Current Affairs Update – 18th July, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 18th July, 2015. These are important for the upcoming RBI Assistant 2015 Exam.

Finance/Insurance –

CCI approved deal involving Aegon Religare Life Insurance Joint Venture

  • The Competition Commission of India (CCI) on 17 July 2015 approved the proposed deal related to a Joint Venture Aegon Religare Life Insurance Company where Religare Enterprises will now exit this joint venture.
  • Under the transaction, Religare Enterprises will sell its entire holding in the life insurance joint venture while existing shareholders including the Netherlands-based Aegon and Bennett, Coleman & Co Ltd (BCCL) will hike their stakes.
  • Post deal, Aegon, BCCL and K P Corporate Solutions will have 49 percent, 48.585 percent and 2.415 percent stake respectively in the company. Currently, Aegon, BCCL, Religare and K P Corporate Solutions Ltd are the joint venture partners of Aegon Religare Life Insurance Company Ltd (ARLIC).

India's first private air freight station all set to open in Chennai

  • India’s first air freight station in the private sector has come up at Irungattukottai near Chennai. The first AFS in the country was set up in 2007 inside Central Warehousing Corporation in the city.
  • Set up by the city-based Indev Logistics at a cost of 50 crore, the AFS will reduce congestion at the gateway airports and the carrier operators can choose the AFS as a final destination for cargo delivery.
  • The major advantages of the AFS include faster evacuation of cargo from the major gateway airports; an integrated supply chain, minimised transaction logistics cost; and tracking of the mobility and movement of the cargo.
  • All activities, including Custom documentation and examination, cargo acceptance check, security checks, cargo palletisation and warehousing will be carried out at the AFS, said Xavier Britto, Chairman, Indev Group, at the soft launch of the AFS on Friday.

India –

Millennium’s first Nabakalebar Rath Yatra held at Puri

  • Lakhs of devotees thronged the coastal town of Puri to catch the glimpse of deities re-embodied after 19 years on chariots on the occasion of Rath Yatra, marking largest-ever religious congregation in Odisha.
  • Hordes of servitors cordoned by police personnel were carrying huge wooden idols from 12th century Shri Jagannath Temple to chariots in a ritual described as 'pahandi'. Devotees had been waiting with bated breath for the commencement of this ritual.
  • In fact, devotees had occupied their positions at the Grand Road, venue of Rath Yatra, from early morning. Three majestically decorated chariots carrying idols of deities – Lord Jagannath, Lord Balabhadra and Devi Subhadra – would be towed later in the day.
  • Annually three deities are taken out in a chariot procession called Ratha Yatra covering three-km-long distance along Grand Road connecting Shri Jagannath Temple and Mausima Temple. As per scriptures, deities come out of their abode once in a year to give darshan to all devotees.
  • This year’s Rath Yatra carries a huge religious importance as devotees will get to see newly sculpted idols on chariots for the first time. The re-embodiment of deities is known as Nabakalebara festival.

Uttar Pradesh, T.N. roads the most unsafe, show NCRB data

  • Sixteen Indians died in road accidents every hour in 2014, a quarter of them on two-wheelers, and a majority of them as a result of overspeeding or reckless overtaking, new official data show. Tamil Nadu, and Chennai in particular, have high levels of road fatalities.
  • The National Crime Records Bureau’s Accidental Deaths and Suicides in India report for 2014 was released late on Friday. The numbers show a slight increase in traffic accidents and a slight decline in suicides.
  • Over 1.4 lakh people died in road accidents in 2014, a slight increase over the previous year. Uttar Pradesh, Maharashtra and Tamil Nadu account for a third of all traffic accident deaths. Two-wheelers account for over a quarter of all fatal road accidents, the largest number of them in Tamil Nadu and Maharashtra.
  • The National Crime Records Bureau’s Accidental Deaths and Suicides in India, released on Friday, shows that the number of suicides, which has been declining since 2011, decreased marginally to 1.3 lakh in 2014.

World –

EU Countries Approve 7 Billion Euro Short-Term Loan to Greece

  • The EU approved a short-term loan of 7.16 billion euros ($7.8 billion) to Greece allowing it to meet a huge payment to the ECB and repay the IMF while a new bailout is still being ratified, the EU's top official for the euro said Friday.
  • Greece must pay the European Central Bank a huge debt payment of 4.2 billion euros as early as Monday, and is in arrears to the IMF.
  • The bridging loan allows Greece to clear its debt to the IMF and to repay the ECB while the modalities of a fresh bailout, agreed in principal by European leaders on Monday, is still under negotiation.
  • The loan will be given through the EFSM, a rescue fund set up at the time of Greece's first bailout in 2010 but that involves the whole of the 28-nation EU, not just the 19 eurozone members.
  • The loan will officially be for three months, but only provide enough cash to hold Greece over until August 20, when the country owes the ECB another huge debt payment.

China Begins Assembling of World's Largest Sea Plane

  • China has started assembling the world's largest amphibious aircraft which it plans to deploy in the disputed South China Sea besides aggressively marketing it abroad.
  • China Aviation Industry General Aircraft Co which is developing the aircraft has received 17 domestic orders for what will be the world's largest sea plane, state-run China Daily reported today.
  • China started assembling its first domestically developed seaplane, which is expected to capture a big share in the international market, the report said.
  • Powered by four turboprop engines, it will be the world's largest amphibious aircraft, surpassing Japan's ShinMaywa US-2 and Russia's Beriev Be-200, Huang Lingcai, the chief designer of the plane said.
  • India plans to buy Japanese sea planes to counter-balance Chinese Navy' growing might in blue waters.
  • The Chinese plane will have a maximum takeoff weight of 53.5 tons and an operational range of about 4,500 kilometers.

Appointments –

Prashant Pathrabe appointed as Interim Director of Film and Television Institute of India

  • Prashant Pathrabe was on 17 July 2015 appointed as Interim Director of Film and Television Institute of India (FTII). His appointment was approved by Union Information and Broadcasting Ministry. However, he will also continue to serve as the Director of Press Information Bureau (PIB) unit in Pune.
  • Pathrabe succeeded incumbent Director DJ Narain who superannuated the office on 4 July 2015. Pathrabe is Maharashtra-based senior Indian Information Service (IIS) officer of 1992 batch.
  • Pathrabe had been associated with the media field for nearly two decades. Previously he had served as director of the National Film Archive of India (NFAI). He had also worked in Doordarshan News and AIR News in Mumbai.

Obituaries –

French F1 Driver Jules Bianchi Dies From Injuries Sustained in 2014 Crash

  • The family of Jules Bianchi says the French Formula One driver has died from head injuries sustained in a crash at last year's Japanese Grand Prix.
  • The news was posted on Bianchi's official Twitter feed early on Saturday morning French time and later confirmed by the Manor F1 team.
  • Bianchi, 25, had been in a coma since the October 5 accident, in which he collided at high speed with a mobile crane which was being used to pick up another crashed car.
  • The family statement said "Jules fought right to the very end, as he always did, but today his battle came to an end. The pain we feel is immense and indescribable."
  • Bianchi competed in 34 races over the 2013 and 2014 seasons, scoring the first ever championship points for Manor -- then known as Marussia -- by finishing ninth at last year's Monaco Grand Prix.


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