Daily Current Affairs- 9th May 2016

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Daily Current Affairs- 9th May 2016

1. India ranks Ninth in Crony-Capitalism Index
1. India is ranked at ninth position in crony-capitalism index that was released by the Economist in the first week of May 2016. India has a crony sector wealth accounting for 3.4 percent of the gross domestic product (GDP).
2. Highlights of the Index
• As per the latest crony-capitalism index the non-crony sector wealth in India amounts to 8.3 per cent of the GDP
• India stood at the same ninth place in the previous 2014 rankings.
• Russia topped the list and followed by Malaysia, the Philippines and Singapore.
• Russia fares worst in the index, wealth from the country's crony sectors amounts to 18 per cent of its GDP.

2. 100% FDI through Automatic Route permitted in Asset Reconstruction Companies
1. The Department of Industrial Policy & Promotion (DIPP) under Union Ministry of Commerce & Industry permitted 100% foreign direct investment (FDI) into asset reconstruction companies (ARCs) through automatic route.
In this regard the DIPP notified the Press Note 4 (2016 series) on 6 May 2016.
Key Highlights
• Person resident outside India can invest in the capital of ARCs registered with Reserve bank of India, up to 100 per cent on the automatic route. Earlier, it was 49 per cent through automatic route and beyond 49 percent through government route.
• It stated that total share holding of an individual foreign institutional investor (FII)/foreign portfolio investment (FPI) shall be below 10 per cent of the total paid-up capital.

3. China bug Chan's Megastick declared world's longest insect
1. The Insect Museum of West China on 5 May 2016 announced that a stick insect measuring 62.4 centimeters has broken the record for length among the world’s 807625 known insects.
2. The insect, named Phobaeticus chani or Chan's megastick was discovered two years ago in the southern province of Guangxi, China.
3. The previous record-holder was a Malaysian 56.7-centimeter-long stick insect discovered in 2008. One of its specimen is on display in London’s Natural History Museum.

4. Flying Observatory SOFIA detects Atomic Oxygen in Martian Atmosphere
1. Atomic Oxygen was detected in the upper layers of the Martian atmosphere known as Mesosphere. This presence of Atomic Oxygen for the first time since the last observation 40 years ago was detected by an instrument onboard the Stratospheric Observatory for Infrared Astronomy (SOFIA).
2. Atomic oxygen affects how other gases escape Mars and therefore has a significant impact on the planet’s atmosphere.The research was published in the journal Astronomy and Astrophysics.

5. Romanian Simona Halep wins women singles of Madrid Open of tennis
1. Romanian tennis player Simona Halep on 7 May 2016 won the women singles title of the Madrid Open. The men’s singles title was won by Novak Djokovic of Serbia.She defeated Dominika Cibulkova of Slovakia 6-2, 6-4 in the final played at Madrid, Spain.
2. This was the third Madrid title for World No. 6 Halep and her first title of 2016. Overall this was her 12th career title.
With the win Halep will make her return to the WTA Top 5, at No.5, and both Cibulkova and Halep will enter the Road To Singapore Leaderboard's Top 8.

6. Asia's first Rice Technology Park to be established in Gangavati, Karnataka
1. The Karnataka Government in the first week of May 2016 decided to establish Asia’s first-ever Rice Technology Park at Gangavati.Besides, a Maize Technology Park will also be established at Ranebennur in Haveri district.
2. The rice park is being established at Navali-Karatagi villages on the outskirts of Gangavati, and the maize park is to be come up in the APMC market yard at Ranebennur.
3. Key facts related to the establishment of parks
• These parks will be established under public private partnership (PPP).
• The establishment of the Rice Technology Park will help paddy cultivators in the Tungabhadra Command Area in Ballari, Raichur and Koppal districts.
• It will also help the paddy cultivators in the command areas of the Upper Krishna Project in Shahpur and Surpur taluks in Yadgir district and Vijayapura and Bagalkot districts.

7. Indian-origin Murali Pillai elected to Singapore Parliament
1. An Indian-origin lawyer Murali Pillai from Singapore’s ruling People’s Action Party (PAP) has been elected member of the parliament. He got elected by garnering 61.21 per cent of the votes in the by-election held at suburban Bukit Batok constituency. 2. His opponent Chee Soon Juan from Singapore Democratic Party got 38.79 per cent of votes. With this victory, Mr Murali became the first PAP candidate to win a by-election in a single member constituency in more than three decades.

8. UN launches Multi-Partner Trust Fund for Zika virus response

1. The United Nations has launched UN Zika Response Multi-Partner Trust Fund (MPTF) to finance critical unfunded priorities in the response to the Zika outbreak. The fund was launched by the UN Secretary-General Ban Ki-moon at the UN Headquarters in New York, United States. 
2. The Fund aims to provide a rapid, flexible and accountable platform to support a coordinated response from the UN system and partners. It will directly support the Zika Strategic Response Framework developed by the World Health Organization (WHO) in consultation with UN agencies, partners and international epidemiological experts.