CURRENT AFFAIRS 8th JULY, 2014

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1. In a series of steps to enhance safety measures for passengers, Railway Ministry is likely to propose installation of X-ray systems along the tracks to detect faulty parts in trains in the Rail Budget. ‘Trackside X-ray System’ will be installed at suitable locations along railway tracks to detect loose or damaged parts of rolling stock which include locomotives, engine, coaches, and wagons.

2. The HSBC Emerging Markets Index (EMI) , a monthly indicator derived from Purchasing Managers’ Index surveys, stood at 52.3 in June. According to the survey, Manufacturing and services sectors in India expanded at a faster pace than China during June. India registered the brightest outlook for the next 12 months for the third successive month, ahead of Brazil and China.

3. Government has planned to increase foreign direct investment limit in the insurance sector to 49 per cent from the current 26 per cent with a rider that voting right of the overseas partner will be restricted at 26 per cent. Insurance Laws Amendment Bill, 2008 is to be amended with certain provisions which includes majority of the company’s shareholders will have to be Indian nationals and foreign shareholders will have no say in the appointment of the CEO of the insurance company.

4. US President Barack Obama and his French counterpart Francois Hollande agreed to have measures for imposing new sanctions on Russia if it fails to initiate action toward deescalating conflict in Ukraine. They mandated Russia to stop facilitating the transit of weapons and fighters across the border and ceasing its own military build-up near the border to support violent separatists.

5. Afghanistan declared former World Bank official Ashraf Ghani the winner of last month's presidential election run-off with 56.44 per cent of the vote, according to preliminary results. His close opponent Abdullah Abdullah was a former anti-Taliban resistance fighter.