CURRENT AFFAIRS-
INDIA
Justice B.N Srikrishna headed committee to study issues
related to data protection
The Ministry of Electronics and Information Technology (MeitY) has appointed an expert panel committee that would study various issues relating to data protection in the country and will suggest a draft data protection Bill.
Key Points:
The Ministry of Electronics and Information Technology (MeitY) has appointed an expert panel committee that would study various issues relating to data protection in the country and will suggest a draft data protection Bill.
Key Points:
1. It
is a 10 member panel and it is headed by Supreme
court Judge (retired) Justice B N Srikrishna.
2. The
panel includes the members from government, academia and industry will study
and identify key data protection issues and recommend methods to address them.
3. The
committee will design a broader framework which
will cover all other kinds of data and ensure that the
deliberations on the issue start as soon as possible.
4. The
panel includes the following members:
·
Rajat Moona, Director, IIT Raipur, is a key
member in the panel.
·
Ajay Bhushan Pandey is CEO of Unique Identification
Authority of India, (UIDAI). UIDAI is the nodal agency for implementing Aadhaar.
·
Aruna Sundararajan is Secretary, Department
of Telecom.
·
Rama Vedashree is CEO of Data Security
Council of India.
·
Arghya Sengupta is Research Director of Vidhi
Centre for Legal Policy.
·
Rajat Moona, Director of IIT Raipur.
·
Ajay Kumar, Additional Secretary, IT Ministry.
·
Gulshan Rai, National Cyber Security
Coordinator.
India – Somali signed an agreement on transfer of sentenced
persons
India and Somalia has signed an agreement on1st of August 2017. The agreement has been signed for transfer of sentenced persons.
Key Points:
India and Somalia has signed an agreement on1st of August 2017. The agreement has been signed for transfer of sentenced persons.
Key Points:
1. The
agreement was signed between External Affairs Minister Sushma
Swaraj and Foreign Minister of the Federal Republic of
Somalia Yusuf Garaad Omar.
2. It
will deepen the humanitarian cooperation between the two nations.
3. The
Foreign Minister of the Federal Republic of Somalia Yusuf-Garaad
Omar arrived in New Delhi on 31 July 2017 on a five-day visit.
4. He
also held talks on regional issues pertaining to developments in the Gulf
region.
5. Both
the ministers discussed the entire gamut of bilateral relations as well as
regional and international issues of mutual interest.
6. The
agreement will help Indian inmates imprisoned in Somalia or vice versa and
also facilitate their social rehabilitation.
About Somalia
♦ Capital:Mogadishu
♦ Currency: Somali shilling (SOS)
♦ President: Mohamed Abdullahi Mohamed
♦ Prime Minister:Hassan Ali Khayre
About Somalia
♦ Capital:Mogadishu
♦ Currency: Somali shilling (SOS)
♦ President: Mohamed Abdullahi Mohamed
♦ Prime Minister:Hassan Ali Khayre
Recent Approvals by Central government – August 3 2017
On
August 2, 2017, Union Cabinet chaired by Prime Minister Narendra Modi approved
following bilateral agreements and initiatives:
i.
Cabinet apprised of MOU between India
and Spain on India-Spain cooperation in renewable energy
ii.
Union Cabinet has given its ex-post
facto approval for a Memorandum of Understanding (MoU) signed among India and
various BRICS countries (Brazil, Russia, China & South Africa) for
establishment of the BRICS Agriculture Research Platform (BRICS-ARP).
iii.
On August 2, 2017, the Union Cabinet
cleared a proposal to extend proxy voting to overseas Non –Resident Indians
(NRIs).
Lok Sabha passes two key bills for implementation of GST in J&K
On
August 2, 2017, Lok Sabha passed two bills, CGST (Extension to Jammu and
Kashmir) Bill, 2017 and IGST (Extension to Jammu and Kashmir) Bill, 2017,
extending Central Goods and Services Tax (GST) and Integrated Goods and
Services Tax (GST) to Jammu and Kashmir (J&K).
i.
The two Bills passed by the House by a
voice vote are aimed at giving effect to the formal amendments required in
Central GST (CGST) and Integrated GST (IGST) Acts by removing the exemption
that was carved out for Jammu & Kashmir.
ii.
Finance Minister Arun Jaitley has
mentioned that GST is in the larger interest of traders and consumers of Jammu
and Kashmir and extending Central GST and Integrated GST to Jammu and Kashmir
will ensure greater economic integration of the state with rest of the country.
Govt inks MoA to set up IRRI’s regional centre in Varanasi
On
August 2, 2017, Union Agriculture Ministry
signed a memorandum of association (MoA) for setting up a regional
centre of the International Rice Research Institute (IRRI) in Varanasi, Uttar
Pradesh to develop high- yielding rice varieties.
i.
The MoA was signed between Agriculture
Secretary Shobhana K Patnaik and IRRI Director General Matthew Morell.
ii.
IRRI’s South Asia Regional Centrewill be
set up at the campus of National Seed Research and Training Centre (NSRTC) in
Varanasi.
Aadi Perukku festival celebrated in Tamilnadu
Aadi
Perukku is celebrated for the birth of the Tamil month of Aadi. This is the
beginning of all the festivals during the festival seasons.
Key
Points:
1. During
the month of Thai and Aadi the sun changes directions so it is celebrated Aadi Perukku festival celebrated in
Tamilnaduin that way.
2. It
is celebrated in a special way in temples like MangaduKamakshi Temple.
