CURRENT AFFAIRS 1 MAY-7 MAY 2014

 

 

CURRENT AFFAIRS 1 MAY TO 7 MAY 2014

1st May

  • International Labour Day being observed today:- It is observed on May 1 every year to celebrate the achievements of workers. Labour Day has its origins in the labour union movement, specifically the eight-hour day movement, which advocated eight hours for work, eight hours for recreation, and eight hours for rest.
  • Exim Bank to set up project development company with African Development Bank:-  In a bid to enhance India’s limited presence in the infrastructure space in Africa, Exim Bank will soon set up a Project Development Company (PDC) in association with the African Development Bank, a multilateral institution for 55 African countries. The PDC will identify opportunities in Africa and bring these opportunities towards financial closure.” State Bank of India and Infrastructure Leasing & Financial Services will be the other partners in the PDC. Each of the four partners in the PDC will chip in $5 million to start the venture. The project reports that PDC will put together will save precious time and money that companies otherwise would have to spend in undertaking techno-economic feasibility studies.
  • For the first time London got its Web Domain name London:- London on 29 April 2014 got its domain name . london for the first time. Officially, .london will come into effect from the summer 2014.Domain name of London will join the club of Germany and Austria as .berlin in Germany and wien in Austria. Since January 2014, a little-known organization that regulates global Internet names has been issuing new city-specific domain names. Roughly 60 cities have received approval for their own domains so far. The new .city names are expected to help local enterprises boost their web presence, improve their online search rankings and increase their sales by directing locals and tourists to relevant nearby businesses.
  • Mahatma Gandhi Pravasi Suraksha Yojana scheme launched in UAE:- Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) was launched in the UAE in the fourth week of April 2014. A leading Indian financial and health care service player has tied up with the UAE Exchange to offer Mahatma Gandhi Pravasi Suraksha Yojana Scheme in the Gulf country. The implementation of the MGPSY scheme will be facilitated by UAE Exchange that is offered by the India’s Ministry of Overseas in association with Alankit Assignments.

2nd May

  • India ranked No. 3 in US Green Building Council list:- The US Green Building Council (USGBC) has ranked India as No 3 among the list of top 10 countries for LEED outside of the United States. Canada tops the list followed by China, India, South Korea, Taiwan, Germany and Brazil, among others. The list demonstrates the global reach of the movement that is transforming the built environment into healthy, high-performing structures that benefit the planet and its people.
  • World’s highest railway tunnel opens in China :- The world’s highest tunnel for high-speed trains in northwest China became operational on Thursday at an altitude of 3,607.4 metres. The 16.3-km-long was completely linked up, operationalising the line linking Gansu Province and Xinjiang provinces. With altitudes of up to 3,607.4 metres, the tunnel passes through the Qilian Mountains with two sections and a bridge. 
  • IIT Guwahati leads India into top 100 global varsity rankings;- The prestigious Indian Institute of Technology, Guwahati has taken India into the world’s top 100 university rankings for the first time with an entry at No. 87. IIT Guwahati is the only Indian educational institute in the 2014 league table of ‘100 Under 50’ institutions released by the ‘Times Higher Education’ (THE) magazine in London on Wednesday.

3rd May

  • Bandhan financial services to open 300 new banksThe Bandhan financial services will open 300 new banks in West Bengal. Addressing an interactive session at Bharat Chember of Commerce in Kolkata on Friday, the Chairman and Managing Director of the company, Mr Chandra Sekhar Ghosh said that they have planned to open 250 new branches in rural areas of West Bengal while 700 bank branches through out the country.
  • Drug Technical Advisory Board bags award for leadership in animal welfare:- Eighteen members of the outgoing Drug Technical Advisory Board (DTAB) have received the ‘Leadership in Animal Welfare Award’ for its support in improving the regulatory standards for animal welfare in the country. Humane Society International/India (HSI) conferred the award.
  • Maheswary nominated again for Arjuna Awards:- Triple jumper Renjith Maheswary, who has been stopped from receiving Arjuna Award under controversial circumstances on charges of dope violation last year, has again been recommended by the Athletics Federation of India (AFI) for the coveted honour this year. A top AFI official told PTI that Maheswary’s name has again been nominated for this year’s Arjuna Award on the ground that the Sports Ministry’s eligibility rule does not bar him from getting the coveted honour

