The Cost Of Violence

Rs 8,000 crore

What is it?The approximate amount Punjab National Bank(PNB) expects to recover from bad loans in the April-June quarter.

Why is it important?The state-run lender, which posted the biggest-ever quarterly loss by any bank in the fourth quarter of 2017-18, says it has already recovered Rs 6,000 crore by the end of the first week of June, compared with Rs 5,617 crore in all of 2016-17. In addition, it expects to raise some money from stake sales in its subsidiaries and other entities as part of the reforms agenda of public sector banks that are battling high ratios of bad loans and frauds.

Tell me more:PNB’s total liability due to the Nirav Modi scam is around Rs 14,357 crore, of which it said it has provided 50% and the rest will be covered in the remaining three quarters of 2018-19.

 

2

What is it?The number of memoranda of understanding that China and India signed last week.

Why is it important?One MoU pertains to China sharing with India hydrological data about the Brahmaputra river. This data contains the distribution, movement and quality of water, which is an indicator of the water levels of the river and is useful in creating flood alerts for India’s northeastern states. Last year, China stopped sharing this data soon after the 73-day Doklam standoff between its troops and the Indian Army. It will share the data twice every day until October.

Tell me more:Beijing provides the information from three hydrological stations, for which India pays Rs 1 crore per year.

 

17

What is it?The number of grand slam titles won by Rafael Nadal of Spain.

Why is it important? On Sunday, Nadal won the French Open, beating Dominic Thiem of Belgium in straight sets. Nadal is closing in on the all-time record of archrival Roger Federer, who found new ways to win in 2017 to nudge his grand slam tally to 20. After his win, Nadal said while he would like to overhaul Federer, he wasn’t obsessive about such records.

Tell me more:Of Nadal’s 17 grand slam titles, 11 are on the clay of Paris. He’s played the French Open 14 times, and accumulated a staggering win-loss record of 86-3 there.

 

75%

What is it?The percentage of voters in Switzerland who rejected via a referandum a radical proposal to overhaul the Swiss banking system. All the 26 Swiss cantons also voted against it.

Why is it important?The proposal entailed prohibiting commercial banks from lending more money than they had in deposits, leaving the country’s central bank as the only source of new money. Those supporting the proposal said they were seeking to strengthen the banking system and protect people’s savings from bank runs.

Tell me more:As of December 2016, there were 261 banks in Switzerlandand their total balance sheet size was $3.1 trillion.

 

3.7%

What is it?The percentage of India’s gross domestic product (GDP) that was lost due to violence in 2017.

Why is it important?In a recent report, the Institute for Economics and Peace (IEP) has calculated the economic costs of violence globally, defining it as the expenditure and economic effect related to containing, preventing and dealing with the consequences of violence.

Tell me more:With a spending of $186 billion, the report ranked India fourth on spending to contain global violence, with most of the spending going towards military spending.

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Is Facebook At It Again?

60

What is it? The number of device-markers such as Apple, Amazon, Blackberry, Microsoft and Samsung that Facebook has formed data-partnerships with in the last 10 years.

Why is it important? Facebook reportedly allowed these device firms to access data of users’ friends without their explicit consent, though it had declared that it would not share such information with outsiders. This comes a few weeks after the social media firm found itself in the centre of a dispute over the alleged harvesting and use of personal data of 87 million people, involving London-based elections consultancy Cambridge Analytica.

Tell me more: Facebook, however, has rejected the report and said that this is “very different” from the use of data by third-party developers such as Cambridge Analytica.

$350 million

What is it? The amount of funding raised by GitHub, in two funding rounds, since being formed in February 2008. The last was in 2015, when it was valued at $2 billion.

Why is it important? On Monday, the code repository company popular with the community of software developers for its championing of the open-source model, said it had reached an agreement to be acquired by Microsoft for $7.5 billion in stock. For GitHub, which has never made a profit, this is a way forward. For Microsoft, it’s a return to its earliest roots.

Tell me more: This is yet another significant acquisition by Microsoft CEO Satya Nadella, who took charge in February 2014 and whose tenure has seen the Microsoft stock rise three-fold.

13

What is it? The number of months since MK Jain has been the managing director and chief executive officer of IDBI Bank. On Monday, the government appointed him as a deputy governor of the Reserve Bank of India (RBI).

Why is it important? Jain has over 30 years of experience in the banking industry and will be in-charge of the central bank’s supervisory department that is instrumental in cleaning up the banking system. However, his exit from IDBI Bank seems to be a negative for the lender as he was focused on cleaning up its balance sheet and divesting some non-core assets to generate capital. The lender’s shares fell to a two-week low after the announcement.

Tell me more: Jain was selected from nine candidates and after two rounds of interviews. The RBI deputy governor post fell vacant after SS Mundra retired at the end of July 2017.

250,000

What is it? The number of modern assault rifles the India Army will reportedly buy.

Why is it important? This is less than a third of its original requirement of 800,000 rifles and the reduced order size is said to be due to budgetary constraints and the need to increase the pace of deliveries. As of July 2017, a majority of the India’s troops were still using the outdated INSAS (Indian Small Arms System) rifles, though the Army had floated a tender for the supply of multi-caliber assault rifles to replace these in 2011.

Tell me more: Of the 450,000 infantry troopers in the defence force, about half of them go into the battleground and use the rifle as their primary weapon.

900

What is it? The number of singles matches won by Rafael Nadal of Spain.

Why is it important? On Monday, Nadal became only the fifth male tennis player to reach the milestone of 900 singles victories. This elite list is led by Jimmy Connors, who finished his career with 1,256 wins. He is followed by Roger Federer (1,149), Ivan Lendl (1,068) and Guillermo Vilas (949).

Tell me more: Of these five players, Nadal has the best winning percentage (82.8%). He is followed by Federer (82.0%).

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