Thursday, October 06, 2016

Current Affairs Update – 5-6 October, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 5th and 6th October, 2016. These are important for the upcoming IBPS PO & Clerk Mains, BOM PO and Other Bank Exams.


Current Affairs at a Glance – 5-6 October, 2016
  1. In a major deal for India's private defence industry, Anil Ambani-led Reliance Group and Rafale maker Dassault Aviation on 3 October 2016 announced a joint venture in India.
  2. The Union Cabinet on 5 October 2016 approved setting up of India’s First Medical Devices Manufacturing Park (Medipark) at Chengalpattu, Kanchipuram District, Tamil Nadu through a special purpose Vehicle.
  3. Oil India Limited (OIL) on 5 October 2016 signed Memorandum of Understanding (MoU) with the University of Houston (USA), one of the leading universities on oil and gas of the world.
  4. Union Finance Ministry on 4 October constituted a Public Debt Management Cell (PDMC). The cell was created to streamline government borrowings and better cash management with the overall objective of deepening bond markets.
  5. The Union Cabinet on 5 October 2016 approved the signing of MoU between India and European Union in the field of water resources.
  6. Former Portuguese Prime Minister Antonio Guterres on 5 October 2016 was unanimously selected by the UN Security Council as the next UN Secretary-General.
  7. Justice Pradip Kumar Mohanty was today appointed as the acting chief justice of the Jharkhand High Court even as seven new additional judges were appointed to the Madhya Pradesh High Court.
  8. The Union Government in the first week of October 2016 appointed Indian Revenue Service officer Sushil Chandra as the Chairman of the Central Board of Direct Taxes (CBDT).
  9. India on 6 October 2016 successfully launched the communication satellite GSAT-18. The satellite was launched by a heavy duty rocket of Arianespace from the spaceport of Kourou in French Guiana.
  10. The 2016 Nobel Prize in Chemistry on 5 October 2016 was awarded to Jean-Pierre Sauvage, Sir James Fraser Stoddart and Bernard L Feringa.
  11. Nayanjot Lahiri, Professor of History at the Ashoka University, was on 4 October 2016 awarded with the 2016 John F. Richards Prize for her book Ashoka in Ancient India.
  12. President Pranab Mukherjee on 4 October 2016 presented the Sangeet Natak Akademi Fellowships (Akademi Ratna) and Sangeet Natak Akademi Awards (Akademi Puraskars) for the Year-2015. The awards were presented at a function in Rashtrapati Bhawan.
  13. Former Indian Space Research Organisation (ISRO) chairman Udupi Ramachandra Rao, popularly known as U. R. Rao, was inducted into the 2016 IAF Hall of Fame on 30 September 2016 by the International Aeronautical Federation (IAF).
  14. France has become the first country in the world to ban disposable plastic cups and plates.
  15. M. Venkaiah Naidu, Minister for Information and Broadcasting, on 4 October 2016 released the book titled Modi’s Midas Touch in Foreign Policy.



Finance –

Rafale deal: Reliance, Dassault Aviation set up joint venture


  • In a major deal for India's private defence industry, Anil Ambani-led Reliance Group and Rafale maker Dassault Aviation on 3 October 2016 announced a joint venture in India.
  • The companies in a joint statements said, the entity will be a key player in execution of offset contract worth about 22000 crore rupees as part of the fighter jet deal. Purpose of the Joint Venture is to focus on promoting Research and development projects under the IDDM program (Indigenously Designed, Developed and Manufactured), a new initiative of India’s Defence Minister Manohar Parrikar.
  • This new joint venture called Dassault Reliance Aerospace will develop major Indian programs with high levels of technology transfer to benefit the entire aerospace sector. The Joint Venture was announced by Dassault Reliance Aerospace within days of India and France signed agreement for 36 Rafale fighter jets value of 59,000 crore rupees (7.87 billion Euros). The agreement on Rafale jets was inked on 23 September 2016.
  • The agreement includes a 50 per cent offset obligation, the largest-ever offset contract in the history of India.
  • The main point of the offset agreement is 74 per cent of it has to be imported from India, which means direct business worth around 22000 crore rupees. There is also a technology-sharing component, which is being discussed with the Defence Research and Development Organisation (DRDO).

