Monday, October 17, 2016

Current Affairs Update – 15-17th October, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 15th and 17th October, 2016. These are important for the upcoming IBPS PO Mains, IBPS Clerk Mains, NIACL AO Mains and BOM PGDBF 2016 Exams.



Current Affairs at a Glance – 15-17th October, 2016
  1. India and Russia on 15 October 2016 signed 16 agreements during India-Russia Annual Summit across multiple sectors including procurement of the S-400 air defence system.
  2. Private sector Axis Bank has cut the marginal cost of fund based lending rate by 0.05 per cent across all tenors, effective tomorrow.
  3. A memorandum of understanding (MoU) was signed on Monday between the Uttar Pradesh state government and mobile phones major Samsung for setting up a manufacturing unit in Uttar Pradesh. The MoU was signed in the presence of Chief Minister Akhilesh Yadav and senior Samsung officials. Under the agreement, Samsung would be investing Rs 1,970 crore in the state.
  4. Russia's Rosneft Oil Company and its partners on 15 October 2016 acquired India’s second biggest private oil firm Essar Oil in an all-cash deal valued at about 13 billion US dollars.
  5. India and Hungary on 16 October 2016 signed two agreements to enhance the bilateral relations between the two countries.
  6. The eighth BRICS (Brazil, Russia, India, China and South Africa) summit was held from 15 to 16 October 2016 in Benaulim city of Goa, India. It was held under the theme Building Responsive, Inclusive and Collective Solutions. The next BRICS Summit will be held in China.
  7. World Food Day 2016 was observed across the world on 16 October.
  8. International Day for the Eradication of Poverty was observed on 17 October.
  9. The International Day of Rural Women was observed across the world on 15 October 2016.
  10. Eminent writer C Radhakrishnan was on 15 October 2016 selected for the Mathrubhumi Literary Award 2016 in recognition of his contribution to the field of literature.
  11. Brazil on 15 October 2016 won the first BRICS U-17 football tournament. In the title clash played at Nehru Stadium of Margo, Goa, Brazil defeated South Africa 5-1.
  12. Indian boxer Neeraj Goyat retained his welterweight Asia title. In the final bout played in New Delhi on 14 October 2016, Goyat outpunched Australian Ben Kite 120-110, 119-109, 115-113.





Finance/Banking/Industry –

India, Russia signs 16 MoUs including procurement of the S-400 air defence system


  • India and Russia on 15 October 2016 signed 16 agreements during India-Russia Annual Summit across multiple sectors.
  • The MoUs were signed in Goa during India-Russia Annual Summit co-chaired by Prime Minister Narendra Modi and Russian President Vladimir Putin. President Putin is on a visit to India to attend 2016 Goa BRICS summit.
List of agreements/MOUs exchanged
Memorandum of Understanding proposed to be executed between EDB, Joint Stock Company Аlexeev’s Central Hydrofoil Design Bureau, Joint Stock Company Radar Mms, Joint Stock Company Morinsis-AGAT and Elcom Systems Private Limited for developing the following:
(i) A single integrated Transport Logistics System
(ii) Concept of Smart city
(iii) Intellectual monitoring system for the areas of high responsibility, in the State of Andhra Pradesh.

