Current Affairs Updates - 1st June 2018

Current Affairs Updates - 1st June 2018

Our Today's Current Affairs Updates for 1st June 2018 has some of the Latest News Headlines added here such as the appointment of Justice Krishna Murari, SBI's increase in FD Rates, Infosys being second largest IT Firm and others. All of the chosen news have been placed under relevant headings which are very important for the upcoming government examinations of Bank like IBPS PO, IBPS CLERK, SSC CGL, SSC CHSL and other similar examinations. These are very crucial and aspirants must go through them in details along with our Static GK and Note Down Points and Daily Current Affairs Quiz.

New Appointments: National

Justice Krishna Murari Appointed As Chief Justice Of Punjab And Haryana High Court 

• While recommending him, the Collegium had noted that at present there is only one Chief Justice from the Allahabad High Court, despite it being the largest High Court...

Lt Gen Ranbir Singh has been appointed the new Northern Army Commander.

• He replaces Lt Gen Devraj Anbu, who has been shifted as Vice-Chief of the Indian Army.

Banking, Economic & Financial Affairs

The country's largest lender State Bank of India (SBI) has increased its fixed deposit interest rates on select tenures.

• The range of hike in the rates starts from 0.05 per cent (5 bps or basis points) to 0.25 per cent (25 bps). The new interest rates came into effect from May 28.

Rankings & Indexes

Indian Oil Corporation has emerged as India's most profitable state-owned company for the second consecutive year.

• Indian Oil posted a record profit of 21,346 crore in 2017-18, followed by ONGC, whose profit stood at 19,945 crore. 
• Mukesh Ambani-led Reliance Industries is the most profitable company for the third straight year, posting highest ever profit of 36,075 crore.

Microsoft has surpassed Alphabet, the parent company of Google, in the market capitalisation for the first time in three years, becoming the third most valuable firm after Apple and Amazon globally.

• According to a report in Investor's Business Daily late Tuesday, Microsoft had a market cap of $753 billion at the close of trading, almost $14 billion ahead of Alphabet.

National Affairs

The country's second largest IT services firm Infosys has completed the acquisition of US-based WONGDOODY.

• In April, Infosys had said it will acquire WongDoody Holding Company, a US-based digital creative and consumer insights agency, for a total consideration of up to 75 million dollar.

The recommendation had been made by the Supreme Court collegium in April this year. While recommending him, the Collegium had noted that at present there is only one Chief Justice from the Allahabad High Court, despite it being the largest High Court.

• With an aim to make adventure sports safer in the country, Minister of State for Tourism KJ Alphons launched the guidelines on safety and quality norms for adventure tourism.

Andhra Pradesh gets new state bird "Rama Chiluka" 

• Palapitta is now the state bird of Telangana, Odisha and Karnataka.
• The government of residual AP has retained blackbuck as the state animal while Telangana adopted Jinka or spotted deer as its state animal.
• Neem was the state tree of undivided AP while elangana government had dropped vepa and adopted Jammi Chettu.

Chartered accountants' apex body ICAI said it has issued accounting standards for local bodies with respect to cash flow statements.

• A cash flow statement, when used in conjunction with the other financial statements, provides information that enables users to evaluate the historical changes in cash and cash equivalents and changes in net assets/equity of an entity.

Sikkim government has approved Minimum Support Price (MSP) for various organic horticultural commodities, mostly vegetables, being produced in the state in order to protect the interests of the farming community.

• The state government intends to regulate the prices of various horticultural commodities in order to protect the farming community by conferring benefits and improved returns to the producers and to get right prices of various commodities.

The World Trade Organisation's (WTO) dispute settlement body has agreed to set up a panel to examine America's allegations against certain alleged export subsidy measures in India. 

• The US dragged India to the WTO's dispute settlement mechanism over export subsidies, saying that these incentives were harming the American companies. 

International Affairs

The US is renaming its largest military command to reflect the growing importance of the Indian Ocean in America's strategic thinking.

• Defence Secretary James Mattis said the US Pacific Command would now be called the US Indo-Pacific Command.

Defence & Railway News

As many as 26 countries, including India, would participate in the biennial Rim of the Pacific (RIMPAC) military exercise from June 27 to August 2, in and around the Hawaiian Islands and Southern California.

• Known as the world's largest international maritime exercise, RIMPAC this year involves 47 surface ships, five submarines, 18 national land forces, and more than 200 aircraft and 25,000 personnel.

An upgraded version of Pinaka rocket, with enhanced range and guidance system, was successfully test-fired from Chandipur in Odisha for the second consecutive day 

• The test was carried out from a multi barrel launcher at about 10.35 AM from the firing point of the Proof & Experiment Establishment (PXE) under DRDO, a day after two rounds of the successful trial took place 

Application / Portal 

Baba Ramdev's Patanjali launches Kimbho app to compete with WhatsApp

• Yoga guru Baba Ramdev's Patanjali launched a new swadeshi messaging application called Kimbho to compete with WhatsApp, ANI reported. 

Agreements/ MoUs Signed

The Government of India and the World Bank signed a 500 million dollar loan agreement to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project.

• The World Bank has supported PMGSY since its inception in 2004. 
• It has built and improved about 35,000 km of rural roads and benefited about eight million people with access to all-weather roads.

India and Indonesia have agreed to set up a special task force to enhance connectivity between the strategic Andaman and Nicobar Islands and provinces in Sumatera Island to promote trade, tourism and people-to-people contacts. 

• The decision was announced in a joint statement issued after the talks between Prime Minister Narendra Modi and President Joko Widodo here. 

Small Industries Development Bank of India (SIDBI) and Yes Bank have inked a memorandum of understanding (MoU) to channelise various banking solutions to SMEs

• This will facilitate smooth flow of credit in a hassle-free manner to MSME customers availing term loan facility from SIDBI.

Awards & Honours: Sports

Yuvraj Singh Awarded 'Most Inspiring Icon Of The Year For Social Welfare'

• Indian star cricketer Yuvraj Singh has been awarded the 'most inspiring icon of the year for Social Welfare" award by the Dadasaheb Phalke International Film Festival (DPIFF) for his exemplary contribution in the field of social welfare. 

Awards & Honours: Miscellaneous

Kerala cartoonist Thomas Antony has won an international award, in the best caricature category.

• Antony, currently working as Executive Artist of Malayalam daily 'Metro Vaartha', is among the nine winners at the 13th edition of the World Press Cartoon awards, instituted by an organisation based in Lisbon, Portugal.

Obituary 

Former Himachal Pradesh governor and Congress leader Urmila Singh died today due to prolonged illness at a private hospital in Indore.

• Singh was admitted to Bombay hospital in the city on January 6 after she had contracted pneumonia.