents say water supply has been erratic for the past year, with the “poorer” parts getting water once every 25 days, while some “better-off” areas got it every fortnight.

:: International ::

Lawmakers authorised impeachment proceedings against Dilma Rousseff

The fight to oust Brazil’s President speeded up after lawmakers authorised impeachment proceedings against her, deepening the country’s political crisis.
Rivals of the 68-year-old leftist leader said they would rush to the Senate to launch an impeachment trial, after lower house voted overwhelmingly against her.
Ms. Rousseff’s supporters denounced the vote as an attack on Brazil’s democracy just three decades after it emerged from a military dictatorship.
367 of the 513 deputies in the lower house of Congress backed impeachment — well over the two thirds majority needed to move the case forward.
She is accused of illegally manipulating budget figures but her supporters say there is no evidence and the impeachment drive amounts to a “coup”.
The case now passes to the upper house which is expected to vote in May on whether to open an impeachment trial.
Experts consider it almost certain the Senate will vote to launch a trial, since its political makeup reflects that of the lower house. If that happened, Ms. Rousseff would step down for up to 180 days while the trial got under way.

US and Russia on agreement for increasing Syria ceasefire

Russian President Vladimir Putin and his U.S. counterpart Barack Obama agreed to strengthen a Syria ceasefire brokered by their two nations.
Mr. Putin stressed the need for moderate rebels to distance themselves from Islamic State and al-Nusra Front jihadists and also urged the closure of the border between Syria and Turkey from where “supplies of arms for extremists” are continuing.
A partial ceasefire, which was negotiated by the U.S. and Russia and took effect on February 27, had dramatically curtailed violence across much of Syria and raised hopes that a lasting deal could be struck in Geneva to end the bloodshed.
Syria’s opposition has postponed its “formal participation” in peace talks in protest over escalating violence, but will remain in Geneva and may continue informal discussions with mediators, the UN envoy said.

US president Obama’s visit to Saudi Arabia to ease the strained relationship

President Barack Obama will arrive in Riyadh, the Saudi capital, for a private meeting with King Salman, Saudi Arabia’s 80-year-old monarch.
During Mr. Obama’s tenure, there has been distrust and disagreement over how to contain Iran, the fight against the Islamic State, the future of Syria and clashes in Yemen.
Blunt comments about the Saudis by Mr. Obama in a recent interview have deepened the ill will.
The two nations still need each other. The U.S. provides military and intelligence support to the kingdom for its regional security, and is expected to announce additional support.
Saudi Arabia helps fight terror groups like al-Qaeda and remains the second-largest provider of oil imports to the United States, selling about 1 million barrels per day.
Now, with Mr. Obama in the twilight of his presidency, Saudi leaders are looking past him, to the winner of November’s presidential election.
In the 70 years since President Franklin D. Roosevelt initiated the alliance at the end of World War II, the Saudis have primarily looked to the United States to help ensure its security in an often unstable region.
The Saudis have sought intelligence assistance and training, and the U.S. has given the Saudis targeting and logistical support for their war in Yemen.
The United States has looked to Saudi Arabia as a source of stability in the West Asian region, an ally whose oil reserves have only recently begun to diminish in importance for U.S. interests.

:: India and World ::

External affairs minister wants China to cooperate in Masood Azhar issue

External Affairs Minister Sushma Swaraj told her Chinese counterpart, Wang Yi, that China needed to cooperate with India’s campaign to declare Masood Azhar, leader of the Pakistan-based Jaish-e-Mohammed, a global terrorist through the U.N. Security Council’s 1267 Committee against terrorism.
A bilateral meeting between Mr. Wang and Ms. Swaraj happened in Moscow on the sideline of the trilateral Russia-India-China (RIC) ministerial meeting.
The discussion between the two Foreign Ministers was the first bilateral high-level contact almost a fortnight after China put a “technical hold” on India’s bid to declare Masood Azhar a global terrorist through the 1267 Committee.
China’s attitude toward India’s campaign at the U.N. would be keenly observed over the coming months as current stand would automatically end India’s diplomatic bid against Masood Azhar.
Both the Foreign Ministers reviewed the number of high-level bilateral engagements planned for 2016.
Defence Minister Manohar Parrikar’s first official visit to Beijing which began on Monday would usher in bilateral and multi-lateral high-level activities, including the September G-20- meet in Hangzhou.

