Daily Current Affairs - 10th May 2017

Indian American Nominated for Key Post in FERC

  • US President Donald Trump has nominated Indian-American Neil Chatterjee as a Member of Federal Energy Regulatory Commission (FERC). Chatterjee earlier served as a principal in Government Relations for National Rural Electric Cooperative Association.
  • He has also served as the energy policy advisor to US Senate Majority Leader and was very active in passing major energy, highway and farm legislations.
  • FERC is an agency responsible for overseeing America’s power grid and deciding on multibillion-dollar energy projects.

NBA’s India academy launched

  • The NBA(National Basketball Association) announced the setting up of its academy in India at the Jaypee Greens Integrated Sports Complex. The NBA deputy commissioner, who had invited Satnam Singh on stage when he was drafted into the NBA in the US in 2015, inaugurated the facility along with the managing director of NBA India, Yannick Colaco.
  • The National Basketball Association (NBA) is the major men's professional basket ball league in North America, and is widely considered to be the premier men's professional basketball league in the world.

AICTE to facilitate internships for students

  • The All India Council for Technical Education (AICTE) has signed an agreement with Internshala, an internship and training platform, to facilitate internships for Indian students.
  • As per the MoU, all colleges affiliated to the AICTE will now be able to help their students find internships through Internshala free of cost.
  • Internshala is used by over 40,000 organisations that offer more than four lakh internships every year. The platform would help students find internships as well as offer them counselling and guidance.
  • The AICTE is set to mandate internships for all students enrolled in institutions recognized by it in a bid to enhance the employability of students.
  • AICTE is the regulatory body for technical education under the Ministry for Human Resource Development.

Bharti Airtel’s Q4 net profit falls 72%

  • Bharti Airtel’s consolidated net profit fell 72% to Rs. 373 crore for the January-March quarter as a result of sustained predatory pricing by the new operator,Reliance Jio, impacting voice and data businesses.
  • The company’s revenues declined by 12% to Rs. 21,935 crore. It had posted a net income of Rs. 1,319 crore in the year-ago period.
  • The telecom industry as a whole also witnessed a revenue decline for the first time ever on a full-year basis.
  • The deteriorating health of the telecom industry was compounded by the tsunami of incoming voice traffic from the new operator as a result of which significant investments had to be made just to carry the incoming traffic on our network.

Chelsea inches towards title

  • Star striker Diego Costa struck his 20th league goal of the season as Chelsea moved closer to the English Premier League title following a 3-0 win over Middlesbrough at Stamford Bridge.
  • Chelsea, which recorded its 300th Premier League home win, will be crowned champion if it is able to win at West Brom on May 13.

Dena Bank loss soars 76.4%

  • Dena Bank’s loss widened to Rs. 575 crore in the fourth quarter of the year ended March 31, 2017, compared with a Rs. 326 loss in the same period of the previous year.
  • For the full year 2016-17 too, the bank posted a loss of Rs. 863.63 crore as compared with a loss of Rs. 935.32 crore for FY16.
  • The main reasons for the loss during the year are the increase in NPAs, which leads to a decrease in Interest on Advances .
  • Its gross NPAs, as a percentage of gross advances, increased to 16.3% as on December 31, from 9.9% a year earlier.
  • Chairman & Managing Director: Ashwani Kumar
  • Headquarters: Mumbai
  • Vijaya Bank: Meanwhile,Vijaya Bank reported an almost threefold jump in net profit to Rs. 204 crore for the fourth quarter ended March 31, 2017, due to lower provisioning and a rise in other income. Net interest income increased 27%.
  • Managing Director and Chief Executive Officer: Kishore Sansi
  • Headquarters: Bengaluru
  • Syndicate Bank:
  • Syndicate Bank reported a net profit of Rs. 104 crore for the fourth quarter, against a loss of Rs. 2,158 crore in the same period the previous year due to lower provisions and higher other income.
  • Managing Director & CEO: Arun Shrivastava
  • Headquarters: Manipal

Disclose foreign funds, MHA tells political parties

  • The Ministry of Home Affairs said that all political parties, including the ruling Bharatiya Janata Party, have been sent notices to disclose the foreign funds received by them.
  • The notices were sent as per norms prescribed under the Foreign Contribution Regulation Act (FCRA), 2010, which bars any political party from receiving donations from any foreign company.
  • The Representation of People’s Act bars parties from receiving foreign funds.
  • Last year, the Union government had amended the FCRA through the Finance Bill route, which allowed foreign origin companies to fund NGOs here, and also cleared the way for donations to political parties by changing the definition of “foreign companies”.

