Daily Current Affairs Updates- 11th August 2015

    Daily Current Affairs Updates- 11th August
    Daily Current Affairs Updates- 11th August 2015:                            
    Daily Current affairs News Updates about the National and International events were listed here. Candidates those who are preparing for IBPS/SBI/PO/Clerk exam and all other competitive exams can use this.

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    1).Union Minister forMinority AffairsDr. Najma Heptulla launched the‘Nai Manzil’scheme for empowering minorities
    Features of Nai Manzil
    ·        To address educational and livelihood needs of minority communities
    ·        To provide bridge courses to trainees and getting them certificates of10thand12th standard through distance education
    ·        To provide trade based skill training at the same time of formal education in4courses in the following fields
    a)   Manufacturing
    b)   Engineering
    c)   Services
    d)   Soft skills
    ·        Eligible to people in the age group between17 to 35years
    2).South Korea’sPosco signed a joint venture agreement withUttam Steel and Power to set up a integrated steel plant inMaharashtra
    ·        This is the1st integrated steel plant for Posco in India
    ·        Posco and Uttam Steel and Power – owned by co-promoters ofUttam Galva Steels – jointly owned byArcelorMittal
    ·        This integrated steel plant to be set up atSatarda in Sindhudurg districtof Maharashtra
    ·        Plant to be set up in2-phases to yield3 million tonnes of steel per year from a total investment of3 billion US dollars
    ·        Steel plant is set up inSindhudurg district due to
    a)   Availability of iron ore
    b)   easy land acquisition by the state government
    ·        Posco already has steel processing centers in :
    a)   Pune
    b)   Chennai
    c)   New Delhi
    3).Industrial Credit and Investment Corporation of India(ICICI) bank launched‘ICICI Bank Saral-Rural Housing Loan’scheme for weaker sections of society
    ·        ICICI is India’slargest private sector lender
    ·        Features of scheme
    a)   An eligible customer can avail loan to purchase, construction or renovation of a home in the rural areas
    b)   Loan will range from5-15 lakh rupees for a period of3-20 years
    c)   The loan can be up to90% of the property value
    d)   Will be available in189 cities across India
    e) Housing loan will be provided at ICICI Bank Base Rate –‘I-Base’9.7%
    4).Indian Space Research Organization(ISRO)started the commercial production at the‘Titanium Sponge Plant’ at Chavera in Kerala
    ·        ISRO’sVikram Sarabhai Space Centre established the Titanium Sponge Plant(TSP) – a dedicated500 metric tonnes per annum plant atKerala Minerals& Metals Ltd.
    ·        Titanium sponge – a titanium alloy product produced by converting raw titanium throughKroll process
    ·        This commercially produced Titanium sponge will be used in
    a)   Space programmes
    b)   Strategic areas
    ·        ISROannually requires approximately200-300 metric tonnes of Titanium Sponge
    ·        India is the7th country in the commercial production of Titanium Sponge
    ·        Initially ISROimported Titanium Sponge from the following countries
    a)   Russia
    b)   China
    c)   Japan
    ·        India is3rd largest reserve of titanium bearing minerals
    5).ThePeople’s Bank of China devalued its currency‘yuan’by2% againstUS dollars due to its economic slowdown
    ·        Thisdevaluation is a new way of managing the exchange rate that reflects market forces
    ·        This is the largest devaluation since1994
    ·        Aimof devaluation
    a)   To encourage export through devalued ‘yuan’
    b)   To support domestic demand
    c)   To help Chinese firms to borrow and invest abroad
    d)   To encourage foreign firms and governments to make greater use of the currency
    ·        Reason of Devaluation
    a)   Economic slowdown in China
    b)   Steep drop in theShangai and Shenzhen stock markets
    c)   Weaker consumer demand in China
    d)   Sales dropped inautomobile sector
    e)   Decrease of exports due to weaker demand from its trading partners
    ·        ‘Yuan’ is not freely tradable and are tightly controlled by the government
    ·        People’s Bank of China amidpoint for ‘yuan’ value against dollar every morning
    ·        This midpoint is set in the interval of2% higher or lower than the previous day’s value
    6).Kerala’sState Minister for Cinema Thiruvanchoor Radhakrishnan announced the list of awardees of theState Film Awards 2014, in Thiruvananthapuram, Kerala
    Awardees list as follows:
    ·        Best actor: Nivin Pauley forBangalore Days
                     Sudev Nair forMy Life Partner
    ·        Best actress:Nasriya Naseem forOm Shanti Hosana andBangalore Days
    ·        Best child actor:Master Adwaith
    ·        Best child actress:Anna Fathima
    ·        Best male Playback Singer: K.J. Yesudas
    ·        Best female Playback Singer:Shreya Ghoshaal
    ·        Best Director:Sanalkumar Sasidharan forOraal Pokkam
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