Today Current Affairs 6th April 2017

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Tencent Holdings Ltd., a Chinese Internet titan best known for its WeChat messaging service and gaming, has overtaken Wells Fargo Inc. by market value, joining the likes of Apple Inc. and Alphabet Inc. in the ranks of the world’s biggest publicly traded companies. The world's biggest public companies:- 1. Apple 2. Alphabet 3. Microsoft 4. Amazon 5. Berkshire Hathaway 6. Facebook 7. Exxon Mobil 8. Johnson & Johnson 9. JPMorgan 10. Tencent 11. Wells Fargo

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of the Air Services Agreement (ASA) between India and Georgia. The Agreement between the two countries is based on latest International Civil Aviation Organization (ICAO) template keeping in view of developments in Civil Aviation sector and with an objective to improve the air connectivity between the two countries. ASA is the basic legal framework for any air operation between the two countries. Features of the Air Services Agreement (ASA):- i. Both countries shall be entitled to designate one or more airline.  ii. Now the Indian carriers can operate to any points in Georgia from any points in India. Whereas the carriers of Georgia can establish direct operation to six points namely New Delhi, Mumbai, Bengaluru, Hyderabad, Chennai and Goa. About Georgia:- a country at the intersection of Europe and Asia. Capital: Tbilisi Currency: Georgian lari

The National Association of Software and Services Companies (NASSCOM) said Raman Roy has been appointed as its chairman for 2017-2018. Roy, Chairman and Managing Director of Quatrro, has been a member of Nasscom’s Executive Council and was the vice-chairman for 2016-17. Nasscom also announced the appointment of Rishad Premji, Chief Strategy Officer and Member of the Board, Wipro Limited, as the Vice Chairman of Nasscom for 2017-18. Roy takes over from CP Gurnani, CEO of Tech Mahindra. About NASSCOM:- National Association of Software and Services Companies is a trade association of Indian Information Technology and Business Process Outsourcing industry.  Founded: 1 March 1988 Headquarters: Chanakyapuri, New Delhi Founders: Dewang Mehta, Nandan Nilekani NASSCOM President: R Chandrashekhar

Union Finance Minister Arun Jaitley chaired the South Asia Subregional Economic Cooperation (SASEC) Finance Ministers meeting in New Delhi. It was attended by the seven Finance Ministers from Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal and Sri Lanka and the Asian Development Bank as a supporting SASEC in this endeavor.  Myanmar has joined the SASEC program as its seventh member. A SASEC vision document was launched on the occasion.  SASEC vision:- 'We ring Asia in 21st century' Three main pillars of synergy in transport, trade facilitation and energy were discussed. About SASEC:- Full Form:- South Asia Subregional Economic Cooperation Founded : 2001 Type : Subregional program Headquarters : Manila, Philippines Region served : South Asia Membership : Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, Sri Lanka

China has announced plans to build a new city,  Xiongan New Area, a special economic zone, in Hebei province to decongest its capital Beijing, similar to those established in Shenzhen and Shanghai.  The city will cover an area nearly three times that of the US city of New York. The New Area, about 100 km southwest of downtown Beijing, will span three counties that sit at the center of the triangular area formed by Beijing, Tianjin and Hebei`s provincial capital Shijiazhuang. It is the latest step in China`s efforts to reduce traffic, air pollution, and population growth in overcrowded, smoggy Beijing. Xiongan and Tongzhou will form "two wings" for Beijing and create new room of development for the Beijing-Tianjin-Hebei region. About China:- Capital: Beijing Currency: Renminbi Population: 1.357 billion President: Xi Jinping

To make on-boarding easy for new sellers, E-commerce major Amazon India has launched an initiative called 'Amazon Classroom', a virtual training programme to help teach them the nuances of online selling. The program focusses on areas such as order processing, adding products and managing returns that are required to operate a successful online business. Amazon is USA based company. Director and GM, Seller Services, Amazon India :- Gopal Pillai CEO of Amazon :- Jeff Bezos.

The first express highway project in the northeast region will be developed along the Brahmaputra river in Assam at an estimated investment of Rs. 40,000 crore, Union Road Minister Nitin Gadkari announced. This is 1,300 km-long express highway. The agreement was signed between the Assam government, the National Highways Authority of India (NHAI) and the Inland Waterways of India.

