International Current Affairs 2017

Janet Yellen becomes the first wome chief of Federal Reserve Bank of US

Janet Yellen (67) has been confirmed as the new chief of the Federal Reserve Bank of the US. With this, she has become the first woman to head the world’s most powerful central bank. 

Yellen who was earlier nominated by President Barack Obama was elected with the 56-26 vote in the US senate voting.

Yellen will replace current chairman Ben Bernanke, who steps down on January 31, 2014 after 8 years in this service, during which the pair tackled the country’s worst economic crisis since the Great Depression.

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India-Saudi Arabia inked pact to protect interests of Indian domestic sector workers

India and Saudi Arabia signed an agreement to protect the interests and rights of Indian domestic sector workers in the Gulf Kingdom. The pact signed by Overseas Indian Affairs Minister Vayalar Ravi and visiting Labour Minister of Saudi Arabia Adel bin Mohammed Fakeih in New Delhi.

Salient  features of the agreement
  • Protects the rights of both the employers and domestic workers
  • Regulates the contractual relation between them

Ensures authenticity and implementation of the employment contract, takes measures against recruitment agencies that will violate laws and establishes a mechanism to provide 24 hours assistance to the domestic sector workers

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