Daily Current Affairs - 1st October 2014

1) What is the name of the social network belonging to search engine Google whose operations were closed from 30 September 2014? – Orkut

Explanation: Orkut was Google’s first foray into the social networking space, which failed to take off due to tough competition from rival services such as Facebook and Twitter. Orkut was started in 2004 and it initially caught the fancy of youth all over the world. While Orkut wasn’t a big success across the world, it was very popular in India and Brazil. Google later launched another social network called Google+, which turned out to be far more popular than Orkut. Google stated that the growth of communities of YouTube, Blogger and Google+ outpaced Orkut’s growth and hence it was decided to bid Orkut farewell.

2) The Reserve Bank of India (RBI) presented its 4th Bi-monthly Monetary Policy review on 30 September 2014. As was widely expected, RBI kept the major rates unchanged as the central bank kept its focus on tackling inflation. What are the major rates and projections coming out of this review?

- GDP growth rate projected at 5.5% for current fiscal

- The high growth rate during Q1 (Apr-June 2014) may not be sustained in Q2 and Q3

- Consumer Price Index (CPI)-based inflation projected to remain at 8% by Jan 2015 and 6% by Jan 2016

- Repo rate (short term lending rate) unchanged at 8%

- Cash Reserve Ratio (CRR) unchanged at 4%

- Statutory Liquidity Ratio (used for unlocking banking funds) retained at 22%

- The liquidity rate under Export Credit Refinance (ECR) reduced from 32% to 15% (w.e.f. 10 October 2014)

3) Which country is witnessing a civil disobedience movement named ‘Occupy Central’ demanding electoral reforms in the country? – Hong Kong

Explanation: The ‘Occupy Central’ movement started in Hong Kong from 28 September 2014. The movement was the brainchild of Benny Tai Yiu-ting, an associate professor of law at the University of Hong Kong, who founded the movement in 2013. The primary demand of the movement is the implementation of universal suffrage for the chief executive election in 2017 and the Legislative Council elections in 2020 according to international standards. Thousands of protestors participated in the movement which paralysed Hong Kong’s financial district through massive road blocks.

4) What was the name of the 14-day India-US military exercise held in Uttarakhand that concluded on 30 September 2014? – “Yudh Abhyas 2014″

Explanation: “Yudh Abhyas 2014″ that commenced from 17 September 2014 was held with the objective of strengthening and broaden inter-operability and cooperation between Indian and the United States. The exercise was the 10thedition of “Yudh Abhyas” series, which started in 2004 under the US Army Pacific Partnership Programme. The exercise operations were held in Ranikhet and Chaubatia areas of Uttarakhand.

5) What are the names of two Indian referees scripted Indian football history when they officiated in the Asian Games women’s semifinal match featuring Women’s World Champions Japan in Incheon on 30 September 2014? – Maria Rebello Piedade and Uvena Fernandes

Explanation: This was the first time an Indian woman referee has officiated in a match featuring a current World champion. Maria adjudicated the match while Urvena was the assistant referee. Maria was the first-ever woman referee in the world to supervise a premier league match of any country when she officiated an I-League match held on 8 March 2014 between Pune and Shillong Lajong.

6) Which Indian pharmaceutical company has emerged the world’s largest manufacturer of Foot and Mouth Disease (FMD) vaccine as announced by the company on 30 September 2014? – Indian Immunologicals Ltd (IIL)

Explanation: IIL is world’s largest vaccine manufacturing company and was established in 1983 by the National Dairy Development Board (NDDB). The company is renowned for developing veterinary and human vaccines for foot-and-mouth (FMD) disease, rabies, bacterial vaccines, canine vaccines, hepatitis, measles, MMR and DPT. The company currently meets the bulk of the vaccine requirement for the FMD control programme in India. It has supplied over a billion doses and is gearing up to meet the surge in demand due to the expansion of the programme in the coming years at a competitive price.

7) Who appointed New Central Vigilance Commissioner (CVC) – Rajiv

=> President Pranab Mukherjee on 30 September 2014 authorised VigilanceCommissioner Rajiv to act as chief of Central Vigilance Commission (CVC) until the appointment of the Central Vigilance Commissioner.  His appointment came with effect from 29 September 2014.

=> The Central Vigilance Commission (CVC) is headed by a Central Vigilance Commissioner and has two Vigilance Commissioners.

=> The vacancy for the post of Central Vigilance Commissioner had occurred after Central Vigilance Commissioner Pradeep Kumar completed his tenure on 28 September 2014. Pradeep Kumar took oath as the chief of the Central Vigilance Commission on 14 July 2011.

Note : The other Vigilance Commissioner JM Garg completed his tenure on 7 September            2014 following which Rajiv was left as the lone Vigilance Commissioner in CVC.

=> According to the Central Vigilance Commission Act, 2003, in the event of any vacancy in the office of the Central Vigilance Commissioner by reason of death, resignation or otherwise, the President may authorise one of the Vigilance Commissioners to act as the Central Vigilance Commissioner until the appointment of a new incumbent.