Friday, November 28, 2014

Daily GK update 27th November 2014

Daily GK update 27th November 2014

1.    18th SAARC Summit concluded, Next Summit will be held in Islamabad in 2016
i. With the issuing of Kathamandu Declaration, the 18th SAARC Summit concludes at Kathamandu, this evening. Chairperson of the Summit and Nepal Prime Minister Sushil Koirala declared the Summit closed.

ii. The SAARC Framework Agreement on Energy (Electricity) Cooperation was signed among the SAARC member countries. Chairperson Sushil Koirala also announced that the 19th SAARC Summit will be held at Islamabad in 2016
iii. Earlier, Prime Minister Narendra Modi and other SAARC members held informal talks at the Retreat Session of 18th South Asian Association of Regional Cooperation Summit (SAARC) at picturesque Dhulikhel under foolproof security arrangements. Mr. Modi planted sapling of banyan tree at the venue.

2.    SAARC nations sign seamless electricity grid deal
i. In a face saver, SAARC countries today signed a framework agreement on cooperation in power sector but failed to finalise the much-awaited motor vehicle and railway pacts for greater people-to-people contact and movement of goods due to opposition from Pakistan.
ii. There were hectic efforts to pursue the Pakistani side, which stalled the inking of the pacts on the pretext that internal processes were not completed following which three months' time was set for getting approval.
iii. The framework energy pact will enable cooperation in the power sector among the eight member countries and facilitate integrated operation of the regional power grid.
iv. "A time period of three months have been set for approval to the Motor Vehicle and Railway pacts," Nepal's Prime Minister Sushil Koirala, who is also the SAARC chair, said in his address at the concluding session of the 18th summit of the regional grouping.

3.    Australian cricketer Phil Hughes dies of injuries
i. Once compared to the great Donald Bradman, Australia Test cricketer Phillip Hughes passed away today in Sydney following a fatal injury he had incurred in a Sheffield Shield match on Tuesday. Hughes would have turned 26 on Sunday.
ii. During this game for South Australia against New South Wales, Hughes was batting on 63 when he was struck on neck by a bouncer from pace bowler Sean Abbott.
iii. Hughes stood dazed for a few moments before falling face first to the pitch. He did not gain consciousness again.
iv. "It is my sad duty to inform you that a short time ago Phillip Hughes passed away," Australian team doctor Peter Brukner said in a statement.
v. "He never regained consciousness following his injury on Tuesday," added Brukner. "He was not in pain before he passed and was surrounded by his family and close friends.
vi. As a cricket community we mourn his loss and extend our deepest sympathies to Phillip's family and friends at this incredibly sad time."
vii. "Phillip took the blow at the side of the neck and as a result of that blow his vertebral artery, one of the main arteries leading to the brain, was compressed by the ball," Brukner said on Thursday. "That caused the artery to split and for bleeding to go up into the brain. He had a massive bleed into his brain. This is frequently fatal at the time.

Hughes was wearing old, lighter helmet: manufacturer
i. With questions being raised over the degree of safety provided by protective gears in cricket in the wake of the Phil Hughes incident, the manufacturer of the injured cricketer’s helmet, Masuri, has said that the Australian batsman was wearing an older and lighter headgear.
ii. A spokesman for the UK-based company said that Hughes was wearing an old helmet instead of their their latest model, in the Sheffield Shield match between New South Wales and South Australia at the SCG on Tuesday.
iii. “From the footage and pictures currently available to Masuri, it appears that Phil Hughes was struck by the ball to the rear of the grille and below the back of the shell, missing his Masuri Original Test model helmet,” the spokesman was quoted as saying by Australian press.
iv. Hughes continued to fight for life as he remained in a critical condition after being struck on the head in a freak accident on Tuesday.

4.    Justice CK Prasad assumes charge as new PCI chief
i. Retired Supreme Court judge, Justice CK Prasad, Thursday assumed charge as the chairman of the Press Council of India (PCI), an official statement said.
ii. "Justice C.K. Prasad who retired as the judge of the Supreme Court of India July 14, 2014 assumed charge today (Thursday) as chairman, Press Council of India," said the PCI statement.
iii. Justice Prasad succeeds Justice Markandey Katju who was appointed as PCI chairman Oct 5, 2011.