3. In
Aadi every friday is celebrated as “Aadivelli”.
4. The
new moon day of this month is celebrated as “AadiAmavasai” which is to remember
our ancestors who have reached heavens.
5. The
first day of this month is celebrated as Aadipandigai or Aadipirappu, which is
an important festival to most tamils, especially newly-weds.
6. Traditionally,
the newly wedded couple is invited to the girl’s house and the couple is gifted
with new clothes and other presents.
7. The
18th day of Aadi is observed as ‘ Aadiperukku’, a day of offerings and prayers
to the water bodies like rivers and lakes.
8. The
whole family members go to the river banks and offer pujas.
9. Aadi
is a month of zeal and observances in Amman temples, where prayers and pujas
are offered to appease the powerful goddesses and seek their protection from
the inauspicious aspects that are often associated with the month.
10. It
is to be believed that young girls who do this pooja offering
Kaadholai(earrings mad of palm leaf),Karugamani(black beads) and Kaapparisi ( a
sweet made of rice and jaggery) will be blessed with good husbands.
INTERNATIONAL
AFFAIRS
United States issues ban on tourist travel to North Korea
The United States has issued a ban prohibiting its citizens traveling to North Korea. The ban which comes into effect from 1st of September.
The United States has issued a ban prohibiting its citizens traveling to North Korea. The ban which comes into effect from 1st of September.
Key
Points:
1. It
is introduced after officials said the “serious risk” of arrest by Pyongyang
officials during tourist travel presented an “imminent danger to the physical
safety” of its citizens.
2. The new
ban will remain in effect for one year, unless it is revoked sooner by
US Secretary of State Rex Tillerson.
3. Exemptions
will be allowed in specific cases for humanitarian travel and journalists.
4. Strict
warnings against travel to the North were already in place before the ban was
first announced last month following the death of American student Otto
Warmbier.
5. Warmbier,
a student at the University of Virginia, died in June after being held by
Pyongyang for more than a year on charges of stealing a propaganda poster from
a North Korean hotel.
6. He
had been sentenced to 15 years’ hard labour in the
North, but was sent home in a mysterious coma in June and died soon afterwards.
7. All
United States passports are declared invalid for travel to North Korea.
About North Korea
♦ Capital: Pyongyang
♦ Currency: North Korean Won
♦ Supreme Leader: Kim Jong-un
About North Korea
♦ Capital: Pyongyang
♦ Currency: North Korean Won
♦ Supreme Leader: Kim Jong-un
USISPF –Strategic partnership forum set up to deepen Indo –
US ties
A new representative body US- India Strategic Partnership Forum (USISPF) is being set up to enhance business relations between India and US.
Key Points:
A new representative body US- India Strategic Partnership Forum (USISPF) is being set up to enhance business relations between India and US.
Key Points:
1. According
to USISPF the non-profit corporation aims to promote bilateral
trade and work on creating meaningful opportunities that have the
power to change the lives of citizens.
2. The body will work
with businesses and government leaders to achieve
its goalsof driving economic growth, job creation,
innovation, inclusion and entrepreneurship.
3. Mukesh
Aghi will serve as a USISPF President while GauravVerma will
serve as Chief Operating officer.
4. USISPFs
board of directors will include:
1. Chairman John Chambers (Executive Chairman, Cisco)
2. Vice-Chairs PunitRenjen (Global CEO, Deloitte LLP)
3. Edward Monser (President, Emerson Electric)
4. Indra Nooyi (Chairman and CEO, PepsiCo)
5. Ajay Banga(President and CEO, MasterCard)
1. Chairman John Chambers (Executive Chairman, Cisco)
2. Vice-Chairs PunitRenjen (Global CEO, Deloitte LLP)
3. Edward Monser (President, Emerson Electric)
4. Indra Nooyi (Chairman and CEO, PepsiCo)
5. Ajay Banga(President and CEO, MasterCard)
BANKING
& FINANCE
Reserve Bank announces its third bi-monthly policy review of
current fiscal
On
August 2, 2017, Reserve Bank of India (RBI) announced Third Bi-Monthly Monetary
Policy Statement for financial year 2017-18. This time, RBI has cut the policy
repo rate by 25 basis points (bps) to 6 percent.
Post
the Third Bi-Monthly Monetary Policy Statement announcement, the policy rates
and reserve ratios are as follows:
Policy Repo Rate 6.00%- Reduced by 25 basis points.
Earlier it was 6.25%
Reverse Repo Rate 5.75%- Reduced by 25 basis points.
Earlier it was 6.00%
Marginal Standing Facility Rate 6.25% -Reduced by 25 basis points. Earlier it was 6.50%
Bank Rate 6.25%- Reduced by 25 basis points. Earlier it
was 6.50%
Cash Reserve Ratio (CRR) 4.00%- Unchanged – since 9th
February 2013
Statutory Liquidity Ratio (SLR) 20.00%-Unchanged – since 7th June 2017
India on track to meet 3.2% fiscal deficit target – UBS
Report
As
per a report by global financial services major UBS, Indian government is on track
to achieving the fiscal deficit target of 3.2% of Gross Domestic Product (GDP)
in the current fiscal year.
1. Indian
Government’s fiscal deficit narrowed from a peak of 6.5 per cent of GDP in
2009-10 (after the global financial meltdown) to 5 per cent of GDP in 2016-17
and is estimated to fall further to 3.2 per cent of GDP in 2017-18.
2. However,
the states’ fiscal position remains stretched, with the fiscal deficit rising
from a low of 1.9 per cent of GDP in 2011-12 to 3 per cent of GDP in 2016-17.
