Current Affairs – December 16, 2017


Here’s your daily summary of Current Affairs.

WPI raises to an eight-month high of 3.93 % in Nov

Inflation based on the Wholesale Price Index (WPI) accelerated to an eight-month high of 3.93% in November, from 3.59% in October. Data released showed that retail inflation unexpectedly jumped to a 15-month high of 4.88% in November, and industrial production slowed to 2.2% in October. WPI-based inflation rose mainly on account of a sharp increase in fuel and food prices, according to data released by the commerce ministry. While fuel price index rose by 8.8%, food prices index rose 6.06%.
Indian diaspora largest in the world    

The Indian diaspora is the largest in the world, with over 15 million migrants from India living abroad, according to the World Migration Report 2018 published by the International Organisation for Migration, the United Nations migration agency. Because the country has the largest number of migrants abroad, India also receives the highest amount of remittances ($68.91 billion). The largest migration corridor is from India to UAE, where 3.5 million Indians were residing in 2015. The United States remained the top destination for migrants in the world in 2015, with 46.6 million migrants moving to the US in that year.    
World’s 3 largest diasporas- 
1. India,         
2. Mexico,      
3. Russia.
Criminalisation of Triple Talaq cleared by Union Cabinet 

The Union Cabinet cleared the Muslim Women (Protection of Rights on Marriage) Bill, 2017, or the Triple Talaq bill, which makes the practice a non-bailable offence. The bill proposes a three-year jail term for men who practise instant Triple Talaq. Under the draft law, triple talaq in any form – spoken, in writing or by electronic means such as email, SMS and WhatsApp – would be banned or illegal. The draft law also provides for three years in prison and a fine for a Muslim man trying to divorce his wife by uttering “talaq” three times.
State Bank of India introduces loyalty programme for customers       
   
The State Bank of India has introduced a loyalty program for its valued customers. This program is called as State Bank Rewardz, the program gives the customers several opportunities to earn reward points and earn many times faster at Max Get More partner outlets. Thus, one can become a member of the State Bank Rewardz Loyalty Program and earn points every time one spends.
Google opens AI research lab in China          

In an apparent move to rebuild its presence in China, Google announced that it will open a research lab focused on Artificial Intelligence (AI) in Beijing, China. It will be its first such centre in Asia. The “Google AI China Centre” will join the other AI research groups that the company has in other parts of the world, including in New York, Toronto, London and Zurich. Focused on basic AI research, the lab will consist of a team of AI researchers in Beijing, supported by the company’s engineering teams.
Michael Jordan is the highest paid athlete of all time          

In the latest list released by Forbes, Michael Jordan has been named as the highest-paid athletes of all time. The 54-year-old has a whopping $1.7 billion in the bank. Former world number one golfer Tiger Woods is at the second spot while the late American golfer Arnold Palmer is at No.3. Forbes, the American business magazine was founded in 1917 with Headquarters in New York.
RBI imposes a fine of Rs 3 cr on IndusInd Bank      

The Reserve Bank of India (RBI) has imposed Rs 3 crore penalty on IndusInd Bank for breaching rules on income classification norms. As per the RBI Statement, the penalty was imposed after the regulator observed violation of various regulations issued by the RBI on non-performing loans and extension of non-fund based limits.
RBI imposes restrictions on Corporation Bank       

The Reserve Bank of India (RBI) has imposed certain restrictions on Corporation Bank on carrying out banking activities as its share of bad loans rose sharply. The RBI has triggered prompt corrective action (PCA) against it in view of high non-performing loans and requirement to raise capital. This makes Corporation Bank the eighth bank to face restriction in a span of 10 months. Corporation Bank’s net non-performing loans have crossed 10% and it reported losses of Rs 1035 cr during the second quarter of 2017. Once PCA is triggered the bank faces restrictions on expenses such as opening branches, recruiting staff and giving increments to employees.     
  • The Managing Director & CEO of the Bank is Jai Kumar Garg and its Headquarters is Mangalore.    
  • Originally, the Bank came into being as Canara Banking Corporation (Udipi) Limited, on 12th March, 1906.
Sachin Siwach is named the best youth boxer by Asian Boxing Confederation      
  
World youth champion Sachin Siwach was named the Asian Boxing Confederation’s best youth boxer of the year 2017 after winning an online poll conducted by the continental body. Siwach polled 36.2% votes in this category. Siwach claimed the Asian youth championships silver this year besides a gold at the Youth Commonwealth Games. India also got the Best Asian International Technical Official (ITO) award with Lenny D’Gama winning the online poll. D’Gama polled 45.5%.
Eleventh Ministerial Conference of World Trade Organisation held in Argentina       

The Eleventh World Trade Organization (WTO) Ministerial Conference (MC11) took place in Buenos Aires, Argentina. The Conference was chaired by Minister Susana Malcorra of Argentina. The Indian Delegation was led by Minister of Commerce and Industry Suresh Prabhu.          
Major takeaways from the conference were:  
1. Three proponent groups announced new initiatives to advance talks at the WTO on the issues of electronic commerce, investment facilitation, and micro, small and medium-sized enterprises (MSMEs). 
2. The European Union contributed Euros 1 million to improve the trading capacity of developing countries and to help them play a more active role in trade negotiations.           
3. The United Kingdom government announced at the WTO’s Ministerial Conference with a commitment of £16 million (around US$ 21.3 million) to 51 of the world’s poorest countries.
4. For the first time in the history of the WTO, the members and observers have endorsed a collective initiative to increase the participation of women in trade.
Julio Ribeiro to be honoured with “Police Jeevan Gaurav” Award        

Former Mumbai Police Commissioner and Punjab Director General of Police is being honoured with the “Police Jeevan Gaurav” Award. This is being given by the Arvind Inamdar Foundation. The Arvind Inamdar awards were set up in 2015 for the welfare of police personnel. Apart from Julio Ribeiro, the awards for this year will also be given to DSP of Nagpur Ramesh Mehta and retired ASI of Beed Pandurang Misal.
After Hyderabad, Bangalore gets Giga byte speed in Internet     

On 13th December 2017, ACT Fibernet launched the 1Gbps wired broadband service in Bangalore. This is the second city after Hyderabad to get this facility. The scheme costs Rs 5999 per month, Rs 35994 for six months and Rs 71,988 for a year.

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