GK Updates - 11 May | Banking Quiz

India, others need to wait till 2017 for automatic tax info

i.As they continue their efforts to clamp down on the menace of black money, India and other countries will have to wait at least till 2017 before the new global standard for automatic exchange of tax information comes into effect.

ii.India, Switzerland and 45 other nations had agreed upon automatic exchange of tax information, which is seen as a major step forward in global efforts against banking secrecy practices.

Scientists created first living Organism that transmits added Letters in DNA

i.Scientists have engineered a bacterium whose genetic material includes an added pair of DNA letters or bases that is not found in the nature. Cells of this unique bacterium can replicate the unnatural DNA bases more or less normally for as long as the molecular building blocks are supplied to it.

ii.Generally two pairs of DNA bases namely A-T and C-G encodes the life on Earth in all its diversity, while the newly engineered bacterium is an organism that stably contains these two bases along with the third, unnatural pair of bases.

Indian Railways launched a book entitled India Junction – A Window to the Nation

i.Arunendra Kumar, the Chairman of Railway Board on 9 May 2014 released a book entitled India Junction – A Window to the Nation. The book has been brought out by Public Relations Directorate Railway Board.

About the Book

The book features in-depth analytical essays of the rich history of Railways in India. It contains delectable travel pieces along with some truly amazing and rare photo features. It has examined that how railways has transformed the lives over time.

South Sudan Government and Rebel army signed a peace deal

i.The South Sudan President Salva Kiir and rebel army leader Riek Machar on 9 May 2014 signed a peace deal in Addis Ababa, Ethiopia.

ii.The deal calls for immediate peace and end of the ongoing conflict in Jonglei state between the two parties. The deal also calls for the formation of a transitional government ahead of the drafting of a new constitution and new elections.

iii.The general principles agreed by the parties were that will be in line with the constitution of South Sudan includes

• Creation of joint military technical committee,

• Establishment of Greater Pibor administrative areas

• Funds for Greater Pibor areas

Indian documentary 'Silent Screams' won three awards at US festival

i.A documentary film, Silent Screams – India’s Fight Against Rape directed by Pria Somiah on 9 May 2014 won three awards at the 2014 New York Festivals International TV and Film Awards. The awards included

ii.Gold World Medal for 'Best Investigative Report'

iii.Two Bronze Gold Medals each in the Current Affairs and Human Concerns sections respectively

iv.The film is about politics of rape in India and was written by Manira A Pinto. The documentary was produced by Miditech for Channel NewsAsia.

ASEAN meet: leaders to raise concerns about China

i.South East Asian leaders will express concerns about Chinese aggression in the South China Sea at their regional summit Sunday, Indonesia’s foreign minister said.

ii.An agreement to include a statement on China’s use of water cannon on Vietnamese vessels was reached at a pre-summit meeting of the foreign ministers of the Association of South-East Asian Nations (ASEAN) in Naypyitaw on Saturday.

iii.The meetings, held twice a year, end with declarations on regional issues such as economic integration and common security concerns.

iv.The Philippines and Vietnam are lobbying this year for a strong statement from ASEAN against aggression in the South China Sea.

v.ASEAN has been pushing for a regional agreement with Beijing that includes a commitment to a peaceful solution to their territorial disputes, respect for international law and signing a Code of Conduct in the disputed areas.

Caparo Group won International Business of the Year award 2014

i.Caparo Group won the International Business of the Year award 2014 at the Asian Business Awards Midlands in Birmingham on 9 May 2014.

ii.The Caparo Group was founded in 1968. It is a diversified global association of businesses with over a 1.5 billion Euro turnover. It was founded by Indian born British Industrialist, Lord Paul.

iii.The group involved in the design, manufacture and marketing of value added steel and niche engineering products.

iv.The group presence in India was first established in 1994 with a joint venture with Maruti Suzuki. The Caparo India operates from over 25 sites, many of which are a result of greenfield projects and contain state-of-the-art equipment.

Nine Indians among 15 killed in Dubai bus crash

i.The workers were killed when their bus rammed into a truck parked on the shoulder of a major highway that passes along the outskirts of the city.

ii.State media in the United Arab Emirates say 15 Asian migrant workers have been killed in a bus crash in Dubai.

iii.The WAM news agency said the labourers were killed on Saturday when their bus rammed into a truck parked on the shoulder of a major highway that passes along the outskirts of the Mideast commercial hub. Thirteen others were reported injured.

iv.The government-owned National newspaper reported on Sunday that at least nine of the dead were from India and four were Bangladeshi.

More time to submit final bids for MCX stake

i.Jignesh Shah-led Financial Technologies India (FTIL), which is divesting its stake in MCX, on Saturday said the board had given two weeks time to shortlist investors to submit their final bids.

ii.“The board deliberated on the divestment process, and decided further time needs to be given in the light of the developments that have come on May 9,” FTIL said in a filing to the BSE.On Friday, MCX decided to amend its Articles of Association to comply with the regulator’s new shareholding norms for Indian commodity exchanges.

iii.The guidelines include a requirement for entities declared unfit to run an exchange to divest their entire stake immediately.

Central Bank suffers loss

i.Central Bank of India reported a net loss of Rs.1,263 crore for 2013-14 as compared to a net profit of Rs.1,015 crore in the previous financial year, due to higher provisioning. Provisions for the year jumped 128 per cent to Rs.4,233 crore from Rs.1,853 crore.

ii.The bank reported a 4 per cent drop in its net profit for the fourth quarter ended March 31, 2014, at Rs.162 crore against Rs.169 crore in the year ago period. Sequentially, the profit increased over 150 per cent from Rs.62 crore in third quarter of 2013-14.

RIL, partners issue arbitration notice to Centre

i.Reliance Industries Ltd. (RIL), BP and NIKO, the contractors of KG-D6 block, have issued a notice of international arbitration to the Central Government to secure market price for gas as per the production sharing contract (PSC).

ii.This follows continuing delay on the part of the government to notify gas price in accordance with the approved formula for the gas to be sold, the companies said in a joint statement. The contractor group said they were left with no other option but to pursue this course of action.

iii.They said despite a clear-cut decision by the Cabinet in 2013 to revise gas price from April 1, 2014, as per the Rangarajan Committee formula, its implementation had been delayed by a directive of the Election Commission in view of the model code of conduct.

O’Sullivan named as Snooker’s Player of the Year

i.Ronnie O’Sullivan on 8 may 2014 was crowned World Snooker’s Player of the Year at the sport's annual awards ceremony in London. Apart from this, O’Sullivan was also handed the Fans Player of the Year award after being voted by snooker supporters.

ii.During the 2013/14 season, he won four titles, which included the Masters in January when he beat Mark Selby 10-4 in the final. He triumphed in the Welsh Open in March 2014 by rounding off a 9-3 defeat of Ding Junhui with a 147 break. This was 12th maximum of his career and a new record too.

HI recommends four players for Arjuna Award

i.Hockey India on Thursday announced its recommendations for the 2014 Arjuna Awards. Four players have been recommended for the sporting awards while one name each has been forwarded to the Sports Ministry for the Dhyan Chand Lifetime Achievement Award and Dronacharya Award for coaching respectively.

ii.Players recommended: Arjuna award: Dharamvir Singh, V.R. Raghunath, Tushar Khandker, Bharat Chetri; Dhyan Chand Lifetime Achievement Award: Sumrai Tete (national women’s team coach); Dronacharya Award: Romesh Pathania (junior women’s team coach).