SEBI forms committee headed by T K Viswanathan on fair market
conduct
SEBI
has set up a committee on fair market conduct on 2nd of August 2017. It will
suggest measures for improving surveillance of the markets and strengthen rules
for algo trades, among other norms.
Key
Points:
i.
The panel is headed by former law secretary T K
Viswanathan.
ii.
The committee will suggest short term and medium term
measures for improved surveillance of the markets.SEBI forms committee headed
by T K Viswanathan
iii.
It would suggest measures for improvement in PIT
(Prohibition of Insider Trading) norms, PFTUP (Prohibition of Fraudulent and
Unfair Trade Practices) regulations.
iv.
It is mainly related to trading plans and handling of
unpublished price sensitive information during takeovers.
v.
The committee will also suggest evidentiary issues in
anti-fraud enforcement.
vi.
It would be responsible for recommending steps to align
insider trading regulations with Companies Act provisions.
About
SEBI
♦
The Securities and Exchange Board of India(SEBI) is the regulator for the
securitiesmarket in India.
♦
Formed: 12 April 1988
♦
Headquarters: Mumbai, Maharashtra
SBI, Samsung collaborate to advance Digital India initiative
The
State Bank of India (SBI) and Samsung India has announced the availability of
Samsung Pay for higher variants of SBI debit card to advance Digital India
initiativeon 1st of August 2017.
Key
Points:
1. Samsung
Pay is currently available on Samsung smartphones. It enables consumers to make
offline payments without the need for a physical Card.
2. Samsung
Pay works on 2.5 million Point of Sale (PoS) Card machines across the country
through its Magnetic Secure Transmission (MST) technology.
3. The
Bank aimed to be the Banker to Digital India and has been at the fore-front of
all digital initiatives in the banking space.
4. Samsung
Pay consumers holding eligible SBI Debit Cards can avail a flat Rs. 100
cashback on minimum transaction amount of Rs. 500.
5. The
cardholder can avail maximum cashback of Rs. 500 per card, during the offer
period from 1st August to 31st August.
6. With
this collaboration, 130 million SBI debit cardholders will be able to tap and
pay using a Samsung smartphones at merchant outlets having card acceptance
machines.
About
SBI:
♦
State Bank of India (SBI) is an Indian multinational, public sector banking and
financial services company.
♦
Headquarters :Mumbai, Maharashtra, India
♦
Chairman: Arundhati Bhattacharya
♦
Tagline of SBI:With you all the way Pure banking nothing else,The nation’s bank
on us.
India, ASEAN-5 more
fetching to FDI than other emerging markets
As per Japanese financial services firm Nomura, India along with ASEAN – 5 countries (Indonesia, Malaysia, Thailand, Philippines and Vietnam) is more attractive Foreign Direct Investment (FDI) destination as compared to other emerging markets.
i. Nomura has dubbed India and ASEAN-5 (Indonesia, Malaysia, the Philippines, Thailand and Vietnam) as “Asia’s tiger cubs”and has said that Foreign Direct Investment (FDI) flows to these nations are expected to surge to around USD 240 billion by 2025.
ii. In India, FDI is expected to flow into sectors that need growth capital such as infrastructure, banks, e-commerce and hospitals and those with strong long-term growth prospects which include retail, automobiles, pharmaceuticals and diagnostics.
As per Japanese financial services firm Nomura, India along with ASEAN – 5 countries (Indonesia, Malaysia, Thailand, Philippines and Vietnam) is more attractive Foreign Direct Investment (FDI) destination as compared to other emerging markets.
i. Nomura has dubbed India and ASEAN-5 (Indonesia, Malaysia, the Philippines, Thailand and Vietnam) as “Asia’s tiger cubs”and has said that Foreign Direct Investment (FDI) flows to these nations are expected to surge to around USD 240 billion by 2025.
ii. In India, FDI is expected to flow into sectors that need growth capital such as infrastructure, banks, e-commerce and hospitals and those with strong long-term growth prospects which include retail, automobiles, pharmaceuticals and diagnostics.
SBI to raise 2000 crore via BASEL- III bonds
State Bank of India plans to raise Rs 2,000 crore by allotting Basel-III compliant bonds to various investors.
Key Points:
State Bank of India plans to raise Rs 2,000 crore by allotting Basel-III compliant bonds to various investors.
Key Points:
1. The
committee of directors for capital raising accorded its approval on 3rd of
August 2017.
2. It
will allot 20,000 AT1 Basel-III compliant non-convertible,
perpetual, subordinated bonds in the nature of debentures.
3. The
bonds will carry a coupon rate of 8.15% per annum with a call option after 5
years or the anniversary date thereafter.
4. Shares
of SBI were trading 1.67% lower at Rs 302.50 on the BSE.
Several
Initiatives launched by SBI
♦ BOUTIQUE FINANCING SCHEME
♦ State Bank Freedom App
♦ Twitter Handle Account
♦ Instant Money Transfer App
♦ First home grown INDEX “COMPOSITE INDEX”
♦ BOUTIQUE FINANCING SCHEME
♦ State Bank Freedom App
♦ Twitter Handle Account
♦ Instant Money Transfer App
♦ First home grown INDEX “COMPOSITE INDEX”
BUSINESS
Patanjali to teams up with Facebook , Google for online
advertisement push
Yoga Guru Baba Ramdev-led Herbal products manufacturer Patanjali Ayurved plans to team up with social media site Facebook and search engine Google in a push to increase its digital presence for better online marketing.
