Current Affairs for BANK, IBPS Exams 31 October 2016

Current Affairs for BANK, IBPS Exams

31 October 2016

:: National ::

PM celebrates Diwali with ITBP men

PM Modi said Rs. 5,500 crore has been allocated for implementing the OROP scheme, an issue that had been hanging fire for the last 40 years.
He lauded the valour and sacrifice of the armed forces amid tension on the border with Pakistan.
Mr. Modi was celebrating Deepavali with Army and ITBP men in Sumdo in Himachal Pradesh’s Kinnaur district.
Dedicating the festival to the armed forces personnel, he said he “fulfilled the promise” made to ex-servicemen on the One Rank, One Pension scheme.
Earlier, in his monthly “Mann ki Baat” programme on All India Radio, Mr. Modi asked the people and the State governments to find ways of forging unity across the country and work to defeat separatist tendencies and mentalities.
He hailed the people including celebrities for sending overwhelming messages to his “Sandesh2Soldiers” campaign.
In the wake of the ongoing unrest in Kashmir Valley, he said: “Unity in diversity is our strength.
It is the responsibility of every citizen and all governments to forge unity and curb separatist tendencies to save the country.”

Deepavali was celebrated for the first time at the United Nations

Deepavali was celebrated for the first time at the United Nations, with the world body’s imposing headquarters here lit up on the occasion of the Indian festival of lights.
The facade of the U.N. headquarters was illuminated in bright hues and the words ‘Happy Diwali,’ along with the image of a traditional ‘diya,’ were projected onto the building.
“Lighting up @UN lights up for #Diwali for 1st time,” India’s Ambassador to the U.N. Syed Akbaruddin tweeted.
It is for the first time that the Indian festival of lights is being celebrated at the world body after the U.N. General Assembly adopted a resolution in December, 2014, that acknowledged the “significance of Diwali.”
Noting that the festival is observed in many U.N. member states, the resolution had called on U.N. bodies to avoid holding meetings on Diwali, declaring it a no-meeting day.
From 2016 onwards, Diwali was made an optional holiday for the U.N., India’s Permanent Mission to the world body said in a special video message.
Earlier in June, the U.N. building was lit up on the occasion of the International Yoga Day, with images of Yoga postures projected on the imposing headquarters.

Oceans are responsible for ice ages

Oceans may be responsible for making the Earth move in and out of ice ages every 100,000 years, finds a study.
According to a paper published in the journal Geology , oceans sucking carbon dioxide (CO2) out of the atmosphere may have triggered this phenomena.
By studying the chemical make-up of tiny fossils on the ocean floor, the team discovered that there was more CO2 stored in the deep ocean during the ice age periods at regular intervals every 100,000 years.
This suggested that extra carbon dioxide was being pulled from the atmosphere and into the oceans at this time, subsequently lowering the temperature on the Earth and enabling vast ice sheets to engulf the Northern Hemisphere.

:: International ::

Italy struck with most powerful earthquake in three decades

Italy’s most powerful earthquake in 36 years struck a new blow to the country’s seismically vulnerable heart.
It measured 6.6 on the so-called moment magnitude scale.
Norcia’s 14th-century Basilica of Saint Benedict, built on the reputed birthplace of the Catholic saint, was reduced to rubble.

:: Science and Technology ::

Russian spaceship Soyuz MS-01 successfully touched down

The landing module of the Russian spaceship Soyuz MS-01 successfully touched down on Sunday in the steppes of Kazakhstan with three crew members on board.
Astronauts Anatoli Ivanishin, TakutyaOnishi and Kathleen Rubins, of Russia, Japan and the U.S. respectively, returned to Earth after completing a nearly four-month mission on the International Space Station.
The MS-01, the first ship of the new Soyuz model, landed about 140 to 150 km southeast of Zhezkazgan city. During their tenure on the orbital platform the three astronauts performed about 40 scientific experiments.
The ISS is currently made up of 14 permanent modules and orbits at a speed of more than 27,000 km per hour at a distance of 400 km from Earth.
The orbit of the platform is raised periodically as the ISS loses between 100 and 150 metres in height due to terrestrial gravitation, solar activity and other factors.

Omega-3 may help in curing Alzheimer's

Omega-3 polyunsaturated fatty acids from fish may help to remove metabolites, including amyloid-beta, which is one of the factors that lead to Alzheimer’s, finds a study.
The research published in the FASEB Journal suggested that Omega—3 polyunsaturated fatty acids (PUFAs) found in fish oil could improve the function of the glymphatic system, which facilitates the clearance of waste from the brain.
To make this discovery, scientists first used transgenic fat-1 mice, which express high endogenous Omega-3 PUFAs in the brain, to investigate the effect of Omega-3 PUFAs on the clearance function of the glymphatic system.
Compared to the wild-type mice, the fat-1 mice with enriched endogenous Omega-3 PUFAs significantly promote the clearance function of the lymphatic system, including the amyloid—beta clearance from the brain.

:: Business and Economy ::

New year according to Hindu calendar started

The stock markets began the new year – Samvat 2073, as per the Hindu calendar – on a weak note even as analysts forecast a bullish journey ahead on the back of better corporate earnings and policy reforms.
The benchmark BSE Sensex fell 11.30 points to 27,930.21. The broader Nifty of the National Stock Exchange (NSE) closed the special session at 8,625.70, down 12.30 points.
Stock exchanges conduct a special Muhurat trading session every year to mark the advent of the new year. Typically, the volume in the Muhurat session is very thin.
Market participants, however, expected the year to be strong for equities because of the government’s reform push and an upswing in corporate earnings.

Sluggish tax revenues of states will make it difficult to implement 7th pay commission

The sluggish tax revenues of many states may push them into a corner in view of the pressure created by the Seventh Pay Commission pay out and may even force them to scale back on plan expenditure or run into higher fiscal deficits.
In its analysis of 16 states’ finances till April-July 2016 , Edelweiss Securities discovered a sluggish tax revenue trend — up by about 6 per cent versus a budgeted growth of about 20 per cent.
Land tax revenues were particularly sluggish (up 4 per cent year on year, or YoY, versus 7 per cent in FY16), implying pressure on land prices.
The associated adverse wealth effect operating in the economy, perhaps, partly explained the still weak aggregate consumption demand, especially in rural areas, the report said.
Meanwhile, Plan expenditure is robust though, up 29 per cent YoY (although slightly below 32 per cent YoY budgeted). This weakness in tax revenues does confirm that economic recovery is tepid and still not broad-based, the report said.
Meanwhile, oil taxes are in turnaround mode post a sharp plunge last year, given recovery in oil prices, and going ahead, this should improve further. However, other than land and oil taxes, the trend hinted at weakness.
Many states have ramped up Plan capital expenditure, an encouraging development, the report said.
However, the impending burden of higher wage pay-out under the 7th Pay Commission looms large and in a scenario where tax revenues are not particularly robust.
states will eventually face a tough choice of either reining in Plan expenditure or slipping on their budgeted fiscal targets, the report said.