5.    Sanskrit to be 3rd language in Classes 6-8 in KV: Centre to SC
i. Centre on Thursday submitted before the Supreme Court that Sanskrit will be the third language in classes 6 to 8 in Kendriya Vidyalayas.
ii. Appearing before the bench headed by Chief Justice H L Dattu, Attorney General Mukul Rohatgi sought its permission to file an affidavit on the controversy arising out of Centre's decision to drop German as an alternative to Sanskrit as third language in Kendriya Vidyalayas

6.    President penned a book titled The Dramatic Decade on 1970s era
i. President of India Pranab Mukherjee penned a book titled The Dramatic Decade: The Indira Gandhi Years.
ii. The book has been published by Rupa and will be released on 11 December 2014.
iii. The Dramatic Decade is the first of a three-part volume; the second one will be on the years from 1981–88 and the third volume will be from 1988 to 2012.
iv. The book presents an exceptional portrait of a complex nation and draws from Pranab Mukherjee’s personal diary extracts, conversations with key players of the 1970s, and vital secondary literature.

7.    Biography My Name is Abu Salem released
i. Biography titled My Name is Abu Salem was released on 16 November 2014.
ii. Biography on underworld gangster Abu Salem has been written by S Hussain Zaidi and published by Penguin.  
iii. The author of the book, Zaidi who knows the Mumbai underworld better than anyone else has tried to tell, the life of Salem.
iv. In My Name is Abu Salem, the author has tried to present complete unknown details and first accounts of the gangster.

8.    PNB announces free ATM usage for customers
i. Punjab National Bank (PNB) on Wednesday said it will continue giving free transactions to all saving bank account cardholders using PNB ATMs, irrespective of the number of transactions.
ii. The Reserve Bank of India (RBI) had advised that atleast five free transactions (inclusive of financial and non-financial transaction) per month should be permitted to the savings bank account holders for use of own bank ATMs.
iii. PNB has gone beyond this norm to provide value added services to its own customers, according to a release. .  

9.    RBI eases rules for low-cost home loans
i. To provide liquidity to retail investors investing in long-term bonds issued by banks for financing infrastructure and affordable housing, the Reserve Bank of India said banks can extend loans to individuals against these bonds.
ii. The central bank said boards of the banks should lay down a policy in this regard prescribing suitable margins, purpose of the loan and other safeguards.
iii. Further, such loans should be subject to a ceiling, say, Rs. 10 lakh per borrower, and tenure of loan should be within the maturity period of the bonds.
iv. The RBI also stated that banks are not permitted to lend against such bonds issued by other banks.​

10.  Bharat Asmita award for IIMB’s Trilochan Sastry
i. Trilochan Sastry, Professor in Quantitative Methods and Information Systems, Indian Institute of Management Bangalore (IIMB), has been awarded the ‘Bharat Asmita’, an honor instituted by the Pune-based MIT group of institutions.
ii. Professor Trilochan Sastry teaches a wide variety of courses in the post graduate programme, doctoral programme and executive education programmes, including operations management, quantitative methods, data structures, algorithms and discrete mathematics, at IIMB.
iii. Professor Sastry has, to his credit, a number of management cases on operations management, ethics, change management and electoral reforms.
iv. Announcing the awards for 2014, ‘Bharat Asmita’ Executive Director Rahul Karad said: “This is the eleventh year of the awards, which aim at recognizing the contribution of prominent figures from the field of teaching, people’s representation, public awareness and science and technology.”

11.  Pakistani actress Veena Malik sentenced to 26 years in jail for blasphemy
iPakistani actress Veena Malik was sentenced to 26 years in jail on 26 November 2014 by an Anti-Terrorism Court (ATC) of the Gilgit region of Pakistan. 
ii. She was sentenced for blasphemy for appearing in mock Geo TV wedding scene in which religious song about the wedding of the Prophet Muhammad's daughter was played in background. 
iii. Apart from Veena Malik, the court’s Judge Shahbaz Khan also sentenced Mir Shakil-ur-Rahman, owner of Geo TV and Jang group, Malik’s husband Asad Bashir Khan and TV host Shaista Wahidi for 26 years each.
iv. The ATC also imposed a 1.3 million Pakistani rupees fine on the convicts and ordered that their properties should be sold to raise the fine, if they failed to pay it. 

12.  Chennai Super Kings should be terminated: SC
i. The Supreme Court today observed that IPL team Chennai Super Kings, CSK, owned by BCCI President in exile N Srinivasan should be terminated without further enquiry as one of its officials Gurunath Meiyappan has been indicted for betting by an inquiry committee.
ii. Meiyappan is the son-in-law of Srinivasan who is himself facing questions on conflict of interest. The court asked Srinivasan to give details about who controls Chennai Super Kings owned by India Cements. Srinivasan is the Managing Director of India Cements. 
iii. In further setback for Srinivasan, the Supreme Court proposed fresh elections in the BCCI. The apex court, which was hearing the Justice Mudgal Committee report into IPL betting and spot-fixing scandal, said election can be held but persons, including Srinivasan, named in the report will not contest and new board will take decision on the scam. 