4th May

  • Forex reserves rise by $500 mn: RBI:-India’s foreign exchange (forex) reserves rose by $499.8 million to $309.91 billion for the week ended April 25, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed. According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $493.2 million to $282.03 billion.
  • US jury orders Samsung to pay Apple $119.6 million:- A US jury ordered Samsung Electronics Co Ltd to pay $119.6 million to Apple Inc, a big loss for the iPhone maker in the latest round of their globe-spanning mobile patent litigation. During the month-long trial in a San Jose, California, federal court, Apple accused Samsung of violating patents on smart phone features including universal search, while Samsung denied wrongdoing.
  • US Government announced 1.2 million US dollar aid for Ukrainian Journalist:- US Agency for International Development (USAID) will fund the aid. The aid aimed to protect vulnerable journalists and domestic governance in Ukraine. As per the US Government, more than 500 journalists have been harassed, beaten or abducted since November 2013, and one reportedly has been killed. Members of the media in Ukraine have faced serious challenges and dangers over the past several months.
  • Manavjit Sandhu ranked at third spot in ISSF World Ranking:- Manavjit Singh Sandhu, the Indian veteran trap shooter jumped to the third spot in the world rankings. He achieved the rank after winning gold at the ISSF World Cup in Tucson, USA, in March 2014.
  • Asian Snooker C’ship: Kamal Chawla settles for bronze medal:- Indian cueist Kamal Chawla has settled for a bronze medal in the Asian Snooker Championship being held in the United Arab Emirates. At Al Fujairah, Chawla lost his semifinal match to Chuan Leong Thor of Malaysia with a scoreline of 2-6. This is Chawla’s first medal in Asian Championships.
  • Astra successfully test-fired from Sukhoi-30 MKI:- Astra, India’s first indigenously developed Beyond Visual Range (BVR) air-to-air missile was successfully test-fired from a Sukhoi-30 MKI at a naval range in the Western Sector, marking a major step in missile-aircraft integration. The test-firing met all the mission objectives and the air-launch was captured by side and forward looking high-speed cameras and the separation was exactly as per simulation, according to a press release from the Defence Research and Development Organisation (DRDO).

5th May

  • HAL hands over ‘Nabhratna’ to DRDO:- Hindustan Aeronautics Limited (HAL), transport division, handed over ‘Nabhratna’ flying test bird aircraft to DRDO in a simple ceremony. HAL chairman RK Tyagi handed over the aircraft to chief guest Avinash Chander, scientific advisor to defence minister. Joshi said that HAL had signed the contract for Nabhratna Flying test bird aircraft in May 2013 and completed the project in May 2014, six months before schedule time of November 2014. All the specifications are matching with the requirements laid down by DRDO.
  • Ahmed Maiteeg elected New PM of Libya:- Businessman Ahmed Maiteeg was elected on Sunday as Libya’s new prime minister after receiving 121 votes in parliament. He was then sworn in and given two weeks to form a cabinet.
  • Juan Carlos Varela to be new President of  Panama:- The opposition leader Juan Carlos Varela has won the Presidential election in Panama with almost 40 percent of the votes. Mr Varela, who is currently the country’s Vice President, had distanced himself from President Ricardo Martinelli.
  • ING Vysya Life Insurance Company Ltd has become Exide Life Insurance Company:- ING Vysya Insurance changes name to Exide Life Insurance Company. An announcement to this effect was made by Managing Director Kshitij Jain in Bangalore on Monday. The change is with immediate effect following approval from the Insurance Regulatory and Development Authority and Ministry of Corporate Affairs.
  • Ex-tennis player Elena Baltacha dies of cancer:- Elena Baltacha, a former top-50 professional tennis player, who had been fighting liver cancer since retiring from the game, died on Sunday. She was 30. The former British No. 1 died peacefully surrounded by family and friends, the Women’s Tennis Association said on its website. Baltacha, who represented Britain at the 2012 London Olympics, was diagnosed with the illness in January, two months after retiring from tennis and only weeks after she married her long-time coach Nino Severino.
  • Ahmet Sik won UNESCO Guillermo Cano World Press Freedom Prize 2014:- Turkish investigative journalist Ahmet Sik won 2014 UNESCO Guillermo Cano World Press Freedom Prize. He received the award worth of 25000 US dollars by the Director-General of UNESCO, Irina Bokova in Paris. Ahmet Sik, 46, is a freelance journalist who worked for several Turkish newspapers such as Cumhuriyet, Radikal, Evrensel and Yeni Yuzyil between 1991 and 2011.

