World Affairs : Elections in Libya

Elections in Libya

Elections for General National Congress are held in Libya on July 7, 2012 which have been postponed form June 19, 2012. The election has marked the end of the interim National Transitional Council which has been running Libya since Gaddafi was killed in 2011 and is also a major step for the country emerging from Gaddafi's one man rule.

·         Election commission of Libya on July 17, 2012 has released the results of seventh polls, maximum seats won by national forces Alliance led by US-trained economist Mahmoud Jibril. Justice and Construction Party has won 17 seats and come second.

·         The General National congress is composed of 200 members of which 80 have been elected through a party list system and 120 have been elected as independent in single member districts.

This 200 seat National Congress will form new government within 30 days of its first meeting to replace NTC's Cabinet.

RBI Hikes Repo Rate From 7.5 per cent to 8 per cent 
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General Knowledge for IBPS : RBI Repo Rate 8 per cent

RBI hikes Repo Rate from 7.5 per cent to 8 per cent

v  The Reserve Bank of India in a bid to tame inflationary pressure, hiked the short-term indicative policy rate by 50 basis points from 7.5 per cent to 8 per cent on July 26. The RBI Governor D. Subbarao also announced the first quarter review of Monetary Policy for 2011-12

v  The first quarter review of Monetary Policy for 2011-12 revealed that headline wholesale price index inflation rate for the first quarter of 2011-12 remained stubbornly close to double digits and inflationary pressures continued to be broad-based.

v  The decision to raise the rate by 50 basis points, beating the market expectation of 25 basis points was taken to drive home the fact that in the absence of complementary policy responses on demand and supply sides, stronger monetary policy actions are required.

v  With the hike in repo rate the reverse repo rate settled at 7 percent. Similarly, the Marginal Standing Facility rate stood recalibrated at 9 percent.

v  The hike by the central bank in rates is expected to put further pressure on consumers as lending rates of banks will be higher.

v  The RBI also revised the WPI inflation projection for March 2012 from 6 percent to 7 percent. However, the central bank retained the projection of real GDP growth for the current year at 8 per cent. RBI pointed out that crude oil prices that remained volatile were a major risk factor.

Coal India Overtakes Reliance Industries as Most Valuable Company
For all Competitive Exams

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General knowledge for IBPS Exam : Coal India Overtakes Reliance Industries

Coal India Overtakes Reliance Industries as Most Valuable Company

v  State-run Coal India on Aug 17 toppled billionaire Mukesh Ambani-led Reliance Industries as the Country's most valued company, with a slightly higher market valuation around mid-day.

v  At around 1200 hours on the National Stock Exchange, Coal India Ltd commanded a market cap of Rs 250759.67 crore, with an over 2 per cent rise in its share price. At that time, RIL had a market cap of Rs 250580.21 crore on the NSE.

v  A few minutes later, CIL's market valuation exceeded that of RIL on the BSE as well.

v  CIL has been closing the gap on RIL in terms of market valuation over the past few days and on August 9, the gap slipped below 1 per cent.

v  way back in 2006, RIL had toppled ONGC to emerge as the country's most valued firm and has managed to stay on the top since then.

For all Competitive Exams

National Institutions of Forest In India

National Institutions of Agriculture In India

RBI Introduces New Category of NBFCS

Current Affairs 2012 for SSC, and Bank Exam

Computer and Marketing Questions 

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