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Thursday, November 27, 2014


Match Point
Match Point
l Chief guest for the Republic Day ceremony 2015 – Barack
l The bank which has acquired ING Vysya Bank – Kotak
Mahindra Bank
l The lines of credit announced by PM Narendra Modi for
Fiji – USD 80 mn
l The lock-in period for investments in re-launched Kisan
Vikas Patra (KVP) – 2.5 years
l The country ranked on top in Global Terrorism Index
released recently – Iraq
l The Commission which submitted its final report to Gujarat
CM in 2002 riots – Justice Nanavati Commission
l The winner of the men’s singles title of the ATP World Tour
finals – Novak Djokovic
l The cricketer named by the BCCI for this year’s CK Nayudu
Lifetime Achievement Award – Dilip Vengsarkar
l The country with the largest youth population in the world
as per a UN report – India
l The fourth joint military exercise between India and China
conducted in Pune – Hand-in-Hand 2014
l Pravasi Bharatiya Diwas – 7 Jan
l The country that has recently slipped into recession – Japan
l The upper ceiling on investment through Kisan Vikas Patra
(KVP) – None
i The period in which the invested money will get
doubled in Kisan Vikas Patra (KVP) – 100 months
l The surface-to-air missile successfully launched by India
recently – Akash
l The country with which Australia has signed Free Trade
Agreement (FTA) recently – China
l The city where the 2014 G20 Summit was held in Australia
– Brisbane
l 2015 summit of the G20 will be held in – Turkey
i 2016 summit will be held in – China
l The winner of the LG People’s Choice award at the ICC
annual awards for 2014 – Bhuvaneshwar Kumar
l The present Prime Minister of Fiji – Frank Bainimarama
l The winner of the Women’s ODI Cricketer of the Year award
at the ICC annual awards for 2014 – Sarah Taylor
l The bank which has extended a loan of up to USD 1 bn to
Adani group for its assets in Australia – SBI
l The winner of the men’s singles title of the China Open
Super Series Premier in Fuzhou – Kidambi Srikanth
i The winner of the women’s singles – Saina Nehwal
l 2014 ICC Cricketer of the Year – Mitchell Johnson
l The bank whose proposal to hike foreign holding to 74 per
cent has been cleared by FIPB – HDFC Bank
l The state which has made voting in local body elections
compulsory – Gujarat
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l WPI inflation recorded in Oct – 1.77 per cent
l India’s position among the world’s largest passport-issuing
countries – Third
i The country that ranks first – China
l India’s position in the production of crude steel in the world
– Fourth
l The Indian who has become the quickest cricketer in history
to reach 6000 runs in ODI – Virat Kohli
l The world’s only cricketer to hit two double centuries in
ODI till now – Rohit Sharma
l The first ever spacecraft to land on a comet – Philae
l The capital city of Myanmar which hosted ASEAN Summit
recently – Naypyidaw
l The current contribution of services sector in the country’s
GDP – 57 per cent
l The city where the 22nd Asia Pacific Economic Cooperation
(APEC) summit was held recently – Beijing
l The state where the institute of livestock management and
entrepreneurship of North East is being set up – Assam
l The number of member countries of the ASEAN group – 10
l National Education Day – 11 Nov
i The person whose birth anniversary is observed as the
National Education Day – Mulana Abul Kalam Azad
l The country with which India has jointly developed longrange
surface-to-air missile (LRSAM) recently – Israel
l The newly elected Speaker of the Maharashtra Assembly –
Haribhau Bagde
l Public Service Broadcasting Day – 12 Nov
l The country where 47 students were killed in a suicide
attack at a school assembly recently – Nigeria
l The Commission which submitted its report on Saradha
Scam – Justice Shyamal Sen Commission
l The participating countries of the fourth edition of the
biennial drill IBSAMAR – India, Brazil and South Africa
l The no. one in badminton who has been suspended due to
an apparent anti-doping regulation violation recently – Lee
Chong Wei
l The first state in the country with bank accounts for all
families – Kerala
l The current milk production of India – 137 million tonnes
per year
l The two countries where the govt is planning to legalise all
Indian currency notes – Nepal and Bhutan
l The state which has the largest chunk of the total SC
population in the country – Uttar Pradesh
l The name of Telangana’s financial assistance scheme for the
aged and the physically handicapped – Aasara
l The new Union Defence Minister of India – Manohar
Match Point