Home Ministry asks States to Link Prisons with Courts via Video Conferencing

  • The Ministry of Home Affairs has asked all the state governments to link prisons with courts through video conferencing in order to expedite trials and to save costs of escorting under trials to courts.
  • The states have been asked to integrate prison e-system with Crime and Criminal Tracking Network and Systems (CCTNS) as well as e-courts on a priority basis.
  • Combined training of prison, police, health department and judiciary on under trial management should be conducted.
  • Separate training module on radicalization of prisoners should also be conducted.

HP, Belarus firm join hands to build skyway

  • Himachal Pradesh signed an agreement with a Belarusian company for starting a skyway transport facility in the tourist destination of Dharamshala. The MoU was signed by Himachal Pradesh government with Sky Way Technology Corporation, a transport and infrastructural development company of Belarus.

India & Japan to Strengthen Defence Cooperation

  • India and Japan has decided to strengthen their military cooperation and hopes to pursue a strategic partnership for ensuring regional peace and stability.
  • India has welcomed the conduct of a planned trilateral naval exercise among the US, India and Japan in July as a means to strengthen cooperation in the Asia-Pacific.
  • The Malabar trilateral exercise between Japan, the U.S. and India are slated to be held in the Bay of Bengal from July 10.
  • The Malabar series of exercise was initiated by the U.S. and India in 1992. Japan joined the exercise in 2007. However, only since 2014, Japan has started to take part in every year’s exercise.

India- Indonesia Co-Ordinated Patrol Commences

  • The 29th India–Indonesia CORPAT has commenced at Port Blair under the aegis of Andaman and Nicobar Command. The bilateral exercise is scheduled to be held from 9th to 25th May.
  • The CORPAT exercise between the two navies carries search and rescue operations, institutes measures for vessels indulged in unlawful activities as well as control pollution.
  • Defence relations between India and Indonesia are growing steadily with regular joint activities and interactions between the Armed Forces of the two countries.
  • CORPAT is a bilateral maritime exercise held between India and Indonesia under the broad ambit of strategic partnership. Both countries have been carrying out maritime exercise twice a year since 2002.

ITC aims for top slots in new FMCG businesses in two years

  • ITC plans to emerge as one of the top players in the ‘new FMCG segment’ and a market leader in the foods business, which is the main growth-driver in its new business foray.
  • It is planning a Rs. 1 lakh crore turnover target by 2030 in its non-cigarette FMCG business which include foods, personal-care products, stationery and education products and agarbattis.
  • In the fourth quarter of 2016-17, its overall FMCG business grew 9% by value, while the foods business grew by 8.9%.
  • The major players in the FMCG space are HUL, P&G, Parle and Britannia. The foods space players include Mondelez and Adani besides ITC, Parle and Britannia.
  • As per Nielsen’s latest report, ITC is the third-largest company in the overall FMCG space (excluding cigarettes) and the third-largest in the foods space.

Jhulan Goswami named Highest Wicket-Taker in Women’s One-Day Internationals

  • Jhulan Goswami has become the highest wicket-taker in one-day internationals. Goswami has so far taken 181 wickets in 153 matches. She has broken the world record held by Australia fast bowler Cathryn Fitzpatrick
  • Jhulan Goswami is a right arm fast bowler who made her one-day debut back in 2002. She is regarded as one of the fastest bowlers in the women’s cricket.

NHAI to list masala bonds on London Stock Exchange soon

  • The National Highways Authority of India will soon raise about Rs. 5,000 crore by issuing masala bonds to be listed on the London Stock Exchange.
  • Road Transport and Highways Minister Nitin Gadkari will open the market for LSE trading on May 11.
  • Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. The term was used by IFC to evoke the culture and cuisine of India.Masala bond makes the investors bear the risk.
  • The first Masala bond was issued by the World Bank backed International Finance Corporation in November 2014 when it raised 1,000 crore bond to fund infrastructure projects in India.

