Current Affairs For Bank, IBPS Exams - 29 January, 2014

Current Affairs For Bank, IBPS Exams

29 January, 2014

RBI rate hike to check inflation

The Reserve Bank's hiking the key lending rate by 0.25 per cent is a reflection of its "strong commitment" to check inflation, according to Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan .
It is a reflection of the strong commitment of Reserve Bank to the price stability as the chief objective of the monetary policy. The decision also reflects certain change in terms of the indicators being monitoring.
While the Wholesale Price Inflation (WPI) remains near the comfort zone, the Consumer Price Inflation (CPI) is not. Therefore the decision to increase the interest rate is once again reflection of the shift in terms of the focus from wholesale price inflation to retail inflation.
Retail or CPI inflation in December had moderated to a three month low of 9.87 per cent, while the wholesale or WPI was at 5-month low of 6.16 per cent.

Asia forex bounces

The South Korean won led a relief rally among emerging Asian currencies as a huge interest rate hike by Turkey's central bank calmed emerging markets after several days of turmoil.
Turkey followed India by tightening policy at a midnight meeting of its central bank, with the massive hike in the overnight lending rate of 425 basis points taking rates all the way to 12 per cent.
The won also benefited from stronger-than-expected industrial output growth and a record current account surplus. The won's strength lifted the Taiwan dollar.
Malaysia's ringgit advanced on buying by offshore hedge funds and demand against the Singapore dollar.
Asian shares also rallied after Turkey's move, reflecting a broad rise in risk-appetite which provided some respite for the battered Turkish lira.
Malaysia's central bank is expected to keep its interest rate unchanged at 3.00 percent later in the day.
The recent selloff in emerging market assets drove Asian currencies sharply lower as investors fretted over the twin concerns of a cutback in U.S. stimulus and slowing growth in China.
The Fed is expected to announce another $10 billion cut in its monthly bond-purchase programme when it concludes a two-day policy meeting later in the day.
The won rose as offshore funds scrambled to cover short positions and on demand from exporters such as shipbuilders, traders said.
South Korea's industrial output jumped in December and its current account surplus grew to a record last year, suggesting the economy carried strong momentum into 2014 with sufficient buffers to weather the latest global market turmoil.

Series clinched by Sri Lanka

Sri Lanka defeated India by six wickets with seven balls to spare in the third and final women’s Twenty20 match to claim the series 2-1, at the ACA-VDCA stadium.
Sri Lanka captain Shashikala Siriwardene played a responsible knock to remain unbeaten on 46 (42b, 4x4, 1x6) to guide the visitors to victory.
India, opting to bat, was pushed to a corner early in the match as it lost a wicket each in the first four overs.

Star India and Times Internet to distribute IPL

Star India has licensed the digital distribution rights for IPL 2014 from Times Internet, the digital arm of The Times of India Group. Star India will offer streaming and video on demand on starsports.com, the Star Sports app, and on mobile operator services powered by Star Sports.
Times Internet will distribute IPL streaming and video on demand on its cricket destination on web and mobile, powered by a starsports.com video player. Both companies will market the joint proposition, and Star India will be solely responsible for monetisation, including advertising sales.
Last year, IPL online witnessed a 56 per cent growth in unique visitors, with over 200 million video views. This year, India’s two largest media houses will co-distribute IPL, offering unparalleled reach and viewership.
Times Internet is the largest Indian online media entity, with over 40 million monthly visitors across its numerous digital destinations. Its portfolio includes news, lifestyle content, entertainment, e-commerce, mobile VAS, music & movie streaming, and local services.

India - Pakistan trade deadlock

India has once again called on Pakistan not to hold up the trans-Line of Control (LoC) trade and movement of people for the sake of a truck driver.
India has also suggested several initiatives that could help break the fortnight-long deadlock after a Pakistani truck driver was arrested following the alleged recovery of drugs from his truck. The incident took place on a day the countries were discussing steps towards normalisation of bilateral trade.
India has suggested an immediate meeting of mid-level officials at Kaman Post on the LoC to exchange information about recent narcotic seizures. New Delhi has also sought information about Pakistani investigations to uncover the identity of the persons who had sent the drugs in a consignment of almonds.
At a more senior level, India has proposed a meeting of the official-level Joint Working Group on Trans-LoC CBMs in the second week of February. This would help remove ambiguities in the interpretation of Standard Operating Procedures (SOPs).
India is convinced it had the right to arrest a Pakistani national if he has committed a crime. The MEA drew attention to Clause 9 of the SOP for cross-LoC trade dealing with examination of the goods to verify whether they are covered under the permitted list of items and are as per the declaration made by the exporter.