Current Affairs 12th August, 2017

1. 15th BIMSTEC ministerial meeting in Kathmandu

The working session of the 15th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, BIMSTEC, Ministerial meeting held in Kathmandu.

• Describing BIMSTEC as a “natural choice” for India to fulfill its key foreign policy priorities of ‘Neighbourhood First’ and ‘Act East’, External Affairs Minister Sushma Swaraj said the grouping enjoys the unique strengths of connecting South and Southeast Asia.
• India was hosting the first BIMSTEC Disaster Management Exercise in October 2017. “This will help the group countries to develop quicker, coordinated and comprehensive responses to disasters, and provide timely relief and rehabilitation,”
• India also identified the energy sector as a key area of cooperation and noted that cross-border exchange of power between India, Nepal, Bhutan and Bangladesh is on a rapid upswing.

About BIMSTEC:-

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation(BIMSTEC) is an international organisation involving a group of countries in South Asia and South East Asia. These are: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
• In 1997, a new sub-regional grouping was formed in Bangkok and given the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
• BIMSTEC  Headquarters is situated in Dhaka, Bangladesh.
• The main objective of BIMSTEC is technological and economic co-operation among south Asian and south east Asian countries along the coast of the bay of Bengal.

2. Kenya President Uhuru Kenyatta re-elected

In Kenya, Uhuru Kenyatta has been re-elected as President in election. According to Election Commission Head Wafula Chebukati announced in Nairobi that Kenyatta got 54.27 per cent votes beating his rival Raila Odinga who got 44.74 per cent of votes.

• Opposition leader and Presidential candidate Raila Odinga claimed massive fraud during Presidential polls. However, the country's Electoral Commission has denied opposition claims that IT system had been hacked in order to manipulate the poll results.

About Kenya: -

• Republic of Kenya is a country in Africa and a founding member of the East African Community (EAC). Its capital is Nairobi.
• It is bordered by Tanzania to the south and southwest, Uganda to the west, South Sudan to the north-west, Ethiopia to the north and Somalia to the north-east.
• Currency: Kenyan shilling
• Official languages: Swahili, English

3. CBFC Board Reconstituted for three years

The Centre has appointed lyricist Prasoon Joshi as Chairman of the Central Board of Film Certification, CBFC, for a period of three years. Mr Joshi has replaced former Chairman Pahlaj Nihalani.

• Government has also reconstituted the existing CBFC with immediate effect for a period of three years or until further orders. 
• Information and Broadcasting Ministry in a release confirm that there are 12 members in the new board, which include Ms. Gautami Tadimalla, Narendra Kohli, Naresh Chandra Lal, Vivek Agnihotri and Ms Vidya Balan.

About CBFC:-

• CBFC is a statutory body under Ministry of Information and Broadcasting, regulating the public exhibition of films under the provisions of the Cinematograph Act. 
• The Board consists of non-official members and a Chairman, all of whom are appointed by Central Government.
• It headquartered at Mumbai. Any Film can be publicly exhibited in the country only after they have been certified by it.

4. Economic Survey 2016-17 Volume 2 was laid in the Parliament

According to Economic Survey 2016-17 Volume 2, achieving the high end of the 6.75-7.5 percent growth projected previously will be difficult due to appreciation of rupee, farm loan waivers and transitionary challenges from implementing GST.

• It said the government and the RBI have taken "prominent steps" to address the twin balance sheet challenge which has boosted market confidence in the short run.
• Also, the removal of check posts and easing of transport constraints after Goods and Service Tax (GST) implementation can provide some short-term fillip to economic activity.

5. SBI merger bill passed by Lok Sabha

The Lok Sabha passed the bill to repeal the SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to further amend the State Bank of India Act, 1955, following the merger of five associates with the parent SBI.

• Minister of State for Finance Santosh Gangwar said that with this merger, the SBI has come in the list of top 50 banks globally and is ranked at the 45th position.
• The merger will bring about increased capital base and increased ability to give loans. Also, small banks will get access to products like mutual funds.
• Five associates and the Bharatiya Mahila Bank became part of State Bank of India (SBI) beginning April 1, catapulting the countrys largest lender to among the top 50 banks in the world.
• The five associates that were merged are State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT).

About SBI:-

• Founded: - 1 July 1955, State Bank of India
• Nationalised:-2 June 1956
• Headquarters:-Mumbai
• Chairman:-Arundhati Bhattacharya

6. SEBI ties up with SEO of Iran for technical assistance

Markets regulator Securities and Exchange Board of India entered into a pact with its counterpart in Iran to promote technical assistance and facilitate cross-border co-operation in the area of securities regulations.

• The pact will facilitate mutual assistance, contribute towards efficient performance of the supervisory functions, and enable effective enforcement of laws and regulations governing the securities markets.
• The MoU was signed by SEBI chief Ajay Tyagi and SEO Iran chairman Shapour Mohammadi.

About SEBI:-

• Founded: 12 April 1992
• Headquarters: Mumbai
• Chairman: Ajay Tyagi

7. BitBay to launch trading platform for digital currency in India

Poland based bitcoin exchange platform Bitbay, one of the top ten cryptocurrency trading platforms in the world, has launched a dedicated platform for trade and exchange of digital currencies such as bitcoin, litecoin, ether, Lisk, monero, dash and gamecredits.

• The company will also work towards creating awareness about digital currencies and also removing misconceptions related to these currencies in a market like India.
• It will be offering six digital currencies to keep and trade with local currency and will carry out demo trading from August 10 till August 24. This would be done without real money to make users understand aspects of trading.

8. Los Angeles approves host city contract for 2028 Games

Los Angeles city council rubber-stamped the host city contract today, paving the way for bringing the 2028 Summer Olympics to southern California and ceding the 2024 Games to Paris.

• The members voted 12-0 in favour of signing off on the memorandum of understanding and host city contract documents which would see the city host the Summer Games for the third time in history.

About Olympic:-

• The first modern Olympics were held in Athens, Greece, in 1896.
• The official symbol of the modern Games is five interlocking colored rings, representing the continents of North and South America, Asia, Africa, Europe and Australia.
• Motto:-Citius, Altius, Fortius (Faster, higher, stronger)
• President:-Thomas Bach

9. Maheshwari bags memorable bronze at Asian Shotgun Championship

Shooter Maheshwari Chauhan bagged a bronze medal at the Asian Shotgun Championship to earn India's first women's skeet individual medal at a top international competition in Astana.

• India's tally now stands at two gold, silver and three bronze medals.

About Asian Shotgun Championship:-

• The Asian Shooting Championships are governed by the Asian Shooting Confederation. Asian Shooting Championships began in 1967.
• 7th Asian Shotgun Championship 2017 is hosted by Astana, Kazakhstan.
• ASC President:-Sheikh Ali Al Khalifa

10. India drop place to 97th in FIFA rankings

India dropped a place in the latest FIFA rankings released to stand at number 97.

• In July, India had reached their best FIFA ranking in the last 21 years as they stood at 96, the second highest ranking for the country ever. India currently stands at 341 points on the 97th position, four points behind 96th placed Zambia.
• The team has progressed brilliantly under the English manager Constantine, who started coaching the team when it was ranked 171st in the world. 
• India will now play a three-nation tournament with Mauritius and St. Kitts and Nevis at the Jawaharlal Nehru stadium in Chennai from August 19th to 27th.

About FIFA:-

• Motto:-For the Game, For the World.
• Founded:-21 May 1904
• Headquarters: -Zürich, Switzerland