  • MoU on studying perspectives for cooperation in shipbuilding, implementation of infrastructure projects, transfer of technologies and training foreign specialists: It was inked between JSC United Shipbuilding Corporation and the Council for Economic Cooperation of Andhra Pradesh.
  • MoU on Cooperation in the implementation of smart cities program in India with the use of IT solutions of the Russian companies: It was inked between JSC "Rusinformexport” and the Ministry of Urban Development of India, Ministry of Home Affairs, State Company National Buildings Construction Corporation Ltd., Government of Haryana.
  • MoU on the joint study of a gas pipeline to India and the other possible areas of Cooperation: It was inked between Gazprom and Engineers India Limited.
  • Rosneft to purchase 98% Essar Oil: as per the decision a Russian consortium comprising energy giant Rosneft Oil Company, commodities trader Trafigura and private investment group United Capital Partners agreed to purchase 98 percent of Essar Oil for 10.9 billion dollars.
  • Cooperation Agreement in the area of Education and Training: It was inked between Rosneft Oil Company and ONGC Videsh Limited.
  • MoU on setting up of Investment Fund: It was inked between NIIF and RDIF.
  • Signing of MoU for Cooperation in increasing the speed of trains between Nagpur- Secundrabad / Hyderabad: It was inked between Indian and Russian railways.
  • Signing of the shareholder agreement for establishing a Joint Venture to manufacture Ka-226T helicopter in India.
  • MoU on Mutual Allocation of Ground Measurement Gathering Stations for GLONASS AND NAvIC: It was inked between ISRO and ROSCOSMOS.
  • MoU on expansion of Bilateral Trade and Economic Cooperation: it was inked between Ministry of Economic Development of the Russian Federation and the Union Ministry of Commerce and Industry.
  • MoU between Department of Science & Technology (India) and FASO (Russia)
  • Programme of Cooperation in Oil and Gas Sector for the period 2017-18
  • Protocol for consultations between the Ministry of External Affairs & Ministry of Foreign Affairs of Russia for the period 2017-18.
  • Agreement on cooperation in International Information Security
  • Signing of IGA to purchase/construct four additional 1135.6 frigates though partnership between Russian and Indian shipyard
  • Signing of IGA for the procurement of S-400 Air Defence System.
They also decided to adopt a Roadmap of Events' to celebrate the 70th anniversary of the establishment of diplomatic relations between India and Russian in 2017. They also released a joint statement partnership for global peace and stability.

Axis Bank cuts lending rate by 5 bps across tenors


  • Private sector Axis Bank has cut the marginal cost of fund based lending rate by 0.05 per cent across all tenors, effective tomorrow.
  • “The bank has decided to reduce the MCLRs (marginal cost lending rate) of the bank by 5 basis points across all tenors.
  • This will be effective from October 18, 2016,” the bank said in a regulatory filing.
  • For six-month period, the new MCLR will be 9.15 per cent, one year at 9.2 per cent, for two years it will be 9.3 per cent and that for a tenor of three years it is fixed at 9.35 per cent.
  • The overnight MCLR will be 8.8 per cent.
  • The new loans will be priced at these internal benchmark MCLRs, it added.


Samsung to invest Rs 1,970 crore in UP, MoU signed


  • A memorandum of understanding (MoU) was signed on Monday between the state government and mobile phones major Samsung for setting up a manufacturing unit in Uttar Pradesh.
  • The MoU was signed in the presence of Chief Minister Akhilesh Yadav and senior Samsung officials. Under the agreement, Samsung would be investing Rs 1,970 crore in the state.
  • A manufacturing plant would be set up in Noida and the company would also be making smartphones for the ambitious free Samajwadi Smartphone Scheme, announced by the Chief Minister. The scheme would be rolled out next year after the state assembly polls, if the Samajwadi Party (SP) returns to power.
  • Under the scheme, free smartphones will be given to bona fide residents of Uttar Pradesh -- individuals over 18 years and having a minimum educational qualification of matriculation (having passed Class 10).

Russia's Rosneft Oil Company acquires India’s Essar Oil for 13 billion US dollars


  • Russia's Rosneft Oil Company and its partners on 15 October 2016 acquired India’s second biggest private oil firm Essar Oil in an all-cash deal valued at about 13 billion US dollars.
  • Rosneft Oil Company's partners include Rosneft Oil Company, Netherlands-based commodities trader Trafigura and private investment group United Capital Partners. The acquisition was announced during the 8th BRICS Summit in Goa.
Highlights of the acquisition

  • Rosneft will have a 49 percent stake in Essar Oil’s refinery, port and petrol pumps.
  • Trafigura Group Pte and United Capital Partners will split 49 percent equity equally.
  • The remaining 2 percent is held by minority shareholders after delisting of Essar Oil.
  • The deal includes 10.9 billion US dollars for Essar Oil’s Vadinar refinery of Essar Group and 2 billion US dollars for a port terminal that helps feed refinery.
  • It also includes Essar Oil’s debt of 4.5 billion US dollars and about 2 billion US dollars debt with the Port Company and power plant.

