Current Affairs Update – 9th December, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs Update of 9th December, 2015. These are important for the upcoming IBPS Clerk Mains and Insurance Exams.

Finance/Economy
NSE, London Stock
Exchange join hands to set up research centre

  • India’s National Stock Exchange (NSE) has entered into an
    agreement with London Stock Exchange Group (LSEG) to ensure close collaboration
    between the two bourses for setting up a research centre, an official statement
    said on Wednesday.
  • The memorandum of understanding (MoU) between the two
    bourses also covers subsidiaries of NSE, with the objective of harnessing
    mutual synergies across various NSE and LSEG initiatives.
  • The joint research centre, as proposed in the MoU, is
    expected to launch products and services on a range of capital markets matters.
  • It also aims to explore further collaboration between the
    group companies, including indexes and debt market development, within the prevailing
    regulatory framework.
  • The statement said the MoU can significantly contribute
    towards the growth of India’s special economic zone initiative in the Gujarat
    International Finance Tec–City(GIFT City), Gujarat, which has been notified as
    the country’s first International Finance Centre (IFC).
  • The NSE and LSEG will conduct a joint feasibility study on
    the opportunities for collaboration in the GIFT City and also explore the
    potential of establishing a trading platform in GIFT City.

Centre sets up `SETU’
to support start-up businesses

  • A mechanism known as SETU to support all aspects of start-up
    businesses and other self- employment activities has been set up by the
    government, Lok Sabha was informed today.
  • Union Minister for Skill Development Rajiv Pratap Rudy said
    the National Policy for Skill Development and Entrepreneurs envisaged fostering
    entrepreneurship and grassroots innovation by providing support in terms of
    fiscal incentives, creation of grass root technology innovation hubs, legal
    support and market linkages.
  • “The government has established a mechanism to be known as
    SETU (Self—Employment and Talent Utilisation) under NITI Aayog to support all
    aspects of start—up businesses and other self employment activities,
    particularly in technology—driven areas,” he said during Question Hour.
  • Rudy said government has also launched in August 2015 India
    Aspiration Fund (IAF) under the Small Industries Development Bank of India with
    a capital of Rs. 2,000 crore to give a boost to start—up ecosystem in the
    country.
  • “The objective of the IAF is to catalyse tens of thousands
    of crores of equity investment into start—ups and MSMEs creating employment to
    lakhs of persons, mostly educated youth, over the next four to five years,” he
    said.
  • The Minister said the Department of Electronics and
    Information Technology is implementing a scheme entitled ’Technology Incubation
    and Development of Entrepreneurs’ (TIDE) under which 147 start—ups have been
    supported at 25 TIDE centres established in premier institutes like IITs, NITs,
    IIMs etc.

India software market
to grow to $5.3 billion in 2016: Gartner

  • Software market in India is expected to grow at 12.8 per
    cent to reach $5.3 billion in 2016, research firm Gartner said on Wednesday.
  • “The enterprise software marketplace is dynamic and ever-changing.
    Its growth and structure are being shaped by factors and forces of
    decentralised purchasing, consumerisation, mobility, influence of other
    emerging markets, cloud-based implementations, and new consumption models,”
    Gartner Research Director Bhavish Sood said in a statement.
  • The growth is being driven by trends like increasing
    adoption of Software as a service (SaaS) and open source software (OSS),
    changing buying behaviours and purchasing styles associated with digital
    business and Digital India initiative of the Indian government.

Goldman pegs India’s
GDP growth at 7.9% in FY17

  • Country’s GDP is expected to grow by 7.9% next fiscal driven
    by rising domestic demand and higher capital spending by the government, even
    though global economy will remain anaemic, Goldman Sachs said today.
  • “India is already the fastest growing large economy and
    will remain so in FY 2016-17. We have positive views on the economy. The
    cyclical upturn will continue to be driven by the domestic demand,”
    Goldman Sachs India chief economist Tushar Poddar told reporters here.
  • He said the investment demand will improve gradually, driven
    by greater government spending on infrastructure — particularly railways and
    highways, lower interest rates, rising FDI inflows and ongoing improvements in
    ease of doing business, including some improvement in stalled projects.

