Current Affairs Update – 3rd June, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 3rd June, 2015. These are Important for Upcoming SBI PO 2015 Mains Exam.

• FMCG company Emami Ltd. has entered into an agreement with
  Sanjeev Juneja to acquire his hair and scalp-care business under the Kesh King
  and allied brands. The total consideration has been pegged at Rs.1,651 crore.
• The acquisition marks Emami’s foray in the ayurvedic hair
  and scalpcare segment. The transaction involves transfer of the business as
  going concern on a slump-sale basis, including brand portfolio of ayurvedic
  medicinal oil, herbal shampoo, conditioner and ayurvedic capsules along with
  respective formulations and all-related assets, rights and liabilities
  including working capital.
• The five-year-old brand is a significant player in its
  segment, clocking a turnover of Rs.300 crore in 2014-15, and a CAGR of 60 per
  cent.
• Emami is the flagship company of the Kolkata-based Emami
  Group. With 250 diverse products, its portfolio includes brands such as Zandu,
  BoroPlus, Navratna, Fair & Handsome, Mentho Plus, Fast Relief and
  SonaChandi Chyawanprash and new brands such as ‘HE’ Deodorant & Emami 7
  Oils in One.

• Non-repatriable investments by NRIs, OCIs and PIOs will be
  treated as domestic investments and will not be subject to foreign direct
  investment caps.
• NRIs would also include Overseas Citizens of India (OCIs)
  and Persons of Indian origin (PIOs).
• Last month, the Cabinet, chaired by Prime Minister Narendra
  Modi, had cleared these amendments.
• The decision is expected to result in increased investments
  across sectors and greater inflow of foreign exchange remittances leading to
  higher economic growth.
• The government has also notified increase in FIPB’s power to
  recommend foreign investment proposals of up to Rs 3,000 crore from the earlier
  Rs 2,000 crore.
• The Finance Minister would consider the recommendations of
  FIPB on proposals with a total foreign inflow up to Rs 3,000 crore.
• Beyond this limit, proposals will go to the Cabinet
  Committee on Economic Affairs for approval.
• The Department of Industrial Policy and Promotion (DIPP),
  which deals in FDI related matters, issues provisions in the form of press
  notes or consolidated circular.
• In April-February of 2014-15, FDI rose 39 per cent to USD
  28.81 billion as against USD 20.76 billion in the same period previous fiscal.

• Hannover Re — the world’s third largest reinsurance company
  — has decided to set up a branch in India, its visiting Chairman Ulrich Wallin
  has said.
• Wallin — who sees a lot of potential for Hannover Re’s
  growth in India — had separate one-to-one meetings with Finance Minister Arun
  Jaitley and Health Minister J P Nadda here on Tuesday.
• Hannover Re is among the several top global reinsurance
  giants who are making a beeline for the Indian market to tap the growing re-insurance
  opportunities here.
• This has been made possible by the Modi-led government,
  which has pushed through several changes in the insurance law so as to enable
  global reinsurers to set up underwriting business in India.
• As on date, Hannover Re only has a ‘service office’ in Delhi
  and Mumbai and annually writes about $130 million (cross-border) from the
  Indian market.
• Currently, the overall market size for reinsurance in India
  is about $2 billion. Hannover Re’s global premium income is about $18 billion.

• The Anil Ambani-led Reliance Capital Ltd (RCL) on Wednesday
  announced plans to set up an international commodity exchange (ICEX) and
  business operations in international asset management and broking at the
  country’s first International Financial Services Centre (IFSC) in the Special Economic
  Zone within GIFT City.
• The board of directors of Gujarat International Finance Tech
  – City Company Ltd (GIFT City) has approved the allotment of 500,000 square
  feet of area to the company for offices (300,000 sqft) and residential space
  (200,000 sqft) in the IFSC.
• Reliance Capital will invest about Rs. 200 crore over three
  years towards setting up the office and residential facilities. The unit will
  provide employment to about 2,500 people.
• Sam Ghosh, Executive Director, Reliance Capital Ltd, said
  the company will start some of the international businesses being done at other
  global financial centres such as Singapore, Dubai and Tokyo.