No El Nino threat to monsoon

  • According to India Meteorological Department’s latest assessment, the threat to the Indian monsoon from an El Nino may have receded. But it is not yet clear if this would result in improved rainfall.
  • The Indian ocean dipole that refers to oscillating temperatures in that ocean, was likely to be positive.
  • India Meteorological Department (IMD), also referred to as the Met Department, is an agency of the Ministry of Earth Sciences of the Government of India. It is the principal agency responsible for meteorological observations, weather forecasting and seismology..
  • IMD Headquarrters: New Delhi
  • IMD Director General: K.J. Ramesh

Primitive hominids lived alongside modern humans

  • In a new findings that could change the understanding of human evolution, researchers said that Primitive hominids may have lived in Africa at the same time as humans.
  • Fossils found deep in South Africa’s Rising Star cave complex in 2013 have been dated by several expert teams with their findings suggesting the hominids, called Homo naledi , may have lived alongside Homo Sapiens.
  • A team of 20 scientists from laboratories and institutions around the world, including in South Africa and Australia, established the age of the fossils which suggests that Homo naledi may well have lived at the same time as humans.

RBI places restrictions on loss-making IDBI

  • The Reserve Bank of India (RBI) has imposed sanctions on state-run IDBI Bank that include curbs on branch expansion and distribution of dividend after the lender’s financial health weakened.
  • IDBI Bank is the first lender to be sanctioned by the RBI after the central bank recently revised its prompt corrective action framework.
  • According to RBI sources, IDBI Bank had breached the risk threshold 2 following which mandatory sanctions were imposed.
  • Sanctions are imposed if a bank breaches a certain level of net non-performing assets (NPA), Return on Assets (RoA) and capital adequacy ratio.

SC holds Vijay Mallya Guilty of Contempt of Court

  • The Supreme Court has held UB Group chairman Vijay Mallya guilty of contempt of court for transferring 40 million dollars to his children in violation of the court’s order. The Supreme Court has ordered Vijay Mallya who is in the United Kingdom to appear before on the 10th of July to argue on the quantum of punishment.
  • Contempt petition against Mallya was moved by a consortium of banks in July 2016 accusing Mallya for transferring 40 million dollars which he had received from British firm Diageo to his children in violation to various judicial pronouncements.
  • The State Bank of India led consortium of banks is seeking to recover more than Rs 9,000 crore from Vijay Mallya.

Supreme Court Sentences Justice Karnan to 6 Months Imprisonment

  • A seven-judge Constitution bench of the Supreme Court headed by Chief Justice J S Khehar has sentenced the Calcutta High Court judge, Justice C S Karnan to six months of imprisonment for repeated incidents of contempt of court.
  • This is the first time that the Supreme Court has sent a high court judge to jail on charges of contempt.
  • Earlier, the Supreme Court bench in February issued a contempt notice to Justice C S Karnan who had accused several judges of corruption, nepotism and casteism.

Tax processed foods: FSSAI panel

  • A committee of medical experts and nutritionists has recommended a tax on highly-processed foods and sugar-sweetened beverages. The body, tasked by the Food Standards and Safety Authority of India (FSSAI), which is a Union Health Ministry body, has also advocated a ban on advertisements promoting foods high in FSS (fat, salt, sugar) during TV shows and channels aimed at children.
  • It also said celebrity endorsements of such foods need to be discouraged.
  • The 11-member committee has compiled existing scientific literature on the consumption of fats, sodium and sugar in foods, across socio-economic groups in the country, and endorsed that the proportions of these food constituents not exceed guidelines by the World Health Organisation (WHO) and the Indian Council of Medical Research (ICMR).
  • A salient finding was that Low Income Groups (LIG) reportedly consumed more fried snacks and sweets than High Income Groups (HIG) and, the highest consumption of bakery items was in slums.

Trump delays decision on Paris climate deal

  • US President Donald Trump has delayed a decision to honor or walk away from the Paris climate. The Trump administration postponed a key meeting that could have determined the fate of the 196-nation accord, and later said there would be no decision before the end of the month.
  • Divisions within the Trump administration have left in doubt the participation of the world's number two carbon polluter after China in the landmark 2015 agreement to limit global warming.

Vivo, title sponsor for ProKabaddi League

  • Smartphone maker Vivo has signed a five-year title sponsorship agreement with ProKabaddi for Rs. 300 crore. The Chinese company became the title sponsor of IPL seasons 9 and 10.
  • The organizers of PKL have decided to expand the tournament from eight franchise teams to 12 and spread the schedule around 130 matches over a period of 13 weeks.
  • PKL-5 will begin in July. The four new teams will be from Tamil Nadu, Haryana, Uttar Pradesh and Gujarat.
  • ProKabaddi’s broadcast partner STAR Sports, which has a big stake in the four-season-old league.

World record number apply for 2018 London Marathon

  • A record number of 3,86,050 applicants from around the world had registered for a place in the 2018 London Marathon. A ballot will decide on the candidates who can participate.