Any student taking admission in an institute that is not actually BSC, but has merely a name
similar to BSC or is using a fake logo, is spoiling his/her career. Please note BSC is running
classroom coaching at the following centres only – Agartala, Bengaluru, Berhampur, Bhopal,
Bhubaneswar, Chandigarh, Chennai, Cuttack, Dehradun, Delhi, Faridabad, Gaya, Gurgaon,
Guwahati, Hyderabad, Jaipur, Jamshedpur, Jammu, Kolkata, Mumbai, Panchkula, Patna,
Raipur, Ranchi, Rourkela, Siliguri and Visakhapatnam. If you take admission at any fake centre,
BSC is not responsible for this. So beware and take admission at original BSC centres only.
H Batala, Lucknow and Mahendragarh centres have been closed. There will be no admission
now onwards.
l The new Union Railway Minister of India – Suresh Prabhu
l The place where Interpol General Assembly was held from
Nov 3 to 7 – Monaco
l The Kerala board prominent communist leader who died
recently – MV Raghavan
l The 2-seater trainer jet which made its maiden flight on 8
Nov – Tejas PV6
l World Diabetes Day (WDD) – 14 Nov
l The new chief minister of Goa – Laxmikant Parsekar
l The country which India’s men’s hockey team defeated 3-1
recently – Australia
l The village adopted by the PM in his parliamentary
constituency under SAGY scheme – Jayapur
l The border between India and China – Mc Mahon Line
l The border between India and Pakistan – Radcliffs Line
l The border between India and Afghanistan – Durand Line
l The former president of Israel who visited India recently –
Shimon Peres
l The country which hosted the international conference on
climate change from Nov 9-12 – Nepal
l PM Narendra Modi’s position in the Forbes world’s most
powerful people’s list of 2014 – 15th
l The state which launched Samajwadi Pension Scheme to
benefit poor families – Uttar Pradesh
l The city known for its world-famous cattle fair – Sonepur
l The telecom major which called off `700 cr deal to acquire
Loop Mobile based in Mumbai – Bharti Airtel
l The title of Sachin’s autobiography – Playing It My Way
l The Forbes’ 2014 list of 72 most-powerful people in the
world has been topped by – Vladimir Putin
l The Indian politician who has received Japan’s Grand
Cordon of the Order of the Paulownia Flowers award –
Manmohan Singh
l The new Financial Services Secretary – Hasmukh Adhia
l The chairman of the review committee set up to look into
restructuring of the AICTE – MK Kaw
l The noted Bollywood actor who died recently – Sadashiv
l The 14th and current Attorney General of India – Mukul
l The businessman wanted in Bhopal Gas Tragedy case who
died recently – Warren Anderson
l India’s current ranking in the 2014 “Ease of Doing Business”
report by the WB – 142nd
l The country to which India has offered a USD 300-mn
credit line – Vietnam
l The theme of the 18th SAARC summit – Deeper
integration for peace, prosperity
l The new MSP for wheat – `1,450
l The winner of the 2014 World Billiards Championship –
Pankaj Advani
l The founder of e-commerce site Alibaba who has become
the richest man in China – Jack Ma
l The govt has declared the birth anniversary (31 Oct) of
Sardar Vallabhbhai Patel as – National Unity Day
l The scheme launched by the govt for comprehensive
development of tribals – Vanbandhu Kalyan Yojana
l The new Chief Minister of Maharashtra – Devendra
l The Commerce and Industry Minister of Oman who visited
India recently – Ali bin Masoud al Sunaidy
l The district in Gujarat where the ‘Statue of Unity’ will
come up – Narmada
l The country that had suggested the name of the cyclonic
storm arisen in the Arabian Sea as Nilofar – Pakistan
l India’s current ranking in the World Economic Forum’s 2014
gender gap index – 114th
l The city where the country’s first hospital to treat
abnormalities and diseases in fish is set to come up – Kolkata
l The Indian-American named by the US President Barack
Obama as the US Ambassador to Sweden – Azita Raji
l The Vietnamese PM who visited India recently – Nguyen
Tan Dung
l The Indian boxer suspended by the International Boxing
Association (AIBA) – Sarita Devi
l The winner of the Madhya Pradesh govt’s prestigious
National Kalidas Samman for the year 2012-13 – Kanhailal
l India’s first long-range subsonic cruise missile test-fired on
17 Oct – Nirbhay
l The new CM of Haryana – Manohar Lal Khattar
l The city where the Asian Infra Investment Bank (AIIB)
will be headquartered – Beijing
i Its first Secretary General – Jin Liqun
l The team with which BCCI has suspended all bilateral cricket
tours – West Indies
l The group which has bought two operational power units
of JP Group recently – JSW Energy
l The current President of Finland – Sauli Niinisto


