Daily Current Affairs- 26 May 2016

Dear Readers, we are providing  Today's important current affairs of Competitive Exams specially for Bank and SSC.

 Daily Current Affairs

> Current Affairs of May 2016
Daily Current Affairs- 26 May 2016

1. US Bioengineer Frances Arnold becomes first woman to win Millennium Technology Prize

1. Bioengineer Frances Arnold from United States (US) has won the . prestigious 2016 Millennium Technology Prize. With this she becomes first female to be awarded with this prestigious biennial award in its 12-year history.
2. The Technology Academy Finland (TAF) had chosen Frances . Arnold for this award in recognition of her discoveries that launched the field of directed evolution. Her discoveries mimic natural evolution to create new and better proteins in the laboratory.

2. China signed agreements with Sudan to build 600-megawatt atomic reactor
1. China signed agreements on 23 May 2016 with Sudan to build 600-megawatt atomic reactor. It was the first of its kind in the African country.
2. The agreements were signed during a three-day visit to Sudan by a Chinese delegation led by Nur Bekri, head of the National Energy Administration and deputy director of the National Development and Reform Commission.
3. Salient Features of the Agreements
• State-owned China National Nuclear Corp (CNNC) signed two agreements with Sudan on nuclear power development which includes building a 600-megawatt atomic reactor.
• The agreements may involve a blueprint for nuclear power development in the next ten years for Sudan and building the first nuclear power station in Sudan.
• China already had a nuclear cooperation with Pakistan as it has built several nuclear power reactors and is currently building two 1100 mw reactors in Karachi.

3. India emerges as 5th largest producer of e-waste in world: ASSOCHAM-KPMG study
1. India emerged as the fifth largest producer of e-waste in the world, but the second largest mobile market with 1.03 billion subscribers as per the ASSOCHAM-KPMG joint study that was published on 25 May 2016.
2. Highlights of the study
• India discards roughly 18.5 lakh metric tonnes of electronic waste each year with telecom equipment alone accounting for 12 percent of the e-waste.
• Over 100 million handsets have been manufactured last year.

4. Union Cabinet gives nod for incorporation of Six new IITs; Upgrades Indian School of Mines to IIT
1. Union Cabinet chaired by Prime Minister Narendra Modi gave its ex-facto approval to the Amendment to The Institutes of Technology Act, 1961 for incorporation of six new Indian Institutes of Technology (IITs).
2. These six new IITs will come up at following places:
• Tirupati in Andhra Pradesh
• Palakkad in Kerala
• Dharwar in Karnataka
• Bhilai in Chhattisgarh
• Goa
• Jammu in Jammu & Kashmir

5. Union Cabinet approves takeover of Hindustan Steel Works Construction Limited by NBCC
1. The Union Cabinet chaired by the Prime Minister Narendra Modi on 25 May 2016 approved for financial restructuring of Hindustan Steel Works Construction Limited (HSCL). It also approved its takeover by National Buildings Construction Corporation Limited (NBCC) to takeover HSCL.
2. The decision will benefit in economies of scale for NBCC and would assist in better manpower utilization. NBCC and HSCL will benefit from each other’s resources and expertise. HSCL will be able to fulfill its commitments of execution of projects and the orders.
3. Key features in financial restructuring of HSCL
• The existing paid up equity capital of the HSCL is 117.1 crore rupees.
• Under the proposal, Uni0on Government non-plan loan and plan loan along with accumulated interest thereon and outstanding guarantee fee worth 1502.2 crore rupees.
• It will be converted into equity and equity capital of the company will be raised to that extent.

6. India’s first ever Passenger Satisfaction Survey conducted at Chhatrapati Shivaji International Airport
1. The finding of the first of its kind survey conducted at the Chhatrapati Shivaji International Airport, Mumbai were released by the Research Team of L.N.Welingkar Institute of Management (WE School) in May 2016 at Mumbai Customs House.
2. The Central Board of Excise and Customs (CBEC) engaged a WE School to conduct a survey of Passenger Satisfaction levels of customs clearance process at the Mumbai International Airport.
3. The scope of the Survey was to assess Passenger Satisfaction levels with the Customs Clearance Process, focusing on three aspects. Those three aspects were Information, Behaviour and Process.

7. Oriental Insurance ties up with Coverfox
1. State-owned Oriental Insurance has for the first time tied up with a private online insurance broker, Coverfox, to sell its comprehensive motor insurance product for both four and two wheelers.
2. For Coverfox, which operates the online insurance portal coverfox.com, this is the first engagement with a public sector general insurer.
3. Currently, auto insurance is the largest selling category for Coverfox. Founded in 2013, Coverfox sells insurance online and offers car insurance, health insurance, home insurance and travel insurance.
4. Coverfox is the second largest online auto insurance provider, besides selling health and travel policies. It sells nearly 10,000 policies (auto, health and travel put together) a month and is witnessing a steady growth of about 20 per cent month-on-month

8. Pinarayi Vijayan sworn-in as Kerala Chief Minister
1. Veteran CPI (M) leader Pinarayi Vijayan was sworn-in as 12th Chief Minister of Kerala after the left Democratic Front (LDF) had won 2016 state assembly election.
2. State Governor P Sathasivam administered his oath of office and secrecy to him along with other 18 ministers of his government in Thiruvananthapuram. In the 2016 state assembly election, the CPI (M)-led coalition of LDF had emerged victorious after winning 91 seats in the 140 member Assembly. Then ruling United Democratic Front (UDF) had emerged as largest opposition coalition after winning 47 seats.

9. Union Cabinet approves MoU between ISRO and United Arab Emirates Space Agency

1. The Union Cabinet has approved Memorandum of Understanding (MoU) signed between Indian Space Research Organisation (ISRO) and the United Arab Emirates Space Agency (UAESA) for cooperation in the exploration and user of outer space for peaceful purposes.
2. Decision in this regard was taken by Union Cabinet meeting chaired by the Prime Minister Narendra Modi in New Delhi. The MoU seek to set up a Joint Working Group with members from ISRO and UAESA. It will further work out the plan of action including the time-frame and the means of implementing the MoU.