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Daily G.K. - Top Stories

03 Dec 2014

INTERNATIONAL AFFAIRS

Greek PM not planning to Raise Tax

  • Greek Prime Minister rejected calls from the EU and IMF to raise taxes to satisfy the demands of the country's bailout programme.
  • Samaris denied reports that his government was planning a fresh tax hike to close a crucial European Union-International Monetary Fund audit that will determine the future of the bailout.
  • He criticised the "heavy pressure" of the European Union, the International Monetary Fund and the European Central Bank exerted on Greece, and insisted that his country would meet its budget goals without having to take the new measures demanded.
  • He admitted that "extraordinary measures" could be taken if there was a fiscal shortage in 2015.

Wife and Son of Islamic State Chief Abu Bakr al-Baghdadi Arrested

  • According to military sources, Lebanon has arrested a wife and son of Abu Bakr al-Baghdadi, the self-proclaimed caliph of the jihadist Islamic State (IS).
  • The two were detained by military intelligence 10 days ago near the town of Arsal, close to the border with Syria.
  • The pair was taken to the Defence Ministry headquarters in Yarze, just outside Beirut, where investigations are continuing.
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ENVIRONMENT

Andes Glaciers Hit by Climate Change

  • The tropical glaciers of the Andes Mountains are melting, raising fear for scientists that many will disappear before anything can be done to save them.
  • These icy castles, scattered across Ecuador, Bolivia, Colombia and Peru are under a microscope at the United Nations climate talks this month, where 195 countries are trying to find a framework of a global deal to cut the carbon emissions warming the planet.
  • The melting of the glaciers is threatening freshwater supplies in the Andes region and could cause the sea level to rise.
  • The increase in global temperatures since the start of the 20th century, which is 0.8 degrees Celsius has affected glaciers worldwide.
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BUSINESS AND ECONOMY

RBI Keeps Interest Rates Unchanged

  • Disappointing the industry and the government, RBI kept the interest rates the same for fifth time in a row but held out a promise of a softening stand in the next review due in February.
  • According to RBI, if the current inflation momentum and changes in inflationary expectations continue, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year.
  • The industry reacted with disappointment saying the RBI has not been accommodating, while the government, which has also been pitching for a rate cut, said it looked forward to the central bank supporting the revival of growth and employment.
  • The repo rate continues to be at 8 percent while the cash reserve ratio has also been retained at 4 percent.

Excise Duty on Petrol and Diesel Hiked

  • The government hiked excise duty on petrol by Rs. 2.25 a litre and on diesel by Re. 1 a litre from immediate effect.
  • According to the government there would be no impact on retail prices of petrol and diesel due to hike in excise duty.
  • The hike in petrol and diesel is expected to raise an additional 40 billion rupees ($650 million) in the remainder of the fiscal year.
  • Last month the government had hiked excise duty on petrol and diesel prices by Rs. 1.50 a litre each to mop up an additional Rs. 13,000 crore in revenue.

Gold prices soar by Rs. 840 in One Day

  • Gold regained the Rs. 27,000 per ten grams level as it rose by Rs. 840 in a single day after a gap of over one month in the national capital, tracking rebounds in global markets.
  • After losing Rs. 730 in last six sessions after the RBI eased imports curbs by scrapping the 80:20 scheme, gold staged a strong comeback and closed at Rs. 27,040 per ten grams.
  • Silver also recorded a significant gain of Rs. 2,700 to Rs. 37,000 per kg on increased off take by industrial units and coin makers.
  • Globally silver also surged 7.3 percent to USD 16.69 an ounce, the highest gain since September 2013.
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SCIENCE & TECHNOLOGY

Detection of Super-Earth Transit

  • Astronomers made the first ever observation from a ground-based telescope of a super-Earth passing in front of a nearby sun-like star, a development that could spur them in their search for signs of life on alien planets from a distance.
  • The host star "55 Cancri" is located just 40 light years away from us and is visible to the naked eyes and the transit of the exoplanet named "55 Cancri e" is the shallowest detected from a ground-based observatory.
  • The planet is about twice the size of Earth or 16,000 miles in diameter.
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NATIONAL AFFAIRS

Anil Kumar Sinha New CBI Director

  • The Centre appointed Anil Kumar Sinha as the new chief of the Central Bureau of Investigation (CBI). He will take over from Ranjit Sinha who retired.
  • Sinha was the Special Director, the second in command at the central probe agency. His name was among the short-listed candidates chosen after a meeting at Prime Minister Narendra Modi's residence.
  • Weeks before his retirement, Ranjit Sinha was removed by the Supreme Court from the investigation of the 2G spectrum scam, one of the country's biggest financial scandals, based on evidence that he tried to scuttle the probe and met with several of the accused.
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