India, Hungary sign two agreements including co-operation in Water resources


  • India and Hungary on 16 October 2016 signed two agreements to enhance the bilateral relations between the two countries.
  • The first agreement is for cooperation in the field of water resources, including innovations in irrigation technology. The second agreement is for promotion of co-operation between Indian Council of World Affairs and its Hungarian counterpart.
  • The two agreements were inked in Budapest during Vice President, Mohammad Hamid Ansari's visit to that country. Vice President is on a two-nation tour to Hungary and Algeria.
  • During the visit, Vice President had bilateral discussions with Hungary's Prime Minister Victor Orban and other leaders. He also met the Hungarian President Janos Ader and the Speaker of National assembly.

India –

BRICS summit concluded with adoption of Goa Declaration


  • The eighth BRICS (Brazil, Russia, India, China and South Africa) summit was held from 15 to 16 October 2016 in Benaulim city of Goa, India. It was held under the theme Building Responsive, Inclusive and Collective Solutions.
  • The summit was attended by the Prime Minister Narendra Modi, Brazilian President Michel Temer, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma.
  • At the end of the summit, Goa Declaration was released by the leaders saying it is the responsibility of all states to prevent terrorist actions from their territories. In the 109 point Declaration, the leaders called upon all nations to adopt a comprehensive approach in combating terrorism. They condemned the recent attacks against some BRICS countries, including the Uri terror attack in India.
  • China to host next BRICS summit in 2017.

KS Valdiya led expert committee finds Saraswati River did exist


  • Report on Palaeo Channel of North West India: Review & Assessment by Expert Committee was released by Union Minister of Water Resources, River Development and Ganga Rejuvenation Uma Bharati on 15 October 2016.
  • The report prepared by a seven-member committee headed by Prof KS Valdiya, eminent Geologist suggests that the Saraswati River was not mythical and it existed.
  • The report is based on the study of the land texture of states of North-West India including- Rajasthan, Haryana and Punjab.
  • It is based on the account of the geological changes that had occurred in the past.
  • The report is an assertion of the assumption that River Saraswati originated from Adibadri in Himalaya to culminate in the Arabian Sea through the Runn of Kutch.
  • It was approximately 4000 km in length of which about 3000 kilometer fell in India while the remaining 1000 kilometer fell in present-day Pakistan.
  • It had two branches, namely
  • a) Western Branch: It is represented by the Himalayan-born Satluj River of the past that flowed through the channels of present-day Ghaggar-Patialiwali rivulets.
  • b) Eastern Branch: Sarsuti and Markanda rivulets in Haryana represented the western branch of River, known as Tons-Yamuna.

PM Narendra Modi inaugurates Shaurya Smarak in Bhopal


  • Prime Minister Narendra Modi on 14 October 2016 inaugurated 'Shaurya Smarak', the war memorial in Bhopal, Madhya Pradesh. The 'Shaurya Smarak' was constructed by the state government in honour of those who laid down their lives for the country.
  • The Smarak built over an area of 12.67 acres of land.
  • It was developed at an expense of 41 crore rupees includes a 62-foot Shaurya Stambh.
  • It has light and sound facility to narrate stories of bravery of the nation's valiant soldiers, who have laid down their lives fighting enemies on the borders.
  • Various stages of life, war, death and victory over death have been displayed here.