Yoga Guru Baba Ramdev-led Herbal products manufacturer Patanjali Ayurved plans to team up with social media site Facebook and search engine Google in a push to increase its digital presence for better online marketing.
Key
Points:
1. Patanjali
will be investing in the online advertising for the first time.
2. The
Indian fast moving consumer goods (FMCG) giant
collected an enormous 15 crore views on You Tube by June while searches for
Patanjali products on Google scaled up 11 times in the past four years and
three fold over the past three years.
3. The
Patanjali Ayurved channel on You Tube, which started in July 2014, has more
than 96,000 subscribers while its page on Facebook has 386,709 followers.
4. The
brand which has been campaigning to “Go Swadeshi” clocked a
turnover of Rs 10,561 in the 2016-17 fiscal years.
5.
Manufacturing units and headquarters of
Patanjali are located in the industrial area of Haridwar.
About Patanjali
♦ The Patanjali Ayurved Limited is an Indian FMCG company.
♦ Founder: Ramdev and AcharyaBalkrishna.
♦ Headquarters: Haridwar, India.
About Patanjali
♦ The Patanjali Ayurved Limited is an Indian FMCG company.
♦ Founder: Ramdev and AcharyaBalkrishna.
♦ Headquarters: Haridwar, India.
MCX, Mahindra Agri sign MoU for agriculture related price
information
Multi Commodity Exchange of India Limited (MCX) and Mahindra Agri Solutions Ltdhave signed a Memorandum of Understanding (MoU) to provide agriculture related price information.
Key Points:
Multi Commodity Exchange of India Limited (MCX) and Mahindra Agri Solutions Ltdhave signed a Memorandum of Understanding (MoU) to provide agriculture related price information.
Key Points:
1. This information would
be available on their recently launched
mobile application ‘MyAgriGuru’ which is available
for free on Google play store.
2. MahindraAgri
Solutions Ltd is a wholly owned subsidiary of Mahindra and Mahindra.
3. This
MoU would enhance the decision-making ability of the farmers.
4. This
partnership also strengthens the vision of the two leading organizations to empower
farmers by offering knowledge based solutions.
5. It
also fulfills another Government’s motive to digitize the agricultural sector.
6. Through
this partnership, it will enable farmers to manage prices and
also provide them with solutions that boost both agricultural
productivity and farm incomes substantially.
7.
The main objective is to
educate farmers by delivering complete information on agricultural products.
ACQUISITIONS
& MERGERS
Facebook acquires AI startup to make Messenger smarter
To
build out a more elaborate personal assistant for
the Messenger users, Facebook has acquired
an artificial intelligence (AI) startup Ozlo that
specialises in understanding text-based conversations. However, there are no
details so far about the financial terms of the deal.
About Ozlo:
i. Ozlo claims that its virtual assistants can understand and provide answers to questions which do not have simple “yes” or “no” answers.
ii. It has 30 employees, majority of which will be joining Messenger in Facebook’s offices.
iii. Ozlo has raised $14 million from a number of investors, including Greylock.
About Ozlo:
i. Ozlo claims that its virtual assistants can understand and provide answers to questions which do not have simple “yes” or “no” answers.
ii. It has 30 employees, majority of which will be joining Messenger in Facebook’s offices.
iii. Ozlo has raised $14 million from a number of investors, including Greylock.
NCLT approves Airtel-Telenor merger
The National Company Law Tribunal (NCLT) has approved the proposed merger between Bharti Airtel and Telenor India announced on 3rd of August 2017.
Key Points:
i. Airtel would take over its spectrum in all seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
ii. It would also acquire its licences and operations, including its employees and customer base of 44 million.
iii. Through this merger, Airtel expand its overall customer base and network
iv. Airtel will pocket 43.4 units of 4G spectrum in 1800 MHz band once the Telenor deal is concluded.
v. Airtel will also take over Telenor India’s outstanding spectrum payments of some Rs1,650 crore and other operational contracts, including tower leases with Bharti Infratel and Indus Towers.
vi. In June, the merger received approval from the Securities and Exchange Board of India.
vii. The merger has also received nod from the Competition Commission of India. The merger is subject to other statutory approvals.
About Airtel
♦ Founded: 7 July 1995
♦ Founder: Sunil Bharti Mittal
♦ Headquarters: Bharti Crescent, 1, Nelson Mandela Road, New Delhi
♦ Chairman and MD: Sunil Bharti Mittal.
♦ CEO: Gopal Vittal
The National Company Law Tribunal (NCLT) has approved the proposed merger between Bharti Airtel and Telenor India announced on 3rd of August 2017.
Key Points:
i. Airtel would take over its spectrum in all seven circles — Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
ii. It would also acquire its licences and operations, including its employees and customer base of 44 million.
iii. Through this merger, Airtel expand its overall customer base and network
iv. Airtel will pocket 43.4 units of 4G spectrum in 1800 MHz band once the Telenor deal is concluded.
v. Airtel will also take over Telenor India’s outstanding spectrum payments of some Rs1,650 crore and other operational contracts, including tower leases with Bharti Infratel and Indus Towers.
vi. In June, the merger received approval from the Securities and Exchange Board of India.
vii. The merger has also received nod from the Competition Commission of India. The merger is subject to other statutory approvals.
About Airtel
♦ Founded: 7 July 1995
♦ Founder: Sunil Bharti Mittal
♦ Headquarters: Bharti Crescent, 1, Nelson Mandela Road, New Delhi
♦ Chairman and MD: Sunil Bharti Mittal.
