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Daily G.K. - Top Stories

20 Aug 2015

INTERNATIONAL AFFAIRS

Nigeria to End Boko Haram Insurgency

  • The Nigerian government has set a three-month deadline for ending the Boko Haram insurgency that has claimed more than 10,000 lives and displaced millions in the West African nation.
  • National Security Adviser visited the forces undertaking security operations and gave them orders to wipe out the militants.
  • The Nigerian President also met leaders of Chad, Niger and Cameroon to discuss the ongoing joint offensive against the Boko Haram militants.

First Tranche of Greek Bailout Funds

  • Eurozone finance ministers formally approved the first tranche of a new 86 billion euro ($95-billion) bailout for Greece after parliaments in member states backed the rescue-for-reforms deal.
  • According to a report, Greece will receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank.
  • In a breakdown of the first tranche, 10 billion euros will be placed in a fund to recapitalise Greek banks while another 13 billion euros will be partly used to repay the loan to the ECB and a bridging loan of 7.16 billion euros, which the EU granted to Athens in July to allow it to honour previous commitments to the ECB and the IMF.
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BUSINESS AND ECONOMY

RBI Clears 11 Payments Banks

  • The Reserve Bank of India 'in principle' cleared 11 entities, department of posts, top conglomerates such as Reliance Industries and Aditya Birla Group, telecom giants like Airtel and Vodafone, and a number of tech and finance companies, to set up payments banks.
  • Ever since the first round of bank nationalization in 1969, only two private business groups have been allowed to promote a bank. Although most corporate houses had applied for a universal bank licence, only IDFC and Bandhan Microfinance being granted licences earlier this year.
  • The new payments bank to be set up by the department of posts will have access to the 1.55 lakh post offices across the country. State Bank of India will pick up a 30% stake in RIL's bank which will use Reliance Jio's 4G network to provide banking services. Airtel has the backing of Kotak Bank, which will hold a 19.9% stake in the proposed bank.
  • The in-principle approval granted will be valid for a period of 18 months, during which the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of in-principle approval, RBI would grant a banking licence.

Adani Group in Talks with Softbank and Foxconn

  • Adani Group is in talks with Japan`s Softbank and Foxconn to secure investment in a $3 billion project to make solar cells and panels in the country.
  • Softbank, Foxconn and Bharti Enterprises have already pledged to invest about $20 billion in solar projects in India. A new deal with Adani, one of the country`s largest conglomerates, would boost efforts to promote manufacturing and create sorely needed jobs.

Telenor to Bid for 3G in Next Auctions

  • Norwegian telecom major Telenor will bid for 3G spectrum in the next round of auctions in India just as the company eyes expansion through mergers and acquisitions (M&As).
  • The company, which operates in India under the Uninor brand and has operations in six telecom circles, is also actively looking at boosting its network capacity by striking spectrum sharing arrangements.
  • Uninor, which only offers 2G services so far, had participated in the spectrum auctions earlier this year too, but failed to buy airwaves.
  • Uninor, which pitches its services on the 'lowest-price' plank, operates in UP (West), UP (East), Bihar (including Jharkhand), Andhra Pradesh, Maharashtra and Gujarat. It will soon begin services in Assam.
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SCIENCE & TECHNOLOGY

Japan Cargo Ship Embarks on ISC

  • An unmanned cargo ship blasted off from southern Japan with food, water and gear needed to keep the research station and its crew functioning.
  • It will take the capsule five days to reach the station.
  • In addition to refilling the station’s pantries, HTV carries spacesuit gear, water filters, a galley and science instruments, including a telescope to measure cosmic rays, particles with the highest energy in the universe.
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NATIONAL AFFAIRS

Karnal Singh Gets Additional Charge

  • Senior IPS officer Karnal Singh was given additional charge as chief of Enforcement Directorate (ED).
  • The Appointments Committee of the Cabinet has approved assigning the additional charge of the post of Enforcement Director to Singh for a period of three months.
  • Singh is now working as Special Director, Centre Region in ED, under the Department of Revenue.
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