General Studies & Current Affairs for Bank, SSC, CLAT, Civil Services and other Competitive Exams

26 November 2014 National: 18th SAARC Summit begins The 18th South Asian Association for Regional Cooperation ...

GK & Current Affair Updates: November 26 - 2014









26 November 2014

National:

18th SAARC Summit begins
The 18th South Asian Association for Regional Cooperation Summit is starting at Kathamandu in Nepal. The theme of the summit is 'Deeper Regional Integration for Peace and Prosperity'. The two-day summit will dwell upon on a number of crucial issues including improving transport connectivity among the member states to ensure greater flow of goods and services for boosting trade and commerce. Meanwhile, Memorandums of Understanding including development of Arun-III Hydroelectric Project, extension of one billion dollars credit, setting up a Nepal Police Academy, Tourism, Traditional Medicines and on Youth Exchange were signed between India and Nepal. Twin-city agreements between Ayodhya and Janakpur, Kathmandu and Varanasi and Lumbini and Bodh Gaya were also signed.

Govt accepts proposal to ban sale of loose cigarettes
The Union government has accepted the proposal to prohibit the sale of loose or single stick of cigarette and increase the minimum legal age for sale of tobacco products. In a written reply, Union Health Minister JP Nadda informed this to Rajya Sabha. The proposal mooted by an expert committee set up by the Health Ministry also recommended increasing the fine or penalty amounts for violations of provisions of the Cigarettes and Other Tobacco Products Act, 2003, as well as making such offences cognizable. The Health Ministry had set up a committee headed by former Delhi government Principal Secretary Ramesh Chandra to recommend measures to bring down the consumption of tobacco products and curb their sale.

PM gifts Nepal 200 bed trauma center
Prime Minister Narendra Modi has inaugurated a trauma centre in Nepal. The eight-storey National Trauma Centre at Kathmandu's Bir Hospital has a capacity of 200 beds. He said the trauma centre is the best present of India-Nepal friendship which will help in saving precious lives. He also presented a ‘Dhruv’ helicopter to Nepal at an army function at Tundikhel in Kathmandu. Prime Minister Modi said, from now on, visitors to Nepal can carry 500 and 1000 rupees denomination currency notes upto a limit of Rs 25,000 which was not the case earlier. He also announced the slashing of telephone call rates by 35 per cent from India to Nepal.


President inaugurates Commonwealth Science Congress
President Pranab Mukherjee inaugurated the first Commonwealth Science Congress in Bengaluru. This first Conference is held after 50 years since 1967 outside London. Addressing over 300 scientists and young PhD scholars from Commonwealth Countries, the President emphasized that the Commonwealth forum should explore best ways to utilize science for addressing the pressing challenges that confront humanity.

Govt launches Swachh Bharat Kosh to get funds from corporates, individuals
The Union government has launched the "Swachh Bharat Kosh" to achieve the objective of cleanliness across the country. The fund will be utilised to build toilets in schools of rural and urban areas to achieve the objective of cleanliness. The Kosh will be set up by the Ministry of Finance and will be managed by a Governing Council headed by Expenditure Secretary. Its functioning will be monitored on quarterly basis by the Finance Minister and the Prime Minister from time-to-time. The objective of the drive is to achieve a Clean India by the year 2019, the 150th birth anniversary of Mahatma Gandhi.

Haryana govt reduces retirement age from 60 to 58
Haryana government has reversed the retirement age of government employees from 60 to 58 years. Also, the retirement age of Class IV, visually impaired and handicapped employees, has been reversed from 62 to 60 years. It will come in effect from 30th November 2014.

President’s book release on Dec. 11
A diligent chronicler of history, with an insider’s view of over fifty years of politics and governance, President Pranab Mukherjee in his new book has compiled a decade that is identified with the country’s first Prime Minister, Indira Gandhi. Scheduled for a December 11 release, ‘The Dramatic Decade: The Indira Gandhi Years’ by Mr. Mukherjee tells the story of the 1970s – considered a turning point in the political and economic evolution of India, dotted as it was with the India-Pakistan war, internal Emergency, economic reforms and political upheavals. The Dramatic Decade is the first of a three-part volume; the second one will be on the years between 1981- 88 and the third volume will be from 1988 to 2012.

First India-Nepal bus service launched
India and Nepal launched the first ever bus service between the two countries. Road Transport and Highways Minister Nitin Gadkari flagged off Delhi-Kathmandu-Delhi bus service called Pashupatinath Express. The bus service is touted to be a major boost in terms of trade and tourism. DTC will run a luxury Volvo bus on the Delhi-Kathmandu route and the tentative one-way fare is likely to be around Rs 2,300. The semi sleeper bus will be operated daily covering a distance of approximately 1250 kilometres in 30 hours. It will halt at Firozabad, Faizabad, Sunouli, and Mugling in Nepal.

International:

India votes against UNGA resolution on death penalty
India has voted against a UN General Assembly draft resolution calling for moratorium on the use of death penalty, saying it fails to recognise each nation’s “sovereign right” to determine its legal system and punish criminals according to its laws. India was among the 36 nations that voted against the resolution, which got 114 votes in favour and 34 abstentions. By the terms of the resolution, the General Assembly would urge Member States to progressively restrict the use of the death penalty and not impose capital punishment for offences committed by persons below 18 years of age, on pregnant women and on persons with mental or intellectual disabilities.

