Current Affairs Update – 18 Sept, 2014

Finance

1. Chinese lenders ink
pacts with SBI, ICICI and Axis Bank

  • ·
    Export-Import Bank of China (China Exim Bank)
    and China Development Bank Corporation (CDB) today signed various agreements
    with SBI, ICICI Bank and Axis Bank to facilitate trade between the two
    countries.
  • ·
    SBI signed an agreement with China Exim Bank
    for a Line of Credit of $ 1.8 billion for imports of raw material, energy,
    equipment, mechanical and electronic products, among others from China.
  • ·
    “State Bank of India and The Export
    Import Bank of China signed a framework agreement for a Line of Credit of $ 1.8
    billion to be offered by The Exim Bank of China.
  • ·
    Private lender ICICI Bank signed an agreement
    with China Exim Bank for $ 1 billion to facilitate short-term and long-term
    credit lines to ICICI Bank for financing purchase and import of Chinese products
    and services by its clients.
  • ·
    Axis Bank signed a MoU with CDB to cater to
    requirements of Chinese companies operating in India.

2. Bajpai Committee to
assess investment guidelines for private sector pension plan
  • ·
    Pension regulator PFRDA has set up an expert
    committee under chairmanship of former SEBI chief G N Bajpai to review the
    investment guidelines for national pension system (NPS) schemes in private
    sector.
  • ·
    This committee will look at the investment
    guidelines in a “wholesale” manner so as to enable flow of pension monies in
    new instruments such as long term infrastructure bonds to be floated by banks,
    infrastructure debt funds and Basel 3 compliant bonds.
  • ·
    The review of investment guidelines will also
    help revamp the role of pension fund managers (PFMs) and could allow them to
    proactively promote pension products, R.V.Verma, PFRDA Chairman, told Business
    Line here on Thursday.
  • ·
    Current regulations forbid PFMs from
    marketing of pension products, Verma pointed out.
  • ·
    Besides review of investment guidelines for
    NPS in private sector, the committee has also been asked to recommend measures
    for bringing other pension/superannuation funds under the regulatory purview of
    PFRDA.


3. India signs pact with
China to better trade ties, get $20billion
  • ·
    India today signed a 5-year trade and
    economic cooperation agreement with China with a view to improve the trade
    balance and obtain $20 billion Chinese investment into the country.
  • ·
    The ‘Five year Trade and Economic Development
    Plan’ was signed by Commerce Minister Nirmala Sitharaman and her Chinese
    counterpart Gao Hucheng in presence of Prime Minister Narendra Modi and
    visiting President Xi Jinping.
  • ·
    The agreement lays down a medium term roadmap
    for promoting balanced and sustainable development of economic and trade
    relations between China and India, on the principle of equality and mutual
    benefit.
  • ·
    Among other things, it seeks to reduce
    bilateral trade imbalance and strengthen investment cooperation to realise $20
    billion investment from China in 5 years.

4. Japan’s Mizuho Bank
to open branch in Ahmedabad by mid-2015

  • ·
    In yet another first for Gujarat, Japan’s
    Mizuho Bank will set up its branch in Ahmedabad by June 2015. Even as Japanese
    investment continues to pour in to the state, this will be first Japanese bank
    to come up in Gujarat as of now.
  • ·
    In this regard, Kashiwagi, India-based Chief
    Executive Officer of Mizuho Bank of Japan also met Gujarat Chief Minister
    Anandiben Patel at Gandhinagar on Thursday.
  • ·
    While briefing the chief minister, Kashiwagi
    stated that Mizuho Bank, which already have had the license from Reserve Bank
    of India, will launch its branch at Ahmedabad from June-2015.
  • ·
    During the meeting, Chief Minister also
    discussed about the services-partnership of Mizuho Bank in forthcoming Vibrant
    Gujarat-2015.

