International Affairs, Banking & Finance, January 12th, 2018, Current Affairs PDF Download

INTERNATIONAL AFFAIRS

India, Bhutan jointly unveil ‘Special logo’ for Golden Jubilee celebrations
On January 12, 2018, Union External Affairs Minister Sushma Swaraj and Bhutan’s Minister of Foreign Affairs Lyonpo Damcho Dorji jointly unveiled the ‘Special logo’ for the Golden Jubilee celebrations in New Delhi and Thimphu through video-conference.

i. Golden Jubilee of the establishment of formal diplomatic relations between Bhutan and India is being celebrated in the year 2018.
ii. The Special logo was unveiled to mark the launch of Golden Jubilee celebrations.
iii. During 2018, India and Bhutan will conduct several high-level exchanges. Besides, a series of special commemorative initiatives, exhibitions, cultural activities and seminars will be held throughout the year in both the countries.
Quick Facts about Bhutan:
♦ Capital – Thimphu
♦ Currency – Ngultrum
♦ Current Prime Minister – Tshering Tobgay
♦ Important Rivers – Mo Chhu, Sankosh

Sri Lanka removes ban on sale of alcohol to women
Sri Lanka has removed a 38-year long ban on selling alcohol to women and employing them in places where alcohol is produced and sold.
Sri Lanka removes ban on sale of alcohol to women:
i. Finance Minister Mangala Samaraweera signed the notification removing the ban on selling alcohol to women and employing them in such places, in order to ensure gender equality and promote tourism.
ii. This ban had been in act from 1979. The Sri Lankan government has also allowed alcohol selling units to stay open till 10 p.m., one hour late than the earlier allowed time.
Some Key People of Sri Lanka:
♦ President – Maithripala Sirisena
♦ Prime Minister – Ranil Wickremesinghe
♦ Minister of Home Affairs – Vajira Abeywardena
♦ Minister of Industry and Commerce – Rishad Bathiudeen

South Australia planning to build the world’s largest thermal solar plant
Government of South Australia (a state in the southern central part of Australia) has given approval to build a major solar thermal plant in the state which, on completion would be the largest of its kind ever built.

World’s largest thermal solar plant:
i. The plant will be developed by a US company, Solar Reserve at an estimated cost of Australian Dollar 650 million. Construction of this plant will begin during 2018.
ii. Solar Reserve has claimed that this plant will be able to power around 35 per cent of all of the households in South Australia.
iii .In context of this news, it is important to note that, Solar Thermal is different from Solar photovoltaic (PV). In solar PV, solar energy is converted into electricity while in solar thermal, solar energy is converted in to heat energy, which in turn is used to spin turbines for generating electricity.

India gives $45.27 million aid to develop KKS harbour in Sri Lanka
India has extended financial assistance of USD 45.27 million to Sri Lanka for upgrading Kankesanthurai (KKS) Harbour (located in northern Sri Lanka) into a commercial port.
i. Agreement in this regard was signed by Sri Lanka’s Ministry of Finance and Export andImport Bank of India (Exim Bank) signed on January 10, 2018.
ii. This financial assistance is part of memorandum of understanding (MoU) between Indian and Sri Lankan Government for rehabilitation of KKS Harbour.
iii. Four out of the six phases of the rehabilitation of KKS Harbour have already been completed.
iv. The financial assistance of USD 45.27 million will used for executing remaining two phases, which includes works related to installation of port infrastructure.
v. KKS port holds lot of significance as it connects Jaffna peninsula with the rest of Sri Lanka. The port was destroyed by Liberation Tigers of Tamil Eelam (LTTE) during the civil war in Sri Lanka.
Quick Facts about Sri Lanka:
♦ Capital – Colombo
♦ Currency – Sri Lankan rupee
♦ Current President – Maithripala Sirisena
♦ Important Rivers – Mahaweli, Kelani

BANKING & FINANCE

India emerged as top borrower from AIIB in 2017
India has become the top borrower from Asian Infrastructure Investment Bank (AIIB) with USD 1.5 billion worth of loans in 2017.
India – top borrower from AIIB:
i. India is the top borrower from AIIB with USD 1.5 billion worth of loans in 2017.  Indonesia is in the second position with USD 600 million worth loans.
ii. Also, for 2018, USD 3.5 billion worth loans for Mumbai Metro, Andhra Pradesh’s new capital Amaravati’s development and irrigation network in West Bengal are in line.
iii. India is also the second largest shared holder in AIIB. China is the largest shareholder of AIIB.
iv. Lot of countries prefer to borrow from AIIB, as it charges only 1 to 1.5 % interest with long term repayment and also a five-year grace period.
About Asian Infrastructure Investment Bank (AIIB):
♦ Headquarters – Beijing, China
♦ President – Jin Liqun

Reliance Jio planning its own cryptocurrency “JioCoin”
Mukesh Ambani – led Reliance Jio Infocomm Ltd is planning to create its own cyptocurrency, ‘JioCoin’.

More Information about ‘JioCoin’:
i. Reliance Jio is planning to form a 50-member team of young professionals to work on blockchain technology.
ii. The team will work on multiple applications of blockchain viz. cryptocurrency, smart contracts, supply chain management logistics etc.
iii. Mukesh Ambani’s elder son Akash Ambani is expected to lead the ‘JioCoin’ project.
Quick Facts about Reliance Jio:
♦ Founded in – 2010
♦ Headquarters – Mumbai, Maharashtra
♦ Founder – Mukesh Ambani