Daily GK update 26th November 2014

Daily GK update 26th November 2014

1.    China beats India in November FII inflows: HSBC
i. Foreign institutional investors warmed up to Asian equities in November as the region recorded net inflows of $5.3 billion, out of which India attracted $1.4 billion, says a report by HSBC.
ii. According to the global financial services major, after two consecutive months of sell-offs, FIIs have warmed up to Asian equities and all markets have received positive flows in November.
iii. Among Asian economies, China regained the top position as the ‘most loved’ market, pushing India down to second position in the region, while Thailand was placed at the third spot, it said.
iv. Till November 24, the region recorded a net inflow of $5.3 million and though all markets received positive flows, Taiwan and India received the major chunk of funds with inflows of $2.3 billion and $1.4 billion, respectively.

2.    Modi proposes Saarc business traveller card
i. Prime Minister Narendra Modi on Wednesday proposed a Saarc business traveller card for making it easier for traders and merchants in the region to travel and access one another’s markets.
ii. “India will now give business visa for 3-5 years for Saarc. Let’s make it even easier for our businesses through a Saarc business traveller card,” the prime minister said as the two-day, 18th Saarc Summit began at Kathmandu.
iii. According to Modi, intra-regional relations become stronger as connectivity is increased and people-to-people contacts encouraged. He said this will also provide for boosting opportunity for tourism in the region.

3.    State Bank of India to launch Islamic equity fund
i. State-owned bank will launch an Islamic equity fund next month aimed primarily at the country's 170 million Muslims.
ii. The Securities and Exchange Board of India recently allowed the government-owned State Bank of IndiaBSE 0.41 % and three mutual funds to launch Sharia funds.

Note: i. India's stock exchanges have between 600 and 700 companies that are Sharia-compliant.
ii. India is only the second country outside the Islamic world where a state-owned bank is offering a Sharia-compliant fund. The U.K. issued sovereign Islamic bonds in June.

4.    Kotak Mahindra Bank is the first bank to fully own an insurance business
i. Kotak Mahindra BankBSE 0.07 % on Tuesday became the first bank to get the Reserve Bank of India's (RBI's) permission to set up a wholly-owned non-life insurance company.
ii. The bank is already the promoter of a life insurance company in partnership with Old Mutual of South Africa.

Note: i. RBI guidelines allow a bank to hold max 50 per cent in insurance joint venture. However, RBI allowed some exceptions, like SBI and ICICI Bank. In both these partnerships, the banks hold 74 per cent.
ii. Kotak General Insurance will be the 29th non-life company in the country. The last non-life insurer to get permission from the regulator was Cigna TTK — a health insurance company.
ii. The last company to set up a full-fledged general insurance business was Liberty Videocon General Insurance.

5.    Canara Bank partners Micro Energy
i. Canara Bank has signed a memorandum of understanding with Micro Energy Credits Corporation to finance bank customers buying energy efficient ‘green’ products such as cook stoves, solar home systems, biogas digestors and water purifiers.
ii. The partnership has identified Chitradurga district in Karnataka to promote such green products on a pilot basis.

6.    ‘LS passes amendment bill on appointment of CBI Chief
i. The Lok Sabha today passed the Delhi Special Police Establishment (Amendment) Bill, 2014 by voice vote.
ii. As per the new provisions, CBI director will be selected by a panel which will comprise of Prime Minister, Leader of Opposition in the Lok Sabha or the leader of the Single largest party in the House and Chief Justice of India or any Supreme Court Judge.
ii. Earlier, there was no provision of the leader of the single largest party in the panel. The Bill also makes a provision that no appointment will be invalid merely because of vacancy or absence of a member of the panel. 

7.    Assam NGO Aaranyak won UN Lighthouse Activities award
iAaranyak, an Assam-based NGO working for the conservation of nature and a Kathmandu-based International Centre for Integrated Mountain Development (ICIMOD) on 25 November 2014 won United Nations Lighthouse Activities award for the year 2014. 
ii. They won the award under the focus area of information and communication technology (ICT) solutions.
iiiThey won the award for its community-based flood early warning system that has benefited 40 villages in flood-prone Dhemaji and Lakhimpur districts. Since 2010-11, the system has directly or indirectly benefitted more than 20000 people living in the catchment areas of two rivers, Jiadhal in Dhemaji and Singora in Lakhimpur districts. 

8.    Haryana government reduced retirement age of government employees from 60 to 58
i. Haryana government reversed the retirement age of government employees from 60 to 58 years. It also reversed the retirement age of Class IV, visually impaired and handicapped employees from 62 to 60 years.
ii. Government notification will come in effect from 30 November 2014. While, the upper age limit for fresh recruitment would remain 42 years.

iii. The decision was made during a Cabinet meet chaired by Chief Minister Mahohar Lal Khattar at Chandigarh.