Yes Bank announced to
mobilize 5 billion US dollars for climate action by 2020
  • Yes Bank Limited on 8 December 2015 announced to mobilize 5
    billion US dollars from 2015 to 2020 for climate action through lending,
    investing and raising capital towards mitigation, adaptation and resilience.
    The announcement was made on the occasion of COP 21 climate summit in Paris.
  • Furthermore to achieve holistic impact and aid India’s
    target of meeting its Intended Nationally Determined Contributions (INDCs), the
    bank committed to achieve the following by 2020:
  • Target funding of 5000 MW of clean energy
  • Gradually increase percentage of Renewable Energy in its
    power portfolio
  • Contribute towards creating a carbon sink by planting 2
    million trees
  • Touch 100 million lives through its safe and clean drinking
    water program

Reports
India ranks 4th in
black money outflows per annum: GFI report

  • India ranks fourth in black money outflows with a whopping
    USD 51 billion siphoned out of the country per annum between 2004-2013, a
    US-based think-tank’s report said today.
  • Notably India’s defence budget is less than USD 50 billion.
    China tops the list with USD 139 billion average outflow of illicit finances
    per annum, followed by Russia (USD 104 billion per annum) and Mexico (USD 52.8
    billion per annum), according to the annual report released by Global Financial
    Integrity (GFI), a Washington-based research and advisory organisation.
  • The illegal capital outflows stem from tax evasion, crime,
    corruption and other illicit activity, the report said, according to which a
    record USD 1.1 trillion flowed illicitly out of developing and emerging
    economies in 2013, the latest year for which data is available.
  • In all, during this decade-long period of 2004-2014, GFI
    estimates that more than half a trillion (USD 510 billion) went out of India
    and in the case of China the figure was USD 1.39 trillion and Russia USD 1
    trillion.
  • Titled ‘Illicit Financial Flows from Developing Countries:
    2004-2013’, the study shows that illicit financial flows first surpassed USD 1
    trillion in 2011 and have grown to USD 1.1 trillion in 2013, marking a dramatic
    increase from 2004, when illicit outflows totalled just USD 465.3 billion.

India
Union Government and
NTC signed MoU for establishing a Technology Centre at Kanpur
  • The Union Ministry of Textiles, Union Ministry of Micro,
    Small & Medium Enterprises (MSME) and National Textile Corporation (NTC) on
    8 December 2015 signed Memorandum of Understanding (MoU) to set up a Technology
    Centre (Tool Room) at Kanpur.

Highlights of the
MoU
  • Under the MoU, Ministry of MSME will fund the project, while
    NTC will provide the land in  a closed
    unviable mill.
  • Management will be through a Governing Council where
    Development Commissioner of MSME will be Chairman and Ministry of Textiles
    representative will be the co-chairman.
  • The Ministry of Textiles will skill the youth in textile
    sector, thus, providing requisite skilled manpower to the textile industry.

Hetero became first
Indian company to receive DGCI’s approval for hepatitis C drug
  • Hyderabad-based Hetero Drugs on 8 December 2015 announced
    that it received the approval of Drug Controller General of India (DCGI) to
    launch fixed-dose combination therapy Ledipasvir-Sofosbuvir. The product will
    be available under the brand name Ledisof in India.
  • With this approval, Hetero became the first company in the
    country to get approval from DGCI to launch hepatitis C medicines.
  • In September 2014, Hetero signed a non-exclusive licensing
    agreement with the USA-based Gilead Sciences in to manufacture and market
    chronic hepatitis C medicines.
  • This fixed-dose combination is the generic version of
    Gilead’s brand Harvoni. It was approved by US FDA for the treatment of chronic
    hepatitis genotype 1 in both treatment –naïve and treatment-experienced
    patients.