♦ CEO: Gopal Vittal
APPOINTMENTS
& RESIGNS
SEBI approves appointment of Dhirendra Swarup as BSE chairman
SEBI has approved the appointment of Dhirendra Swarup as the chairman of the board of directors of the BSE with effect from July 31, 2017
Key Notes:
i. Swarup, who was a public interest director at the BSE, had replaced incumbent SudhakarRao.
ii. He was the chairman of the Cash and Debt Management Committee of the Reserve Bank of India (RBI) from 2000 to 2003.
iii. He was the former Chairman of Pension Funds Regulatory and Development Authority (PFRDA).
iv. He has over four decades of experience across finance, budgeting, public debt management, public policy and pension Reforms.
v. He was the government nominee director on the board of SEBI for three years and on a public sector bank for five years.
About BSE
♦ The Bombay Stock Exchange (BSE) is an Indian stock exchange located at Dalal Street, Kala Ghoda, Mumbai Maharashtra, India
♦ Founded on 9thJuly 1875
♦ MD & CEO: Ashishkumar Chauhan
SEBI has approved the appointment of Dhirendra Swarup as the chairman of the board of directors of the BSE with effect from July 31, 2017
Key Notes:
i. Swarup, who was a public interest director at the BSE, had replaced incumbent SudhakarRao.
ii. He was the chairman of the Cash and Debt Management Committee of the Reserve Bank of India (RBI) from 2000 to 2003.
iii. He was the former Chairman of Pension Funds Regulatory and Development Authority (PFRDA).
iv. He has over four decades of experience across finance, budgeting, public debt management, public policy and pension Reforms.
v. He was the government nominee director on the board of SEBI for three years and on a public sector bank for five years.
About BSE
♦ The Bombay Stock Exchange (BSE) is an Indian stock exchange located at Dalal Street, Kala Ghoda, Mumbai Maharashtra, India
♦ Founded on 9thJuly 1875
♦ MD & CEO: Ashishkumar Chauhan
US Senate confirms Christopher Wray to lead FBI
The US Senate has confirmed Christopher Wray to lead the FBI announced on 2nd of August 2017.
Key Points:
i. Christopher had replaced James Comey, who was fired by President Donald Trump.
ii. The Senate voted 92-5 with five Democrats voting against his nomination.
iii. Christopher Wray was also the former high-ranking official in President George W. Bush’s Justice Department who oversaw investigations into corporate fraud.
iv. Wray won complete support from the Senate Judiciary Committee last month.
v. He was born into a family of New York lawyer and graduated from Yale Law School and was a Justice Department prosecutor for years.
vi. From May 2001 to May 2005, he held various high-ranking positions in the Justice Department, rising to the head of the criminal division in September 2003.
vii. He also served as principal associate deputy attorney general.
The US Senate has confirmed Christopher Wray to lead the FBI announced on 2nd of August 2017.
Key Points:
i. Christopher had replaced James Comey, who was fired by President Donald Trump.
ii. The Senate voted 92-5 with five Democrats voting against his nomination.
iii. Christopher Wray was also the former high-ranking official in President George W. Bush’s Justice Department who oversaw investigations into corporate fraud.
iv. Wray won complete support from the Senate Judiciary Committee last month.
v. He was born into a family of New York lawyer and graduated from Yale Law School and was a Justice Department prosecutor for years.
vi. From May 2001 to May 2005, he held various high-ranking positions in the Justice Department, rising to the head of the criminal division in September 2003.
vii. He also served as principal associate deputy attorney general.
Sanjay Baru appointed as Secretary General of FICCI
Sanjaya Baru has appointed as the Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI) on 2nd of August 2017.
Key Points:
i. Sanjay will assume the charge from 1stSeptember 2017.
ii. He succeeds A Didar Singh, who served as Secretary General for 5 years.
iii. Didar Singh will continue to serve as a strategic advisor to Pankaj Patel, President of the FICCI.
About Sanjaya Baru
♦ Baru had earlier served as the media advisor to former Prime Minister Manmohan Singh from May 2004 until August 2008.
♦ He was appointed as the Editor of Business Standard, from January 2010 to October 2011.
♦ In April 2014, he released his book The Accidental Prime Minister, a detailed chronicle of his experience of serving the Prime Ministerthat was published by Penguin India.
About FICCI
♦ The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India.
♦ Formation: 1927
♦ President: Pankaj Patel
♦ Headquarters: New Delhi, India
Sanjaya Baru has appointed as the Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI) on 2nd of August 2017.
Key Points:
i. Sanjay will assume the charge from 1stSeptember 2017.
ii. He succeeds A Didar Singh, who served as Secretary General for 5 years.
iii. Didar Singh will continue to serve as a strategic advisor to Pankaj Patel, President of the FICCI.
About Sanjaya Baru
♦ Baru had earlier served as the media advisor to former Prime Minister Manmohan Singh from May 2004 until August 2008.
♦ He was appointed as the Editor of Business Standard, from January 2010 to October 2011.
♦ In April 2014, he released his book The Accidental Prime Minister, a detailed chronicle of his experience of serving the Prime Ministerthat was published by Penguin India.
About FICCI
♦ The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India.
♦ Formation: 1927
♦ President: Pankaj Patel
♦ Headquarters: New Delhi, India
Peter O’Neill : Re-Elected Prime Minister of Papua New Guinea
Peter O’Neill has been reappointed as Prime Minister of Papua New Guinea announced on 2nd of August 2017.