Intex partners with Tata's mRUPEE for mobile wallet service


  • Domestic handset maker Intex has partnered with mRUPEE, a Tata Teleservices subsidiary, to launch mobile wallet 'Intex MyWallet'.
  • The wallet will offer easy and quick integrated payment functionalities and conveniences within the device related to recharge, money transfer, shopping, booking train, movie, bus tickets and more in just one click, Intex said in a statement.
  • Intex's larger rival, Micromax, also has a mobile wallet service 'Udio' in partnership with TranServ and Visa.
  • As part of its tie-up, Intex will also launch a white labelled retailer portal, wherein Intex retailers will be able to offer retail-assisted services of recharges, bill payments, utilities and money transfer.
  • Intex wallet customers will be rewarded for accessing content and other utilities by offering loyalty bonus that can be redeemed for talk time and recharges.

Union Cabinet approves setting up of India's first Medipark in Tamil Nadu


  • The Union Cabinet on 5 October 2016 approved setting up of a Medical Devices Manufacturing Park (Medipark) at Chengalpattu, Kanchipuram District, Tamil Nadu through a special purpose Vehicle.
  • For this purpose, HLL Lifecare Ltd, a Mini Ratna PSU under Union Ministry of Health & Family Welfare, will sub-lease 330.10 acres of land at Chengalpattu. The shareholding of HLL in the project will be above 50 percent.
  • The Medipark project will boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery to a large section of people.
  • It will contribute to the development of medical devices and technology sector and allied disciplines in the country.
  • HLL will sublease the land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for Medical equipment and devices.

CCEA approves acquisition of 11% stake in JSC Vankorneft by ONGC Videsh


  • The Cabinet Committee on Economic Affairs (CCEA) on 5 October 2016 gave its approval to an acquisition by ONGC Videsh Ltd (OVL) for 11% stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), Russia’s national oil company.
  • The OVL will pay 930 million US dollar for acquiring 11 per cent in Vankorneft.
  • The acquisition is in line with ONGC’s stated objective of adding high quality international assets to India's exploration and production portfolio.
  • Earlier in May 2016, OVL completed the formalities for acquisition of 15% stake in Vankorneft at a cost of 1.284 billion US dollar, which gave OVL 4.11 MMTOE.
  • Benefits
  • The acquisition of stake in Vankorneft will provide 3.2 Million Tonnes of Oil Equivalent (MMTOE) to OVL by 2017.
  • It will also provide an opportunity to the Indian public sector oil and gas companies to acquire new technologies from Rosneft.

Nitin Gadkari launches Indian Bridge Management System


  • To make sure that the bridges across India remains safe, the Union Minister of Road Transport and Highways and Shipping Nitin Gadkari on 4 October 2016 launched the Indian Bridge Management System (IBMS) in New Delhi.
  • IBMS is being developed to create an inventory of all bridges in the country and rate their structural condition so that timely repair and rehabilitation work can be carried out based on the criticality of the structure.
  • IBMS is the largest platform in the world owned by a single owner, with database that could exceed one lakh fifty thousand bridge structures.
  • So far one lakh and fifteen thousand bridges have been intventorized, of which eighty five thousands are culverts and the rest are bridges.
  • At the time of creation, each bridge was assigned with a unique identification number or National Identity Number based on the state, RTO zone and whether it is situated on a National Highway, State Highway or is a district road.

Oil India Limited signs MoU with University of Houston


  • Oil India Limited (OIL) on 5 October 2016 signed Memorandum of Understanding (MoU) with the University of Houston (USA), one of the leading universities on oil and gas of the world.
  • The MoU was signed by OIL with an intent of augmenting its reserves base and maximising recovery from its aging oilfields.
Highlights of the MoU

  • It is focused to collaborate in the fields of Improved Oil Recovery & Enhanced Oil Recovery for production enhancement from matured fields & reservoir characterisation studies.
  • It will help OIL to further consolidate and upgrade the various initiatives the Company has undertaken to improve production and contribute significantly to the energy security of the country.
  • It will also contribute towards national obligation as set by Prime Minister to reduce import dependency of oil and gas by 10% by 2022.

