13 September 2017 Current Affairs

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13 Sep, 2017

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1) Technology behemoth Apple Inc. on 12 September 2017 unveil three new phones, including iPhone X, a premium model that cast a halo over the rest of the line. What was an important fact associated with this unveiling? – It was the first time that the unveiling was held at Steve Jobs Theater

Explanation: For the first time, the Apple Inc. held its unveiling event at the brand new Steve Jobs Theater on 12 September 2017, which is located on a hill, overlooking the main Apple campus in Cupertino (California). Company’s CEO Tim Cook took the stage for the first time at this new venue.

Apple’s newly constructed “spaceship” campus houses the state-of-the-art Steve Jobs Theater, a 1000-seat auditorium which has been named after the company’s co-founder Steve Jobs.

The company unveiled three new iPhones, including two that are upgrades to the iPhone 7 and iPhone 7 Plus called the iPhone 8 and iPhone 8 Plus and a premium model called the iPhone X with features like bezel-less design and the Face ID facial recognition system. Price of iPhone X starts from Rs. 89,000 (for 64 GB model) to Rs. 1,02,000 (for 256 GB model) and pre-orders will start from 27 October 2017. iPhone 8 and iPhone 8 Plus will be available from 22 September 2017.

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2) During September 2017, SEBI’s mutual fund (MF) advisory panel came up with which important recommendation that is expected to reduce the number of MF scheme by almost half? – It recommended strict definitions on how mutual funds are categorized

Explanation: The Securities and Exchange Board of India’s (SEBI’s) mutual fund advisory panel during September 2017 recommended strict definitions on how mutual funds (MF) are categorized. This move is expected to halve the number of schemes offered by asset managers currently.

The panel recommended that funds be broadly segregated into equity, debt, hybrid and thematic. In categories such as equity and debt, there would be further sub-categories such as large cap and small cap. SEBI aims to ensure that an asset management company has only one product offering in each category.

Currently, SEBI nomenclature rules for mutual funds loosely define just two aspects – whether a fund is open-ended or close-ended and whether it invests in equity or debt. The move will help investors cut through the clutter of 2,000 investment schemes and aid decision making.

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3) What is the name of the web-based nationwide online platform launched by Indian food regulator FSSAI on 12 September 2017 to help verify compliance of food safety and hygiene standards by food businesses? – ‘FoSCoRIS’

Explanation: To bring in transparency in food safety inspection and sampling, India’s food regulator Food Safety and Standards Authority of India (FSSAI) launched a web-based nationwide online platform named ‘FoSCoRIS’ on 12 September 2017.

This new platform will help verify compliance of food safety and hygiene standards by food businesses as per the government norms.

‘FoSCoRIS’ will also bring together all key stakeholders – food businesses, food safety officers (FSOs), designated officers, state food safety commissioners – on a nation-wide IT platform. On the other hand data related to inspection, sampling and test result data will be shared seamlessly by all the officials.

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4) Which banking entity overtook TCS in terms of market capitalization for the first time on 12 September 2017? – HDFC Bank

Explanation: Private lender HDFC Bank Limited overtook India’s largest software services exporter Tata Consultancy Services (TCS) in terms of market capitalization for the first time ever on 12 September 2017, albeit for a short period of time. It became the second most valuable company in the country for some time during the day. However, at the end of the day TCS pulled back to once again become the second most valuable company.

Data from BSE showed that HDFC Bank had a market capitalization of Rs. 4.73 trillion, after its shares rose 0.6% to Rs. 1,833.75. On the other TCS was lagging with a market cap of Rs. 4.72 trillion. Later in the end of trading session TCS’ market cap stood at Rs. 4.76 trillion.

While it was not the first time that HDFC Bank became the second-most valued company, it was the first time that it overtook TCS in valuation. On 11 November 2016, HDFC had beaten Reliance Industries Ltd. (RIL) to emerge as the second-most valuable company after TCS. RIL now again occupies the first place with a market cap of 5.35 trillion.

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5) International cricket returned to Pakistan with three Twenty20 International (T20I) matches starting from 12 September 2017. What is the name of this T20 tournament that features matches between a World XI team and Pakistan XI? – Independence Cup

Explanation: The 2017 Independence Cup is a 3-match T20 international cricket tournament that started in Pakistan from 12 September 2017. It is being staged at Lahore’s Gadaffi Stadium and features contest between Pakistani team (Pakistan XI) and a World XI team. Sarfaraz Ahmed is leading the Pakistan XI team while South African Faf du Plessis is captaining the World XI side. This tournament is important as the international cricket is making its return to Pakistan with it.

Independence Cup is the first high-profile series in Pakistan since a terrorist attack on the Sri Lanka team bus in Lahore in 2009 led to their isolation from international cricket. Zimbabwe was the only country which toured Pakistan (in 2015) for a bilateral series after these attacks.

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