Why oil prices keep falling — and throwing the world into turmoil

1. Railways' earnings up by over 12%
i. Railways has earned Rs 1,14,656.13 crore during April-December 2014, registering an increase of 12.57 per cent.
ii. It had earned Rs 1,01,856.45 crore during the same period in the previous year.

iii. The total earnings from goods during April-December, 2014 were Rs 77,161.55 crore as compared to Rs 68,776.35 crore in the corresponding period in 2013, showing an increase of 12.19 per cent, according to the Railway Ministry data.
iv. The total number of passengers booked during April- December 2014 were 6,256.16 million compared to 6,360.15 million during the same period in 2013, showing a decrease of 1.64 per cent.
2. NASA Closer Than Ever to Finding Earth's 'Twin'
i. Two of the eight are the most Earth-like of any known planets found so far outside our solar system, astronomers told the 225th meeting of the American Astronomical Society in Seattle, Washington.
ii. The discovery doubles the number of known planets that are close in size to the Earth and believed to be in the so-called "Goldilocks zone" of the stars they orbit.
iii. The promising discoveries are that of the planets named as - Kepler 438b and Kepler 442b.

3. Google, New ally for 'Digital India' project
i. Vinton Cerf, Chief Internet Evangelist at Google, met Minister for Communications and Information Technology Ravi Shankar Prasad to discuss the role technology giant can play in supporting the government’s vision for a Digital India.
ii. Vinton Cerf said, "We have some ideas. We want to share with them those ideas to find out which of them make sense. Maybe they will have better ideas than us.”
iii. The government’s ambitious Digital India project aims to connect all gram panchayats by broadband Internet, promote e-governance and transform India into a connected knowledge economy.

4. IBA raises wage revision offer to 12.5%
i. The United Forum of Bank Employees has deferred the all-India bank strike.
ii.  the IBA had improved its offer of wage revision by raising the monthly salaries of banks employees and officers to 12.5 per cent.
iii. The unions have refused to accept the offer which they termed was too low.

4. 500 Firms Approach Ministry to Make PF Optional
i. As many as 500 companies have approached the Ministry of Labour to consider revamping of the laws governing salary payment and granting employees a choice in how they are paid their salary.
ii. The petition asks the government to give employees the choice to decide on three issues.

Firstly, whether to make their 12 per cent employee contribution to Provident Fund or opt out of it.
secondly whether to pay 12 per cent employer contribution to the Employee Pension Scheme or to an individual account opened with the National Pension Scheme.
And thirdly, whether to pay their ESI contribution to the ESI corporation or purchase insurance from any IRDA regulated insurance company.
iii. Currently, in a cost to-company model informal employees can take home their entire salary while employees in the organised sector "lose" a part of their earnings to schemes like PF, Employees State Insurance (ESI), Professional Tax, Employees Pension Scheme, statutory bonus and gratuity.

5. Amitabh Bachchan named as the Brand Ambassador of AP health sector
i. Bollywood actor Amitabh Bachchan on 6 January 2015 named as the Brand Ambassador of  Andhra Pradesh (AP) health sector.
ii. His appointment was announced by the AP Health Minister Kamineni Srinivas in Hyderabad.
iii. Being the brand ambassador of AP health sector, he will be participating in various health-related campaigns of AP government.
iv. Bachchan will not take any remuneration for the services he would be rendering to the state as its health ambassador.

6. President signed Ordinance to amend Citizenship Act, 1955
i. President Pranab Mukherjee signed the Ordinance that amends’ Citizenship Act, 1955.
ii. The ordinance provides life-long Indian visa facility to Person of Indian Origin (PIO) and exempts them from appearing before the local police station on every visit.

iii. It merges Overseas Citizen of India (OCI) and Persons of Indian Origin (PIO), thus making PIO eligible for life-long visa and bringing them on equal footing with OCI.
iv. It relaxes the requirement of 12 months in cases related to citizenship by registration and naturalization. Instead it allows for breaks up to 30 days if the Union government is satisfied that special circumstances exist, and has recorded them in writing.

7. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited
i. Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
ii. Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
iii. Prior to joining Axis, he was the Deputy-MD at the ICICI Prudential Asset Management. At ICICI he quit after serving for seven years when assets more than quadrupled.

