26 November 2015 Current Affair Updates |Daily GK Download

1. Noted Indian Economist T S Papola has been passed away. He was 74 years old. He worked as an advisor in the planning commission from 1987 to 1995. He was a founder and former director at the Institute for Studies in Industrial Development Studies, Lucknow and also the founding member of the Institute for Human Development, Delhi.

2. Magna Fincorp, a Kolkata-based non-deposit taking Non-Banking Financial Company has won a Gold Award at LACP (League of American Communications Professionals) Spotlight Awards 2015. The Company is registered with the Reserve Bank of India as an asset finance company. LACP is a global competition of corporate communication materials.

3. Russia would be prepared to "create a joint staff" to fight the Islamic State in which Moscow would work with France, the United States and even Turkey.
26 November 2015 Current Affair Updates |Daily GK Download
26 November 2015 Current Affair Updates |Daily GK Download

4. 37 banks, led by public sector ones, have reported a 26.8 per cent rise in non-performing assets (NPAs) over the 12-month period ending September this year. This is a nearly 10 per cent rise from the 16.9 per cent growth in bad loans over the same period a year ago, with several projects, especially those in the infrastructure sector, stuck. The banks with a major share in bad loans include Bank of India, Bank of Baroda, Indian Overseas Bank, SBI and Punjab National Bank.

5. This year, 18 companies that have so far launched IPOs have collectively raised nearly Rs 11,000 crore, making it the best in four years in terms of fund raising through initial share sale programmes. As many as 11 companies out of the total 18 that got listed this year are trading above their issue price, an analysis of the performance of the newly-listed firms showed.

6. Government is planning to put 98 per cent of sectors, which are open to foreign investments, under the automatic route so that businessmen won't need to visit the Finance Ministry or 'Udyog Bhavan' for any approval.

7. China is likely to invest over USD one trillion overseas and import USD 10 trillion commodities over the next five years, Premier Li Keqiang has said as the world's second largest economy looks to invest its record USD 3.50 trillion forex reserves abroad to utilise it to spur growth. As long as China's annual economic growth remains above 6.5 percent in the next few years, it can get close to the target of becoming a high-income country by 2020.

8. Idea Cellular has entered into an agreement with Videocon Telecommunications for acquiring the rights to use the latter's spectrum for the telecom service areas of Gujarat and Uttar Pradesh (West) for Rs 3,310 crore through a spectrum trading agreement.

9. Asia is poised to drive global trade to around USD 68.5 trillion by 2050 and growth of merchandise exports from India is set to outpace China, an HSBC report says. According to new forecasts in HSBC's landmark Trade Winds report, Asia is likely to be the starting point for a quadrupling of worldwide exports to an estimated USD 68.5 trillion by 2050.

10. ASEAN leaders declared the establishment of an EU-style regional economic bloc, ASEAN Economic Community (AEC), a single market with a free flow of goods, capital and skilled labour in the region. The Kuala Lumpur declaration on the establishment of the AEC was signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.

11. The Supreme Court has asked Vodafone Mobile Services Ltd (VMSL) to pay Rs 2,000 crore to the government in pursuance of the proposed merger of licenses of its four entities into itself. A bench headed by Justice J S Khehar said the central government would approve the merger as soon as the amount is paid to it by the firm. The order came on the plea of the government filed against the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) order allowing provisional merger of the licenses of four entities.
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