Union Finance Ministry sets up Public Debt Management Cell


  • Union Finance Ministry on 4 October constituted a Public Debt Management Cell (PDMC). The cell was created to streamline government borrowings and better cash management with the overall objective of deepening bond markets.
  • The Joint Secretary (Budget), Department of Economic Affairs, Ministry of Finance would be the overall in-charge of the ODMC.
  • As an interim arrangement, the PDMC will be housed at the RBI's Delhi office. In about two years, the PDMC will be upgraded to a statutory Public Debt Management Agency (PDMA).
Highlights of PDMC

  • The interim arrangement will allow separation of debt management functions from RBI to PDMA in a gradual and seamless manner, without causing market disruptions.
  • It will have only advisory functions to avoid any conflict with the statutory functions of RBI.
  • It has been tasked to plan government borrowings, including market borrowings and other borrowings, like Sovereign Gold Bond issuance.
  • It will also advise government on matters related to investment, capital market operations, administration of interest rates on small savings among others.

Union Cabinet approves MoU between India and African Asian Rural Development Organization


  • The Union Cabinet on 5 October 2016 approved the signing of Memorandum of Understanding (MoU) between India and the African Asian Rural Development Organization (AARDO) for capacity building programmes in the field of rural development.
  • Under this MoU, capacity building programmes for AARDO member countries will be organized every year at various Institutions of Excellence in India such as National Institute of Rural Development & Panchayati Raj, Indian Council of Agricultural Research, Indian Institute of Management and others.
  • The duration of each training programme shall be of two to three weeks. The Post Graduate Diploma in Rural Development Management Course at NIRD & PR under this scheme will be for one year.

Union Cabinet approves MoU between India and European Union on water cooperation


  • The Union Cabinet on 5 October 2016 approved the signing of MoU between India and European Union in the field of water resources.
  • The MoU envisages strengthening the technological, scientific and management capabilities of India and the European Union in the field of water management on the basis of equality, reciprocity and mutual benefit.
Highlights of the MoU

  • It provides technical exchange on water issues, including on integrated water resource management plans within river basins and through study visits.
  • It aims to identify key environmental issues and approaches to sustainable development where exchange of experiences could be beneficial to develop cooperation in the field of water management.
  • It envisions a more sustainable management of water resources in India with an objective of tackling the challenges posed by water management in the context of growing population, competing water demands and a changing climate.
  • A Joint Working Group shall be formed to monitor the activities to be carried out in fulfillment of the MoU.

India, Singapore sign three MoUs strengthening ties on countering terror, skill development


  • India and Singapore on 4 October 2016 signed three Memoranda of Understandings (MoUs) agreements during the visit of Singapore Premier Lee Hsien Loong to India.
Highlights of the MoUs

  • MoU on collaboration in the field of Technical and Vocational Education and Training. Signed between - National Skill Development Corporation and ITEES Singapore.
  • MoU on collaboration in the field of Technical and Vocational Education and Training. Signed between - Government of Assam and ITEES Singapore.
  • MoU in the field of Industrial Property Cooperation. Signed between - DIPP and Intellectual Property Office Singapore.

Appointments –

Former Portuguese PM Antonio Guterres selected to be UN Secretary-General


  • Former Portuguese Prime Minister Antonio Guterres on 5 October 2016 was unanimously selected by the UN Security Council as the next UN Secretary-General.
  • Guterres will succeed Ban Ki-moon on 1 January 2017.
  • The 15-nation Security Council's decision will be sent, following the formal approval, to the 193-member General Assembly for final formal approval.

