18 dec 2015
1) The US Federal Reserve raised interest rates by
0.25 percentage points on 16 December 2015. This was the first interest rate
increase by the Fed since which year? – Since 2006
Explanation: The increase in interest rate by Federal
Reserve, the central bank of the United States was on the expected lines. The
Fed’s benchmark interest rate has been pegged at 0-0.25 per cent since December
2008. The last time the Fed actually raised rates was June 2006.
The move is likely to
cause ripples around the world, and could increase pressure on the UK to raise
rates. It could also mean higher borrowing costs for developing economies, many
of which are already seeing slow growth.
There are concerns that a rise
will compound that slowdown, as higher rates in the US could strengthen the
dollar, the currency in which many countries and companies borrow.
2) The process to elect the next Secretary General
of the United Nations
Organisation (UNO) was kicked off during December 2015.
The Security Council and General Assembly made which unprecedented call to
member states pertaining to this? – They called member states to
recommend woman candidates for this post
Explanation: In a first, UN Security Council President for
December U.S. envoy Samantha Power and General Assembly President Mogens
Lykketoft circulated a letter on 14 December 2015 to the 193 UN members
soliciting names of candidates for the next UN chief and vowing to make the
process more transparent and inclusive. The two also made a special emphasis on
the need for member states to nominate women candidates for the job of the
world’s top diplomat.
No woman has served as
Secretary General in the 70 years that the UN has been in existence. Secretary
General Ban Ki-moon has served two five-year terms and his tenure as UN Chief
will end next year.
3) President Pranab Mukherjee will be on a 14-day
‘Southern Sojourn’ from 18 to 31 December 2015. Under this visit, the President
will take part in numerous programmes in Telangana, Andhra Pradesh and
Karnataka. He will stay at which official retreat of the President of India
during the visit? – Rashtrapati Nilayam, Secuderabad (Telangana)
Explanation: Rashtrapati Nilayam is the official south
retreat of the President of India. It is situated in Bolarum (Secunderabad) in
the state of Telangana. The President stays here for at least once a year and
conducts official business.
Rashtrapati Nilayam was
originally known as ‘Residency House’ and was constructed in 1860 by Nizam
Nazir-ud-Dowla. Later it became the country house of the British Resident at
Secunderabad.
After the Hyderabad
state’s annexation in 1948, it became President’s retreat and used as Southern
Sojourn.
4) Which private sector aviation company created
history when it became the first-ever aviation company to enter the top-50 most
valuable companies in terms of market capitalization (m-cap) on the BSE? –InterGlobe
Aviation
Explanation: InterGlobe Aviation, which operates ‘IndiGo’
brand of airline, created history of sorts when it entered into the list of the
top-50 most valuable companies in terms of market capitalization (m-cap) as far
as its listing in the BSE is concerned. It stood at 47th place
in overall m-cap ranking on the BSE with m-cap of Rs. 42,684 crore as on 15
December 2015.
The company climbed 11
positions in the m-cap pecking order since its debut on the bourses on 10
November 2015. The company had raised Rs 3,009 crore though the initial public offering
(IPO) by issuing shares at price of Rs 765 per share.
InterGlobe Aviation
Limited operates IndiGo – India’s largest passenger airline with 33.9% and
37.4% market share of domestic passenger volume for financial year 2015-16.
Tata Consultancy Services
(TCS) led the list with m-cap of Rs. 465,230 crore, followed by Reliance
Industries (Rs. 316,115 crore), HDFC Bank (Rs. 266,718 crore), ITC (Rs. 259,127
crore) and Infosys (Rs. 247,358 crore).
5) Rating agency ICRA on 16 December 2015
downgraded which PSU bank’s long-term ratings to ‘stable’ from ‘positive’? –United
Bank of India
Explanation: The long-term ratings of Kolkata-based United
Bank of India were constrained primarily due to its weak asset quality and low
profitability due to high credit provisioning.
Its return on assets was
0.19 per cent in the first half of 2015-16. The level of weak assets remains
elevated. But, there has been gradual improvement in asset quality. The gross
non-performing assets declined to 8.9 per cent in September 2015 against 12.03
per cent a year ago.
6) Formation of a new film, television and digital
content creation company was announced Anil Ambani-owned Reliance Entertainment
and acclaimed Hollywood director Steven Spielberg’s DreamWorks Studios on 17
December 2015. What is the name of this venture? – Amblin Partners
Explanation: Amblin Partners is the name of the new film,
television and digital content venture that has been floated jointly by Anil
Ambani-owned Reliance Entertainment and acclaimed Hollywood director Steven
Spielberg’s DreamWorks Studios. Participant Media led by Jeff Skoll and
Entertainment One (eOne), a leading US-based media company, are also part of
the joint venture.
This venture will develop
and produce films using Amblin, DreamWorks Pictures and Participant banners as
well as Amblin Television, a long-time leader in quality programming.
DreamWorks Studios and
Participant Media have collaborated on many Academy Award-nominated films such
as ‘Lincoln’ and ‘The Help’ as well as the critically-acclaimed ‘The
Hundred-Foot Journey’, and the recently released ‘Bridge of Spies.’