9.    Sania Mirza appointed as UN Women Goodwill Ambassador for South Asia
i. United Nations (UN) Women on 25 November 2014 announced the appointment of Indian tennis superstar and youth icon, Sania Mirza, as its Goodwill Ambassador for South Asia. The organisation is dedicated to gender equality and women’s empowerment.
ii. She became the first South Asian woman to be appointed as a Goodwill Ambassador.
iii. The other Goodwill Ambassadors include British actor Emma Watson, Academy Award winner Nicole Kidman, HRH Princess Bajrakitiyabha  Mahidol of Thailand, and Indian actor-filmmaker-singer Farhan Akhtar.

10.  Boxer Manoj Kumar finally receives Arjuna Award
i. Boxer Manoj Kumar today received the prestigious Arjuna Award from Sports Minister Sarbananda Sonowal.
ii. The 2010 Commonwealth Games gold-medalist, was bestowed with the honour in a function organised in the National capital. 
ii.i Manoj was earlier denied the award by the Kapil Dev-led selection committee after which he approached the Sports Ministry but after being snubbed for a second time in the review meeting, Manoj took the legal route and filed a case in the Delhi High Court.
iii. He won the case and that led to the Ministry accepting his nomination for the award.

11.  Michael Phelps named Male Athlete of the Year at the 2014
i. Michael Phelps was crowned Male Athlete of the Year at the 2014 USA Swimming Golden Goggle Awards on 24 November 2014. He was crowned with the title for a fifth time.
ii. Earlier, he won the title in 2004, 2007, 2008 and 2012. He was awarded with the title despite being suspended from competition for six months after a drunken driving arrest in September 2014.

12.  Indian cyclist Deborah creates history; Wins 4 golds in Track Asia Cup
i. Ms Deborah, a tribal girl from Andaman and Nicobar Islands has created history in National Level by winning four Gold Medals in the Track Asia Cup Cycling Championship 2014 which concluded at Indira Gandhi Stadium, New Delhi.
ii. Deborah won both the two gold medals - in the women's elite keirin and sprint finals - yesterday on the concluding day of the championship for an overall individual tally of four gold.
iii. India also grabbed four silver, including the two they won yesterday and added three more bronze medals to their tally to finish with a total of 18 medals, 5 gold, 4 silver and 9 bronze.

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Wednesday, November 26, 2014

What is GDP and why is it so important?

The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP is up 3%, this is thought to mean that the economy has grown by 3% over the last year.
Measuring GDP is complicated (which is why we leave it to the economists), but at its most basic, the calculation can be done in one of two ways: either by adding up what everyone earned in a year (income approach), or by adding up what everyone spent (expenditure method). Logically, both measures should arrive at roughly the same total.
The income approach, which is sometimes referred to as GDP(I), is calculated by adding up total compensation to employees, gross profits for incorporated and non incorporated firms, and taxes less any subsidies. The expenditure method is the more common approach and is calculated by adding total consumption, investment, government spending and net exports.
As one can imagine, economic production and growth, what GDP represents, has a large impact on nearly everyone within that economy. For example, when the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy. A significant change in GDP, whether up or down, usually has a significant effect on the stock market. It's not hard to understand why: a bad economy usually means lower profits for companies, which in turn means lower stock prices. Investors really worry about negative GDP growth, which is
 one of the factors economists use to determine whether an economy is in a recession.

Daily GK update 25th November 2014

Daily GK update 25th November 2014

1.    CK Prasad is set to be appointed as the next Chairperson of the Press Council of India
i. Former Supreme Court judge CK Prasad is set to be appointed as the next Chairperson of the Press Council of India.

ii. Information and Broadcasting Ministry sources said Prasad was selected by a committee headed by Vice-President Hamid Ansari yesterday and a communication has been received in this regard.
iii. Prasad will succeed Justice Markenday Katju as the Chairman of the PCI.

2.    Kotak Mahindra gets RBI approval to enter general insurance business
i. After Kotak Mahindra Bank acquired ING Vysya Bank in an all-share deal last week, it announced it entry into General insurance business.
ii. On Tuesday, the fourth largest private bank (post merger with ING Vysya) received approval from RBI to form a 100% subsidiary to enter general insurance industry, which is currently growing at a Rs. 77,000 crore premium per annum, said Gaurang Shah, President - Asset Management, Insurance and International Business at Kotak Bank.
iii. The bank had earlier received an in-principle approval from Insurance Regulatory and Development Authority (IRDA) for incorporation of the General Insurance firm. The company would now be required to apply and complete the registration process with IRDA to act as a General Insurance Company.
iv. The bank already has a tie up with Tata AIG General Insurance Company to sell and distribute its products.
v. Kotak also has a Life insurance unit called Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Bank and South Africa-based Old Mutual Public Ltd.

