1. India successfully Test-Fired Surface-to-Surface Prithvi-II Missile
i. India on 12 August 2013 successfully test-fired indigenously-developed nuclear-capable surface-to-surface Prithvi-II missile from a military base in Odisha.
ii. The ballistic missile with a range of 350 km was fired from launch complex number three of the Integrated Test Range at Chandipur-on-sea in Balasore district off Odisha coast.
iii. Prithvi-II missile was launched by the personnel of the Strategic Force Command (SFC) from ITR’s Launch Complex-III as part of routine user training.
iv. The missile scientists of the Defence Research and Development Organisation(DRDO) monitored the launch operations.
v. The Prithvi-II missile is already inducted into the Indian Armed forces. It has been developed by the DRDO.
Fact-sheet on Prithvi-II Missile
• Prithvi is the first missile to be developed under India's prestigious Integrated Guided Missile Development Programme (IGMDP).
• It is capable of carrying 500 kg to 1000 kg of warheads.
• It is thrusted by liquid propulsion twin engines, uses advanced inertial guidance system with manoeuvring trajectory. The last users trial of Prithvi-II was successfully carried out from the same base on 20 December 2012.
2. Janet Yellen appointed as new chairman of the Federal Reserve
i. Janet Yellen has been confirmed as the new chairman of the Federal Reserve, however her appointment was backed by the least Senate support on records indicating that the central bank is facing internal differences.
ii. Experts have said that the central bank is still facing scrutiny from political leaders even six years after the financial crisis. The senate voted 56-26 to confirm Yellen as the new head of the central bank, indicating that she received least support from the leaders.
iii. Yellen, who will be the first woman to head the Federal Reserve, will lead the central bank at a troubling time as it is planning to roll back it stimulus package.
3. India became third largest crude oil importer in the World
i. India overtook Japan to become the third largest crude oil importer in the World. As per the data released by Reuters on 30 January 2014, India imported 3.86 million barrels-per-day of crude oil in the year 2013.
ii. India's crude oil imports were nearly 6 percent higher than Japan's customs-cleared imports of 3648372 barrels-per-day (211716710 kilolitres).
World’s Top Five Oil-Importing Countries
1.China: China imports 6.30 million barrels per day
2.U.S.A: USA imports 6.24 million barrels per day
3. India: India imports 3.86 million barrels per day
4. Japan: Japan imports 3.64 million barrels per day
5.Germany: Germany imports 2.67 million barrels per day
4. Basel Committee issued Final standards to curb exposures of banks to customers
i. The Basel Committee on Banking Supervision on 15 April 2014 issued Final standards for measuring and controlling large exposures of banks to customers. These standards will take effect from 1 January 2019
ii. The committee consisted of banking supervisors from nearly 30 countries. The committee framed a new rule limiting how much business a bank can undertake with a single customer.
Highlights of the guidelines
• Guidelines were aimed to minimise the risk of fallout from a counterparty going default without imposing excessive burdens on financial firms.
• The framework was designed so that the maximum possible loss a bank could incur if such a default were to occur would not endanger the bank's survival as a going concern.
• In cases where the bank's counterparty is another bank, large exposure limits will directly contribute towards the reduction of system-wide contagion risk.
• The framework will also contribute to strengthening the oversight and regulation of the shadow banking system by extending the scope of coverage to exposures to funds, securitisation structures and collective investment undertakings.
• The existing rule leaves it to supervisors to impose a 25 percent cap on exposures, meaning each exposure cannot be more than a quarter of the bank's total regulatory capital holdings.
i. India on 12 August 2013 successfully test-fired indigenously-developed nuclear-capable surface-to-surface Prithvi-II missile from a military base in Odisha.
ii. The ballistic missile with a range of 350 km was fired from launch complex number three of the Integrated Test Range at Chandipur-on-sea in Balasore district off Odisha coast.
iii. Prithvi-II missile was launched by the personnel of the Strategic Force Command (SFC) from ITR’s Launch Complex-III as part of routine user training.
iv. The missile scientists of the Defence Research and Development Organisation(DRDO) monitored the launch operations.
v. The Prithvi-II missile is already inducted into the Indian Armed forces. It has been developed by the DRDO.
Fact-sheet on Prithvi-II Missile
• Prithvi is the first missile to be developed under India's prestigious Integrated Guided Missile Development Programme (IGMDP).
• It is capable of carrying 500 kg to 1000 kg of warheads.
• It is thrusted by liquid propulsion twin engines, uses advanced inertial guidance system with manoeuvring trajectory. The last users trial of Prithvi-II was successfully carried out from the same base on 20 December 2012.
2. Janet Yellen appointed as new chairman of the Federal Reserve
i. Janet Yellen has been confirmed as the new chairman of the Federal Reserve, however her appointment was backed by the least Senate support on records indicating that the central bank is facing internal differences.
ii. Experts have said that the central bank is still facing scrutiny from political leaders even six years after the financial crisis. The senate voted 56-26 to confirm Yellen as the new head of the central bank, indicating that she received least support from the leaders.
iii. Yellen, who will be the first woman to head the Federal Reserve, will lead the central bank at a troubling time as it is planning to roll back it stimulus package.
3. India became third largest crude oil importer in the World
i. India overtook Japan to become the third largest crude oil importer in the World. As per the data released by Reuters on 30 January 2014, India imported 3.86 million barrels-per-day of crude oil in the year 2013.
ii. India's crude oil imports were nearly 6 percent higher than Japan's customs-cleared imports of 3648372 barrels-per-day (211716710 kilolitres).
World’s Top Five Oil-Importing Countries
1.China: China imports 6.30 million barrels per day
2.U.S.A: USA imports 6.24 million barrels per day
3. India: India imports 3.86 million barrels per day
4. Japan: Japan imports 3.64 million barrels per day
5.Germany: Germany imports 2.67 million barrels per day
4. Basel Committee issued Final standards to curb exposures of banks to customers
i. The Basel Committee on Banking Supervision on 15 April 2014 issued Final standards for measuring and controlling large exposures of banks to customers. These standards will take effect from 1 January 2019
ii. The committee consisted of banking supervisors from nearly 30 countries. The committee framed a new rule limiting how much business a bank can undertake with a single customer.
Highlights of the guidelines
• Guidelines were aimed to minimise the risk of fallout from a counterparty going default without imposing excessive burdens on financial firms.
• The framework was designed so that the maximum possible loss a bank could incur if such a default were to occur would not endanger the bank's survival as a going concern.
• In cases where the bank's counterparty is another bank, large exposure limits will directly contribute towards the reduction of system-wide contagion risk.
• The framework will also contribute to strengthening the oversight and regulation of the shadow banking system by extending the scope of coverage to exposures to funds, securitisation structures and collective investment undertakings.
• The existing rule leaves it to supervisors to impose a 25 percent cap on exposures, meaning each exposure cannot be more than a quarter of the bank's total regulatory capital holdings.
