Army Inducts Surface to Air Missile Akaash

US Approves Oil and Gas Drilling in the Arctic Ocean

In a major victory for the petroleum industry, the US has given conditional approval for oil and natural gas drilling in the Arctic Ocean.

America's conditional approval to Royal Dutch Shell to drill in the Arctic Ocean this summer is a victory for the oil and gas industry, the Wall Street Journal reported

KV Kamath Named BRICS Bank President

Eminent banker KV Kamath will be the first President of $ 100 billion BRICS bank which will provide infrastructure loans to emerging nations, rivalling multilateral lenders such World Bank and IMF.

Kamath, 67, will have a five-year term at the bank, which is likely to be operationalised within one year as 'New Development Bank' being set up by the five nation grouping BRICS.

Kamath is the non-executive Chair-man of India's largest private sector bank ICICI. Besides, he is also the non-executive chairperson of the IT bellwether Infosys

Its headquarters in Shanghai. As per the agreement, India got me right to nominate the first President.

The BRICS nations account for nearly $ 16 trillion in GDP and 40% of the world's population.

The bank will start with an initial paid-in-capital of $ 50 billion with each BRICS country contributing $ 10 billion, while its authorized capital is $ 100 billion.

After serving at ICICI for more than a decade, Kamath had moved to Asian Development Bank, Manila, in the Private Sector department in 1988

The idea of the BRICS development bank was conceived in Demi in 2012 and approved in Durban in 2013

Vladimir Putin Inks Law to Shut NGOs That Threaten Russia's Order

Russian President Vladimir Putin signed on May 23, 2015 legislation allowing prosecutors to deem foreign or global non-government organisations (NGOs) as 'undesirable in Russia'.

The prosecutor general may assign the label to international NGOs that "threaten Russia's constitutional order, defence potential or security," according to the law signed on May 23. Such organisations lose rights to publish media materials, organize rallies and use local bank accounts

The move is the latest effort by Putin to tighten control over opposition and media, stifling debate about the government's stewardship of the economy and its decision more than a year ago to annex the Crimean peninsula from the Ukraine. Britain said Putin was silencing voices who might criticize Putin or work to protect human rights

NGOs make a vital contribution to society.' The legislation also introduces punishment, including as much as 500,000 roubles ($ 10,000) fines and up to six years in prison for running such NGOs in Russia

Another Putin's law required cutting foreign ownership in Russian media to 20% by 2016

Breakthrough on Nuclear Missile Warheads: North Korea

North Korea said on May 20, 2015 that it had perfected the technology to make nuclear warheads, not long after announcing that it had launched a ballistic missile from a submarine, dramatically upping military brinkmanship with its US-led foes. It also cancelled a visit by UN Chief Ban Ki-Moon after he accused it of fuelling regional tensions. US Secretary of State John Kerry also condemned the North's "provocative, destabilising and repressive actions

US can use civilian facilities in South China Sea : China

The US and other countries will be welcome to use civilian facilities China is building in the South China Sea for search and rescue and weather forecasting "when conditions are right", China's navy chief has told a senior US officer Satellite images show China building infrastructure for military use in the disputed area. Those moves have caused alarm around the region and in Washington too

Japan Cabinet approves military expansion rules

Japan's Cabinet on May 14, 2015 approved a set of bills bolstering the role and scope of the military, as the pacifist country redefines its position in the increasingly roiled Asia-Pacific region. The bills are a pet project of nationalist Prime Minister Shinzo Abe, who says Japan can no longer shy away from its responsibility to help safeguard regional stability, and must step out from under the shade of the security umbrella provided by the US

Japan adds isle of 1,611 to its list of nations

Japan in May, 2015 added one more country to its map of the world, recognizing the tiny Pacific Island nation of Niue— with its sum total of 1,611 inhabitants. The move makes Niue the 195th country recognized by Tokyo

China sets up Silk Road gold fund

China, the world's biggest gold producer, has set up a gold sector fund involving countries along the ancient Silk Road which is expected to raise $ 16.1 billion

The fund, led by Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan ($ 16-1 billion) in three phases, state-run Xinhua news agency reported. It is said to be the 'largest fund' set up by China

Regional News

GUJARAT

Gujarat Gets its Second Naval Base

Boosting the security of Gujarat's 1,600 km coastline, Gujarat Chief Minister Anandiben Patel on May 9, 2015 commissioned the new base of the Indian Navy named INS Sardar Patel in Porbandar in the presence of Navy Chief Admiral R. K. Dhowan and other senior navy officials.

The first one is INS Dwarka near Okha. INS Sardar Patel will ensure coordination between warships, submarines and aircrafts deployed in the coastal regions of the state. Gujarat has 43 private and public ports, making nearly 50 per cent of the country's maritime industries and INS Sardar Patel will augment the security status and administrative grip of the security personnels in the state

NORTH-EAST STATES

Tripura Government Withdraws AFSPA

Chief Minister Manik Sarkar led Tripura government on May 27, 2015 decided to lift the Armed Forces (Special Powers) Act from the state in a meeting of Tripura Council of Ministers in Agartala as the state witnessed an all time low in the insurgency activities. The AFSPA, better known as the disturbed area Act was first imposed in Tripura in February 1997 when the insurgency was at the peak. The AFSPA was reviewed and extended in every six months since then. The Act was last extended in November 2014 for another six months

The AFSPA empowers certain rights to the Armed personnel and security forces to quell the insurgency activities and violent elements in the state