3rd October Current Affairs: Awards 1. Pune-educated Stanford professor wins US National Medal of Science • President Barack Obama announced Thomas Kailath, a Pune educated Indian-American engineering professor at Stanford University, is one of the recipients of the US National Medal of Science. • Kailath is also a recipient of the Padma Bhushan, one of Indias high civilian awards and is a member of major science and engineering academies in India. • He received his BE (telecom) degree from the College of Engineering, Pune before getting his SM and ScD degrees in electrical engineering from the Massachusetts Institute of Technology. Banking 1. Banks need USD 200 billion in next 5 years to meet Basel III norms, says Fitch • Domestic banks will need US $200 billion additional capital over the next five years to meet Basel III norms for capital adequacy and the demand for funds as growth picks up, Fitch Ratings. About Capital requirements: CAR • Capital Adequacy Ratio (CAR) or Capital to Risk (Weighted) Assets Ratio (CRAR) is calculated in risky assets of banks to ensure that it can absorb a reasonable amount of unexpected losses. • The original Basel III rule from 2010 was supposed to require banks to hold 4.5% of common equity and 6% of Tier I capital of risk-weighted assets (RWA). • Basel III introduced additional capital buffers, (i) a mandatory capital conservation buffer of 2.5% and (ii) a discretionary counter-cyclical buffer Risky assets in Indian banks • Public sector banks reported stressed assets of around 12 per cent in 2013-14, versus around 4 per cent of private banks and 10 per cent for the banking system, according to Fitch. • Last date for implementation of the Basel III regulations is March 2019. Economy 1. Railway ministry announced “Premium Tatkal Ticket scheme” • This will be applicable on 80 trains to cost more • The new scheme, under which 50 per cent of the tatkal quota tickets will be sold using the dynamic fare system, is being described as a preventive measure to deal with the menace of touts. About Dynamic Fare System: • Under the scheme, railways will charge normal tatkal fare for 50 per cent of the total tickets available. But for subsequent 10 per cent tickets, 20 per cent more will be charged which means after selling 50 per cent of tatkal tickets, the national transporter will keep increasing the fare with the sale of tickets. • For example: if there are 60 seats available in third AC coach of any train, then 30 tickets will be sold on normal tatkal fare. • Out of rest 30 tickets, 10 per cent or nearly 3 tickets will be sold on 20 per cent increased fare. Again, for 27 remaining seats, the cost will go up by 20 per cent. 2. Fitch forecasts India’s GDP growth at 5.6% this fiscal, 6.5% in FY16 • India’s gross domestic product (GDP) is expected to grow 5.6% in the current fiscal and further 6.5% in 2015-16, buoyed by strong investments and political certainty, rating agency Fitch Ratings Inc. • Fitch expects GDP growth to pick up to 5.6% in FY15 (ending in March) and 6.5% in both FY16 and FY17, the agency said in its global economic outlook report. Other forecast on Indian GDP • RBI: Projected a 5.5% GDP growth for the current fiscal and 6.3% for 2015-16. • S&P: Economy reverted to a real per capita GDP trend growth of 5.5% per year and fiscal • ADB: This Update maintains the 5.5 per cent growth forecast for 2014 but upgrades....to 6.3 per cent, the forecast for 2015 International 1. New polio cases in Pakistan edge closer to record. • Pakistan has registered seven new polio cases, raising the number of those affected by the crippling disease this year to 194 and edging closer to the nation’s own record number of 199 in 2001. • All of the new cases were from the North Waziristan tribal region bordering Afghanistan, where it has been impossible to launch anti-polio campaigns because of threats from militants, said Rana Mohammad Safdar from the National Institute of Health in Islamabad. • Pakistan is one of only three countries where polio is endemic. The highly contagious virus is transmitted in unsanitary conditions but is easily fended off with a vaccine. 2. Australia to launch airstrikes in Iraq. • Australia’s prime minister said that the nation’s air force will launch airstrikes against Islamic State targets in Iraq. • The announcement has been widely anticipated since six F/A-18F Super Hornet jet fighters were pre-deployed to the United Arab Emirates more than two weeks ago in response to a formal request from the United States for specific contributions to the international coalition. • The seven cabinet ministers who make up the government’s National Security Committee approved the deployment after an official request was received from Iraq overnight. • Two unarmed Australian air force planes an E-7A Wedgetail surveillance and communications jet and a KC-30A refuelling plane joined operations over Iraq from the al-Minhad Air Base outside Dubai for the first time in support roles. National 1. Rajasthan started the country’s first olive refinery and expressed hope that it would be able to fulfil the country’s demand of olive oil in coming years. • Chief Minister Vasundhara Raje inaugurated the refinery set up with a cost of Rs. 3.75 crore in Lunkaransar area in the district • The olive oil produced in the refinery will be marked under the brand name of ‘Raj Olive Oil’ and will be available in markets. 