Hello and welcome to exampundit. Here are the important Daily Current Affairs 15 May 2018. These are important for the upcoming SBI PO & SBI Clerk Exams along with Dena Bank PGDBF.
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Finance and Banking
AIIB to mull $200 mn investment in National Investment & Infra Fund
- Asia Infrastructure Investment Bank, the Beijing-based multilateral financial institution, will take up the proposal for a $200 million investment in the government-backed National Investment and Infrastructure Fund (NIIF) at its annual meeting next month in Mumbai.
- NIIF has an aggregate target corpus of $2.1 billion (the Fund) for investments into Indian infrastructure assets of which the government will provide the lion’s share of $1 billion.
- The remaining $900 million will be raised through other investors.
- Danny Alexander, Vice President, Asia Infrastructure Investment Bank (AIIB) said that the AIIB’s third Annual Meeting will be held in Mumbai on June 25 and 26. The board will consider the proposal (investment into the fund by NIIF) then.
- AIIB is working closely with NIIF to put in place a structure that will satisfy both its board of directors and NIIF requirements. There are many sub-sectors that AIIB remains keenly interested in, one of them being the renewable energy platform NIIF has with DFID, Alexander said.
DoT approves merger of Bharti Airtel and Telenor India
- The Department of Telecommunications (DoT) on May 14, 2018 approved Bharti Airtel’s acquisition of Telenor India. The department has transferred all licences belonging to the Indian unit of Norway-based Telenor to Bharti Airtel.
- With this approval, Bharti Airtel will buy Telenor India in a no-cash deal and will take over its outstanding spectrum payments of Rs 1650 crore.
- The Airtel-Telenor merger had been in talks since February 2017, however, was stalled by a legal dispute over the requirement of furnishing a bank guarantee.
- Earlier in May 2018 itself, the Supreme Court quashed DoT’s offer to make Bharti Airtel furnish a bank guarantee of Rs 1499 crore as a condition for approving the deal. The court was hearing DoT’s plea against the Telecom Disputes Settlement & Appellate Tribunal’s interim order dated April 12, 2018, directing the department to clear the buyout of Telenor India without requiring a bank guarantee.
- The Bharti Airtel and Telenor India merger will boost the 4G spectrum holdings of Sunil Mittal-led Bharti Airtel group, which has been competing against Mukesh Ambani-controlled Reliance Jio Infocomm.
- The Telenor buyout will boost Bharti Airtel’s adjusted gross revenue by around Rs 1400 crore annually, which in turn, will significantly sustain its operating income.
NALCO signs MoU with Union Ministry of Mines for setting revenue target of FY 2018-19
- Aluminium major & ‘Navratna’ company National Aluminium Company Limited (NALCO) on May 14, 2018 signed a Memorandum of Understanding (MoU) with the Union Ministry of Mines, setting highest ever target of generation of Rs 9350 crore revenue from the operations of FY 2018-19.
- The MoU was signed between Anil Gopishankar Mukim, Secretary, Ministry of Mines and Dr Tapan Kumar Chand, CMD of NALCO in New Delhi.
- The revenue target fixed for financial year 2018-19 is 15 percent higher than that of 2017.
Renewable Energy Ministry issues national wind-solar hybrid policy
- The Union Ministry of New and Renewable Energy on May 14, 2018 issued the National Wind-Solar Hybrid Policy in New Delhi.
- The policy provides for the integration of both wind and solar energy sources at alternating current (AC) and direct current (DC) level.
- The policy also provides for flexibility in the share of wind and solar components in the hybrid project, subject to the condition that, rated power capacity of one resource be at least 25 per cent of the rated power capacity of other resource for it to be recognised hybrid project.
- Further, the policy seeks to promote new hybrid projects along with hybridisation of existing wind and solar projects.
- The existing wind and solar projects can be hybridised with higher transmission capacity than the sanctioned one, subject to availability of margin in the existing transmission capacity.
- The policy also provides for the procurement of power from a hybrid project on the tariff-based transparent bidding process for which Government entities may invite bids.
President Kovind inaugurates Global Exhibition on Services-2018
- President Ram Nath Kovind inaugurated the 4th edition of Global Exhibition on services in Mumbai on May 15, 2018.