3.    Modi arrives in Nepal for SAARC Summit
i. Prime Minister Narendra Modi arrived in Kathmandu with an aim to inject new momentum to regional bloc SAARC during its two-day summit beginning tomorrow as he said development of close relations with neighbours was a key priority for his government.
ii. During the courses of the next three days, Mr Modi is scheduled to meet Nepal PM Sushil Koirala and other Nepali leaders on Tuesday itself.
iii. India and Nepal are to sign some agreements, including on energy and transport, in the presence of the two prime ministers.
iv. Meanwhile, SAARC foreign minister level meeting started on Tuesday. The meeting would consider the report submitted by SAARC Standing Committee, a body of foreign secretaries.

4.    Chuck Hagel quits as US defense secretary
i. US Defence Secretary Chuck Hagel resigned amid reports of differences with President Barack Obama who apparently wants to install a new leadership at the Pentagon as he enters the last two years of his presidency facing new global challenges like the rise of IS.
ii. Obama himself made the surprise announcement at a White House media availability convened at a very short notice. Hagel had tendered his resignation a few hours ago. 
iii. He has been asked to stay till a replacement is announced by Obama and is confirmed by the Senate. "Over nearly two years, Chuck has been an exemplary defence secretary, providing a steady hand as we modernised our strategy and budget to meet long-term threats while still responding to immediate challenges like IS and Ebola,"
iv. Robert Gates and Leon Panetta were the earlier two defense secretaries. Obama said, Hagel has played a key role in the accomplishments of his administration in the defence sector. 

5.    Kathak legend Sitara Devi passes away
i. Kathak queen Sitara Devi died at a hospital in Mumbai today. She was 94.
ii. Born in 1920 in Kolkata, Sitara Devi drew from the themes, poetry and choreography collected by her father in her choreographies. She also got inspired from the environment around her — whether it is a town or a village.
iii. She was born as Dhannolakshmi to a family of Brahmin ’kathakar’ Sukhdev Maharaj and chose school and dance over an early wedding, as was the norm of the 1920s.
iv. Her father, a Vaishnavite Brahmin scholar and Kathak exponent, sent her to a local school where she impressed her teachers and the local media with her performance in a dance drama, “Savitri Satyavan“
v. Sitara Devi married director K Asif of Mughal-e-Azam fame and then Pratap Barot. She was a vital force who stood for zest and vigour in Indian dance.
vi. She was honoured with the Legends of India Lifetime Achievement Award 2011 for her contribution to the classical dance genre for over six decades.

6.    Adani Group-owned Dhamra Port
i. Adani Group-owned Dhamra Port Company Limited (DCPL) would invest around Rs 7000 crore for expansion of cargo handling facility, an official of the company said today.
ii. Gujarat-based Adani group bought out L&T and Tata Steel's shares in the company in March 2014 at an enterprise value of Rs 5500 crore.
iii. Following the acquisition, the second phase of development was to be initiated within 90 days and completion targeted in 30 months.
iv. This continued expansion will allow Dhamra port to exceed 100 million tonnes of cargo capacity by the year 2020, he said.

Note: The port, situated between Haldia in West Bengal and Paradip in Odisha, was mostly handling cargo like coal and limestone.

7.    Nepal gives Indian firm green light for $1 billion hydroelectric plant
i. Nepal has given an Indian company permission to build a 900 megawatt hydropower plant, government officials said on Monday.
ii. The two countries will sign an agreement for the $1.04 billion project, which provides Nepal with free electricity and India energy for its power-hungry economy.
iii. The project, which will be built by Satluj Jal Vidyut Nigam (SJVN) Limited, was originally cleared in 2008 but never implemented after Kathmandu lobbied for greater benefits.

8.    GMR Infra gets SEBI nod for Rs. 1,500-cr rights issue
i. GMR Infrastructure has received the Securities and Exchange Board of India approval to raise up to Rs. 1,500 crore through rights issue.
ii. In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.
iii. The company had filed its application with SEBI for the proposed rights issue in September.
iv. SEBI had issued its final observations on the draft offer documents on November 17, according to the latest update by the capital markets regulator.
v. Issuance of ‘observations’ on offer documents by SEBI is considered as a clearance to the issuer to go ahead through routes like IPOs, FPOs and rights issue.
vi. As per the draft letter filed by the firm, the company would issue equity shares for an aggregate amount “not exceeding Rs. 1,500 crore on a rights basis” to its shareholders.
vii. GMR Infrastructure has interest in sectors such as airports, roads, power plants and urban infrastructure.