6th May

  • SC upheld constitutional validity of Right to Education Act:- The Supreme Court on Tuesday upheld the constitutional validity of the Right to Education Act, which mandates that 25 per cent seats in all schools be reserved for the economically disadvantaged. A five-judge Constitution Bench headed by Chief Justice R M Lodha said that the Act will not apply to aided or unaided minority institutions. The bench also said Article 21 (A) does not alter the basis structure of the Constitution.On August 23, 2013, a three-judge bench had referred the issue to a five-judge bench because it involved a vital constitutional question of law relating to the rights of unaided private educational institutions.
  • Government approval not required to probe senior bureaucrats on corruption charges: SC:- The Constitutional Bench Supreme Court of India held that prior sanction is not required from the government to probe the senior bureaucrats on corruption charges. The decision also included officers above the rank of Joint Secretary. In its direction the apex court said that there cannot be any discrimination at times when it comes to prosecuting a Criminal Act.The apex court in its observation termed that there can be no protection to corrupt public servants by terming Section 6A of the Delhi Special Police Establishment Act (DSPEA) as invalid and unconstitutional.
  • SC strikes down Karnataka govt order making Kannada medium of teaching in schools:- The Supreme Court on Tuesday struck down a decision of the Karnataka government making it mandatory for all primary schools in the state to teach in Kannada language. “The government can’t impose mother tongue on linguistic minority for imparting primary education,” the SC said.
  • Thai PM Yingluck Shinawatra faces 5-yr ban from politics if proven guilty:- Thailand PM Yingluck Shinawatra who is facing allegations of power abuse to transfer a top official, could be removed from office and banned from politics for five years if proven guilty. Ms Shinawatra is due for a crucial ruling by the Constitutional Court on Wednesday in wake ofaccusations that her Pheu Thai party fetched benefits when she transferred Thawil Pliensri in 2011.
  • Sunil Mittal to co-chair World Economic Forum on Africa:- Bharti Enterprises founder and Chairman Sunil Bharti Mittal will co-chair this year’s edition of the World Economic Forum on Africa. The group’s flagship company Bharti Airtel is the largest mobile operator in Africa in terms of geographical footprint and provides services in 17 African countries with close to 70 million customers, the company said in a statement.
  • Lalit Modi elected president of Rajasthan Cricket Association:- Former IPL commissioner Lalit Modi has been formally declared president of the Rajasthan Cricket Association (RCA). The results of the December 19 elections were declared by a court observer in Jaipur today. According to a Supreme Court order , the votes, in a sealed envelope, were opened under court observation. Modi won by a landslide margin, polling in 24 out of 33 votes, while his opponent Rampal Sharma earned just five.
  • Dipika Pallikal ranked 10 Women Squash Association (WSA):- Dipika Pallikal was ranked No 10 in Women’s Squash Association (WSA) rankings released on 1 May 2014. She entered the top 10 ranks after winning the Texas Open 2014. Her previous rank was 12. Dipika won Texas Open 2014 against Rachel Grinham of Australia and it is her seventh Women’s Squash Association title. Pallikal is the highest ranked Indian in squash history to reach no 10 in the world.
  • Waqar Younis back as Pakistan coach:- The Pakistan Cricket Board has given cricket great Waqar Younis a second shot as coach of the national team. Younis was the coach for 18 months until after leading the team to the 2011 World Cup semi-finals. He resigned for personal reasons