Key Points:
i. Peter O’Neill won the parliamentary vote 60 to 46.
ii. The election has been widely criticised because thousands of voters were excluded and there were blazing abuses of the electoral process.
iii. He is the leader of the People’s National Congress and represents the constituency of Ialibu-Pangia.
Papua New Guinea :
♦ Capital: Port Moresby
♦ Currency: Papua New Guinean kina
Peter O’Neill has been reappointed as Prime Minister of Papua New Guinea announced on 2nd of August 2017.
Key Points:
i. Peter O’Neill won the parliamentary vote 60 to 46.
ii. The election has been widely criticised because thousands of voters were excluded and there were blazing abuses of the electoral process.
iii. He is the leader of the People’s National Congress and represents the constituency of Ialibu-Pangia.
Papua New Guinea :
♦ Capital: Port Moresby
♦ Currency: Papua New Guinean kina
Hassan Rouhani sworn in as Iran’s president for a second term
Hassan Rouhani was officially sworn in as the President of Iran for a second term.
Key Points:
i. Iran’s supreme leader Ayatollah Ali Khamanei gave his official approval for Rouhani’s appointment.
ii. Rouhani will administer the oath at the Iranian parliament on 5thAugust 2017.
iii. Before that, he has to present his cabinet before the parliament for a vote of confidence.
iv. As per Iran’s Election Law, a president-elect is required to get the Leader’s approval before being sworn-in before the Parliament.
v. Rouhani won the re-election in May 2017, after securing 57% of the votes. He defeated his main contender Ebrahim Raeisi.
Iran :
♦ Capital: Tehran
♦ Currency: Rial
♦ President: Hassan Rouhani
Hassan Rouhani was officially sworn in as the President of Iran for a second term.
Key Points:
i. Iran’s supreme leader Ayatollah Ali Khamanei gave his official approval for Rouhani’s appointment.
ii. Rouhani will administer the oath at the Iranian parliament on 5thAugust 2017.
iii. Before that, he has to present his cabinet before the parliament for a vote of confidence.
iv. As per Iran’s Election Law, a president-elect is required to get the Leader’s approval before being sworn-in before the Parliament.
v. Rouhani won the re-election in May 2017, after securing 57% of the votes. He defeated his main contender Ebrahim Raeisi.
Iran :
♦ Capital: Tehran
♦ Currency: Rial
♦ President: Hassan Rouhani
InCred ropes in Rahul Dravid as brand ambassador
InCred, the Mumbai-based new age financial services group, has signed up Rahul Dravid, as its Brand Ambassador the former Captain of Indian Cricket Team.
Key Points:
i. The Mumbai-based start-up has raised $85 million, one of the largest rounds of funding of a start-up in the Indian financial services industry recently.
ii. The company said that it plans to work on its marketing strategy through various online and offline marketing platforms with Rahul.
iii. Bhupinder Singh, the Founder and CEO of InCred, was formerly the head of the Investment Banking division of Deutsche Bank for Asia-Pacific.
iv. Anshu Jain, the former Co-CEO of Deutsche Bank, is the Chairman of InCred’s Advisory Board.
v. InCred, which began its lending operations in January this year, has already disbursed Rs 100-crore loans to about 1,000 customers as of March 2017 and is targeting a loan book of Rs 1,500 crore by March 2018.
vi. The company gives loans in four categories – affordable housing loans, consumer loans, education loans and SME loans.
InCred, the Mumbai-based new age financial services group, has signed up Rahul Dravid, as its Brand Ambassador the former Captain of Indian Cricket Team.
Key Points:
i. The Mumbai-based start-up has raised $85 million, one of the largest rounds of funding of a start-up in the Indian financial services industry recently.
ii. The company said that it plans to work on its marketing strategy through various online and offline marketing platforms with Rahul.
iii. Bhupinder Singh, the Founder and CEO of InCred, was formerly the head of the Investment Banking division of Deutsche Bank for Asia-Pacific.
iv. Anshu Jain, the former Co-CEO of Deutsche Bank, is the Chairman of InCred’s Advisory Board.
v. InCred, which began its lending operations in January this year, has already disbursed Rs 100-crore loans to about 1,000 customers as of March 2017 and is targeting a loan book of Rs 1,500 crore by March 2018.
vi. The company gives loans in four categories – affordable housing loans, consumer loans, education loans and SME loans.
Harmanpreet Kaur appointed as DSP by Punjab Government
The Punjab state government has appointed Harmanpreet Kaur to the post of Deputy Superintendent of Police (DSP) in the state police.
Key Points:
i. Harmanpreet, the all-rounder cricketer had made 171 runs from 115 balls against Australia in the semi-finals and steered India into the ICC Women’s World Cup 2017 final.
ii. Chief Minister Amarinder Singh has directed the state Director General of Police (DGP)Suresh Arora to complete the necessary formalities for her appointment.
iii. After Kaur’s appointment to the force, they would be setting up a cricket team within the police department.
iv. Singh also mentioned that he wanted to keep the talented young Kaur, currently working in the Railways, in Punjab.
v. Singh also handed a cash prize of Rs 5 lakh cheque to Kaur.
vi. Kaur mentioned that she wanted more cricket academies to come up in Punjab, so that the problems she has faced are not faced by other budding players.
About Harmanpreet Kaur:
♦ Born on 8th of March 1989 at Moga, Punjab ,India.