• Multi-lateral lender World Bank today approved USD 250
  million loan for Jhelum and Tawi Flood Recovery Project for reconstruction of
  flood-affected public infrastructure in Jammu & Kashmir.
• It will also strengthen the capacity of state government to
  respond and better manage natural disasters in future, World Bank said in a
  release.
• The project will be funded by credit from World Bank’s
  concessionary –International Development Association (IDA).
• The loan has a maturity of 25 years, including a 5 year
  grace period.
• A continuous spell of rains in September 2014 had caused
  Jhelum, Chenab and Tawi rivers, their tributaries and many other streams to
  flow above the danger mark which had severely affected livelihoods in the
  state.
• Due to the unprecedented heavy rainfall, the catchment
  areas, particularly low lying ones, were flooded for more than two weeks, while
  Jhelum breached its banks at several places.

• Bangladesh has granted permission to the Life Insurance
  Corporation of India (LIC) to run its business, making it the second foreign
  insurance company to operate in the country, officials said today.
• He said the Indian state-owned insurance giant was allowed
  to start operations as a joint venture entity to be called LIC Bangladesh Ltd
  with a paid up capital of Taka 1 billion (USD 1=Tk 80) under a decision taken by
  the regulator three days ago.
• LIC will hold half of the amount while the rest would be
  owed by its Bangladeshi partners raising the amount from the capital market and
  local entrepreneurs.
• The approval came nearly two years after the IDRA rejected a
  LIC proposal seeking to launch its business in Bangladesh with a paid up
  capital of Tk 300 million.
• LIC has been in the insurance business for six decades and
  is worth over 15,000 billion Indian rupees and it became the second foreign
  insurance agency after the US-based MetLife-ALICO, which too operate in
  Bangladesh as a branch office instead of being a joint venture registered
  company.
• Apart from the two state-run insurance companies, Bangladesh
  currently has 60 insurance companies in private sector, 43 of them being
  general and 17 life.
• Beyond India, the LIC currently operates in Nepal, Sri Lanka
  and Singapore.

• French IT services giant Capgemini has secured a
  multi-million euro contract extension from telecom equipment maker Nokia.
• The additional three-year agreement will see Capgemini
  continuing to optimise Nokia’s order management operations worldwide, the
  company said in a statement.
• Capgemini started working with Nokia since 2010.
• The contract, which was due to expire in 2017, has now been
  extended to October 2020.
• Capgemini will continue to provide customer order management
  services, including preparation for delivery, distribution and customer
  invoicing to Nokia throughout its global network, it said.

• India has signed a pact with the UK’s prestigious Cambridge
  University to create a new programme of early-career fellowships in the field
  of biotechnology.
• The fellowships, jointly funded by the Indian government’s
  Department of Biotechnology (DBT) and the university, were announced during a
  recent visit to the varsity by minister of state for science & Technology Y
  S Chowdary.
• The minister, who led a delegation of eminent scientists
  from India to attend bilateral meetings and a worldwide conference on
  metallurgy last week, signed the letter of intent with the university vice-chancellor
  Leszek Borysiewicz.
• The new programme includes support for research and innovation
  projects in collaboration with Indian partner institutions.
• One of the main objectives is to establish a five-year
  fellowship for early-career researchers from the University of Cambridge.
• Academics participating in the scheme will be jointly appointed
  by the DBT and Cambridge.
• They will be expected to spend two years in Cambridge and
  three years at a partner institution in India carrying out translational
  research, with a focus on commercialisation and entrepreneurship, the
  university said in a release.
• The agreement also includes collaboration in the
  establishment of a centre for crop sciences and a wholly-owned not-for-profit
  subsidiary in India by Cambridge to support wider collaborative research
  between the varsity and Indian Institutions.