7th May

  • Niwatthamrong Boonsongpaisan become the interim PM of Thailand:- Thailand’s caretaker Cabinet has appointed a new acting Prime Minister after acourt removed Prime Minister Yingluck Shinawatra from office. Ms. Yingluck and nine Cabinet members were forced from power on Wednesday by the Constitutional Court, which found her guilty of abuse of power.
  • RBI allowed the minors of age above 10 years to open Savings bank accounts:- Reserve Bank of India (RBI) issued the guidelines to allow the minors of age above 10 years to independently open and operate savings bank accounts and use other facilities like ATM and cheque books. Till now, banks allowed minors to operate bank accounts only along with a parent or a guardian. All children and teenagers below the age of 18 are considered minors under current rules. RBI took this initiative to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts.
  • RBI scraps pre-payment charges on floating rate loans:- Now you can pre-pay your home loans with that extra money in your hands without doing complex calculations on what your bank might charge you as penalty because you eat into their potential interest earnings. The RBI has told banks that they can longer charge any pre-payment charges to customers on floating rate term loans. Customers tend to pre-pay  their loans when they find that the interest rates on their term loans have risen. Some customers foreclose their loans with existing banks by switching to banks who offer loans at lower rates. Some banks charge as much as two per cent of the outstanding amount as penalty for foreclosure.
  • Virat is number 1 ODI batsman in latest ICC rankings:- Virat Kohli has retained his position as number one ODI batsman in the latest International Cricket Council, ICC ranking released in Dubai, Ravindra Jadeja figures at number five in the bowlers as well as all-rounders category. Virat Kohli has retained his top billing among the batsmen with 881 points. South Africa’s ABDevilliers follows him closely at number two with 872 points. India captain Mahendra Singh Dhoni is sixth in the list with 783 points while Shikhar Dhawan is ranked eighth with 723 points. Among the bowlers, Saeed Ajmal leads the pack followed by Dale Steyn and Sunil Narin while Ravindra Jadeja is at fourth position with 676 points.
  • Mark Selby won maiden World Snooker title 2014:- English pro Mark Selby has pocketed his maiden World Snooker Championship title. At Sheffield, United Kingdom today, he played the match of his career to stun defending champion Ronnie O’Sullivan. The Leicester-based cueist, who trailed 7-10 overnight, triumphed 18-14 on a dramatic final day at the Crucible to become the new World No.1.
  • World Kabaddi League launched in capital:- The World Kabaddi League was launched in New Delhi on Tuesday in the presence of Deputy Punjab Chief Minister Sukhbir Singh Badal and former India hockey captain Pargat Singh. Aimed at raising the profile of the sport, the league is all set for inauguration in mid-June at Thyagaraj Sports Complex in New Delhi.
  • Saina, Srikanth to lead Indian team in Thomas, Uber Cup:- London Olympics bronze medallist Saina Nehwal and Thailand Grand Prix champion K Srikanth will spearhead the Indian challenge at the Li-Ning BWF Thomas and Uber Cup Finals to be held at the Siri Fort Sports Complex here from May 18 to 25. The 24-year-old Saina will lead charge in the Uber Cup competition and world No. 18 Srikanth will be shouldering the responsibility in the Thomas Cup as India went with five singles and five doubles players in both the squads, selected on the basis of world rankings. With the maximum number of players allowed in the squad being 10, many teams have gone for four singles and six doubles players

MULTIPLE CHOICE QUESTIONS

Q.1.The Pulitzer Price for Fiction -2014 has been awarded to Donna Tratt, for her novel ___?

(1) The Son                       (2) The Woman Who Lost Her Soul       (3) The Gold Finch                       (4) The Secret History

Q.2. Over a decade after the state-run banks launched Kisan Credit Cards, which of the following private sector lenders introduced its own card “Kisan Card” through which a farmer can withdraw up to Rs 1 lakh per day from automated teller machines (ATMs)?
1) HDFC                                       2) Axis Bank                                                 3) ICICI                                         4) Federal Bank

Q.3. Heena Sidhu is associated with which of the following games? She was in news, recently, as she appeared on the cover of Dec 2013 issue of the magazine published by the international body of the game.
1) Air pistol                                    2) Boxing                      3) Archery                                     4) Discus throw

Q.4. The Bank should comply and intimate the compliance of Award to Ombudsman?
1) Within Two Months                    2) Within 3 months                 3) Within one month                       4) Within one year.

Q.5. ‘One Family one Bank’ is the tagline of which Bank?
1) Bank of India                             2) Indian Bank                         3) Bank of Maharastra.                  4) Union Bank of India

Q.6. Who among the following is the Chairman of Tax Administration Reform Commission (TARC)?

(1) Parthasarathy Shome               (2) C Rangarajan    (3) S Mahalingam                          (4) Rajiv Takru

Q.7.The Lok Sabha poll schedule was announced recently by the Election Commissioner of India. Who among the following is the current Chief Election Commissioner?
1) KG Balakrishnan                      2) Navin Chawla                       3) VS Samapath                          4) Harishankar Brahma
Q.8. Which of the following sports federations in India has been accorded status of National Sports Federation recently and now it will represent India in international events? Earlier, the Sports Ministry had de-recognised it for not adhering to govt guidelines.
1) Hockey India                          2) Indian Boxing Federation
3) All India Tennis Association   4) Badminton Association of India