09:27 - By Unknown 0

Daily GK Update - 7th January 2015

1. Railways' earnings up by over 12% 
i. Railways has earned Rs 1,14,656.13 crore during April-December 2014, registering an increase of 12.57 per cent.
ii. It had earned Rs 1,01,856.45 crore during the same period in the previous year.


iii. The total earnings from goods during April-December, 2014 were Rs 77,161.55 crore as compared to Rs 68,776.35 crore in the corresponding period in 2013, showing an increase of 12.19 per cent, according to the Railway Ministry data.
iv. The total number of passengers booked during April- December 2014 were 6,256.16 million compared to 6,360.15 million during the same period in 2013, showing a decrease of 1.64 per cent.

2. NASA Closer Than Ever to Finding Earth's 'Twin'

i. Two of the eight are the most Earth-like of any known planets found so far outside our solar system, astronomers told the 225th meeting of the American Astronomical Society in Seattle, Washington.
ii. The discovery doubles the number of known planets that are close in size to the Earth and believed to be in the so-called "Goldilocks zone" of the stars they orbit.
iii. The promising discoveries are that of the planets named as - Kepler 438b and Kepler 442b.

3. Google, New ally for 'Digital India' project

i. Vinton Cerf, Chief Internet Evangelist at Google, met Minister for Communications and Information Technology Ravi Shankar Prasad to discuss the role technology giant can play in supporting the government’s vision for a Digital India.
ii. Vinton Cerf said, "We have some ideas. We want to share with them those ideas to find out which of them make sense. Maybe they will have better ideas than us.”
iii. The government’s ambitious Digital India project aims to connect all gram panchayats by broadband Internet, promote e-governance and transform India into a connected knowledge economy.

4. IBA raises wage revision offer to 12.5%
i. The United Forum of Bank Employees has deferred the all-India bank strike.
ii.  the IBA had improved its offer of wage revision by raising the monthly salaries of banks employees and officers to 12.5 per cent.
iii. The unions have refused to accept the offer which they termed was too low.

4. 500 Firms Approach Ministry to Make PF Optional

i. As many as 500 companies have approached the Ministry of Labour to consider revamping of the laws governing salary payment and granting employees a choice in how they are paid their salary.
ii. The petition asks the government to give employees the choice to decide on three issues.

• Firstly, whether to make their 12 per cent employee contribution to Provident Fund or opt out of it.
• secondly whether to pay 12 per cent employer contribution to the Employee Pension Scheme or to an individual account opened with the National Pension Scheme.
• And thirdly, whether to pay their ESI contribution to the ESI corporation or purchase insurance from any IRDA regulated insurance company.

iii. Currently, in a cost to-company model informal employees can take home their entire salary while employees in the organised sector "lose" a part of their earnings to schemes like PF, Employees State Insurance (ESI), Professional Tax, Employees Pension Scheme, statutory bonus and gratuity.

5. Amitabh Bachchan named as the Brand Ambassador of AP health sector

i. Bollywood actor Amitabh Bachchan on 6 January 2015 named as the Brand Ambassador of  Andhra Pradesh (AP) health sector.

ii. His appointment was announced by the AP Health Minister Kamineni Srinivas in Hyderabad.
iii. Being the brand ambassador of AP health sector, he will be participating in various health-related campaigns of AP government.
iv. Bachchan will not take any remuneration for the services he would be rendering to the state as its health ambassador.

6. President signed Ordinance to amend Citizenship Act, 1955

i. President Pranab Mukherjee signed the Ordinance that amends’ Citizenship Act, 1955.
ii. The ordinance provides life-long Indian visa facility to Person of Indian Origin (PIO) and exempts them from appearing before the local police station on every visit.

iii. It merges Overseas Citizen of India (OCI) and Persons of Indian Origin (PIO), thus making PIO eligible for life-long visa and bringing them on equal footing with OCI.
iv. It relaxes the requirement of 12 months in cases related to citizenship by registration and naturalization. Instead it allows for breaks up to 30 days if the Union government is satisfied that special circumstances exist, and has recorded them in writing.

7. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited

i. Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
ii. Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
iii. Prior to joining Axis, he was the Deputy-MD at the ICICI Prudential Asset Management. At ICICI he quit after serving for seven years when assets more than quadrupled.