Justice Pradip Kumar Mohanty appointed acting Chief Justice of Jharkhand HC


  • Justice Pradip Kumar Mohanty was today appointed as the acting chief justice of the Jharkhand High Court even as seven new additional judges were appointed to the Madhya Pradesh High Court.
  • Justice Mohanty will assume charge tomorrow as incumbent Justice Virendra Singh retires today as the chief justice.
  • After Justice Mohanty assumes charge as acting chief justice, three high courts -- Andhra Pradesh/Telangana, Madhya Pradesh and Jharkhand -- will have acting chief justices.

Paytm appoints ex-Citigroup executive Madhur Deora as Chief Financial Officer


  • India's largest mobile payment and commerce company Paytm has announced the appointment of Madhur Deora as its Chief Financial officer (CFO) and Senior Vice President.
  • Formerly with Citigroup Investment Banking as Managing Director, Madhur brings experience in identifying new opportunities for emerging businesses and contributing to their growth.
  • At Paytm he will also be responsible for building and managing the company's newly formed financial services business.

Sushil Chandra appointed CBDT Chairman

  • The Union Government in the first week of October 2016 appointed Indian Revenue Service officer Sushil Chandra as the Chairman of the Central Board of Direct Taxes (CBDT).
  • Chandra will take over from the current CBDT Chairperson Rani Singh Nair, who will retire on 31 October 2016.
  • Chandra is currently posted as Member, CBDT.


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India –

ISRO’s communication satellite GSAT-18 successfully launched from French Guiana

  • India on 6 October 2016 successfully launched the communication satellite GSAT-18. The satellite was launched by a heavy duty rocket of Arianespace from the spaceport of Kourou in French Guiana.
  • The European launcher Ariane-5 VA-231 injected GSAT-18 into a Geosynchronous Transfer Orbit (GTO) shortly after orbiting co-passenger Sky Muster II satellite for Australian operator, National Broadband Network.
  • After its injection into GTO, ISRO's Master Control Facility (MCF) at Hassan took control of GSAT-18 and performed the initial orbit raising maneuvers using the Liquid Apogee Motor (LAM) of the satellite, placing it in circular Geostationary Orbit.


Awards & Honors –

Jean-Pierre Sauvage, J Fraser Stoddart and Bernard L Feringa won 2016 Nobel Prize in Chemistry

  • The 2016 Nobel Prize in Chemistry on 5 October 2016 was awarded to Jean-Pierre Sauvage, Sir James Fraser Stoddart and Bernard L Feringa.
  • The trio were bestowed with the prestigious award for the design and synthesis of molecular machines.
  • Jean-Pierre Sauvage is a French coordination chemist. Sir James Fraser Stoddart is a Scottish chemist. He works in the area of supramolecular chemistry and nanotechnology. Bernard L Feringa is a synthetic organic chemist, specializing in molecular nanotechnology and homogenous catalysis.


Nayanjot Lahiri wins 2016 John F Richards Prize

  • Nayanjot Lahiri, Professor of History at the Ashoka University, was on 4 October 2016 awarded with the 2016 John F. Richards Prize for her book Ashoka in Ancient India.
  • The prize will be awarded to her at the Association’s 131st Annual Meeting in January, 2017.
  • The book has been critically acclaimed for its enthralling account of an emperor who spoke to his people through his edicts; his victories and loss that left a legacy that surpassed him.
  • It is the innovative interface of Emperor Ashoka’s words which invite and enable a biographical narrative, with the archaeological landscapes where they can still be read.
  • The Book adjudicates between archaeological, textual, and geographical evidence to offer a dazzling interpretation of a remarkable figure of the ancient world and a deep history of ancient society.


Sangeet Natak Akademi fellowships and awards for the Year-2015 presented

  • President Pranab Mukherjee on 4 October 2016 presented the Sangeet Natak Akademi Fellowships (Akademi Ratna) and Sangeet Natak Akademi Awards (Akademi Puraskars) for the Year-2015. The awards were presented at a function in Rashtrapati Bhawan.
  • C V Chandrasekhar, an eminent personality in the field of performing arts, was conferred with the Sangeet Natak Akademi Fellow (Akademi Ratna). The Fellowship of the Akademi is the most prestigious and rare honour, which is restricted to 40 numbers at any given time. Presently there are only 40 Fellows of the Sangeet Natak Akademi.
  • Forty three artists from field of Music, Dance, Theatre, Traditional/Folk/Tribal Music/Dance/Theatre and Puppetry and Overall contribution/scholarship in Performing Arts for the Sangeet Natak Akademi Awards (Akademi Puraskar) for the year 2015. These forty-three (43) artists include two joint awards.
  • Shanta Gokhale and Chaman Ahuja were conferred with the 2015 Akademi Award.