♦ Batting style: Right-hand bat
♦ Bowling style: Right-arm medium fast
♦ Role: Batter
♦ She was signed by Sydney Scorchers in 2016 thus becoming first ever Indian cricketer to play for an overseas T20 franchise.
The Punjab state government has appointed Harmanpreet Kaur to the post of Deputy Superintendent of Police (DSP) in the state police.
Key Points:
i. Harmanpreet, the all-rounder cricketer had made 171 runs from 115 balls against Australia in the semi-finals and steered India into the ICC Women’s World Cup 2017 final.
ii. Chief Minister Amarinder Singh has directed the state Director General of Police (DGP)Suresh Arora to complete the necessary formalities for her appointment.
iii. After Kaur’s appointment to the force, they would be setting up a cricket team within the police department.
iv. Singh also mentioned that he wanted to keep the talented young Kaur, currently working in the Railways, in Punjab.
v. Singh also handed a cash prize of Rs 5 lakh cheque to Kaur.
vi. Kaur mentioned that she wanted more cricket academies to come up in Punjab, so that the problems she has faced are not faced by other budding players.
About Harmanpreet Kaur:
♦ Born on 8th of March 1989 at Moga, Punjab ,India.
♦ Batting style: Right-hand bat
♦ Bowling style: Right-arm medium fast
♦ Role: Batter
♦ She was signed by Sydney Scorchers in 2016 thus becoming first ever Indian cricketer to play for an overseas T20 franchise.
AWARDS &
RECOGNITIONS
Bharat Gaurav Award by East Bengal Football Club :Dhanraj
Pillay
Former India hockey captain Dhanraj Pillay was honoured with the ‘Bharat Gaurav’ by East Bengal Football Club on its foundation day on 1st August 2017.
Key Points:
i. Bharat Gaurav is the highest award of the club.
ii. Gurwinder Singh bagged the Footballer of the Year award while Boddupalli Amitwas awarded as the Cricketer of the Year.
iii. Former India international Subhash Bhowmick, a member of the 1970 Asian Games bronze medal-winning national football team, and former national team coach Syed Naeemuddin were honoured with lifetime achievement awards.
About DhanrajPillay
♦ Dhanraj played a total of 339 matches for India, scoring 170 goals.
♦ He made his international hockey debut in 1989 in Allwyn Asia Cup.
♦ He was awarded with the Rajiv Gandhi Khel Ratna award in 1999-2000 and Padma Shri in 2000.
♦ He represented India in four internationally in Olympics, World Cups, Champions Trophy and Asian Games.
Former India hockey captain Dhanraj Pillay was honoured with the ‘Bharat Gaurav’ by East Bengal Football Club on its foundation day on 1st August 2017.
Key Points:
i. Bharat Gaurav is the highest award of the club.
ii. Gurwinder Singh bagged the Footballer of the Year award while Boddupalli Amitwas awarded as the Cricketer of the Year.
iii. Former India international Subhash Bhowmick, a member of the 1970 Asian Games bronze medal-winning national football team, and former national team coach Syed Naeemuddin were honoured with lifetime achievement awards.
About DhanrajPillay
♦ Dhanraj played a total of 339 matches for India, scoring 170 goals.
♦ He made his international hockey debut in 1989 in Allwyn Asia Cup.
♦ He was awarded with the Rajiv Gandhi Khel Ratna award in 1999-2000 and Padma Shri in 2000.
♦ He represented India in four internationally in Olympics, World Cups, Champions Trophy and Asian Games.
SCIENCE &
TECHNOLOGY
Curcumin: Chemical from turmeric treats cancer in children
Scientists in the U.S. have found a method to use curcumin, the bioactive component of turmeric, to treat cancer in children.
Treatment Method using Curcumin:
i. Researchers at Nemours Children’s Hospital and the University of Central Florida (UCF) have found that nanoparticles loaded with curcumin can target and destroy neuroblastoma tumour cells. Children aged five or less are most commonly affected.
ii. In their study, the researchers attached curcumin to cerium oxide nanoparticlesand tested the nano-curcumin formulation in cell lines of a high-risk form of neuroblastoma.
iii. This formulation induced substantial cell death in neuroblastoma cells while producing no or only minor toxicity in healthy cells.
iv. The study demonstrates a treatment method without the toxicity of agressive therapy and shows that nanoparticles can be an effective delivery vehicle for cancer drugs.
Scientists in the U.S. have found a method to use curcumin, the bioactive component of turmeric, to treat cancer in children.
Treatment Method using Curcumin:
i. Researchers at Nemours Children’s Hospital and the University of Central Florida (UCF) have found that nanoparticles loaded with curcumin can target and destroy neuroblastoma tumour cells. Children aged five or less are most commonly affected.
ii. In their study, the researchers attached curcumin to cerium oxide nanoparticlesand tested the nano-curcumin formulation in cell lines of a high-risk form of neuroblastoma.
iii. This formulation induced substantial cell death in neuroblastoma cells while producing no or only minor toxicity in healthy cells.
iv. The study demonstrates a treatment method without the toxicity of agressive therapy and shows that nanoparticles can be an effective delivery vehicle for cancer drugs.
Government launches e-RaKAM portal
The Union Government has launched a portal, e-Rashtriya Kisan Agri Mandi(e-RaKAM) on 1st of August 2017.
