Current Affairs For Bank, IBPS Exams - 7 July, 2015

Current Affairs for BANK, IBPS Exams

7 July 2015

:: International ::

India mulling proposal to join Eurasian Economic Union

Prime Minister Narendra Modi’s ongoing visit to Russia and five Central Asian nations could expedite the feasibility studies under way to assess whether India should sign a free trade agreement (FTA) with the Eurasian Economic Union (EEU).
Even as it is yet to firm up its agreements with the European Union, India is considering the option of signing a pact with the EEU, which has Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia as members, and will see the inclusion of Tajikistan later this year.

Joint study group

According to government officials, a joint study group, headed by a Joint Secretary in the Ministry of Commerce, has been mandated to study the benefits of joining the trade bloc, but with the emphasis on enhancing trade and investment ties with the Central Asian countries, there is a possibility that an agreement could be on the cards soon.
An invitation to join the bloc was extended by Russia, and a joint statement for establishment of a joint study group between India and the EEU was signed when Commerce and Industry Minister Nirmala Sitharaman visited Russia recently.
A senior official on condition of anonymity said though India is keen to secure its position vis-à-vis tariff lines, it is also considering signing up with different trade blocs like the Latin American Integration Association (ALADI) which now has 13 members, the North American Free Trade Agreement (NAFTA) and the ASEAN Free Trade Area (AFTA).
India is keen to enhance its ties with the Central Asian countries, which have huge oil and gas reserves and are an important link to Afghanistan.

Free trade pacts

• While officials are weighing up the consequences of joining the EEU and the EU, there are also reports of Iran, Egypt and Israel considering the possibility of signing free trade agreements with the EEU. Vietnam too has signed a free trade agreement with the EEU.

::Business ::

Uber planning to set up largest office outside US in Hyderabad, to invest $50 mn

Uber, an international transportation network company, on Monday announced a $50 million investment in Hyderabad to set up a facility which will be the biggest outside its headquarters in the US.
The state-of-the-art facility to be established over the next five years will house hundreds of new employees.AP
"The investment will be into Uber's core business -- a new green field project which we are going to set up here.
It will make Hyderabad the largest Uber office in the world outside the US," Sidharth Shanker, general manager of Uber Hyderabad operations, told reporters after signing a Memorandum of Understanding (MoU) with the Telanganagovernment.
This will be Uber's biggest investment in India. This is also its first of its kind agreement with any state government.

IDBI Signs Refinancing Agreement With Mudra Bank

State-run IDBI Bank on Tuesday said it has signed an agreement with Mudra Bank for refinancing of loans given to small enterprises.
The refinance scheme will be implemented through all the branches of the lender.
The agreement was signed on July 1 by IDBI Bank Executive Director S K V Srinivasan and Mudra Bank CEO Jiji Mammen.
Last week, Bank of Maharashtra had also signed an agreement with Mudra Bank for refinancing of loans given to new entrepreneurs and small businesses.

:: Sports ::

Floyd Mayweather lost his world title he won in Pacquiao fighthas failed to vacate the junior middleweight title he also held. (Reuters Photo)

Floyd Mayweather Jr. has been stripped of the welterweight world title he won after beating Filipino Manny Pacquiao this year for failing to comply with rules, the World Boxing Organization said on Monday.
Mayweather, who improved to 48-0 by beating Pacquiao in May, missed a deadline by which he had to pay a $200,000 sanctioning fee from the fight and vacate the junior middleweight title he also held, the WBO said in a statement.
The WBO said it is against rules for boxers to hold world titles in multiple weight classes and that Mayweather had to indicate which weight division he would retain.
"The WBO World Championship Committee is allowed no other alternative but to cease to recognise Mr. Floyd Mayweather, Jr. as the WBO Welterweight Champion of the World and vacate his title, for failing to comply with our WBO Regulations of World Championship Contests," the WBO said in a statement.
Mayweather, who earned over $200 million from the fight which generated a record pay-per-view revenue in the United States of $400 million, has two weeks to launch an appeal