Delhi Government
announced vehicle rationing scheme to curb air pollution
  • Delhi Government on 4 December 2015 announced vehicle
    rationing scheme to curb air pollution in the city. A decision in this regard
    was taken at a high-level meeting chaired by Chief Minister Arvind Kejriwal.
  • The primary objective of the initiative is to halve the
    vehicular population in the city and thereby to bring pollution levels under
    control.
  • In the first phase of the scheme, vehicles with odd and even
    number plates would be allowed to run on alternate days between 1 January and
    15 January 2016 in the capital city.
  • While the odd-numbered vehicles will ply on odd dates, the
    even-numbered vehicles would ply on even dates.

India to open up
Ahmedabad, Jaipur airports for Singapore’s Changi
  • Singapore’s Changi Airport Group will soon start managing
    Ahmedabad and Jaipur airports, opening up airport management operations for a
    foreign player for the first time in the country.
  • The group will be managing the terminal operations and
    parking at the two airports.
  • Airports Authority of India (AAI) Chairman R.K. Srivastava
    said the modalities with regard to Changi taking over the operation of
    Ahmedabad and Jaipur airports are being worked out.
  • According to Mr. Srivastava, there would be no concessional
    agreement in place for the proposed partnership with Changi.
  • AAI, which currently manages the two airports, is also
    awaiting from the government the official agreement for the proposed
    partnership.
  • During his visit to Singapore last month, Prime Minister
    Narendra Modi had said the government was exploring the possibility of a
    collaboration with Changi airport to operate two facilities in India. He,
    however, did not name the airports.

Awards
& Honors –
Angela Merkel is Time
magazine’s Person of the Year 2015

  • Time magazine today named German Chancellor Angela Merkel
    its “Person of the Year 2015”, saying her leadership has helped
    preserve and promote an open, borderless Europe in the face of economic turmoil
    and an ongoing refugee crisis.
  • Hailing her leadership, the magazine said it chose the
    German chancellor for the annual honor because her leadership has helped
    preserve and promote an open, borderless Europe in the face of economic turmoil
    and an ongoing refugee crisis.
  • Islamic State leader Abu Bakr Al-Baghdadi and Republican
    presidential hopeful Donald Trump were among the eight candidates shortlisted
    by Time magazine on Monday for its annual ‘Person of the Year’ title.
  • Prime Minister Narendra Modi, Reliance Industries chairman
    Mukesh Ambani and Google’s India-born CEO Sundar Pichai were among the initial
    58 global leaders, business chiefs and pop icons that Time had named as
    contenders for its annual honour but the three did not make the final
    shortlist.

Two Indians Win
Queen’s Young Leaders Award in UK
  • Two Indians have won the Queen’s Young Leaders award in the
    UK for their exceptional work in transforming the lives of others and making a
    lasting difference in their communities.
  • Kartik Sawhney, 21, and Neha Swain, 28 from India are among
    60 others who won the Queen’s Young Leaders award 2016 which will be presented
    by the British monarch at a gala ceremony in Buckingham Palace in June next
    year.
  • Kartik, who was born blind, has been acknowledged for his
    exceptional work highlighting universal access to education for all.
  • Neha, a youth facilitator and co-founder of NGO Rubaroo
    provides an inclusive space for young people, irrespective of their
    socio-economic background, to develop their leadership skills through interactive
    workshops.
  • Her team provides workshops to schools in India free of
    charge and has so far worked with nearly 2,000 young people in the city of
    Hyderabad.
  • The Queen’s Young Leaders Programme was established in 2014
    by the Queen Elizabeth Diamond Jubilee Trust in partnership with Comic Relief
    and the Royal Commonwealth Society in recognition of the Queen’s lifetime of
    service to the Commonwealth.

Indian-American
entrepreneur Frank Islam to be conferred with Uttar Pradesh Ratna Award
  • Frank Islam, an Indian-American entrepreneur and
    philanthropist, will be conferred with Uttar Pradesh Ratna Award on 4 January
    2016 at the inaugural UP Pravasi Diwas in Agra.
  • The Uttar Pradesh Government will be honouring Islam to
    recognise his achievements and outstanding contributions in a foreign country.
  • He has also authored two books, Working the Pivot Points: To
    Make America Work Again, and Renewing the American Dream: A Citizen’s Guide for
    Restoring Our Competitive Advantage.
  • In 2014, he was awarded The Indus Entrepreneurs (TiE)
    Legends Award.