9.    Indian Railways team in China for Delhi-Chennai bullet train
i. An Indian Railways team is in China to chalk out plans for conducting feasibility study to build the 1,754 km-long Delhi-Chennai high-speed train corridor, world's second largest bullet train line.
ii. The high-level team of officials from Rail Vikas Nigam Limited led by Satish Agnihotri arrived here yesterday and is in talks with China's High Speed Rail Corp to build the Delhi- Chennai corridor for which the communist giant has agreed to conduct the study free of cost during President Xi Jinping's visit to India in September,
iii. The proposed corridor could be the second largest in the world after China's 2,298 km-long Beijing-Guangzhou line which was launched last year. Running at a speed of 300 km per hour, it covers the distance in about eight hours.

Note: India is currently considering two corridors for high speed trains. While Japan is conducting feasibility study for the Bullet train project in Mumbai-Ahemdabad corridor, China will do the same for the Delhi-Chennai route which expected to begin by early next year.

10.  Ricoh India got deal to modernise post offices 
i. Imaging and information technology solutions provider Ricoh India on Tuesday said that it has got a deal worth Rs. 1,370 crore from Department of Posts to modernise post offices through automation.
ii. Under the project, Ricoh India will supply, install and maintain services of hardware, peripheral devices and operating system.
iii. The scope of work includes supply of mobile computing devices and peripherals, installation of solar UPS, connectivity to access the application by service providers along with maintenance for five years, the company said.
iv. The primary goal of the Rural ICT project is to improve the quality of service, provide more value added services and achieve ‘financial inclusion’ of un-banked rural population.

Note: “India Post is an iconic organisation in India, the largest such network in the world and playing a crucial role in the socio economic development of rural India, touching the lives of common man

11.  WTO, WASTE and FINISH signed MoU to end open defecation in India
i. Three global organisations on 24 November 2014 signed a memorandum of understanding (MoU) to end open defecation in India. The agreement is for three years.
iii. These three organisations are the World Toilet Organisation (WTO), WASTE and the Financial Inclusion Improves Sanitation and Health (FINISH). They share the common goal of making sanitation accessible and affordable to all citizens.
iii. The MoU was signed to share best practices in the sanitation sector and help millions of Indians gain access to basic sanitation facilities.
ivThe objective of the agreement is to support the Central government in making the country free of open defecation and promoting sustained usage of sanitation systems.

12.  International Day for the Elimination of Violence Against Women observed today
i. International Day for the Elimination of Violence Against Women observed across the world on 25 November 2014.
ii. The day was observed to raise awareness about violence against women and discuss solutions that would work for women community.
iii. The campaign called Orange Your Neighbourhood to raise awareness against Gender-Based Violence will be held from 25 November to 10 December 2014. 
iv.  The campaign is part of Secretary-General Ban Ki-moon's campaign UNiTE to End violence against Women.

13.  Bilal Tanweer won Shakti Bhatt First Book Prize 2014
iLahore-based author Bilal Tanweer on 24 November 2014 won the 2014 Shakti Bhatt First Book Prize for his novel The Scatter Here Is Too Great (Random House India).
ii. Bilal Tanweer’s book underlines the crucial importance of literature in our larger cultural landscape.
iii. The Scatter Here Is Too Great balances the universality of existential torment with the often horrifying nitty-gritty realities of its location, Karachi.
iv. Tanweer, born and raised in Karachi, has published fiction, poetry and translation in various international journals. 
v.  In 2011, he was selected as a Granta New Voice and was one of the eleven recipients of the 2010 PEN Translation Fund Grant.

14.  West Bengal Governor KN Tripathi appointed as Governor of Bihar
i. West Bengal Governor Keshari Nath Tripathi was appointed as Governor of Bihar by the President Pranab Mukherjee on 23 November 2014.
ii. He will discharge the functions of the Governor of Bihar in addition to his own duties as Governor of West Bengal.
iii. He will take the charge from Bihar Governor D Y Patil, who completes his tenure on 26 November 2014.

15.  Shah Rukh Khan named as Brand Ambassador of DHFL
i. Housing finance company DHFL announced to name Shah Rukh Khan as its brand ambassador. DHFL is the second largest housing finance company of India.
ii. Shah Rukh is the first brand ambassador of DHFL in its 30 year journey.
iii. The company has been marketing its solutions to customers across 550 locations in India through national and regional level advertisement and event campaigns.

16.  Hughes in critical condition after being hit by bouncer
i. Australia Test batsman Phil Hughes has been rushed to St Vincent’s Hospital in critical condition after being knocked out by a bouncer during a Sheffield Shield match between South Australia and NSW at the SCG .
ii. The 25-year-old collapsed after being struck on the side of the head by a Sean Abbott delivery and was stretchered from the ground.
iii. He is currently undergoing surgery and according to Ambulance officials he was in a critical condition.
iv. Phil suffered an injury to his head from a delivery Phil has been taken to hospital in Sydney and has been accompanied by family members and SACA General Manager High Performance, Tim Nielsen.”

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