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General Awareness

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Daily G.K. - Top Stories

25 May 2017

INTERNATIONAL AFFAIRS

Nepal PM Resigns

  • Nepal’s Prime Minister Pushpa Kamal Dahal Prachanda announced his resignation so that the leader of his coalition partner party can succeed him, in line with an agreement between the two parties.
  • Mr. Prachanda of the Communist Party of Nepal (Maoist Centre) became Prime Minister in August 2016 with the support of Nepali Congress, the country’s largest party. The two parties had agreed to switch Prime Ministers after nine months.
  • It will take weeks for Mr. Deuba to assume office, and Mr. Prachanda will serve as acting PM in the interim.

France Extends Emergency Powers

  • Following the terrorist attack in Manchester which killed 22 and injured dozens, the French government has decided to extend the country’s state of emergency.
  • The powers were introduced after Islamist gunmen and suicide bombers
  • killed 130 people in November 2015.
  • The measures were due to end in mid-July but according to the newly elected French President, Emmanuel Macron, they will now continue until November 2017.

Moody's Downgrades China

  • Moody's Investors Service downgraded China's credit ratings for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years.
  • The one-notch downgrade in long-term local and foreign currency issuer ratings, to A1 from Aa3, comes as the Chinese government grapples with the challenges of rising financial risks stemming from years of credit-fuelled stimulus.
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BUSINESS AND ECONOMY

Cabinet Nod for Phasing Out FIPB

  • The Union Cabinet approved the phasing out of the Foreign Investment Promotion Board (FIPB).
  • The move entails abolishing the FIPB and allowing administrative ministries/departments to process applications for FDI requiring government approval.
  • The FIPB was initially constituted under the Prime Minister's Office in the wake of economic liberalisation in the early 1990s.

I-T Unearths Benami Deals

  • The Income Tax Department has identified over 400 benami transactions and attached properties worth Rs. 600 crore in about 240 cases.
  • The department started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November last year.
  • Benami property includes movable or immovable, tangible or intangible, corporeal or incorporeal property which is in name of someone other than the beneficial owner.

India to Raise over $350 Million in Bonds

  • India's cabinet approved a proposal to raise over $350 million from a bond sale to fund its renewable energy development schemes.
  • The move is a part of the government's 2016-17 financial budget proposals in which it allocated 40 billion rupees ($617.81 million) to IREDA to issue government-serviced bonds.
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SPORTS

Sudirman Cup 2017

  • The Indian badminton team sealed a place in the knockout stage of the Sudirman Cup mixed team championship.
  • Ninth seeded India had kept themselves afloat for a quarterfinal spot after shocking fifth seeded Indonesia in a thrilling match.
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NATIONAL AFFAIRS

High Operational Military Readiness

  • As per a media report, both India and Pakistan continue to maintain high operational military readiness along the volatile Line of Control (loC).
  • According to a top army officer, the pre-emptive and punitive fire assaults will continue to be conducted across the 778-km LoC to stem infiltration. But he added that it was not a war-like situation as of now.

Army Free to Take Decisions

  • Defence Minister Arun Jaitley said that army officers are free to take decisions in a war-like zone, referring to the situation in Jammu and Kashmir, a day after the Army went public on fire assaults on Pakistani posts along the LoC.
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