Current Affairs for BANK, IBPS Exams

16 July 2015

:: International ::

Draconian Trade Union Bill of Britain

• Treasury and Opposition benches clashed in the British Parliament over the new Trade Union Bill introduced on Wednesday, which if passed will restrict the right of unions to resort to industrial action.

• The announcement, which comes after a recent 24-hour strike by London tube workers, is being seen as an attempt not only to further restrict the right to strike, but to also neutralise the considerable political clout of British trade unions in Parliament.

Right of working people

• Prime Minister David Cameron and Opposition leader Harriet Harman crossed swords over the issue at the Prime Minister’s Question Time in Parliament, with Ms. Harman calling it an attack on “the right of working people to have a say on their pay and conditions”.

• Among the battery of changes proposed by Business Secretary Sajid Javid will be a 50 per cent threshold for ballot turnout, and a further threshold of 40 per cent (of the 50 per cent) of support for a strike.

• According to the present U.K. laws, unions have to ballot their members and must get at least 40 per cent support before a strike call can be given.

• The new bill also sets a four-month time limit for industrial action. The bill seeks also to reduce the money that unions currently have to campaign with or to donate (to parties such as Labour). Now, union members must “opt in” to pay a political levy, which is currently automatic unless members opt-out.

• The rules are likely to be welcomed by Indian-owned companies in the U.K, which, according to the consultancy Grant Thornton, collectively employ 110,000 workers.

• The present bill is seen as more draconian than the labour reforms brought in by the Thatcher government in 1985.

Sikandar’s Greece says yes to EU

• Greece geared up for a parliamentary vote on tough reforms demanded by Eurozone creditors in exchange for a huge new bailout, just hours after a bombshell IMF report criticised the deal.

• The outcome was unclear after the International Monetary Fund (IMF) issued a stark warning that Greece’s creditors will have to go “far beyond” existing estimates for debt relief to stabilise the country’s finances.

• The last-ditch deal struck on Monday to prevent the country crashing out of the euro saw Prime Minister Alexis Tsipras agree to sweeping reforms.

• They include changing labour laws, pensions, VAT and other taxes — all conditions that had been rejected by voters in a July 5 referendum.

• The Parliament in Athens must approve the deal before the 18 other Eurozone leaders start negotiations over what Greece is to get in return: a three-year bailout worth up to €86 billion ($95 billion), its third rescue programme in five years.

• Under the plan, Eurozone governments will contribute between €40 and 50 billion, the IMF will contribute another chunk and the rest will come from selling off state assets and from financial markets, a European official said.

• Mr. Tsipras has admitted he “cannot say with certainty” that it will be enough to prevent a so-called “Grexit” until the final bailout agreement is signed.

• An IMF official said the fund would only participate in a third bailout if EU creditors produce a clear plan. The current deal “is by no means a comprehensive, detailed agreement,” the official said. It was not the first time the IMF has urged greater debt relief. But political analysts questioned why the strongly-worded report appeared not to have been taken into account in the agreement.

• Under the deal, Greek assets for privatisation will be parked in a special fund worth up to €50 billion, with some €25 billion of the money earmarked to recapitalise Greece's banks.

• If Greece does pass the agreement, Europe’s next step would be to push the deal through several national Parliaments, many in countries that are loath to afford Athens more help

:: Business ::

Positive signs for Make in India

• In another boost for Make in India, Boeing and Tata Advanced Systems ( TASL) have agreed to work together on manufacturing aerospace and defence equipment including unmanned aerial vehicles, the US company said on Wednesday.

• Boeing said in a statement that the two firms intend to sell into markets products that they have jointly developed.

• The Narendra Modi-led government is trying to encourage more companies to manufacture in India and boost skilled employment, particularly in defence.

• Tata Advanced Systems, which already works with Airbus Group and Lockheed Martin, is owned by conglomerate Tata Sons.

• The agreement was signed by Shelley Lavender, president of Boeing Military Aircraft and Sukaran Singh, managing director and chief executive officer of TASL. TASL already has a contract to manufacture aerostructures for Boeing's CH-47 Chinook and AH-6i helicopters.
  The Boeing CH-47 Chinook

• The collaboration, which is in line with the government's 'Make in India' initiative, will not only work in the domestic market but will also be for international markets.

• "This agreement with TASL is significant because it demonstrates Boeing’s commitment to expanding its aerospace manufacturing footprint in India," Lavender was quoted as saying in a Boeing statement.

• Government is in the process of clearing a contract worth over USD 2.5 billion for 22 Apache attack helicopters and 15 Chinook heavy-lift choppers.

• S Ramadorai, Chairman of TASL, said this gives them an opportunity to explore the massive potential in India for aerospace manufacturing and make the investments required to grow the industry.

• Last month, Airbus Helicopters and Mahindra Defence, a Mahindra Group announced a plan to produce helicopters to cater to India's military requirements as the Modi government readies to place $10 billion worth of helicopter orders for reconnaissance, surveillance and naval utility.

:: Sports ::

After india Bangladesh beat south Africa

• Beating South Africa has given Bangladesh the confidence that it can win against any top One-Day International (ODI) side, batsman Tamim Iqbal has said.

• Seventh-ranked Bangladesh triumphed against fourth-placed South Africa 2-1 in a three-match series on Wednesday.

• Chasing 170, Bangladesh created history with a resounding nine-wicket win in the third ODI in Chittagong to clinch their first-ever series victory against South Africa.

• After easily losing the first ODI by eight wickets, the home team fought back convincingly in the second and levelled the series.

• The win comes after they whitewashed Pakistan 3-0 and won against India 2-1.

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