Current Affairs: 19 June 2017

·         Lockheed Martin signs pact with Tata

·         Lockheed Martin has signed an agreement with India’s Tata Advanced Systems to produce F-16 fighter planes in India.

·         The announcement comes days before PM Modi travels to Washington for a first meeting with Trump.

·         India will also have the chance to export F-16 that is flown by air forces around the world

·         Tata is already building airframe components for the C-130 military transport aircraft.

·         Ram Nath Kovind Nominated For President

·         Bihar Governor Ram Nath Kovind has been named as BJP’s presidential nominee.

·         He is a lawyer by profession and has practised in both the Delhi HC and the Supreme Court.

·         He was elected as a Rajya Sabha MP from Uttar Pradesh and served two consecutive terms for 12 years, from 1994 to 2006.

·         He has also represented India at the United Nations and has addressed the UN General Assembly in 2002.

·         Greece blocks EU criticism

·         Greece has blocked a European Union statement at the United Nations criticizing China’s human rights record.

·         EU diplomats said, the decision by Greece, which has benefited from huge Chinese infrastructure investment in recent times, undermined efforts to confront abuse by China.

·         It marks the first time EU had failed to make its statement at the UN’s top rights body.

·         World’s Fastest Machine

·         According to a list released today by researchers in the US and Germany Two Chinese supercomputers have been declared the fastest machines in the world.

·         China’s Sunway TaihuLight and Tianhe-2 are the world’s fastest and second fastest machines.

·         While Switzerland’s Piz Daint and the US’ Titan took the third and fourth positions respectively.

·         South Korea to end use of nuclear power

·         South Korea’s President Moon Jae-in, has vowed to phase out the country’s dependence on nuclear power, following fears of a Fukushima-style meltdown.

·         He has decided not extend the operation of ageing reactors, many of which will come to end of their lifespans between 2020 and 2030.

·         He has decided to completely scrap construction plans for new nuclear reactors that are currently under way.

·         No departure card from July 1

·         Govt has decided to discontinue the practice of filling up of the departure card by Indians at all international airports with effect from July 1, 2017.

·         The move is aimed at ensuring hassle-free movement of Indians going abroad.

·         However, those going out of the country via rail, seaport and land immigration checkposts will have to fill the embarkation card.

·         RBI directs IDBI to start insolvency

·         Lanco Infratech has said that RBI has directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code.

·         The company is among 12 firms identified by the central bank with a combined debt of over Rs 1,50,000 crore.

·         Shares of Lanco tanked 20% to a record low after the confirmation.

·         AIIB approves 3 new members

·         Asian Infrastructure Investment Bank has approved membership of Argentina, Madagascar and Tonga at its 2nd annual meeting of governors.

·         Approved applicants included 1 regional prospective member of Tonga and 2 non-regional members of Argentina and Madagascar.

·         They will officially join AIIB once they complete the required domestic processes and deposit first instalment of capital with bank.

·         Venkaiah launches Urban housing project

·         To give push to the National Mission of Housing for All in Andhra Pradesh, Union Minister of Housing & Urban Poverty Alleviation Venkaiah Naidu launched urban housing project for financially backward people of state.

·         The affordable housing project will be built in G+3 stories across 38 urban spaces in the State.

·         National Mission of Housing for All aims to provide shelter to all by 2022.

·         Experts resign from Trump HIV/AIDS panel

·         Six top health advisors have resigned from Donald Trump’s advisory council on HIV/AIDS.

·         HIV project director Scott Schoettes said the Trump administration has “no strategy” on AIDS and that he and his five colleagues will be more effective advocating for change from the outside.

·         Schoettes cited data showing that only 40% of people living with HIV in the US can access life-saving medications.

·         Despite pulling out with immediate effect, McDonald’s will continue at next year’s Pyeongchang winter Olympics as a domestic sponsor.

·         Indian Energy Exchange files IPO

·         Indian Energy Exchange has filed draft papers with the SEBI to float an initial public offering.

·         The IPO will see sale of 60,65,009 equity shares by existing shareholders, including Tata Power, private equity arm of Aditya Birla Group and Madison India Capital.

·         IEX is India’s first power exchange providing automated trading platform for electricityand renewable energy certificates.

·         1st Indian building to get trademark

·         114-year-old Taj Mahal Palace in Mumbai has become the 1st Indian building to get trademark.

·         It has joined the elite club of trademarked properties in the world which includes the Empire State Building, the Eiffel Tower and Sydney Opera House.

·         With IHCL trademarking the building, nobody can now use Taj Mahal Palace’s images for commercial purposes without paying the company a licensing fee.

·         India’s most expensive office market

·         According to bi-annual global prime office occupancy costs survey by CBRE Group, New Delhi’s central business district of Connaught Place is the 9th most expensive office market in the world.

·         Mumbai’s Bandra Kurla Complex is ranked 20th while the CBD of Nariman Point is ranked 33 on the list.

·         Central in Hong Kong and West End in London remain the two most expensive markets in the world.

·         The 2017 Orwell Prize

·         Britain’s most prestigious prize for political writing,Orwell Prize, was announced in London.

·         The 2017 Orwell Prize for books was bestowed upon John Bew for his extraordinary biography Citizen Clem.

·         Winners of the Orwell prize for journalism and the Orwell prize for Exposing Britain’s Social Evils were awarded to Fintan O’Toole and Felicity Lawrence respectively.

