Current Affairs – November, 2013

Latest Current Affairs November, 2013 with Current Affairs, news summary on current events of National and International importance of November, 2013 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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INS Vikramaditya joins Indian Navy

Screenshot_4After a long wait the $2.3 billion aircraft carrier INS Vikramaditya was commissioned into the Indian Navy in a strategic boost to India’s maritime warfare capabilities. The gigantic 44,500-tonne warship was inducted into the Indian Navy at the Sevmash Shipyard in Russia. The warship will be escorted to India on a near two-month journey by a group of warships to secure a safe sail to its base at Karwar on the Arabian Sea coast.

INS Vikramaditya
  • A Kiev class aircraft carrier which was commissioned by Russian Navy in 1987 under the name Baku.
  • Later rechristened as Admiral Gorshkov and last sailed in 1995 in Russia, before being offered to India.
  • Russia sold the carrier to India after it became too expensive for the country to operate it on a post-Cold War budget.
  • Underwent extensive refurbishment and upgrade to a light aircraft carrier at the Sevmash Shipyard in the Russian city of Severodvinsk.
  • Initially scheduled to be delivered in 2008, but the deadline was repeatedly postponed.
  • Length: 284 metres
  • Displacement: 44,500-tonne
  • Speed: In excess of 30knots or 56km/hr
  • Range: 7000 nautical miles (13,000 km)

It will have MiG-29K naval combat aircraft, Kamov 31 and Kamov 28 anti-submarine warfare and maritime surveillance helicopters positioned over it.

Top global banks under scanner for forex market manipulation

Some of the biggest banks in the world are facing investigation for their suspected involvement in rigging the Foreign Exchange (Forex) markets.

Seven investigating agencies including UK’s Financial Conduct Authority (FCA) and authorities in Switzerland, the US and Hong Kong are probing into the matter. So far, information has been requested from at least 15 banks. The investigations are examining whether traders manipulated markets by exchanging information and trading ahead of their clients.

The focus of the probes is on the euro-dollar market, the most liquid currency market in the world which accounts for almost a quarter of the $5.3 trillion daily trading volume. Trading in sterling, Australian dollar and Scandinavian currencies are also under scanner.

What is the matter behind forex market manipulation?

Forex market is the largest and yet the least regulated market in the financial world. With trading of more than $5 trillion a day, it overshadows any stock or bond market.  There are suspicions that a group of traders operated in a cartel to rig the currency market for personal profits. Authorities suspect that traders used the chat rooms to lay out their strategies. The traders, using information gathered from their clients, are suspected of agreeing to flood the market with orders for currencies just seconds before an independent service, WM/Reuters Co, set some of the benchmark rates. The most important rate is based on trades in a period shortly before 4 pm London time, so a flurry of last-second orders from banks could change the rate in their favor.

The banks under investigation by the FCA and other regulators in the expanding currencies probe include Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Royal Bank of Scotland, Standard Chartered and UBS.