• Larsen & Toubro (L&T) bagged a Rs 468-crore contract
  from the Ministry of Defence for the design and construction of a floating dock
  for the Indian Navy (FDN).
• The floating dock is expected to significantly augment
  support infrastructure of the Navy for docking of warships and submarines for
  repair and refit. The company said the dock will conform to international
  standards and incorporate fully automated Ballast Control System.
• The FDN will be self-sufficient, catering to service
  requirements of docked and berthed warships, it added. L&T is also
  executing MoD contract for design and construction of 54 fast Interceptor Boats
  (IBs) for the Indian Coast Guard (ICG).
• It said 27 IBs have already been delivered to ICG, the
  latest one two years ahead of schedule. The company said it’s looking to
  complete delivery of all boats well ahead of the cut-off. The award of the
  floating dock contract to L&T came on the back of a recent order for design
  and construction of seven offshore patrol vessels for ICG at Rs 1,432 crore.

• Scam-tainted Suresh Kalmadi has been conferred with the
  Asian Athletics Association President’s award for his contribution towards the
  development of athletics in the continent.
• Kalmadi, who was jailed and later released on bail in
  connection with the 2010 Commonwealth Games scam, served as president of AAA
  for 13 years from 2000 to 2013 and was also credited with the introduction of
  top events like Asian Grand Prix series, Asian Indoor Championships and Asian
  All Star Meet, besides other competitions.
• He was named Life President of the AAA in its council
  meeting in Jakarta in March for his contribution for Asian athletics.
• Athletics Federation of India President Adille Sumariwala
  received the award on behalf of Kalmadi from AAA President Dahlan Al-Hamad of
  Qatar at the function held last night ahead of the start of Asian Athletics
  Championships.

• Sepp Blatter resigned as President of FIFA on 2 June 2015
  amid the corruption scandal that has engulfed the football’s governing body.
  Blatter has been serving as president of world soccer governing body FIFA since
  1998.
• 79-year-old Blatter who was re-elected as FIFA president on
  29 May 2015 said that soon a special congress would be called to elect his
  successor. He will exercise his functions as FIFA president until an election
  is held.
• Apart from this, his resignation came within a week after
  Swiss police arrested seven FIFA officials, including two vice presidents, at a
  hotel in Zurich. The arrests were called out on behalf of US prosecutors who
  accuse the seven and eight other suspects of involvement in 150 million dollars
  of bribe.

• Irwin Rose, a biochemist who shared the 2004 Nobel Prize in
  chemistry for discovering a way that cells destroy unwanted proteins the basis
  for developing new therapies for diseases such as cervical cancer and cystic
  fibrosis has died. He was 88.
• Rose died in his sleep early on Tuesday in Deerfield,
  Massachusetts, said spokeswoman Janet Wilson of the University of California,
  Irvine, where Rose had been a researcher.
• Rose, along with Israelis Aaron Ciechanover and Avram
  Hershko, won the Nobel for discovering how plant and animal cells marked old
  and damaged proteins with a “kiss of death” molecule the polypeptide ubiquitin.
  The proteins are then chopped to pieces.
• Rose was born in Brooklyn, New York, on July 16, 1926, and
  spent much of his career as a researcher at the Fox Chase Cancer Center in
  Philadelphia. His Nobel-winning work was done there in the late 1970s and early
  1980s.

• Prem Nath, a gold medallist at the 1974 Christchurch Commonwealth
  Games, has passed away.
• Prem Nath, 64, breathed his last on Monday evening. He is
  survived by his wife, two sons and a daughter.
• He was a student of the legendary Guru Hanuman, had hit the
  headlines at an early age when he made it to the 1972 Munich Olympics and
  finished fourth in the freestyle bantamweight category.
• Two years later, he bagged the 57kg Commonwealth Games title
  in New Zealand. He got the Arjuna Award for the year 1972.

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