Daily Current Affairs 28th February, 2017
India & Ukraine to strengthen bilateral cooperation through Cinema
- Minister for Information & Broadcasting M Venkaiah Naidu and Member of the Parliament of Ukraine and Chairman of the National Council of Television Ukraine Mr. Iurii Artemenko have agreed to strengthen the bilateral cooperation between the two countries through the medium of Cinema in New Delhi.
- The cooperation would be helpful to showcase films through the medium of Film Festivals and utilizing the Film Facilitation Office platform established by India.
Government Issues Sovereign Gold Bonds 2016-17-Series IV
- The Government of India launched the 7th tranche of the Sovereign Gold Bonds and it will be the last offering for 2016-17.
- The Sovereign Gold Bonds 2016-17–Series IV will be issued by the Reserve Bank of India (RBI) on behalf of Government of India. Applications for the bond has accepted from February 27, 2017 to March 03, 2017 and the Bonds will be issued on March 17, 2017.
- The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, National Stock Exchange of India Limited and Bombay Stock Exchange.
Suresh Prabhu flags off first Antyodaya Express between Ernakulam, Howrah
- Railway Minister Suresh Prabhu flagged off the first Antyodaya Express a long distance, fully unreserved, superfast train service between Kochi’s Ernakulam Junction and Howrah Junction through video conferencing from Rail Bhavan.
- The new clan of trains will have facilities like cushioned luggage racks which can serve as seats, potable drinking water dispenser, mobile charging points, modular toilets of reinforced plastic, toilet occupation indication display board, LED lights among others for comfortable long distance travel.The 22-coach train will cover a distance of 2,307 kilometers in 37 hours.
SEBI to tighten algorithm trading rules to minimise instances of flash crashes
- The Securities and Exchange Board of India (SEBI) is planning to further tighten the regulations for algorithmic trading to minimise instances of misuse of such systems.
- The tight regulations aim to curb the instances of flash crashes that have happened overseas and also in India few times.
- India is one of the few countries in the world to regulate algorithmic trading. Flash crash results in extremely rapid decline in the price of one or more commodities or securities caused by algorithmic trading.
- It can result in the loss and recovery of billions of dollars in a matter of minutes and seconds. Many countries and regulators, including the International Organization of Securities Commissions (IOSCO) are debating on this issue for many years, but only India had been able to come out with proper regulations.
What is Algorithmic trading
- Algorithmic trading in financial markets refers to transaction orders generated by using advanced mathematical models that involves automated execution of trade.
- It uses mathematical models and software codes to make transaction decisions on exchanges and execute them at high speed.
- This technology-driven trading enables traders to take advantage of any profit making opportunities arising in the market much before a human trader can even spot them.
- At present, on the National Stock Exchange (NSE), algorithm trades accounts close to 16% of all trades.
- On the Bombay Stock Exchange (BSE), it was 8.56% in January 2017.
ENVIRONMENT,SCIENCE AND TECH
ZTE launches world’s first 5G IT baseband unit (BBU) in partnership with Intel
- Chinese multinational telecommunications equipment company ZTE made an announcement that it has launched a next generation 5G IT baseband unit (BBU) partnered with Intel Corporation for this technology.
- The announcement was made at the Mobile World Congress (MWC) in Barcelona.
February 28: National Science Day
- The National Science Day (NSD) is celebrated every year on February 28 in India.
- The 2017 theme is “Science and Technology for Specially Abled Persons”. This day marks the epoch-making discovery of Raman Effect by Indian physicist Chandrasekhara Venkata Raman on February 28, 1928.
- This discovery was awarded with the Nobel Prize in Physics in 1930. This day is celebrated as science festival in the entire nation by organising science exhibitions, seminars, workshops, symposiums and many other activities.
Nand Kumar Sai takes charge as Chairperson of NCST
- Senior tribal leader from Chhattisgarh and ex-parliamentarian Nand Kumar Sai (71) took charge as Chairperson of National Commission for Scheduled Tribes (NCST) in Delhi. He succeeds Rameshwar Oraon, whose tenure had ended on October 31, 2016.
- He will have tenure of three years and has been given the rank of Union Cabinet Minister.
About National Commission for Scheduled Tribes (NCST)
- NCST is constitutional body set up under Article 338A added through Constitution (89th Amendment) Act, 2003.
- It was bifurcated from erstwhile National Commission for Scheduled Castes and Scheduled Tribes.
- All of them have tenure of three years from the date of assumption of charge.
- Investigate and monitor all matters relating to the safeguards provided for the STs under the Constitution or under any other law or under any order of the Government and evaluate the working of such safeguards Inquire into specific complaints with respect to the deprivation of rights and safeguards of STs.
- Participate and advise in planning process of socio-economic development of the STs and to evaluate the progress of their development under the Centre and any State; Present President, annually reports upon the working of those safeguards.
- To make in such reports, recommendations as to measures to be taken by Governments for effective implementation of those safeguards and other measures for the protection, welfare and socio-economic development STs.
Kohli named captain of the year at ESPNcricinfo Awards
- Indian international cricketer Virat Kohli has named as the ‘Captain of the Year‘ at the 10th annual ESPNcricinfo Awards.