Current Affairs 6th May 2016

Current Affairs 6th May 2016 - Important Points

• The Insolvency and Bankruptcy Code Bill 2016 passed by - Lok Sabha
• Who is appointed as Chief of the Naval Staff - Vice Admiral Sunil Lanba
• Alberta Wildfire: State of Emergency declared by - Canada Government
• 2016 Commonwealth Short Story Prize for Asia Region won by - Parashar Kulkarni
• NASSCOM inks MoU with whom to develop a product design initiative – Facebook
• Wi-Fi hotspot at Vijayawada, Kachiguda and Raipur launched by - Suresh Prabhakar Prabhu

Current Affairs 6th May 2016 - Details

The Insolvency and Bankruptcy Code Bill 2016 passed by - Lok Sabha

Among Important National Current Affairs, On 5 May 2016, The Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016. 

This bill is being seen as a transformational legislation that will help in improving India’s ranking in the World Bank’s ‘Ease of Doing Business’ index.

However, The bill is based on the recommendations of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 chaired by Bhupender Yadav. On 28 April 2016, The committee submitted the report to government.

Here are few highlights of the Code :

• For resolution of the insolvency of companies and individuals, the Code creates time-bound processes. 

• These processes will be completed within time-bound of 180 days. If insolvency is resolved in stipulated time, the assets of the borrowers may be sold to repay creditors. 

Who is appointed as Chief of the Naval Staff - Vice Admiral Sunil Lanba

Among Important National Current Affairs, On 5 May 2016, Vice Admiral Sunil Lanba, presently Flag Officer Commanding-in-Chief (FOC-in-C) Western Naval Command, was appointed as the next Chief of the Naval Staff. 

Sunil Lanba will assume the charge on 31 May 2016 as the 23rd chief of Indian Navy and 21st as an Indian.

The first two Navy Chiefs were British, namely Admiral Sir Charles Thomas Mark Pizey and Vice-Admiral Sir Stephen Hope Carlill.

Lanba will have a full three-year-term in office till 31 May 2019.

Know About Sunil Lanba – 

• Vice Admiral Sunil Lanba is the current FOC-in-C of Western Command of Indian Navy.

• Between November 2012 and June 2014, he has previously served FOC-in-C of Southern Command and as the Commandant of the National Defence College, New Delhi. 

Alberta Wildfire: State of Emergency declared by - Canada Government

Among Important International Cuurent Affairs, In the first week May 2016, Alberta, a province in Western Canada, came in news. 

On 5 May 2016 after a state of emergency, it was declared in the city of Fort McMurray due to a massive wildfire destroyed several of homes.

NOTE: Fort McMurray is the hub of the province’s main oil sands region.

Do You Know – 

In the history of Alberta State, the raging wildfire that engulfed homes and several neighbourhoods prompted the biggest evacuation. Around 80000 residents were ordered to leave the northern Alberta city.

2016 Commonwealth Short Story Prize for Asia Region won by - Parashar Kulkarni

In the first week of May 2016, Indian Parashar Kulkarni won the Commonwealth Short Story Prize, for the Asia region. He was awarded for his politically grounded unpublished short fiction 'Cow and Company'.

Parashar Kulkarni will receive a cash prize of 2500 pounds (3835 US dollars).

Kulkarni’s story 'Cow and Company' is the story of four men in search of a cow. The story manages to keep the reader engaged through twists and turns show the connections between culture and commercial interests.

Who is Parashar Kulkarni?

Parashar Kulkarni, winner of 6 Commonwealth Short Story, is an assistant professor in Social Sciences at Yale NUS College Singapore.

NASSCOM inks MoU with whom to develop a product design initiative – Facebook

Among Important National Current Affairs, On 5 May 2016 National Association of Software and Services Companies (NASSCOM) signed a partnership agreement with Facebook to build a product design initiative in India.

This agreement focus on assisting the innovation ecosystem by helping product based companies to build solutions in key sectors where technology can play a transformational role.

Know About Facebook – 

• Facebook which is popular as a social networking site, is a corporation and an online social networking service headquartered in Menlo Park, California, in the United States.

• Facebook was launched on February 4, 2004, by Mark Zuckerberg with his Harvard College roommates and fellow students Eduardo Saverin, 

Wi-Fi hotspot at Vijayawada, Kachiguda and Raipur launched by - Suresh Prabhakar Prabhu

Among Important National Current Affairs, On 5 May 2016, Minister of Railways Suresh Prabhakar Prabhu dedicated to the nation a high speed Wi-Fi hotspot at the three Railway Stations. 

These stations includes Vijayawada in Andhra Pradesh, Kachiguda in Telangana and Raipur in Chhattisgarh.

The Wi-Fi facility for the passengers, visitors and rail users of these stations has been commissioned by RailTel in association with Google for providing high speed state of the art world class internet experience to the commuters.

Know About Hotspot Wi-Fi:

• A hotspot can be defines as a physical location where people may obtain Internet access, typically using Wi-Fi technology, via a wireless local area network (WLAN) using a router connected to an internet service provider.

• Whereas, Public hotspots may be found in an increasing number of businesses for use of customers in many developed urban areas throughout the world, such as coffee shops.