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Daily G.K. - Top Stories

08 Feb 2018

INTERNATIONAL AFFAIRS

'World's Loneliest Bird' Dies in New Zealand

Gannet named Nigel, dubbed the 'loneliest bird in the world" died due to the absence of any feathered friends on his island home. The sea bird also known as "no-mates Nigel" spent years living among a colony of fake concrete birds set up by conservationists in a bid to attract wildlife.

Kim's Sister to be the 1st Member of North's Ruling Family to Cross Border to South

North Korean leader Kim Jong Un's sister will make her debut on the world stage when she visits South Korea to attend the opening ceremony of Winter Olympics. Kim Yo Jong would accompany Kim Yong Nam, North Korea's nominal head of state, along with Choe Hwi, chairman of the National Sports Guidance Committee , and Ri Son Gwon, who held Inter-Korean talks last month. Kim Yo Jong would be the first member of the Kim family, born on the sacred Mount Paektu, which is a centre piece of the North's idolisation and propaganda campaign, to cross the border to the south.

Abdul Hamid re-elected as Bangladesh President

Bangladesh President Abdul Hamid was re-elected uncontested for another five year term, becoming the only leader who will be serving for a second consecutive term. Hamid was first elected unopposed as the President in 2013.

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BUSINESS AND ECONOMY

Policy Rates Unchanged

The Reserve Bank of India kept interest rates unchanged for the third time in a row, reasoning that higher government spending would accelerate inflation, and warned of risks from wider fiscal deficit. The repurchase or repo rate is retained at 6 percent, and reverse repo rate at 5.75 percent. RBI upped its inflation forecast to 5.1 percent for the current fourth quarter of the 2017-18 fiscal ending March 31.

Base Rate to be Linked with MCLR

The RBI will link the base rate with the MCLR from April 1 to ensure expeditious transmission of its policy rate to borrowers. RBI introduced the Marginal Cost of Funds based Lending Rates (MCLR) system, with effect from April 1, 2016 on account of the limitations of the Base Rate Regime. Since MCLR is more sensitive to policy rate signals, it has been decided to harmonise the methodology of determining benchmark rates by linking the Base Rate to the MCLR with effect from April 1.

MSMEs to be Defined on Annual Revenues

The Union cabinet approved a proposal to redefine micro, small and medium enterprises, or MSMEs, based on their annual revenue, replacing the current definition that relies on self-declared investment on plant and machinery.The move is expected to improve ease of doing business, avoid unnecessary inspections and at the same time enable the authorities to verify claims of businesses using the sales data they have from the GST Network, the company that processes goods and services tax (GST) returns. The central bank raised the repayment period before MSME loans are classified as bad loans from 90 days to 180 days.

According to the government's new definition, businesses with revenue of as much as Rs. 5 crore will be called a micro enterprise, those with sales between Rs. 5 crore and Rs. 75 crore will be deemed as small and those with revenue between Rs. 75 crore and Rs.250 crore will be classified as medium-sized enterprises. Finance minister Arun Jaitley proposed a 25% corporate tax rate for entities with sales of up to Rs. 250 crore in the budget.
Under the earlier definition, manufacturers with Rs. 25 lakh investment in plant and machinery were termed micro enterprises and those with investments between Rs. 25 lakh and Rs. 5 crore were regarded as small enterprises. Firms with investments of up to Rs. 10 crore are classified as medium.
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SCIENCE & TECHNOLOGY

World's Most Powerful Rocket Soars in the Space

The world's most powerful rocket, SpaceX's Falcon Heavy, roared into space through clear skies with the thundering force of 18747 jetliners on its debut test flight from Florida Launch site in another milestone for billionaire entrepreneur Elon Musk's private rocket service. The 23-story tall jumbo rocket, carrying a Cherry red Tesla Roadster from the assembly line of Musk's electric car company as a mock payload, thundered off its launch pad in billowing clouds of steam and rocket exhaust. This maiden flight marked the first time a privately financed rocket ever attempted to boost a payload out of earth's orbit.

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SPORTS

US town celebrates Feb 5 as 'Afridi Day'

Shahid Afridi, fondly referred to as 'Boom Boom', is among the most popular cricketers not only in Pakistan but across the cricketing world.But Afridi's popularity is not confined just to traditional cricket playing nations. Even in the United States of America where cricket is not that popular, February 5 is celebrated as Shahid Afridi Day in the city of Port Arthur, Texas.

Jhulan become first Woman Cricket to take 200 ODI wickets

Pacer Jhulan Goswami became the first woman cricketer to take 200 ODI wickets. The 35-year-old, playing her 166th ODI, achieved the feat when she dismissed South Africa opener Laura Wolvaardt. Behind Jhulan is Cathryn Fitzpatrick of Australia, who retired in 2007 with 180 scalps. Jhulan overtook her in May 2017. Australian Lisa Sthalekar, who too has retired, is third on the list with 146 wickets. The next best Indian after Jhulan is left-arm spinner Neetu David

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NATIONAL AFFAIRS

Property Rights for Unmarried Grand-daughters

The Uttar Pradesh Government is all set to introduce a Bill giving ancestral property rights to maiden granddaughters who have lost their father. The Revenue Code (Amendment) Bill will be tabled in the Budget session of the Uttar Pradesh legislature. Amendments have been made in the clauses 108 and 110 in the original Act to give rights over ancestral land to grand-daughters.

Playing Anthem in Cinema Halls not Mandatory in Maharashtra

Playing the national anthem in cinema halls before screening films is not mandatory in Maharashtra now.The SC on January 9, by modifying its earlier order, made it optional for cinema halls to play the national anthem before screening a film. The order came after the Centre requested SC to modify its November 2016 order since it had constituted a 12-member inter-ministerial committee to look into all aspects related to singing and screening of the national anthem.

Lalu Prasad appoints wife Rabri Devi as Vice-President

Incarcerated RJD chief Lalu Prasad has appointed his wife, Rabri Devi, as the vice-president of the party's newly created national executive. Rabri Devi, a former chief minister of Bihar, shares the position with party leaders Raghuvansh Prasad Singh, Shivanand Tiwary, Illiyas Hussain and Magni Lal Mandal. Their children - Tej Pratap, Tejashwi and Misa Bharti - have also been granted membership of the apex body.
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