India decided to eliminate potent greenhouse gas HFC-23 by 2030


  • India on 13 October 2016 announced its decision to eliminate the HCF-23 gas. The decision was made in line to its commitment to combat the threat emanating from climate-damaging HFCs (hydrofluorocarbons).
  • The announcement was made by Minister of State Environment, Forest and Climate Change (MoEFCC), Anil Dave at Kigali, Rwanda, at a meeting of parties to the Montreal Protocol, where final negotiations are taking place to substantially reduce the use of HFCs (hydrofluorocarbons) by 2030.
  • HFC–23 gas, a potent greenhouse gas, with Global Warming Potential of 14800, is produced during the manufacture of a common refrigerant gas, HCFC-22. If vented out in environment, is a threat to the environment. HCFC stands for hydrochloroflurocarbon.
Key Highlights

  • Companies have to internalise the cost of this environmental externality and create sufficient storage facility to take care of down time and run the incinerators to ensure and not release of HFC–23 in the atmosphere.
  • The move will potentially check emissions of HFC-23 equivalent to 100 million tonnes of CO2 over the next 15 years, Delhi-based think tank Centre for Science and Environment.

Sponsored





Days –

World Food Day 2016 observed across the world
(c) Dheeraj/Instagram


  • World Food Day 2016 was observed across the world on 16 October 2016 with the theme Climate is changing. Food and agriculture must too.
  • Growing food in a sustainable way means adopting practices that produce more with less in the same area of land. It also means reducing food losses before the retail stage through a number of initiatives including better harvesting, storage, packing, transport, infrastructure and market mechanisms.
  • Like every year, this year as well a large number of events from marathons to exhibitions, cultural performances, contests and concerts were organised in around 150 countries across the world to celebrate World Food Day.

International Day for the Eradication of Poverty observed


  • International Day for the Eradication of Poverty was observed on 17 October 2016 with theme Moving from humiliation and exclusion to participation: Ending poverty in all its forms.
  • 2016 theme of the day highlights how important it is to recognize and address the humiliation and exclusion endured by many people living in poverty.
  • Apart from this, fighting poverty remains at the core of the Millennium Development Goals (MDGs) and the development of the post-2015 development agenda.

International Day of Rural Women 2016 observed across the world


  • The International Day of Rural Women was observed across the world on 15 October 2016.
  • The theme for the day for the year 2016 is Climate is changing. Food and agriculture must too.
  • The theme tries to bring focus on farmers, fishers and pastoralists who are standing on the frontlines of food insecurity as temperatures rise, weather patterns become less predictable and climate-related disasters become more frequent. As key actors in food systems, as small-scale farmers and those in charge of ensuring adequate nutrition for families, rural women are at the centre of this challenge.
  • As per the United Nations, empowering rural women is a pre-requisite to fulfilling the vision of the Sustainable Development Goals that aim to end poverty and hunger, achieve food security and empower all women and girls.

Safe Motherhood Week starts in Uttar Pradesh


  • In Uttar Pradesh, the Safe Motherhood Week is being observed from 14 October to 21 October 2016. The main aim of the 'Safe Motherhood Week' is to decrease the 'Mother Mortality Rate' (MMR) and 'Infant Mortality Rate' (IMR).
  • At present, the MMR in the state is 258 per lakh deliveries, which is above the national average of 167. For this purpose, the state has decided to bring down the MMR to 200 till the end of 2016.
  • During the campaign, the expecting mothers will be provided with all necessary medical aid and assistance to the pregnant women and to ensure safe delivery in the entire state.

Awards & Honors –

C Radhakrishnan chosen for Mathrubhumi Literary Award 2016


  • Eminent writer C Radhakrishnan was on 15 October 2016 selected for the Mathrubhumi Literary Award 2016 in recognition of his contribution to the field of literature.
  • Radhakrishnan was selected by a panel chaired by novelist M Mukundan with Sethu and Sarah Joseph being the other members of the jury.
  • The award carries a cash prize of 2 lakh rupees, a citation and a statuette.