Sports
Pune, Rajkot became
interim IPL franchises to replace CSK, RR

  • Pune and Rajkot on 8 December 2015 became the interim
    franchises in the Indian Premier League (IPL) till 2017. The will take place of
    the suspended teams of Chennai Super Kings (CSK) and Rajasthan Royals (RR).
  • CSK and RR are facing two-year suspensions which were
    imposed by the Supreme Court-mandated RM Lodha panel following the 2013 IPL
    corruption scandal. CSK and RR stand suspended till 2017.
  • The Pune franchise was bought by Kolkata-based business
    tycoon Sanjiv Goenka’s company New Rising, while the Rajkot bid was won by
    Intex Mobiles through reverse bidding.

Chen Long and
Carolina Marin bagged 2015 BWF Player of the Year Awards
  • China’s Chen Long and all England and World champion
    Carolina Marin on 7 December 2015 bagged the Badminton World Federation (BWF)
    Male and Female Player of the Year Awards respectively in Dubai.
  • Marin held off competition from Zhao Yunlei, Saina Nehwal
    and Bao Yixin. On the other hand, Long retained the Male Player of the Year
    award that he won last year.
  • China’s rising star and World Junior Champion in Mixed
    Doubles and Men’s Doubles Zheng Si Wei grabbed the Eddy Choong Award for Most
    Promising Player of the Year.
  • BWF, for the first time, honoured para-badminton players
    with the year-end awards. Lee Sam Seop of Korea was named Male Para-Badminton
    Player of the Year. Helle Sofie Sagoy was awarded with the Female
    Para-Badminton Player of the Year.

Rohit Sharma became
co-owner of UP Warriors in Pro Wrestling League

  • Indian cricketer Rohit Sharma on 9 December 2015 became the
    co-owner of the Pro Wrestling League team, UP Warriors. The team includes
    celebrated Indian wrestlers like Sushil Kumar and Joginder Kumar.
  • After Bollywood actor Dharmendra, Sharma is the second big
    name to co-own a team in Pro Wrestling league.
  • With this, Sharma also joined cricketers like Sachin
    Tendulkar, Mahendra Singh Dhoni and Virat Kohli who have ventured into franchise-based
    leagues. All three co-own teams in football’s Indian Super League.

Days
International Day of
Commemoration and Dignity of Victims of Crime of Genocide observed

  • International Day of Commemoration and Dignity of the
    Victims of the Crime of Genocide and of the Prevention of this Crime was
    observed globally on 9 December 2015.
  • The United Nations General Assembly (UNGA) on 11 September
    2015 adopted the resolutions proclaiming 9 December as International Day of
    Commemoration & Dignity of the Victims of the Crime of Genocide and of the
    Prevention of this Crime.
  • The resolution was initiated by Armenia and was intended to
    commemorate and honour the victims of the crime of genocide around the world
    and to raise awareness of the Convention and its role in protecting populations
    from future genocides.

International Anti-Corruption
Day observed across the world

  • International Anti-Corruption Day was observed across the
    world on 9 December 2015 with the theme Break the corruption chain. The day was
    observed to raise public awareness about corruption and what people can do to
    fight it.
  • On the occasion of International Anti-Corruption Day, all
    the Governments, the private sector, non-governmental organizations, the media
    and citizens around the world joined forces to fight this crime.
  • The 2015 joint international campaign #breakthechain was
    also launched to focus on how corruption undermines democracy and the rule of
    law leads to human rights violations, distorts markets, erodes quality of life.

Appointments
Sanjeev Mohanty takes
over as Jabong CEO

  • Sanjeev Mohanty has taken over as the new CEO and managing
    director of online fashion retailer Jabong, a company statement said on
    Wednesday.
  • Mohanty assumed responsibilities on December 7.
  • With 20 years of experience, Mohanty has earlier worked with
    fashion brands like Benetton India, Madura Garments, S.F. Jeans and Levi
    Strauss.



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