Current Affairs Global - 16 July 2014

1. BRICS Summit 2014 is being held at Fortaleza, Brazil which is attended by leaders of these five developing nations. Participant leaders of the five nations are Brazil-s President Dilma Rousseff, Russia-s President Vladimir Putin, India-s Prime Minister Narendra Modi, China-s President Xi Jinping and South African President Jacob Zuma. All these leaders discussed about different issues and steps to boost ties among the five nations and boost growth in emerging economies.

BRICS leaders have also announced to set up a new development bank with initial capital of USD 100 billion like IMF to invest in different infrastructure projects in emerging nations. The head quarter of the new BRICS development bank will be in Shanghai, China and the first President of the bank will be from India. The bank will begin with a subscribed capital of USD 50 billion divided equally between its five founders, with an initial total of USD 10 billion in cash put in over seven years and USD 40 billion in guarantees.

2. Syria's President Bashar al-Assad was sworn in for a new seven-year term in Damascus today. He was reelected after an election held in last month. Syria is now struggling with its worst ever civil war in his history with more than 170,000 people were killed across the country.

3. China's economic growth stood at 7.5% in the second quarter (April-June) of the current year compared to same quarter last year as the recent government stimulus measures boost growth of the world-s second largest economy, as per the official data published today. This growth rate is marginally better than 7.4% economic growth seen in the last quarter. Economic growth

Chinese economic growth stood at 7.4% in the first half of the current year 2014 compared to same period last year. The data confirms that the domestic and international economic environment is still complicated and the national economy still faces many challenges.

4. US media major Time Warner has rejected an initial takeover approach of around USD 80 billion from its biggest rival 21st Century Fox. The takeover approach by 21st Century Fox was made last month to acquire Time Warner.

5. Tech majors Apple and IBM have announced a business partnership which will help them to co-develop business-centric apps for iPhones and iPads. Post this deal, IBM will also be able to sell iPhones and iPads directly to business clients with pre-installed apps developed by IBM.