09:25 - By Unknown 0

Daily GK Update - 6th January 2015

1. World Cup 2015 squad announced: Yuvraj out, Jadeja in

i. The Board of Control for Cricket in India on Tuesday released its 15-member squad for the World Cup 2015.
ii. The noticeable exclusion was that of Yuvraj Singh who has been dropped from the squad.
iii. The players are as follows:
Mahendra Singh Dhoni (c), Shikhar Dhawan, Rohit Sharma, Virat Kohli,Ajinkya Rahane, Suresh Raina, Ambati Rayudu, Ravindra Jadeja , Ravichandran Ashwin, Axar Patel, Bhuvneshwar Kumar, Ishant Sharma, Mohammed Shami, Stuart Binny and Umesh Yadav.
iv. India will start it's World Cup campaign against Pakistan on 15th of February.


2. Five-day coal strike begins

i. Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
ii. The unions have gone on strike to protest against ’disinvestment and restructuring of State-run Coal India’ and to press for their other demands including the roll-back of what they call as “process of denationalising of coal sector”.
iii. The strike can affect coal production of up to 1.5 million tonnes a day and may also hit supplies to power plants which are already grappling with fuel shortages.
iv. All five major trade unions of the coal PSU had boycotted a meeting called by Coal Minister Piyush Goyal last week.

3. ISRO gears up to launch IRNSS 1D

i. After completing an eventful year, ISRO is gearing up for some satellite launches this year, with the IRNSS 1D being the first, which would put in place India's own navigation system on par with the Global Positioning System of the US.
ii. "The launch campaign for IRNSS 1D has come, which starts on January 16. Within two months, all components from other ISRO labs have to reach Sriharikota. The launch is likely after March 15.

iii. IRNSS 1D is the fourth in the series of seven satellites, the national space agency is planning to launch to put in place the Indian Regional Navigation Satellite System (IRNSS).
iv. While four satellites would be sufficient to start operations of the system, the remaining three satellites would make it more accurate and efficient.


4. P Krishnamurthy appointed as Private Secretary of Union Defence Minister Manohar Parrikar

i. IAS officer P Krishnamurthy was on 5 January 2015 appointed as Private Secretary of Union Defence Minister Manohar Parrikar.
ii. He is appointed for a five-year period or on co-terminus basis with the minister's tenure.
iii. Krishnamurthy is a 1997 batch IAS officer of Arunachal Pradesh-Goa-Mizoram Union territories (AGMU) cadre.
iv. He served as the Director of National Institute of Fashion Technology (NIFT) from 2011 to 2014.

5. Union Cabinet approved to set up India-based Neutrino Observatory in TN

i. Union Cabinet headed by Prime Minister Narendra Modi on 5 January 2015 approved to set up the India-based Neutrino Observatory (INO) in Tamil Nadu.
ii. The INO laboratory will host experiments such as the neutrino-less double beta decay and the search for dark matter.

iii. The INO project will be set up near Pottipuram village in the Bodi West Hills of Theni district in Tamil Nadu. The project is at an estimated cost of 1500 crore rupees.
iv. The project also includes Inter-Institutional Centre for High Energy Physics (IICHEP) and Iron Calorimeter Detector (ICAL).

6. Former Minister of State for PWD Ram Prasad Kamal died

i. Former Minister of State for Public Works Department (PWD) Ram Prasad Kamal passed away on 4 January 2015 after a brief illness in Allahabad. He was 84.
ii. Kamal was inducted into the BJP by former Prime Minister Atal Bihari Vajpayee in 1980 following which he was elected for two consecutive terms as member of the Uttar Pradesh Vidhan Parishad from 1992.
iii. Ram Prasad Kamal served as the Minister of State for PWD for BJP government from 1997-2004.

06:08 - By Unknown 0

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05:53 - By Unknown 0

Daily GK Update - 4th and 5th January 2015

1. LED there be light: Modi launches scheme to brighten Delhi

i. Prime Minister Narendra Modi on Monday launched a scheme for LED bulb distribution under domestic efficient lighting programme (DELP) in Delhi.

ii. Describing the LED bulb as a ‘prakash path’ (way to light), Mr. Modi said that it is much more economical to conserve power than to produce power.
iii. LED bulbs shall be distributed in a phased manner from March 2015 onwards, an official statement said.
iv. The entire project of installing LED bulbs for domestic and street lighting in 100 cities is targeted for completion by March 2016.
v. In Delhi, LED bulbs will be provided to all domestic consumers at an initial payment of Rs 10 each and recovery of Rs 10 each for 12 months from their electricity bill.

