Daily GK Update: 17th December 2015

The US Federal Reserve has raised interest rates by 0.25 percent, its first increase since 2006. Rates in the US have been at near-zero since 2008.
The rate, which stands at 0.5 percent after the increase, was kept the same through out the global credit crunch so that financial institutions could borrow cheaply and in turn allow them to lend at lower rates.
The US central bank cited as the reasons for its action increased household spending and investment by business, along with a continued low rate of inflation. The bank also raised its projection for its economic growth next year slightly, from 2.3 percent to 2.4 percent.
The move is likely to cause ripples around the world, and could increase pressure on the UK to raise rates. It could also mean higher borrowing costs for developing economies, many of which are already seeing slow growth.

Union Government has given in principle approval to work on Loon project of internet search engine giant Google for providing Internet connectivity by using large balloons.
The project will be started on a pilot basis and state run Bharat Sanchar Nigam Limited (BSNL) will be partner with the project in order to expand Internet connectivity in the country.
Google’s Loon project is Google’s ambitious research and development project that aims at providing low-cost Internet access to rural and remote areas.
Under the project, high altitude floating telecom tower balloons are positioned at a height of 20 km, above earth’s surface for transmission of internet services.

President Pranab Mukherjee has received the Garwood Award for Outstanding Global Leader in Open Innovation from UC Berkeley-Haas School of Business at Rashtrapati Bhavan.
The award was presented by Prof. Solomon Darwin, Executive Director Garwood Center for Corporate Innovation.
The University of California, Berkeley, has established the Garwood Award to acknowledge individuals who have embraced, supported and encouraged open innovation in a significant and impactful way.
The award was presented to the President for promoting open innovation, for taking initiative of hosting and gathering global innovators at the first-ever Global Roundtable on the Inclusive Innovations at Rashtrapati Bhavan.

Former Delhi High Court judge Reva Khetrapal has taken oath as Delhi’s new Lokayukta. The post of the anti-corruption ombudsman was vacant since November 2013, when retired Justice Manmohan Sarin renounced the office.
A four-member panel comprising Lt Governor Najeeb Jung, Chief Minister Arvind Kejriwal, Chief Justice of Delhi High Court G Rohini and Leader of Opposition leader in Delhi Assembly Vijender Gupta had unanimously chosen Justice Khetrapal in October 2015 for the post.
Her name was officially recommended by Lt Governor Najeeb Jung to the President of India Pranab Mukherjee in October 2015.

Union Parliament has passed the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015.
The Bill will help bring in big foreign investments into the country and improve India’s global image on ease of doing business. It will help set up commercial benches in select high courts to settle high value commercial disputes.
The Bill enables the creation of commercial divisions in high courts, and commercial courts at the district level.
Commercial courts will be set up in all states and union territories, by the state governments after consulting with their respective high courts.

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval to a Memorandum of Understanding (MoU) signed between India and BRICS (Brazil, Russia, China and South Africa) countries for energy conservation.
The MoU provides for Joint scientific and technological research strengthening energy efficiency cooperation among the member countries based on the principles of equality and mutual benefit.
Capacity building and technology transfer in the field of Energy Savings and Energy Efficiency along with sharing policies and best practices.