19 dec 2015
1) On 17 December 2015, the Reserve Bank of India
(RBI) asked banks to review their lending rates frequently, and reflect changes
in their cost of borrowing in view of the new lending rate regime to be
implemented next year. This regime will come into effect from which date? – 1
April 2016
Explanation: The new lending rate regime is called ‘Marginal
Cost of Funds-based Lending Rate’ and it will come into effect from 1 April
2016. Under this new regime, the lending rates will be computed based on banks’
marginal cost of borrowing, or incremental cost of funds, rather than the
average cost of funds that banks have used so far.
The reason for introducing
this system is to force banks to pass on rate benefits to customers. Since
January 2015, the central bank has lowered its policy rate by 125 basis points,
but banks lowered their lending rates by only about 60 basis points.
On the other hand, deposit
rates have been slashed by more than 100 basis points, indicating that the
incremental cost of funds has actually fallen more than what banks have passed
on to their customers.
2) Which country was on 17 December 2015 inducted
as the newest and 164th member of the World Trade Organisation
(WTO)? –Afghanistan
Explanation: The World Trade Organisation (WTO) on 17
November 2015 formally approved Afghanistan’s membership at its 10th ministerial
conference in the Kenyan capital Nairobi. It thus became the 164th member
of WTO, the global trade body engaged in promoting multilateral trade all over
the world.
Afghanistan is the 36th least
developed country (LDC) to join the WTO after 11 years of negotiations. The
country expects to reap the benefits of the WTO membership for its
post-conflict reconstruction.
3) Who was appointed as the new Chief Information
Commissioner (CIC) by the Union Government on 18 December 2015? – R.K.
Mathur
Explanation: Former Defence Secretary R.K. Mathur was
appointed as Chief Information Commissioner (CIC), thus breaking away from the
convention of appointing the head from among the serving Information
Commissioners. The post had fallen vacant after Vijai Sharma completed his
tenure on 1 December 2015.
62-year old R.K. Mathur
will have tenure of about three years, till he attains the age of 65 years.
Mathur, a retired IAS officer of Tripura cadre, was made Defence Secretary for
a fixed two-year term on 28 May 2013. He had been Secretary in Ministry of
Micro, Small and Medium Enterprises, and Defence Production and Supplies.
4) Mumbai’s iconic ‘Marine Drive’ completed how
many years on 18 December 2015, for which a special postcard was launched to
commemorate the occasion? – 100 years
Explanation: ‘Marine Drive’ is the un-official name of the
4.3 km long ‘C’-shaped road in South Mumbai that links Nariman Point to Malabar
Hill and Babulnath area. The road came into existence on 18 December 1915 while
it was fully completed in 1920. The official name of the road is Netaji Subhash
Chandra Road, though it is used very rarely.
Marine Drive is also known
as the Queen’s Necklace because, if viewed at night from an elevated point
anywhere along the drive, the street lights resemble a string of pearls in a
necklace.
To mark the occasion a
special postcard featuring this iconic road was launched informally by
residents of this area.
5) The minority shareholders of Maruti Suzuki on 17
December 2015 voted in favour of a contract manufacturing agreement between
Maruti and Suzuki. Under this agreement, a new manufacturing plant will be
established, which will be parent company Suzuki’s its first car manufacturing
plant in India. This plant will be established at? – Hansalpur
(Gujarat)
Explanation: Under the agreement Suzuki, the parent Japanese
company of Maruti Suzuki Limited, will establish a 1.5 million unit per annum
plant in Gujarat’s Hansalpur (near Mehsana). This will thus be the first car
plant of Suzuki in India.
The plant will be managed
by a new subsidiary of Suzuki called Suzuki Motor Gujarat Private Ltd., while
the cars manufactured in the plant will be sold to Maruti on no-profit, no-loss
basis. Maruti will market the cars and will pay royalty to Suzuki for products
from Gujarat like it does now for products from the two plants.
Maruti currently has two
facilities – in Gurgaon and in Manesar, which together manufacture 15.5 lakh
cars.
6) The 50th Annual Conference of
the Directors General of Police (DGPs) and Inspector General of Police (IGP) of
all States and Union Territories was inaugurated by Prime Minister Narendra
Modi on 18 December 2015. This 3-day Conference is being held at which place? – Dhordo
(Kutch, Gujarat)
Explanation: Dhordo is a small village in the beautiful Rann
of Kutch in Gujarat near the India-Pakistan border. It is around 80 kilometers
from district headquarters Bhuj.
Among issues related to
internal security, the top police officers of the country will discuss ways to
thwart attempts by Islamic State to spread its base in the country.
Due to the security
perceptions due to this Conference, a no-fly zone was imposed around Rann of
Kutch and nearby areas from 18 December and it will continue till 20 December
when the Conference culminates.
This annual conference was
held in Delhi every year till 2013. Last year, in November, for the first time
since its inception in 1920, the conference was organised outside Delhi and
held in Guwahati, Assam.
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