Current Affairs For Bank, IBPS Exams

17 July, 2014

Committed to deepen Indo-Russian ties: Modi tells Putin

• Hailing Russia as “our country’s greatest friend,” Prime Minister Narendra Modi told Russian President Vladimir Putin that India was committed to deepening ties between the two countries and to exploring new areas of cooperation.
• Mr. Modi cited INS Vikramaditya as an “excellent example of the cooperation between our nations”.
• Russia and India explored possibilities of supplying Russian gas to India through pipelines via China or Pakistan.
• PM said India is committed to taking the relationship forward and the focus is to broaden the strategic partnership in nuclear, defence and energy sectors besides stepping up people-to-people contacts.
• Mr. Putin said Russia places its relations with India high enough in the strategic framework.
• Both Countries agreed to increase bilateral trade to $20 billion.

Bank in Shanghai, but presidency for India

• BRICS countries ironed out their differences over the announcement of the BRICS bank and the contingent reserve fund. The two economic initiatives are the major announcements of the Fortaleza declaration.

• Shanghai won out as the location for the headquarters for the BRICS bank with equal shareholding for all BRICS members. India would assume the first presidency of the bank, which would be named, as per the Indian suggestion, the “New Development Bank”.

• The NDB, to be headquartered in Shanghai, will have an initial authorised capital of $100 billion and an initial subscribed capital of $50 billion equally shared by the five member countries.

• What has clouded the bank’s future in recent months is the unexpected move by China to push forward the setting up of another financial institution — the Asia Infrastructure Investment Bank (AIIB).

• The AIIB is expected to focus on China and Southeast Asia, while the BRICS bank effort which would emphasise projects in the member countries and in Africa.

• The AIIB move is being seen as an effort by China to challenge the influence of Japan in the region, as seen in Japanese influence in the functioning of the Asian Development Bank.

• Prime Minister Narendra Modi also said that The U.N. Security Council and the IMF are in need of “urgent reform”.

• He also pitched for a common outlook on global crises such as the conflict in Israel, Syria and Iraq, and called for BRICS countries to help “Afghanistan fight the forces of terrorism.” He said that cyber security was a priority for BRICS countries, and called for a united stand on “zero terrorism”.

• Mr. Modi invoked mantra of “Vasudaiv kutumbakam” (the global family), and called for more “people to people” ties within the BRICS countries, including a BRICS university, more travel, scientific exchanges and sharing of healthcare facilities.

Private FM channels can broadcast AIR news: govt

• Under the guidelines approved for FM radio Phase— III, FM channels will be permitted to carry AIR news bulletins in exactly the same format.
• Private FM channels have so far not been permitted to broadcast news under the existing FM radio policy guidelines.
• The present norm of opening FM channels in cities with population of three lakh is being reviewed and areas with one lakh population would also be allowed to have FM radio channels.
• Government also said once news broadcast has been opened up, government can think of further “relaxation” based on the experience it gains on the issue.
• Broadcast relating to sporting events, excluding live coverage, live commentaries of sporting events of local nature, information on traffic, weather, announcement on civic amenities, natural calamities will be treated as non—news items and will, therefore, be permissible to broadcast by private FM channel.

India, Russia begin naval drills in Sea of Japan

• Two countries fielded an impressive array of warships and aircraft during the Indra-14 exercise, will work together to check piracy, render assistance to ships in distress and counter the threat from submarines.
• India and Russia have commenced naval manoeuvres in the Sea of Japan which coincide with their growing energy ties that could, in the future, include transit of oil through the Arctic route.
• Russia’s guided missile cruiser Varyag and destroyer Bystry are participating in the exercise, in which the Navy is showcasing INS Shivalik, a modern stealth frigate, and INS Ranvijay, a Rajput class destroyer.

Syrian President Assad sworn in for third term

• President Bashar Assad marked the start of his third seven-year term in office amid a bloody civil war that has ravaged the Arab country.
• In the past year, Syria have seized the momentum in the civil war and troops made steady advances on several fronts against outgunned rebels bogged down in infighting.
• Throughout the crisis, Mr. Assad has maintained that the conflict that has torn his nation apart was a Western-backed conspiracy executed by “terrorists” and not a popular revolt by people inspired by the Arab Spring uprisings, seeking democracy and disenchanted with his authoritarian rule.
• Syria’s civil war, now in its fourth year, has killed more than 170,000 people and displaced one third of the country’s population.
• Mr. Assad declared victory over “terrorism” and said countries that supported the Syrian opposition “will pay a high price”.

Exports grow 10.2% in June

• Exports grew at above 10 per cent year-on-year for the third month in a row in June, up 10.2 per cent to $26.5 billion.
• Imports in June also grew for the first time in 13 months, up 8.3 per cent to $38.2 billion.
• Monthly trade deficit rose marginally to $11.8 billion in June from $11.2 billion in May. The partial relaxation in gold import norms in May resulted in higher imports at $3.1 billion in June against the average of $1.5 billion during the past 12 months.
• Export growth was the strongest in petro products at 38 per cent, followed by engineering goods that grew 22 per cent. Electronic goods exports shrank (-) 25 per cent and gems and jewellery exports contracted (-) 5 per cent in June.
• Chemicals imports were up 19 per cent and petroleum imports 11 per cent. Imports of transport equipment shrank (-) 11 per cent, machinery (-) 3.4 per cent and pearls and stones (-) 2.2 per cent. The growth in oil imports is likely to have been led by the pace of recovery in industrial output seen in June.

Govt clears 19 FDI proposals

• The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs. 2,326.72 crore.
• The FIPB, however, rejected an investment proposal of Multi-Commodity Exchange of India (MCX), the FIPB also rejected foreign investment application of George Institute for Global Health (Hyderabad), BIESSE Manufacturing Company (Bangalore) and three others.
• The government gave its nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore.
   

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