Breakthrough in establishing a hotline between India and China military is close

India and China are close to a breakthrough in establishing a hotline between the two military headquarters as part of an effort to improve border management through a new round of confidence building measures (CBMs).
Mr. Parrikar said that first talks with Chinese Defence Minister and with Vice-Chairman of the Central Military Commission, focused on CBMs through various means like increasing the local border meeting points.
Mr. Parrikar raised the issue of clarification of the Line of Actual Control (LAC) with his interlocutors in order to ensure “stability at the border.”
the Chinese side agreed to enhance CBMs to bolster border management, but did not demonstrate particular enthusiasm in the clarification of the LAC.
Mr. Parrikar said that neither side specifically raised India’s “in principle” agreement with the United States on the Logistics Support Agreement (LSA), though the Chinese side “indicated” its concerns on this topic.
Mr. Parrikar took up the negative fallout of the China-Pakistan Economic Corridor (CPEC) from Gwadar to Kashgar during talks. “
On China’s role in blocking U.N. sanctions on Masood Azhar, head of the banned Jaish-e-Mohammad (JeM), Mr. Parrikar said that he “expressed his feeling [that] it was not exactly the right direction that they [the Chinese side] have taken.”
Earlier, the Defence Minister said that “India attaches highest priority to its relations with China.”

:: Business and Economy ::

WPI inflation in negative territory for seventeenth consecutive month

The rate of wholesale price inflation remained negative for the seventeenth consecutive month, coming in at (-)0.85 per cent in March, compared to (-)0.91 per cent in February.
Inflation in the primary articles segment of the index raced to 2.1 per cent in March, up from 1.6 per cent in February.
The food segment saw a rate of inflation of 3.7 per cent in March compared to 3.35 per cent in the previous month.
The fuel & power segment continued to pull back the rate of inflation, coming in at (-)8.3 per cent in March from (-)6.4 per cent in February.
The manufacturing sector registered its 13th month of a negative rate of inflation, coming in at (-)0.13 in March, compared to (-)0.6 per cent in February.

Asian governments must integrate a more robust resilience says ADB

Widening income inequality, slower growth and the growing dominance of China and India in the region has meant that Asian governments must integrate a more robust resilience into their national plans, according to an independent evaluation of the Asian Development Bank’s operations in South Asia.
The report also finds that the Asia and Pacific regions now account for 51 per cent of the world’s poor.
The report says, while the Asia-Pacific region in 1990 accounted for 1.5 billion people living in poverty, or 80 per cent of the global total, this proportion has come down to 51 per cent as of 2012, or 456 million people.
Within the region, South Asia accounts for 34 per cent of this 456 million poor people. The report defines the poor as those living below $1.9 a day.

Weak overseas demand reduce exports by 15.9 percent

Merchandise exports shrank 15.9 per cent in 2015-16 to $261.13 billion amid weak overseas demand, a slump in commodity prices and currency volatility.
Reflecting a slowdown in the domestic economy, especially in the manufacturing sector, goods imports contracted 15.3 per cent to $379.6 billion.
The commerce ministry said: “The trend of falling exports is in tandem with other major world economies.”
Global trade is projected to grow 2.8 percent this year, lower than a previous forecast of 3.9 percent, the World Trade Organization said.
The WTO said risks to its latest forecasts were still mostly on the downside, including a sharper than expected slowing of China’s economy, worsening financial market volatility and exposure of countries with large foreign debts to sharp exchange rate movements.
Goods exports also contracted for the sixteenth straight month in March, when it fell 5.47 per cent to $22.7 billion, while imports also fell 21.5 per cent to $27.8 billion.
The silver lining in the trade data was the contraction in oil imports, which shrank 40.2 per cent for the full year to $82.6 billion, while non-oil imports fell 4.1 per cent in the period to $297 billion.
This helped narrow the trade deficit to a five-year-low of $118.45 billion for fiscal 2015-16.
There has also been a minor recovery on the exports front in the last four months, with the pace of contraction in goods exports slowing from April-November, when it had shrunk 18.46 per cent.