·         APY can now be subscribed digitally

·         Pension Fund Regulatory and Development Authority has introduced APY@eNPS which involves complete digital enrolment process.

·         It has been done to give additional push to cover the unreached population at greater ease.

·         Under APY, subscribers would receive a minimum guaranteed pension at the age of 60 years, depending on their contributions.

·         APY subscribers’ base is more than 54 Lakhs.

·         China to send mini-ecosystems to Moon

·         China is planning to send mini-ecosystems containing potato seeds and silkworm eggs to the Moon next year.

·         It’s aim is to study how the organisms develop on the lunar surface and to prepare for future moon landings and possible human inhabitants.

·         The 3-kilogramme mini-ecosystem, developed by research teams led by Chongqing University in China, will be sent to the Moon in 2018.

·         Pakistan wins Champions Trophy title

·         Pakistan won the 2017 Champions Trophy cricket final after beating arch-rivals India by 180 runs at the Oval ground in Britain’s capital, London.

·         With the win, Pakistan won their first Champions Trophy to add to their 1992 World Cup and 2009 World T20 wins.

·         Pakistan had come into the tournament as the lowest-ranked team and lost heavily to India in its opening group match.

·         India’s biggest win over Pakistan

·         India demolished Pakistan 7-1 to register their third consecutive victory and seal a place in the quarter-finals of the Hockey World League Semi-Final.

·         This was was India’s biggest over Pakistan, bettering the 7-4 effort against arch-rivals in 2003 Champions Trophy and 2010 Commonwealth Games.

·         This was India’s 56th win over Pakistan in the 168th match between the two nations.

·         Orion spacecraft passes key safety tests

·         NASA’s Orion spacecraft designed to take astronauts to deep space destinations such as Moon & Mars has successfully completed a series of tests for its critical safety systems.

·         Engineers tested abort motor for Orion’s launch abort system, firing 17-foot motor for 5 seconds.

·         Abort motor is responsible for propelling crew module away from the Space Launch System rocket in case of an emergency.

·         Govt announces 149 new POPSK

·         External Affairs Minister Sushma Swaraj has announced that the govt. will soon open 149 new Post Office Passport Seva Kendra.

·         These will be in addition to 86 POPSKs announced by MEA in the first phase.

·         Govt. has set up a target that no one has to travel more than a radius of 50 kms to get a passport.

·         NDA govt has altogether opened or announced 251 PSKs and POPSKs since coming to power.

Banking & Finance

RBI directs IDBI Bank to start insolvency for Lanco Infra

Lanco Infratech said the Reserve Bank has directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC).
Lanco Infratech Limited (LITL) intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Reserve Bank of India directed IDBI Bank Limited, the lead bank of LITL to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016
The company is among 12 firms identified by the central bank with a combined debt of over Rs 1,50,000 crore, a quarter of the total NPAs, for proceedings under the newly enacted Insolvency and Bankruptcy Code, 2016.

RBI initiates PCA against Bank of Maharashtra as bad loans mount

• The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against Pune-based Bank of Maharashtra (BoM) in view of a high level of bad loans and negative return on assets.
• BoM has become the sixth state-owned lender to be put under the PCA.
• For the year ended March 2017, the net non-performing assets (NPAs) of the bank rose to 11.76%, while return on assets declined to (-) 1.09%. 
• At the same time, the bank reported a loss of Rs 455.4 crore for the fourth quarter, while for entire fiscal 2016-17 booked loss of Rs1,372 crore. 
• It is to be noted that IDBI Bank, Indian Overseas Bank, UCO Bank, Dena Bank and the Central Bank of India have already come under the PCA initiated by the RBI
  
  

Awards & Honors

2017 Orwell Prize awarded to John Bew

• The 2017 Orwell Prize, Britain's most prestigious prize for political writing, was announced in London. The £3,000 2017 Orwell Prize for books was bestowed upon John Bew for his "extraordinary biography" Citizen Clem , which is about Clement Attlee, the founder of the NHS.
• The award, named after the author of the cult classic dystopian-political fiction Nineteen Eighty-Four and Animal Farm , is awarded annually by the Orwell Foundation to a book that comes closest to the George Orwell's ambition "to make political writing into an art".
• The winners of the Orwell prize for journalism and the Orwell prize for Exposing Britain's Social Evils were awarded to Fintan O'Toole and Felicity Lawrence respectively. 
• O'Toole of The Irish Times for applauded for his commentary on the ramifications of Brexit, while The Guardian's Felicity Lawrence was acclaimed for exposing social evils that revealed how criminal gangs were forcing migrants to work for them in Wisbech, Cambridgeshire.

Madhavan, Ritika Singh bag Best Actors

• Madhavan and Ritika Singh's Irudhi Suttru, the Tamil version of Hindi film Saala Khadoss, has walked away with three honours at 64th Jio Filmfare South Awards
• It bagged the awards in categories like Best Director (Sudha Kongara Prasad), Best Male Actor (Madhavan) Best Female Actor (Ritika Singh).Best Film SR Prabhu Joker
• Best Director: Sudha K Prasad for Irudhi Suttru
• Best Supporting Actor (Male): Samuthirakani Visaaranai
• Best Supporting Actor (Female): Sai Dhanshika Kabali