Daily GK Update 16th July 2014

1) BRICS to create 100 billion dollar development bank and emergency reserve fund
i) BRICS nations on 15 July 2014 signed a deal to create a new 100 billion US dollar development bank and emergency reserve fund. The deal to from the bank was signed during the 6th BRICS Summit being held in Fortaleza, Brazil form 15 July to 16 July 2014).
ii) BRICS group includes Brazil, Russia, India, China and South Africa.
iii) Creation of the bank was announced after a plenary meet at a BRICS summit meet by Brazil’s President, Dilma Rousseff.
iv) The founding treaty for the New Development Bank and the Contingency Reserve Agreement were signed by the economy ministers of the member nations. Initially, the bank will start off with 50 billion dollars in initial capital with the five BRICS putting in 10 billion US dollars each.
v) As per the deal, the capital of the bank will be split equally among the five participating countries, while headquarter will be in Shanghai, China. The Bank will have a rotating chair and its first President will come from India for the first six years. The Bank will also have a regional office in Johannesburg, South Africa.
vi) The Bank’s board will have five Finance Ministers and will be chaired by Brazil. Initially the bank will be involved in infrastructure projects in the BRICS nations.
vii) BRICS Finance ministers or central banks’ governors will form a governing body to manage the CRA while it will be presided over by the BRICS President. The BRICS CRA will not be open to outsiders.

Participant leaders of the five nations are
• Brazil - Dilma Rousseff
• Russian - Vladimir Putin
• Indian - Narendra Modi
• China - Xi Jinping
• South Africa - Jacob Zuma

Contribution of different nations
• China will contribute 41 billion US dollar
• Brazil, Russia and India will contribute 18 billion US dollar each
• South Africa will provide 5 billion US dollar

Future impacts of the deal
The establishment of the 100 billion US dollars development bank will help the developing nations to avoid
a) Short term liquidity pressures
b) Promote further BRICS cooperation
c) Strengthen the global financial safety net
d) Complement existing international arrangements

2) SEBI barred Satyam founder Ramalinga Raju and 4 others from accessing capital markets
i) The Securities and Exchange Board of India (SEBI) on 15 July 2014 barred founder of Satyam Computers, B Ramalinga Raju and four other top executives from accessing the capital markets for 14 years.

3) South African Nobel-prize winning author Nadine Gordimer died
i) Nadine Gordimer, the South African Nobel Prize-winning author, died on 14 July 2014 in Johannesburg. She was 90.

4) 127th edition of Durand Cup football tournament to be held in Goa in October 2014
i) The 127th edition of the Durand Cup Football Tournament will be held in Goa from 28th October 2014 to 9th November 2014. This was revealed by a Defence press release from Mumbai on 15 July 2014.

5) PM Narendra Modi met Russian President Putin in Fortaleza
i) The Prime Minister of India Narendra Modi met Russian President Vladimir Putin in Fortaleza, Brazil on 15 July 2014.
ii) He met the Russian President Putin on the sidelines of Sixth BRICS Summit being held in Fortaleza. The meeting was the first-summit level interaction of PM Narendra Modi with Russian President.
iii) During the 40-minute meeting, PM favoured broadening of the special and privileged strategic partnership with Russia in nuclear, defence and energy sectors and invited President Vladimir Putin to visit Kudankulam atomic power project during his trip in December 2014.

6)  State Government of Delhi on 14 July 2014 decided to set up 320 Mahila Suraksha Dals (MSDs) across the national capital. These MSDs will be established to ensure women safety at public places.

7) GSM operator Aircel has launched 4G services across four circles - Andhra Pradesh, Assam, Bihar and Odisha – making it the second operator to offer telecom services on all three technologies.


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