2. ISRO to launch IRNSS 1C on October 10 • ISRO will launch the third of seven series of satellites to put in place India’s own navigation system on par with US’ Global Positioning System (GPS) from the spaceport of Sriharikota on October 10. ISRO said the launch has been scheduled at 1.56 am on October 10. • The Indian Regional Navigational Satellite System (IRNSS) 1C satellite would be launched on the 28th flight of India’s PSLV-C26 from the Satish Dhawan Space Centre at Sriharikota, some 100 km from Chennai. • As part of its aspirations to build a regional navigational system equivalent to GPS of the US, ISRO plans to send seven satellites to put in place the IRNSS. • The first two satellites in the series, IRNSS 1A and IRNSS 1B were launched from Sriharikota on July 1 2013 and April 4 this year respectively. ISRO needs to launch at least four of the seven satellites to start operations of the IRNSS, ISRO. • ISRO Chairman: K Radhakrishnan • ISRO headquarters: Bengaluru • Established: 15 August 1969. Persons in News 1. Dr. Ruhakana Rugunda was sworn in as the Prime Minister of Uganda in a ceremony at State House Entebbe. • He took oath of allegiance before President Yoweri Museveni. Parliament overwhelmingly approved the appointment of Rugunda as Ugandas new premier following the sacking of Amama Mbabazi by the president on September 19. Mbabazi, who is also ruling party NRMs secretary general, served as Prime Minister for three years. Science & Technology 1. Google to launch own mobile chat app • If launched, the mobile app will compete in the mobile chat space with the likes of WhatsApp, Line and Hike. • WhatsApp is most popular mobileapp with user base of 600 millions in world (60 million in India) Sports 1. South Korea Men Dunk Iran to Win Basketball Gold • South Korea completed a basketball double after the womens team beat China in the final. South Korea upset continental champions Iran 79-77 after a frenetic final two minutes to capture Asian Games gold in the mens basketball. • The Koreans kept their nerve after slipping five points behind with 122 seconds remaining to win their fourth title -- and their first since stunning Yao Mings China at the 2002 Asian Games in Busan. • They also completed a basketball double after South Korea beat China in the womens final. 2. Bahrains Ali Hasan Mahboob Wins Mens Marathon • Ali Hasan Mahboob of Bahrain took gold in the mens marathon event of the Asian Games in a time of 2 hours, 12 minutes and 38 seconds, with Kohei Matsumura 1 second behind in second place, followed by Japanese teammate Yuki Kawauchi. • Mahboob took gold in a time of 2 hours, 12 minutes and 38 seconds, with Kohei Matsumura 1 second behind in second place, followed by Japanese teammate Yuki Kawauchi. • Mahboob is past winner of the Asiad 5,000 and 10,000 meters. Originally from Kenya, he changed his nationality to the Arab state in 2005. • His win comes days after Kenyas Dennis Kimetto set a new world marathon record of 2:02.57 in Berlin, raising the bar for distance runners worldwide. 3. Indian mens and womens teams edged Iran to win two kabaddi gold medals at the Asian Games at Incheon • The Indian kabaddi team - both mens and womens - claimed a gold medal each to take India to 6th spot in the medals tally. • India, who has won every single gold since mens kabaddi was introduced in 1990 in Beijing, trailed Iran for the majority of the match but came back strongly to win 27-25 at the Songdo Global University Gymnasium. • Mens kabaddi team bags 7th successive gold, beats Iran in final. • Indian womens team beat Iran 31-21 for their second successive kabaddi gold medal. India had won the top prize in Guangzhou four years ago -- the first time womens kabaddi was introduced at the Asiad. 4. China tops Medal Tally with 342 medals, India 8th in standings • The 2014 Asian Games, officially known as the XVII Asiad, was a multi-sport event celebrated in Incheon, South Korea from September 19 – October 4, 2014, with 439 events in 36 sports and disciplines in the Games. • Incheon was awarded the right on April 17, 2007, defeating Delhi, India to host the Games. Incheon was the third city in South Korea after Seoul (1986) and Busan (2002) to host the Asian Games. • The theme of the 2014 Asian Games: Meet Asia’s Future. • Motto – Diversity Shines: Here. • Next Asian Games 2018 will be held in – Jakarta, Indonesia. The top 10 Teams are listed below: Rank National Gold Silver Bronze Total 1 China 151 108 83 342 2 South Korea 79 71 84 234 3 Japan 47 76 77 200 4 Kazakhstan 28 23 33 84 5 Iran 21 18 18 57 6 Thailand 12 7 28 47 7 North Korea 11 11 14 36 8 India 11 10 36 57 9 Chinese Taipei 10 18 23 51 10 Qatar 10 0 4 14 India Won 11 Gold, 10 Silver and 36 Bronze medals in 17th Asian Games Total 57 medals: S. No Sport Name Gold Silver Bronze Total 1 ARCHERY 1 1 2 4 2 ATHLETICS 2 3 8 13 3 BADMINTON - - 1 1 4 BOXING 1 - 4 5 5 HOCKEY 1 - 1 2 6 KABADDI 2 - - 2 7 ROWING - - 3 3 8 SAILING - - 1 1 9 SHOOTING 1 1 7 9 10 SQUASH 1 2 1 4 11 SWIMMING - - 1 1 12 TENNIS 1 1 3 5 13 WRESTLING 1 1 3 5 14 WUSHU - - 2 2 Total 57 Surveys 1. FDI in telecom sector rises sharply to 2.3 billion dollars • Foreign Direct Investment, FDI, in the telecom sector rose sharply to 2.3 billion dollars in the first four months of the current fiscal. • The Department of Industrial Policy and Promotion in a release said FDI in the telecom sector was just 1.3 billion dollars in the entire 2013-14 fiscal. It said payment of spectrum auction and investment in network roll out are factors that have reportedly helped attract more FDI in the sector in the latest period. • Increase in the foreign investment inflows in telecom helped the overall FDI inflows, which increased 52 per cent to 10.7 billion dollars during the April to July period of this fiscal.
Posted on: Sun, 05 Oct 2014 06:56:23 +0000
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