5. RBI proposed to
segregate Chairman and Managing Director (CMD) post of PSU banks

  • ·
    The Reserve Bank of India (RBI) on 17
    September 2014 proposed to segregate the post of Chairman and Managing Director
    (CMD) of Public Sector Undertaking (PSU) banks. It also proposed a separate
    committee for appointment of directors on the board of PSU banks.
  • ·
    These proposals are a part of corporate
    governance reforms in PSU banks and are based on the recommendations of various
    committees including the PJ Nayak Committee recommendations.
  • ·
    The proposal of RBI may delay the
    appointments of Chairman in at least ten PSU banks or may bring changes in the
    top management of the PSU banks. Already top position of 4 PSU banks is lying
    vacant which are likely to be filled once government finalises the new norms for
    appointment of bank chairman.
  • ·
    At present, the post of CMD in PSU banks is
    vested with one person only. As a result CMDs of PSU banks enjoy absolute power
    and often dominate the board during their tenure.
  • ·
    The only exception among the PSU banks is
    State Bank of India
    where the top position is commanded by the chairman and
    there are four managing directors with clearly defined executive roles.

India
6. India, China sign 12
agreements

  • ·
    India and China today exchanged 12 documents,
    including one on five years economic and trade development plan.
  • ·
    An agreement on audio visual co-production,
    two documents on railways, another document on work plan for drug
    administration and an MoU on culture were exchanged between the two countries.
  • ·
    A MoU on peaceful use of outer space and a
    twinning agreement between Shanghai and Mumbai were also signed.
  • ·
    Prime Minister Narendra Modi said that
    Chinese President Xi Jinping has assured that he will take concrete steps to
    correct the trade imbalance and give more market access and investment in
    China.
  • ·
    Modi has invited Chinese investments especially
    in Infrastructure. China has committed to invest $20 billion in five years.
  • ·
    Concrete steps on railways were also discussed
    between Modi and Jinping.
  • ·
    Modi said that China has agreed to allow new
    route from Nathula to Kailash Mansarovar. This will also be usable during
    rains.
  • ·
    The Prime Minister has expressed concerns
    over what happened at the borders. Both of them discussed openly and touched on
    difficult issues, he said, adding that boundary issues will sorted out soon.
  • ·
    Modi told the Chinese President that
    clarification on line of control can help. He says that this has been stopped
    for several years and should begin again.
  • ·
    The Prime Minister added that in connection
    with regional connecivity, the BCIM (Bangladesh, China, India and Myanmar)
    trade corridor was also discussed.

7. PM Narendra Modi
appointed Adil Zainulbhai as the Chairman of QCI
  • ·
    Prime Minister Narendra Modi on 17 September
    2014 appointed former McKinsey India Chairman Adil Zainulbhai as the Chairman
    of Quality Council of India (QCI).
  • ·
    He will serve Quality Council of India for a
    period of three years from the date of assumption of charge.

·     
8. Rajasthan became first
State to ratify NJAC Bill, 2014
  • ·
    Rajasthan became the first Indian state to
    ratify the National Judicial Appointments Commission (NJAC) Bill 2014. The Bill
    was unanimously passed by the Legislative Assembly of Rajasthan on 17 September
    2014.
  • ·
    The Assembly of Rajasthan also adopted the
    121st Constitutional Amendment Bill that mentions about National Judicial Appointments
    Commission (NJAC).
  • ·
    The Bill seeks to end the two-decade-old
    collegium system of appointments and transfers of judges to higher judiciary.
    It lays down the procedure to be followed by the NJAC for recommending persons
    for appointment as Chief Justice of India and other judges of the Supreme
    Court, and Chief Justice and other judges of High Courts.

9. Goa became permanent
venue for IFFI
  • ·
    Goa on 17 September 2014 became a permanent
    venue for the International Film Festival of India (IFFI).
  • ·
    To make Goa a permanent venue for IFFI, a
    Memorandum of Understanding (MoU) was signed between Information and
    Broadcasting Secretary Bimal Julka and Chief Secretary of Goa State B. Vijayan.
    The MoU was signed in the presence of Union Information and Broadcasting
    Minister Prakash Javadekar and Goa Chief Minister Manohar Parrikar.
  • ·
    The 45th International Film Festival of India
    will be held from 20 November to 30 November 2014 in Goa. The years’ edition of
    the festival will have a new section of Konkani and Marathi cinema, along with
    a separate section on northeastern cinema.