2. Laxman, SP Balasubrahmanyam new Swachh Bharat ambassadors

i. The Centre on Monday nominated cricketer V.V.S. Laxman, chess player Koneru Humpy, playback singer S.P. Balasubrahmanyam and several other icons as brand ambassadors of Swachh Bharat campaign.
ii. The nomination was formally made by Union Urban Development Minister M. Venkaiah Naidu at a function in Hyderabad.
iii. The others nominated include MPs K.Kavitha, Jayadev Galla, badminton icon P.Gopichand, corporate personalities B.V.R. Mohan Reddy, J.A.Chowdary, Rameshwar Rao and Gopichand, G.S. Rao from medical field, lyricist S. Ashok Teja, Telugu actor Nitin and media personality V. Radhakrishna.

3. Sports ministry recommends Saina Nehwal's name for Padma Bhushan 

i. The sports ministry today decided to recommend ace shuttler Saina Nehwal for the Padma Bhushan award.

ii. Ministry insisted that it did not receive her nomination from the Badminton Association of India (BAI) within the stipulated deadline.
iii. On Saturday, a disappointed Saina had stated that the Badminton Association of India (BAI) had recommended her name for the Padma Bhushan in August last year but the sports ministry rejected her application, citing norms. 

4. 18 Jharkhand villages identified under 'Green India Mission' 

i. Eighteen villages have been identified under union government sponsored 'Green India Mission' for undertaking eco-friendly development programmes in the areas falling under Seraikela forest division in Seraikela-Kharswan district of Jharkhand. 
ii. The main objective of the mission was to develop the ecological and economic scenerio by choosing different developmental schemes including rain water harvesting and greenery among others. 
iii. The forest division has also developed facilities for development of pissiculture and poultry which have helped villagers to earn livelihood.
iv. The Mission proposed a holistic view of greening and focuses not on carbon sequestration targets alone, but on multiple ecosystem services, especially, biodiversity, water and biomass.

5. Arvind Panagariya to be Vice-Chairman of PM Narendra Modi's NITI Aayog 

i. Eminent free-market economist Arvind Panagariya has been appointed to run Indian prime minister Narendra Modi's new policy commission, or NITI Aayog.
ii. Niti Aayog has been set up to modernise economic strategy after decades of Soviet-style central planning. 
iii. the appointment of Panagariya, an Indian-born economics professor at Columbia University in New York, is likely to be announced in the next 24 hours.
iv. Panagariya's market-friendly, pro-growth economics has helped shape Narendra Modi's outlook and is seen by many as a Margaret Thatcher-like attack on overbearing labour regulations and state-run companies.
NOTE - Narendra Modi will be the Chairman of the Niti Ayog.

6. Government to implement new Companies Act that includes setting up IEPFA and NFRA 

i. The corporate affairs ministry has charted its road map for full implementation of the new Companies Act that envisages setting up Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA) within six months. 
ii. The government is already in final stages of notifying rules for IEPFA and NFRA, a quasi-judicial apex body for accounting and auditing standards, also with powers to probe and review audits of companies. 
iii. NFRA will be responsible for monitoring, compliance review and overseeing quality of service, enforcement and standard setting in accounting and auditing. 
iv. IEPFA, which will be set up under the new Companies Act, will manage investor education and protection fund. If the amount deposited with companies is not claimed for more than seven years, it will go to IEPFA. 

7. DDA plans smart city, flats for senior citizens in 2015 

i. A smart "world-class" city in Dwarka, exclusive apartments for senior citizens, a financial hub, electric buses for Delhi and erecting the city's tallest building are among DDA's major plans this year. 


ii. The 'smart city' envisioned by DDA will be a complete sub-city, which would be located in an area of 20-24 hectares, zoned out of Dwarka, Rohini and Narela, and will be equipped with latest technologies and waste-management techniques. 
iii. "The smart city will have a world-class infrastructure, 24-hour power supply, complete wi-fi connectivity, and will employ green technology and latest water conservation like rain-harvesting and waste management techniques, among other facilities.

06:01 - By Unknown 0

Download December Current Affairs Pdf 2014

Download December Current Affairs Pdf 2014

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21:43 - By Unknown 0