Following the Supreme Court's ruling to ban the sale of BS-III compliant vehicles in the country, the Government of India has now launched Bharat stage (BS) -IV grade fuel across the nation. Dharmendra Pradhan, Minister of State (I/C) for Petroleum and Natural Gas, formally launched BS-IV grade transportation fuels from Bhubaneswar, Odisha on 1st of April 2017. Aim of Bharat stage (BS) -IV :- It sets target of ushering in BS-VI fuel by April 2020 by skipping BS-V fuel. All state-run oil marketing companies will provide BS-IV-compliant fuel at their 53,500 retail fuel stations across the country. BS-IV fuels:- BS-IV fuels contain far less sulphur than BS-III fuel. Sulphur in fuel makes it dirtier and lowers the efficiency of catalytic converters, which control emissions. The BS-IV complaint vehicles release less pollutants Carbon Mono-oxide (CO), Hydrocarbon (HC), Oxides of Nitrogen (NOx), Sulphur (SOx) and particulate matter (PM) compared to BS III complaint vehicles. About Bharat stage emission standards:- 1) BS emission standards are emission standards instituted by the Union Government to regulate output of air pollutants from internal combustion engines and spark ignition engines equipment, including motor vehicles. 2) The standards and the timeline for implementation are set by the Central Pollution Control Board under the Union Ministry of Environment & Forests and climate change (MoEFCC). 3) The standards, based on European regulations were first introduced in 2000. 4) Since then, various stages Bharat Stage compatible fuel and ungraded and modified vehicles were introduced throughout the country. 5) Each stage specifies a certain limit on the pollutants released, Higher the Bharat Stage goes lesser it emits pollutants. BS-I, BS-II and BS-III stages were launched in 2000, 2005 and 2010 respectively. 6) The harmful emissions that are identified for regulations in different Bharat Stages (BS) are carbon monoxide (CO), unburnt hydrocarbons (HC), Nitrogen Oxides (NOx) and Particulate matter (PM).

West Bengal Chief Minister Mamata Banerjee declared Jhargram as the 22nd district of West Bengal, fulfilling a longstanding demand of its residents. A Rs 200 crore budget has been sanctioned for Jhargram’s development. Building a new stadium at Nayagram and renovating the Jhargram stadium are part of government’s agenda. Jhargram has been formed by bifurcating West Midnapore, which has a population of more than 11.37 lakh. The district has one mahakuma, eight blocks, one municipality and nine police stations. R. Arjun has been appointed the district magistrate while Abhisek Gupta has been made the police superintendent.

Contemporary New York eatery Eleven Madison Park was crowned the world's best restaurant of 2017 at a glitzy ceremony in Melbourne. Run by Swiss-born chef Daniel Humm, the Manhattan institution came out on top at the World's 50 Best Restaurants awards, widely seen as the Oscars of the food world. Spain's El Celler De Can Roca was third. The top 10 was rounded out by restaurants in France, Peru, Thailand, Austria and Spain. France, Spain and the United States each had six restaurants in the top 50, while eateries from China, Chile, Hong Kong and Singapore also made the grade. Bangkok’s Gaggan was named Asia’s best restaurant, at No. 7 overall, while Hong Kong’s Amber came in at No. 24.

The Reserve Bank of India has appointed Smt. Malvika Sinha as Executive Director (ED). As Executive Director Smt. Sinha will look after Foreign Exchange Department, Department of Government and Bank Accounts and Internal Debt Management Department. Smt. Malvika Sinha holds a Masters Degree from University of Bombay and has done her Masters in Public Administration. She is also a Certificated Associate of Indian Institute of Bankers. Smt. Sinha joined Reserve Bank in 1982 and as a career central banker served in the areas of regulation and supervision, foreign exchange and Government and Bank Accounts in the Bank. Prior to being promoted as ED, Smt. Sinha was Principal Chief General Manager, Department of Co-operative Banking Supervision in the Reserve Bank.

The monetary policy committee (MPC) headed by RBI governor Urjit Patel left the policy lending rate unchanged at 6.25%. But RBI hiked the borrowing rate or reverse repo to 6% from 5.25% to suck out extra cash. Simply put, this means that RBI will pay a higher interest to banks for parking money with the central bank. For retail customers, this would not have any impact on their borrowings from banks. But it would mean banks would park a larger amount of money with RBI than use it for lending. The cash reserve ratio, the amount of deposits banks have to keep in cash, stays at 4%. India’s economic growth is estimated to have slowed to 7.1% in 2016-17 from 7.9% in 2015-16. However, most analysts expect growth to bounce back in 2017-18. The government’s Economic Survey in February forecast GDP growth to accelerate to 6.75-7.5% in 2017-18. Current Policy  Rates:- 1) Policy Repo Rate : 6.25% 2) Reverse Repo Rate : 5.75% 3) Marginal Standing Facility Rate : 6.75% 4) Bank Rate : 6.75% 5) cash reserve ratio (CRR) : 4%