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Daily G.K. - Top Stories

14 Jul 2019

INTERNATIONAL AFFAIRS

Turkey Ignores US Warnings

  •  Turkey ignored warnings from the United States as it continued to take delivery of Russia's S-400 missile defence system.
  • Delivery of S-400 Long Range Air and Missile Defence Systems resumed as the fourth Russian plane carrying S-400 parts landed at Murted Airport.
  • The US fears that if Ankara integrates the S-400 into its defence, data about the US-built F-35 fighter jet could leak back to the Russians, and Washington threatened to deny Turkey's access to the stealth aircraft.
  • The western defence alliance NATO, which counts Turkey as one of its members, is also concerned about the potential consequences of the S-400 purchase.
  • Members of the US Congress have repeatedly voiced opposition to the move and threatened sanctions.

Sri Lanka PM to Appear Before Parliamentary Committee

  •  Sri Lankan Prime Minister Ranil Wickremesinghe would appear before the Parliamentary Select Committee probing the Easter Sunday attacks that claimed 258 lives and would provide all available information.
  • The Prime Minister made the remarks after his government defeated the no-confidence motion that accused it of failing to prevent the Easter Sunday bombings despite receiving intelligence inputs from India.
  • The motion, moved by the Marxist Janatha Vimukthi Peramuna, was defeated by a vote of 119-92 after two days of debate.
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BUSINESS AND ECONOMY

Allahabad Bank Reports Fraud

  •  The Allahabad Bank became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd in July 2019.
  • Allahabad Bank said that it had told the Reserve Bank of India (RBI) that it had identified a fraud worth $259 million in Bhushan's accounts.
  • Earlier in July 2019, state-run Punjab National Bank (PNB) had reported an alleged fraud of $554.6 million in the steelmaker's accounts.

Sachin Bansal Invests in Piramal Debt

  •  Flipkart co-founder and tech entrepreneur Sachin Bansal has invested Rs. 200 crore in debt paper issued by Piramal Enterprises Ltd.
  • Bansal subscribed to non-convertible debentures (NCDs) issued by Piramal Enterprises, which has business interests in pharmaceutical and financial services.
  • Bansal's loan to Piramal Enterprises follows investments by him in debt deals worth more than $100 million.
  • In February, 2019, the co-founder of e-commerce major Flipkart has invested Rs. 250 crore each, via debt, in non-banking financial companies (NBFCs) Altico Capital India Ltd and IndoStar Capital Finance Ltd.
  • The investment was made through BAC Acquisitions Pvt. Ltd, the holding company Bansal started with investment banker Ankit Agarwal.
  • The debt investments in Altico and IndoStar marked a broad basing of Bansal's investment strategy, who had till then largely invested his billion-dollar fortune in technology start-ups.
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NATIONAL AFFAIRS

India Builds to Assist Rohingya

  •  Two years after more than 700,000 Rohingya fled to camps in Bangladesh alleging ethnic cleansing by Myanmar forces, the Indian government stepped up efforts to help them return to their villages.
  • On July 9, 2019, Ambassador to Myanmar Saurabh Kumar handed over 250 completed pre-fabricated homes to the Myanmar government for use by the refugees when they return.
  • The project is part of an agreement signed by the two governments in 2017, under which the government had committed to spending $25 million over five years.
  • The houses, measuring 40 square metres each, are designed to survive quakes and cyclonic storms, according to a presentation by the Ministry of External Affairs.
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PERSONS IN NEWS

Ram Lal back in RSS

  •  After 13 years as the BJP's general secretary (organisation), Ram Lal was declared co-incharge of the RSS's publicity and communications wing, signalling his return to the mother organisation from the political wing of the Sangh Parivar.
  • The name of V. Satish, currently the joint general secretary (organisation) in the BJP, is doing the rounds as replacement for Mr. Lal. 
  • General secretary (organisation) is one of the most powerful positions in the BJP hierarchy and is usually occupied by a full-time pracharak from the RSS on loan to the party.
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