Current Affairs 16th July 2014

Current Affairs 16th July 2014

Updated : 16-Jul-2014

Current Affairs 16th July 2014 - Important Points
Current Affairs 16th July 2014 - Details
SEBI bars former Satyam chief Ramalinga Raju, 4 others from market for 14 years
Capital markets regulator Securities & Exchange Board of India (SEBI) on 15th July 2014, restrained former Satyam Computer Services founder-chairman B Ramalinga Raju and four others from participating in the market for 14 years for their role in the Satyam scam.

An order from SEBI said Mr Raju and the others had been barred from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 14 years.
The order was issued under section 19 of the SEBI Act, 1992 read with section 11, 11(4) and 11B of the SEBI Act, and regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 2003, and regulation 11 of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992.
Apart from this, the market watchdog also ordered the top five executives of Satyam to pay 1849 crore rupees because they made unlawful gains through sale of shares. The amount has to be paid within 45 days. In its order SEBI also said that the amount must be deposited along with 1200 crore rupees as interest due from January 2009 till date. It means that with extra 1200 crore rupees (which is 12 percent simple interest), the five executives will have to pay at least 3049 crore rupees to SEBI.
BRICS nations to create 100 billion dollars development bank
The agreement on the much anticipated 100 billion dollars BRICS Development Bank has been sealed. The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
India will be the first President of the bank while the first chair of the Board of Governors will be from Russia. The bank will have an initial authorised capital of USD 100 billion. The initial subscribed capital shall be of USD 50 billion to be equally shared by the founding-members.
The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.

Important to Note :
Bank's headquarters will be in Shanghai, China.
BRICS Nations are :
- Brazil,
- Russia,
- India,
- China and
- South Africa
Winner of South Africa's First Nobel Prize in Literature, Nadine Gordimer passed away
One of the literary giants of South Africa Nadine Gordimer passed away. She was 90 years old. Nadine Gordimer won South Africa's first Nobel Prize in literature.
Her last novel No Time Like the Present was published in 2012. Grodimer was among one of the literary world’s most powerful voices against apartheid. She also won booker prize in 1974 for her book "The Conservative".
Some of her books, which were banned by the South African government under the apartheid regime, were
- The Late Bourgeois World - 1966
- Burger's Daughter - 1979
Typhoon Rammasun smashes into large parts of the Philippines
On 15th July 2014, Typhoon Rammasun smashed large parts of the Philippines. This is the first major typhoon of the season striking the Philippines. Churning across the country, it passed through capital Manila. Wind gusts of up to 250 kilometres (155 miles) an hour ripped down trees, tore roofs off houses and overturned cars after Rammasun swept in from the Pacific Ocean on Tuesday night and hit the archipelago's eastern islands.
With the typhoon still passing over the Philippines and many areas without electricity, the scale of the damage and potential number of fatalities was impossible to determine. Hundreds of thousands were sheltered in evacuation centers, as ferocious winds of Typhoon Rammasun smashed large part of the country. Rammasun typhoon, locally known as Glenda made its landfall near Legazpi City in the country's east coast from Pacific Ocean. It was category 3 typhoon.

127th edition of Durand Cup to commence in Goa on Oct 28, 2014
The 127th edition of the Durand Cup Football Tournament will be held in Goa from 28th October 2014 to 9th November 2014. This was revealed by a Defence press release from Mumbai on 15 July 2014. A host of top clubs and military football teams will participate in the tournament. The tournament will be conducted in two phases.
The first phase would be a qualifier phase in which 12 to 16 teams would be grouped into pools. Top two teams from the qualifier phase would participate in the main tournament.
The tournament will carry prize money of 50 lakh rupees. It will be held under the aegis of the Indian Army's Headquarter, Maharashtra, Gujarat and Goa Area.
Do you Know ?
The Durand Cup is the Asia's oldest and third oldest football tournament in the world. It was first played in 1888. The Tournament is named after its founder, Sir Mortimer Durand, British India's Foreign Member of the time, the counterpart of the Foreign Secretary in London.