Q.9. The RBI has extended the date for exchanging pre-2005 banknotes and has advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public. Now exchange will be available till:
1) 31 Jul 2014                                        2) 30 Sep 2014                   3) 1 Jan 2015                                        4) 31 Jan 2015

Q.10. Sheila Dikshit has been appointed Governor of which of the following states recently?
1) Karnataka               2) Tamil Nadu                              3) Kerala                                            4) Odisha

Q.11. As announced by the Election Commission, the Lok Sabha elections will be held between 7 Apr and 12 May in how many phases? These elections will witness the highest number of phases so far.
1) Five                                              2) Six                           3) Seven                                          4) Nine

Q.12. In case of dishonour of a cheque due to insufficient funds in the account of the person drawing the cheque, a court can punish the guilty (defaulter) with a prison term of two years and/or a fine, which can be as high as ________the cheque amount.
1) Twice                                           2) Thrice                      3) Four-times                                   4) Five-times

Q.13. The two-day World Green Economy Summit (WGES) 2014, a global effort to combat climate change, was held at which of the following places recently?
1) Dubai                                            2) Doha                      3) Kuala Lumpur                               4) Jakarta

Q.14. The annual blood donation drive organized of which of the following private sector banks in India in Dec 2013 has been recognized as the largest effort of its kind across the globe and has set a Guinness World Record?
1) ICICI                                         2) HDFC                          3) Axis bank         4) Kotak Mahindra
5) Federal bank

Q.15. Which of the following countries have agreed to join hands on an initiative for Kanchenjunga trans-boundary landscape to address biodiversity conservation in a sustainable way in the Himalayan region?
1) India, China and Bhutan                2) India, Nepal and Bangladesh
3) India, Nepal and Bhutan              4) China, Nepal and Bhutan                                             5) None of these

Q.16. After remaining 10 years in orbit, which of the following communication satellites of India retired recently?
1) GSAT-14                          2) INSAT-3E                        3) IRNSS-1B                        4) GSAT-16       5) None of these

Q.17. Which of the following two states in India together account for about half of the total mango production in India?
1) Andhra Pradesh and Uttar Pradesh                             2) Andhra Pradesh and Karnataka
3) Kerala and Uttar Pradesh                                             4) Andhra Pradesh and Bihar           5) Odisha and Uttar Pradesh

Q.18. The World Bank has announced that it is increasing its lending capacity to developing countries such as China, India and Brazil. The Bank would increase its annual lending to these middle-income countries to as much as _________over the next decade.
1) USD 15 bn                        2) USD 18 bn                        3) USD 22 bn        4) USD 25 bn        5) USD 28 bn

Q.19. The issue of fresh securities by an unlisted company for the first time is called
1) Exchange Traded Fund                 2) Initial Public Offering                     3) Rights issue
4) Follow-on Public Offering                             5) None of these

Q.20. Which of the following countries have agreed to join hands on an initiative for Kanchenjunga trans-boundary landscape to address biodiversity conservation in a sustainable way in the Himalayan region?
1) India, China and Bhutan                              2) India, Nepal and Bangladesh                       3) India, Nepal and Bhutan
4) China, Nepal and Bhutan                             5) None of these

Q.21. Gross Domestic Product is defined as the value of all:

(1) Goods produced in an economy in a year

(2) Goods and services produced in an economy in a year

(3) Final Goods produced in an economy in a year

(4) Final Goods and services produced in an economy in a year

 

Q.22. During periods of Inflation, tax rates should:

(1) Increase                           (2) Decrease                          (3) Remain Constant                          (4) Fluctuate

Q.23.    Devaluation of a currency means

(1) reduction in the value of a currency vis-a-vis major internationally traded currencies

(2) permitting the currency to seek its worth in the international market

(3) fixing the value of the currency in conjunction with the movement in the value of a basket of pre-determined currencies

(4) fixing the value of currency in multilateral consultation with the IMF, the World Bank and major trading partners

 

Q.24. If the cash reserve ratio is lowered by the RBI, its impact on credit creation will be to

(1) increase it                        (2) decrease it                       (3) no impact                        (4) None of the above

Q.25. Which of the following measures should be taken when an economy is going through inflationary pressures?

A. The Direct taxes should increased

B. The Interest rate should be reduced

C. The public spending should be increased.

Select the correct answer from the options given below

(1) Only A                         (2) Only B                  (3) Only B & C                  (4) Only A & B

(65)

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