Daily Current Affairs- 24th October 2016

Dear Readers, we are presenting Daily Current Affairs for All Exams- 24th October 2016.

 Daily Current Affairs

1. United Nations Day 2016 observed across the world
1. The United Nations Day 2016 was observed across the world on 24 October 2016. The day marks the anniversary of the entry into force of the UN Charter (the founding document of UNO) in 1945.
In 2016, UN Day will be used to highlight concrete actions people can take to help achieve the Sustainable Development Goals.
2. On this day, the UN also organise a concert to celebrate and reflect on the work of the United Nations through the universal language of music. 
3. This year, Korean Traditional Music Orchestra, Lang Lang, world famous Harlem Gospel Choir, the Hungarian State Opera with performances by soprano Andrea Rost and other notable artists will be organised at the UN General Assembly Hall. In 2016, the theme of the concert is Freedom First.

2. RBI eases norms for foreign investment in startups
1. The Reserve Bank of India (RBI) on 20 October 2016 notified the amended norms for foreign investment in startups. For this, the bank amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000.
2. Investment in India by Foreign Venture Capital Investors (FVCI), registered with SEBI, is governed by the provisions of Schedule 6 of the aforesaid Regulations.
3. Highlights of the Notifications
• Any FVCI, registered with market regulator SEBI, will not require any approval from Reserve Bank of India and can invest in unlisted Indian companies.
• FVCI can invest in following sectors- Biotechnology, IT, Nanotechnology, Seed research and development, pharmaceutical sector, Dairy industry, Poultry industry, Production of bio-fuels, Hotel-cum-convention centres and Infrastructure sector.
• FVCIs can also invest in Equity or equity linked instrument or debt instrument issued by an Indian startup irrespective of the sector in which the startup is engaged. 

3. AT&T Inc agrees to buy Time Warner Inc for 85.4 billion US dollars
1. AT&T Inc on 22 October 2016 agreed to buy Time Warner Inc for 85.4 billion US dollars in a deal that will transform the phone company into a media giant.
2. AT&T agreed to pay 107.50 US dollars a share, evenly split between cash and stock. The deal is expected to close by the end of 2017.
3. Highlights of the Deal
• The new company will be headed by AT&T Chief Executive Randall Stephenson. 
• Time Warner Chief Executive Jeff Bewkes will stay for an interim period following the close of the deal.

4. Lewis Hamilton wins 2016 United States Grand Prix
1. Mercedes driver Lewis Hamilton on 23 October 2016 won the 2016 United States Grand Prix. The race was held at the Circuit of the Americas, Austin, Texas, United States.
2. Nico Rosberg finished second while Red Bull Racing-TAG Heuer’s Daniel Ricciardo finished third in the race.
3. With this, Hamilton has now won 50 races in his career, with only Alain Prost (51) and Michael Schumacher (91) having won more than that number in the history of the sport.

5. ITBP celebrates its 55th raising day
1. The Indo Tibetan Border Police (ITBP) celebrated its 55th raising day on 24 October. The force was raised on 24th October in 1962. ITBP is deployed on border guarding duties from Karakoram Pass in Ladakh to Jachep La in Arunachal Pradesh covering 3488 kilometer of India-China Border. 
2. It is manning Border Outposts on altitudes raging from 9000 feet to 18700 feet in the Western, Middle and Eastern Sector of the India-China Border.

6. Cyrus Mistry steps down as Tata Sons Chairman 
1. Tata Sons has announced that its board has replaced Cyrus P. Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today.
2. The board has named Ratan N. Tata as interim Chairman of Tata Sons.
3. It has constituted a selection committee to choose a new Chairman.
4. The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.

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