Shakespeare's First Folio found in France
A librarian dusting off books for an upcoming exhibition has discovered a rare copy of William Shakespeare's First Folio in France. The 400 year old book, one of the most valuable in the English language, was found by the librarian in Saint-Omer while preparing books for an exhibition about links between the region and England. One of the books was missing a title page and now an expert has confirmed it is a copy of Shakespeare's First Folio, a find that delighted historians and librarians.

Indonesia to build world's largest sea wall to protect Jakarta
Indonesia is planning to build the world's largest sea wall to try and prevent Jakarta from disappearing under rising sea levels. The capital is slowly sinking at a rate of seven centimetres every year and experts say half the city will be below sea level by 2030. However, environmentalists say the massive project to protect reclaimed land could wipe out coastal and fishing communities. The extraction of water from below ground, mainly for use on big construction projects, is seen as the main reason for the city's predicament.

Mali confirms eighth Ebola case
Mali has confirmed a new case of Ebola, bringing to eight the number of people who have fallen ill with the deadly disease in the West African country. All of Ebola cases in the country can be traced back to a 70-year-old imam who was brought to the country from Guinea, where the epidemic first began. Six of the eight Ebola patients have died. The World Health Organisation says Ebola has killed more than 5,400 people in West Africa, mostly in Liberia, Sierra Leone and Guinea.

Business & Economy:

RBI tightens screws on foreign fund raising
Tightening screws on foreign fund raising, the Reserve Bank has banned domestic firms from raising such funds above the permitted levels and from extending guarantees for them to meet domestic funding needs. Forex funds are cheaper than the rupee funds and it was noticed by the apex bank that in recent years, some Indian companies have been tapping up forex debt market to repay rupee loans or to meet other capex needs. As per official data, India Inc's foreign borrowing soared 44 per cent to 2.78 billion US Dollar in October. Of this only 69.43 million US dollar came through approval route and the rest 2.71 billion US dollar through automatic route.

Kotak 1st bank to fully own an insurance business
Kotak Mahindra Bank 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. The bank is already the promoter of a life insurance company in partnership with Old Mutual of South Africa. RBI guidelines allow a bank to hold a maximum 50% in an insurance joint venture. However, the central bank had allowed some exceptions to this rule, which include State Bank of India and ICICI Bank. In both these partnerships, the banks hold 74% while the balance 26% is held by a foreign partner. 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. The last company to set up a full-fledged general insurance business was Liberty Videocon General Insurance. At present, Kotak Mahindra Bank is a corporate agent for Tata AIG General Insurance.

Telangana introduces new Bill for speedy industrial clearances
The Telangana Government has introduced the State Industrial Project Approval and Self Certification System Bill 2014 for providing investor friendly atmosphere in the state. “TS-iPass” bill is aimed at speedy processing of providing clearances for new industrial establishments in the state. The Bill will facilitate setting up the state level committee headed by Secretary Industries and district level committees headed by District Collector to give clearances in 30 days based on self certification provided by the applicant at a single point.

Aurobindo Pharma U.S. recalls epilepsy drug
Aurobindo Pharma USA has announced that it was voluntarily recalling a product lot of its epilepsy drug, Gabapentin capsules, after the lot was found to contain some empty capsules. Empty capsules could result in missed dose(s) of Gabapentin, which is used in the treatment of epilepsy and for the management of postherpetic neuralgia (pain after shingles), resulting in adverse health consequences.

Sports:

Sania named UN Goodwill Ambassador
Sania Mirza was named a United Nations Goodwill Ambassador for the South Asian region by UN Women. Described as a “woman of achievement” and “youth icon”, Sania will undertake initiatives to promote women empowerment in the region.

World Women’s Boxing: Sarjubala, Saweety win Silver medals
Women Boxers Sarjubala Devi and Saweety have won Silver medals in the World Women's Boxing Championships in Korea. In the final of the 48kg division, Sarjubala lost to Nazym Kyzaibay of Kazakhstan, 0-3. In the 81kg final, Saweety lost to China's Xiaoli Yang, 0-3.

Hughes critical after being hit by bouncer
Australian batsman Phil Hughes was fighting for his life following emergency surgery after he was knocked out by a bouncer in a freak incident which shocked the cricket world. The 25-year-old, who is pressing for a Test recall, crashed to the ground unconscious after the heavy blow to the lower head and was rushed to hospital from the Sydney Cricket Ground.

Ethiopian Adola wins Delhi Half Marathon in record time
Ethiopia's Guye Adola set a course record as he emerged victorious in the international elite men's category, while Florence Kiplagat of Kenya finished on top in the women's category of the Airtel Delhi Half Marathon (ADHM). Adola clocked 59.06 minutes and broke co-Kenyan athlete Atsedu Tsegay's 2013 record of 59:12 to take home prize money of $27000 plus the additional course record bonus of $7500. He beat second placed World Half Marathon champion Geoffrey Kipsang (59:07) by a margin of one second and third-placed Mosinet Geremew (59:11) by a margin of five seconds in a closely contested encounter. In the women's elite category, two-time world champion Florence Kiplagat stunned reigning World Half Marathon champion Gladys Cherono and became the first runner to defend a women's crown in Delhi.

Phelps wins Golden Goggle as Male Athlete of Year
Michael Phelps has been crowned Male Athlete of the Year for a fifth time at the 2014 USA Swimming Golden Goggle Awards despite being suspended from competition for six months after a drunken driving arrest in September 2014. The 18-time Olympic gold medallist stepped away from training in early October. Olympic gold medallist and world record-holder Katie Ledecky capped her memorable 2014 season by claiming three awards, including USA Swimming's Female Athlete of the Year.