- The President also released the logo for Services and launched the portal.
- The exhibition is expected to witness participation from around 25 Indian states and about 100 countries with 625 exhibitors and 500 overseas delegates.
- The event will also feature roundtables and seminars, state investment summits, B2B meetings, exhibition of key services sectors, cultural activities, country and international pavilions, among others.
Government to install e-Gates at airports
- From January 2019, low-risk foreign travelers will not have to wait in long queues at airport immigration counters.
- The Indian government plans to install special automated kiosks — e-Gates — for speedy document and identity verification.
- At the e-Gates, foreigners would be able to present their machine-readable passports, place their fingerprints on the scanner and complete a customs declaration.
Mukul Rohatgi appointed to ‘eminent jurist’ slot in Lokpal panel
- Senior advocate Mukul Rohatgi has been appointed as an eminent jurist in the selection committee for an anti-corruption ombudsman, the Union government told the Supreme Court on Tuesday.
- Attorney General K.K. Venugopal told a bench headed by Justice Ranjan Gogoi that a decision was taken on May 11 appointing Rohatgi as an eminent jurist in the committee that will select the Lokpal.
- Rohatgi was appointed as Attorney General of India after the Narendra Modi government assumed power in May 2014. He resigned from the post in June 2017.
Shashank Manohar re-elected unopposed as ICC Chairman
- International Cricket Council (ICC) chairman Shashank Manohar has been re-elected for a second term, after he was the sole nominee put forward by the ICC Board.
- Manohar, who became the first independent ICC Chairman in 2016, will continue for a second two-year term following his unopposed election.
- During the last two years, Manohar has led significant reform of the sport, reversing the resolutions of 2014, introducing a revised governance structure, including the appointment of the ICC’s first independent female Director and the development of international cricket structures that bring context to the global game and provide more opportunities for more Members to compete.
US opens new embassy in Jerusalem
- The United States of America on May 14, 2018 officially relocated its embassy in Israel from Tel Aviv to Jerusalem, upholding the Jerusalem Embassy Act of 1995.
- US President Donald Trump did not attend the ceremony in Jerusalem however, he congratulated Israel through a video message broadcast saying that the opening had been “a long time coming.”
- The US embassy was opened in Jerusalem on May 14, on the day that marked the 70th anniversary of the founding of the state of Israel, in the presence of several politicians and dignitaries including Ivanka Trump and her husband, Jared Kushner.
- The US and Israeli leaders hailed the embassy move as a sign of the enduring relationship between the two countries and of US trustworthiness.
- The ceremony was attended by several nations including Albania, Austria, Cameroon, Czech Republic, Ethiopia, Georgia, Hungary, Kenya, Myanmar, Macedonia, Nigeria, Peru, Philippines, Romania, Rwanda, Serbia, Tanzania, Thailand, Ukraine, Vietnam and Zambia.
Noted Malayalam actor Kalasala Babu passes away
- Veteran Malayalam film-theatre actor Kalasala Babu, known for a number of villainous and character roles, passed away in Kochi on May 13, 2018 after reportedly suffering a stroke. He was 68.
- A multi-faceted actor, Babu had tried his hand in all three major formats of acting- theatre, movies and television serials, in his career spanning over three decades.
- Before he entered the film industry, he acted in plays mostly produced by Kalidasa Kala Kendram.
- He even launched his own drama troupe called Kalasala in Tripunithura, which had artistes such as Thilakan and Surasu among others.
Physicist E C G Sudarshan, who missed Noble Prize 9 times, dies at 86
- The cremation of eminent Indian-American theoretical physicist, EC George Sudarshan who passed away on Sunday in Austin, Texas will be held on Thursday.
- According to the family sources and close friends, Sudarshan, 86, died of natural causes. He is survived by his wife Bhamathi Sudarshan and two children.
- The cremation services will be held in Austin, Texas on Thursday.
- Sudarshan had been teaching as a professor at University of Texas for over 40 years.
- He served as Honorary Advisory Council Member of Houston Sri Meenakshi Temple. He was associated with the temple from 1977.
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