Daily Current Affairs for Competitive Exams: October 14, 2016

Hello readers,

Here are today's important headlines with key details for UPSC, SSC, IBPS and other competitive examinations.

Union Cabinet approves MoU between EXIM bank and NDB

• The Union Cabinet approves MoU between Export-Import Bank of India (Exim Bank) on General Cooperation with the New Development Bank (NDB), along with other Development Financial Institutions of BRICS nations.  
• This approval will help in enhancing trade and economic relations among the BRICS countries and benefit the participating institutions from the BRICS nation. There is no financial implication involved in signing of the MoU.

Key Features;

• The MoU is a non-binding umbrella agreement aimed at establishing a cooperative framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories.
• Further, establishment of the NDB reflects the close relations among BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role.
• Therefore, keeping in view the strategic relevance of cooperation for sustainable development and inclusive economic growth, the signing of MoU is necessary in the context of cooperation extended by members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries.

About Exim Bank

Export–Import Bank of India is the premier export finance institution in India, established in 1982 under the Export-Import Bank of India Act 1981. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment.

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Bob Dylan wins 2016 Nobel Prize in Literature

Bob Dylan won the Nobel Prize in Literature for the year 2016. Dylan was bestowed with the precious award on October 13, 2016, for having created new poetic expressions within the great American song tradition.

Who is Bob Dylan?

• Bob Dylan is an American singer, lyricist, and writer. Much of his most celebrated work dates from the 1960s when his songs chronicled social unrest, although he repudiated suggestions from journalists that he was a spokesman for his generation. 
• His early songs such as Blowin' in the Wind and The Times They Are a-Changinbecame anthems for the American civil rights and anti-war movements.
• Since 1994, he has published six books of drawings and paintings, and his work has been exhibited in major art galleries.
• As a musician, he has sold more than 100 million records, making him one of the best-selling artists of all time. He has also received numerous awards including eleven Grammy Awards, a Golden Globe Award, and an Academy Award.
• The Pulitzer Prize jury in 2008 awarded him a special citation for his profound impact on popular music and American culture, marked by lyrical compositions of extraordinary poetic power.
• He is the first American to win the prize since novelist Toni Morrison, in 1993.

NASA develops electroactive bandages for wound healing

The National Aeronautics and Space Administration (NASA) developed a high-tech electroactive bandage. The bandage creates an electric charge to help promote the healing process of wounds.

Electroactive material is so sensitive that a push or even a blow on it can create an electric charge.

Key features of the electroactive bandages

• The fibres of the gauze are made of electroactive material Polyvinylidene Fluoride (PVDF).
• The bandage is stimulated by the heat of the body and the pressure of cell growth. Therefore, no external power source is required in order for the bandage to promote wound healing.
• The device uses electrical activity to facilitate the wound healing process while protecting the wound. The bandage also minimises infection and related complications such as illness or amputation.
• The bandage could be used by military personnel wounded in the field, patients who have undergone surgery or who have suffered a serious wound and astronauts in space.

King of Thailand -Bhumibol Adulyadej, passes away

Thailand’s King Bhumibol Adulyadej passed away at the age of 88, on October 13, 2016 at Bangkok, Thailand.

King Adulyadej was the world’s longest reigning monarch.

After the demise of the Thai King, 63-year old Crown Prince Maha Vajiralongkorn is expected to become the new king.

About Bhumibol Adulyadej

• Bhumibol Adulyadej was the ninth monarch of Thailand from the Chakri Dynasty as Rama IX.  He was also known as King Bhumibol the Great.
• He was crowned King of Thailand on May 5,1950 at the Royal Palace in Bangkok where he pledged that he would "reign with righteousness for the benefit and happiness of the Siamese people.”
• He was the world's longest-serving head of state and the longest-reigning monarch in Thai history, serving for 70 years, 127 days.
• During his reign, he was served by a total of 30 prime ministers beginning with Pridi Banomyong and ending with Prayut Chan-o-cha. They are otherwise known as Bhumibol's Thirty.