Current Affairs 18th August, 2017

INTERNATIONAL

1. Italy to Host G-7 Interior Ministers' Summit

Italy will host a summit of G-7 interior ministers centered on security issues.

• According to Italian Interior Minister Marco Minniti, the meeting is being organized at the request of Italy's G-7 partners namely Canada, France, Germany, the United Kingdom, Japan and the United States.
• Italy currently holds the rotating helm of the G-7 industrialized nations.
• The summit is expected to be held in October.

2. India Signs Global Environment Facility (GEF) Grant Agreement

The Government of India, the Governments of Chhattisgarh and Madhya Pradesh, the Indian Council of Forestry Research and Education and the World Bank signed a US$ 24.64 million grant from the Global Environment Facility (GEF) to improve forest quality, sustainable land management and benefits from Non-Timber Forest Produce for forest dependent communities in Madhya Pradesh and Chhattisgarh.

• The Ecosystem Services Improvement Project will support the Government of India’s Green India Mission’s (GIM) goal of protecting, restoring and enhancing India’s forest cover and responding to climate change.

3. US, Japan Boost Defence Cooperation with India, S Korea, Australia

The US and Japan have agreed to advance their multilateral security and defence cooperation with countries like India, South Korea and Australia in view of North Korea's dangerous provocative behaviour.

• The ministers highlighted ongoing Alliance efforts to advance trilateral and multilateral security and defence cooperation with other partners in the region, notably the Republic of Korea, Australia, India and Southeast Asian countries.
• US Secretary of State Rex Tillerson told that in cooperation with other nations, they will continue to employ diplomatic and economic pressure to convince North Korea to end its illegal nuclear and ballistic missile program.

NATIONAL

4. New Corpus Fund for Higher Education

The Cabinet approved creation of a single corpus fund in which all proceeds of secondary and higher education cess will be credited and utilised for the government's schemes in education sector.

• The HRD Ministry will be responsible for the administration and maintenance of the non-lapsable pool account which will be known as "Madhyamik and Uchchtar Shiksha Kosh" (MUSK).
• As a percentage of GDP, the expenditure on education has dipped to 2.8 per cent in 2014-15, from 3.1 per cent during 2009-10 to 2013-14.
• This new corpus fund would be used for funding ongoing schemes as well as programmes started in the future.

5. President Asks Mining Companies to Make Policy for Welfare of Labourers

During the National Safety Awards (Mines)-2013 and 2014 in New Delhi, Mr Kovind asked mining companies to put in place world class safety measures in mines for prevention of accidents in mines.

• President said, the mineral sector contributes 2.6 per cent of country's GDP and provides direct employment to over 10 lakh people on a daily basis.
• He said that the National Safety Awards in Mines will continue to be an excellent motivator for upholding safety and welfare standards in the mines of the country.
• The award for each mine is received jointly by one management representative and one workers’ representative. The awards were given for the first time in 1984 for the contest years 1982 and 1983.

6. CCEA Approves Proposal of DIPAM for Strategic Disinvestment 

The Cabinet Committee on Economic Affairs, CCEA has approved the proposal of Department of Investment and public Asset Management, DIPAM for the strategic disinvestment. The approval will help in speedy completion of strategic disinvestment transactions.

• The department will set up an alternative mechanism comprising of the Finance Minister, Minister for Road Transport and Highways and Minister of Administrative Department, to decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests till inviting of financial bid.
• DIPAM is the nodal agency of Union Finance Ministry mandated to advise the Union Government in the matters of financial restructuring of PSUs and also for attracting investment through capital markets. It will also deal with all matters relating to sale of Union Government’s equity in PSUs.

BUSINESS

7. SBI Gives Leg-up to CSR Initiatives

The nation's largest lender State Bank of India launched a CSR initiative, SBI Gram Seva, which will work in the areas of health, education, environment and rural infrastructure.

• The SBI Foundation will identify and partner with NGOs to carry out CSR initiatives under which it adopt five villages each from 10 village panchayats with each village getting around Rs 2.40 crore over the next three years.

8. RBI Makes Aadhaar Linkage Mandatory for Farmers

To ensure hassle-free benefits to farmers under Interest Subvention Scheme, the Reserve Bank of India has advised banks to make Aadhaar linkage mandatory for availing short-term crop loans up to Rs.3 lakh in 2017-18.

• This move is in line with the government’s increasing emphasis on linking Aadhaar to various transactions in the economy including filing Income-Tax returns and getting direct benefit transfer.
• In order to provide short-term crop loans to farmers at an interest rate of 7 per cent (the same as in the previous year) during the year 2017-18, the RBI said it has been decided to offer interest subvention of 2 per cent to lending institutions - public sector banks, private sector commercial banks (in respect of loans given by their rural and semi-urban branches only) on use of their own resources.

APPOINTMENTS

9. Karur Vysya Bank Appoints P R Seshadri as MD and CEO

The Reserve Bank of India has accorded their approval for the appointment of Shri P R Seshadri as Managing Director & Chief Executive Officer of Karur Vysya Bank Ltd for a period of three years from the date of his taking charge.

• The P R Seshadri has replaced K Venkataraman. He was MD & CEO of the Bank since 6th June 2011. 

About Karur Vysya Bank

• Karur Vysya Bank is an Indian private-sector bank, headquartered in Karur, Tamil Nadu.
• It was set up in 1916 by M. A. Venkatarama Chettiar and Athi Krishna Chettiar.

10. Vishal Sikka Resigns as MD and CEO of Infosys

Vishal Sikka has resigned as the Chief Executive Officer and Managing Director of Infosys. Pravin Rao has been appointed as the interim CEO.

• Sikka has been appointed executive vice chairman effective from August 18, and will hold office until the new permanent Chief Executive Officer and Managing Director takes charge, which should be no later than March 31, 2018.
• U B Pravin Rao is currently the Chief Operating Officer responsible for the entire portfolio of the company’s offerings.

SPORTS

11. Real Madrid Beats Barcelona to Win 2017 Spanish Super Cup

Real Madrid won the Spanish Super Cup for the 10th time with a 2-0 win over rivals Barcelona at a joyous Santiago Bernabeu to complete a 5-1 aggregate victory that underlined their new status as Spain’s dominant force.

• In Cristiano Ronaldo’s absence, Marco Asensio and Karim Benzema scored for Real Madrid to secure a 2-0 win over Barcelona in the Spanish Super Cup second leg, and win the tie 5-1 on aggregate.
• Last season’s Liga and Champions League winners, Madrid also beat Manchester United to win the European Super Cup last week.

DEATHS

12. Veteran Photographer S Paul Died

Veteran photographer S Paul died in New Delhi at the age of 88.

• Paul received recognition and fame as a professional photographer when his pictures were selected for publication in three renowned British publications -- Amateur Photographer, Miniature Camera and Miniature Camera World.
• B&W Magazine of US had described him as 'The Henry Cartier-Bresson of India'.
• Apart from other recognitions, Paul was the first Indian to be profiled by The British Journal of Photography in 1967. 
• He was the first Indian to win the Nikon International Photo Contest in 1971.