Kirtiraj Kundlik Gaikwad awarded with IAFP Young scientist scholarship award 2016


  • Kirtiraj Kundlik Gaikwad, an Indian scientist, was on 12 October 2016 awarded with the prestigious IAFP Young scientist scholarship award 2016 for his research work on development of novel oxygen absorbing package in the field of active packaging for oxygen sensitive food products.
  • The award worth 2000 US dollars and an award plaque was presented to him in the annual meeting of International Association Of Food Protection (IAFP) held in St Louise, USA by The IAFP Foundation, USA.

World –

Maldives to leave Commonwealth after Warnings over Democracy


  • Maldives government in October decided to leave the 53-member Commonwealth of Nations. The decision was announced weeks after the organisation warned it of suspension by the Commonwealth Ministerial Action Group (CMAG) if it failed to take further steps to promote the rule of law and democracy.
  • Maldives had decided to leave the Commonwealth saying it was treated unjustly and unfairly by the Commonwealth.
  • The organisation also asked Maldives to encourage political dialogue and release its opposition leaders and improve the democratic institutions.
  • The nation was put on CMAG’s formal agenda on 23 September 2016 and cautioned that if it fails to saw progress in the six identified priority areas, then it will be suspended from the council of Commonwealth at its next meeting in 2017.

Sports –

Brazil wins 1st BRICS U-17 football tournament


  • Brazil on 15 October 2016 won the first BRICS U-17 football tournament. In the title clash played at Nehru Stadium of Margo, Goa, Brazil defeated South Africa 5-1.
  • Brazil’s Paulo Henrique Samapaio Filho scored the very first goal of the match in 24th Minute. Followed by Vinicius de Oliveira in the 34th minute, Victor de Oliveira scored a brace in the 40th & 61st minute to give Brazil an upper hand.
  • South Africa’s S’miso Bophela scored the only goal for his team. The icing on Brazil’s cake was set by Alan de Souza Guimaraes in the 6 minutes after the second half resulted the score in favor of Brazil as 5-1.
  • Earlier in the match for the 3rd place between Russia and China, Russia defeated China 2-1.

Boxer Neeraj Goyat retains WBC Asia Welterweight title


  • Indian boxer Neeraj Goyat retained his welterweight Asia title. In the final bout played in New Delhi on 14 October 2016, Goyat outpunched Australian Ben Kite 120-110, 119-109, 115-113.
  • The fight was organised by the Professional Boxing Organisation of India.
  • The 24-year-old prevailed via unanimous decision in the gruelling 12-round contest against his 26-year-old rival, who came in with an experience of fighting 9 bouts. With this win, Neeraj has become the first Indian boxer to defend a pro title.
  • Neeraj is also all set to break into the WBC's world rankings which would be updated in three weeks' time.

Winners in undercard bouts that was four-round contests include
  • Super Featherweight Division (59kg): Former Commonwealth Games bronze-medallist Amandeep Singh won the title by defeating former Federation Cup champion Sunil Sharma.
  • Cruiserweight (91kg) category: Geetanand Singh won the title by defeating Multiple-time national champion Kuldeep Singh.
  • Super welterweight (70kg) category: Deepak Tanwar won the title by defeating Dilbag Thakran.


Sourabh Verma wins men's singles title at Chinese Taipei Open

  • Indian shuttler Sourabh Verma on 16 October 2016 clinched the men's singles title at the Chinese Taipei Open badminton. In the summit clash of the 55000 dollar Grand Prix tournament in Taipei City, Saurabh defeated Malaysia's Daren Liew, 12-10, 12-10, 3-3.
  • World No. 82 Verma rallied to grab the first two games 12-10 and 12-10 and emerged victorious after his opponent World No. 106 Liew retired at 3-3 owing to a problematic shoulder.
  • Verma, aged 23, who hails from Madhya Pradesh, was on a comeback trail after spending almost a year on the sidelines due to elbow and knee injuries in 2015. His previous international title came in 2014 after defeating Taiwan's Hsu Jen-hao at the Austrian International Challenge 2014.








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