10. Union Government to
launch ETC programme under the brand name FASTag
  • ·
    Union Ministry of Road Transport &
    Highways on 16 September 2014 decided to roll out Electronic Toll Collection
    (ETC) programme in the country under the brand name FASTag.
  • ·
    ETC is a programme of electronically making
    the payment on highway tolls without stopping the vehicle at the toll plazas.


11. Columbia Asia
launches first hospital in Gujarat
  • ·
    International hospitals chain, Columbia Asia
    today announced commissioning of its first hospital in Gujarat and eleventh in
    the country. The 110-bed hospital will be equipped to provide tertiary care
    services.
  • ·
    At a time when chains of private
    multi-specialty hospitals coming up across the state, Columbia Asia looks to
    provide international-quality healthcare services joined with nursing services
    that follow international protocols to provide care and attention to the
    patient.
  • ·
    Speaking to the media in Ahmedabad on
    Thursday, Tufan Ghosh, chief executive office (CEO), maintained that
    considering the potential in the India’s healthcare sector, the hospital chain
    looks at about 18-22 per cent growth in earnings before interest, taxes,
    depreciation and amortization (EBIDTA) in the coming years.
  • ·
    Columbia Asia Hospitals is the first
    hospitals chain in India to utilize 100 per cent foreign direct investment
    (FDI) in the hospital sector. The company has long-term PE investors in the US.

12. Xi to announce new
route for Mansarovar

  • ·
    Chinese President Xi Jinping will announce
    the opening of a new and more convenient route for pilgrims to Mansarovar and
    Mount Kailash via Sikkim, rather than Uttarakhand, in Delhi.
  • ·
    Prime Minister Narendra Modi expressed his
    interest in the new route to Mr. Xi during their meeting on the sidelines of
    the BRICS summit in Fortaleza, Brazil, in July.
  • ·
    The new route will now traverse through the
    city of Shigatse to the pilgrimage spot situated at a height of 19,500 feet,
    part of the Tibetan Autonomous Region.
  • ·
    The route has a better highway owing to the
    infrastructure development there.
  • ·
    The decision is a significant gesture for the
    pilgrims. The annual pilgrimage takes place by an arrangement with the External
    Affairs Ministry. Tour operators take pilgrims through the Nepal route.

International
13. Chinese President
appointed Le Yucheng as China’s New Ambassador to India
  • ·
    Chinese President Xi Jinping on 16 September
    2014 appointed Le Yucheng as China’s new Ambassador to India. Le Yucheng
    replaced Wei Wei who previously served as China’s envoy to India.
  • ·
    Prior to his appointment as Ambassador to
    India, he served as the China’s ambassador to Kazakhstan.

14. International
Economic Association appointed Kaushik Basu as President-Elect

  • ·
    The International Economic Association (IEA)
    on 16 September 2014 appointed Kaushik Basu as president-elect of the
    association beginning September 2014. However, he will continue to serve as
    Senior Vice President and Chief Economist of World Bank.
  • ·
    This will be the second time that an Indian
    will be heading this association that produces a large number of research
    papers and books and organizes round tables on topics of contemporary interest.
    Amartya Sen became the first Indian to join IEA.
  • ·
    Kaushik Basu is Senior Vice President and
    Chief Economist of World Bank. He was appointed as Chief Economist at the World
    Bank on 5 September 2012.
  • ·
    He is currently the fourth President of the
    Human Development and Capabilities Association which was founded by Amartya Sen
    and a member of the Board of Directors of the Exim Bank of India.

15. World’s first
water-based nuclear battery developed by Kwon’s research group at MU
  • ·
    World’s first water-based nuclear battery was
    developed by Jae W. Kwon’s research group at the University of Missouri (MU).
    This research titled Plasmon-assisted radiolytic energy conversion in aqueous
    solutions was published in the journal Nature on 11 June 2014.
  • ·
    It uses a radioactive isotope called
    strontium-90 that boosts electro-chemical energy in a water-based solution.
  • ·
    A nano-structured titanium dioxide electrode
    with a platinum coating in the battery collects and converts energy into
    electrons.
  • ·
    Water acts as a shield and its efficiency is
    increased by the surface plasmons created in the battery.

Sports

16. According to Latest
FIFA Rankings: India – 158

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This post was last modified on November 27, 2017 9:04 am