Former ISRO chief U R Rao becomes first Indian to be inducted into IAF Hall of Fame

  • Former Indian Space Research Organisation (ISRO) chairman Udupi Ramachandra Rao, popularly known as U. R. Rao, was inducted into the 2016 IAF Hall of Fame on 30 September 2016 by the International Aeronautical Federation (IAF).
  • With this, Rao became the first Indian to be inducted into IAF Hall of Fame.
  • The International Astronautical Federation is an international space advocacy organisation based in Paris.


World –

France becomes first country to ban plastic cups and plates

  • France has become the first country in the world to ban disposable plastic cups and plates.
  • The country has passed a law in September 2016 that will go into effect in January 2020. The law will require all disposable tableware to be made from 50% biologically-sourced materials that can be composted at home. That number will rise to 60% by January of 2025.
  • The measure is an addition to France's Energy Transition for Green Growth Act, a wide-reaching law adopted in 2015 with the aim of mitigating the impact of climate change.
  • In July 2016, France imposed a total ban on the distribution of lightweight plastic bags at supermarket checkouts.

Indian mountaineer Arjun Vajpai scales world's sixth highest mountain Cho Oyu

  • Arjun Vajpai, the professional Indian mountaineer, on 4 October scaled the world's sixth highest mountain Cho Oyu. The mountain is located on the China-Nepal border at an altitude of 8188 meters above the sea level.
  • The 23-year-old reached the summit before dawn along with his sherpas namely Pasang Norbu Sherpa and Lakpa Sherpa after leaving from Camp 3 in mid-night.
  • With the Cho Oyu summit, Arjun has climbed five mountains that tower over 8000 meters above the sea level. There are 14 highest in the world are over 8000 metres and all these mountains are located in the Karakoram and Himalayan mountain ranges.


Books & Authors –

Venkaiah Naidu releases book titled Modi’s Midas Touch in Foreign Policy

  • M. Venkaiah Naidu, Minister for Information and Broadcasting, on 4 October 2016 released the book titled Modi’s Midas Touch in Foreign Policy.
  • The book is authored by Ambassador Surendra Kumar.


Days –

World Teachers' Day 2016 observed across the world

  • The World Teachers’ Day (WTD) 2016 was observed across the world on 5 October 2016.
  • The theme for the World Teachers’ Day 2016 was Valuing Teachers, Improving their Status.
  • The theme for the 2016 WTD embodies the fundamental principles of the fifty-year-old Recommendation. It also throws light on the need to support teachers as reflected in the agenda’s Sustainable Development Goals (SDGs). A specific education goal, SDG4, pledges to Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.
  • The 2016 WTD also marks the 50th anniversary of the adoption of the 1966 ILO/UNESCO Recommendation concerning the Status of Teachers. It is also the first world Teachers’ Day to be celebrated within the new Global Education 2030 Agenda adopted by the world community in 2015.


Sports –

Gaganjeet Bhullar wins 2016 Shinhan Donghae Open

  • India’s Ganganjeet Bhullar on 2 October 2016 won the 2016 Shinhan Donghae Open in South Korea. It is his sixth title on the Asian Tour.
  • Bhullar carded a final round four-under-par 67 for a tournament total of 15-under 269 at the Bear’s Best Cheongna Golf Club in Incheon.
  • Scott Vincent of Zimbabwe and South Korea’s Kim Tae-woo finished a stroke behind.
  • The Shinhan Donghae Open is a men's professional golf tournament that has been held annually in South Korea since 1981.






Regards



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