Key Points:
i. e-RaKAM will provide a platform to sell agricultural produce and strengthen the agriculture-oriented Indian economy.
ii. It is a digital initiative that aims to bring together the PSUs, civil supplies, farmers and buyers on a single platform so that the selling and buying process of agricultural products become smooth.
iii. The e-RaKAM is a first-of-its-kind initiativethat leverages technology to connect farmers of the smallest villages to the biggest markets of the world through internet and e-RaKAMcentres.
iv. In the first phase the Union Consumer Affairs, Food & Public Distribution Minister Ram Vilas Paswan stated that the effort should be to auction 20 lakh tonnes of pulses through the platform.
v. With the help of the platform, various crops whose price increases due to rainfall or bad weather conditions will be managed and get in the market.
The Union Government has launched a portal, e-Rashtriya Kisan Agri Mandi(e-RaKAM) on 1st of August 2017.
Key Points:
i. e-RaKAM will provide a platform to sell agricultural produce and strengthen the agriculture-oriented Indian economy.
ii. It is a digital initiative that aims to bring together the PSUs, civil supplies, farmers and buyers on a single platform so that the selling and buying process of agricultural products become smooth.
iii. The e-RaKAM is a first-of-its-kind initiativethat leverages technology to connect farmers of the smallest villages to the biggest markets of the world through internet and e-RaKAMcentres.
iv. In the first phase the Union Consumer Affairs, Food & Public Distribution Minister Ram Vilas Paswan stated that the effort should be to auction 20 lakh tonnes of pulses through the platform.
v. With the help of the platform, various crops whose price increases due to rainfall or bad weather conditions will be managed and get in the market.
Humraaz app : Indian Army developed for soldiers to track
their details
The Indian Army has developed a mobile application app “Humraaz”through which serving soldiers can track their details like postings and promotions.
Key Points:
i. Through the ‘Humraaz’ app, soldiers can also view their monthly salary slips and the Form 16 and also download them.
ii. For security reasons, the installation of the application has been linked to verification of Aadhaar details.
iii. The Aadhaar details will be verified with the Army database over (National Information Centre) NIC cloud and he will get a one-time-password on his registered mobile number.
iv. To enable usage of this mobile application, the latest mobile number of individuals should be linked to his Aadhaar number.
v. The mobile app has been developed in-house by the Army and will be launched in the second week of August 2017.
vi. The app will allow for prompt communication of information to junior commissioner officers and other personnel.
The Indian Army has developed a mobile application app “Humraaz”through which serving soldiers can track their details like postings and promotions.
Key Points:
i. Through the ‘Humraaz’ app, soldiers can also view their monthly salary slips and the Form 16 and also download them.
ii. For security reasons, the installation of the application has been linked to verification of Aadhaar details.
iii. The Aadhaar details will be verified with the Army database over (National Information Centre) NIC cloud and he will get a one-time-password on his registered mobile number.
iv. To enable usage of this mobile application, the latest mobile number of individuals should be linked to his Aadhaar number.
v. The mobile app has been developed in-house by the Army and will be launched in the second week of August 2017.
vi. The app will allow for prompt communication of information to junior commissioner officers and other personnel.
Human embryos edited to stop disease
An international team of scientists have discovered a way to successfully freed embryos of a piece of faulty DNA that causes deadly heart disease in families.
Key Points:
i. The discovery published online on 3rd of August 2017 in the journal Nature potentially opens the door to prevent 10000 disorders that are passed down the generations.
ii. It includes the idea of wiping out genetic faults that cause diseases from cystic fibrosis to breast cancer.
iii. The process CRISPR was completed without introducing any harmful mutations, which was a problem in previous attempts.
iv. CRISPR is a gene-editing technique which allows scientists to insert, remove and correct DNA within a cell with pinpoint precision.
v. US teams at Oregon Health and Science University and the Salk Institute along with the Institute for Basic Science in South Korea focused on hypertrophic cardiomyopathy (HCM).
vi. HCM is a common disorder that affects people of any age (men or women).
vii. According to the reports it affects one in every 500 people and it is a common cause of sudden cardiac arrest in young people, including young athletes.
An international team of scientists have discovered a way to successfully freed embryos of a piece of faulty DNA that causes deadly heart disease in families.
Key Points:
i. The discovery published online on 3rd of August 2017 in the journal Nature potentially opens the door to prevent 10000 disorders that are passed down the generations.
ii. It includes the idea of wiping out genetic faults that cause diseases from cystic fibrosis to breast cancer.
iii. The process CRISPR was completed without introducing any harmful mutations, which was a problem in previous attempts.
iv. CRISPR is a gene-editing technique which allows scientists to insert, remove and correct DNA within a cell with pinpoint precision.
v. US teams at Oregon Health and Science University and the Salk Institute along with the Institute for Basic Science in South Korea focused on hypertrophic cardiomyopathy (HCM).
vi. HCM is a common disorder that affects people of any age (men or women).
vii. According to the reports it affects one in every 500 people and it is a common cause of sudden cardiac arrest in young people, including young athletes.
SPORTS
ISL : FC Goa signs Moroccan International Ahmed Jahouh
Indian Super League Club FC Goa has confirmed the signing of Moroccan International Ahmed Jahouh on a one year loan deal from FUS Rabat of Morocco.
Key Notes:
i. Jahouh won the national championship with Moghreb Tetouan in the 2011-12 season.
ii. He has also previously worked with FC Goa’s head coach Sergio Lobera at Moghreb.
Indian Super League Club FC Goa has confirmed the signing of Moroccan International Ahmed Jahouh on a one year loan deal from FUS Rabat of Morocco.
Key Notes:
i. Jahouh won the national championship with Moghreb Tetouan in the 2011-12 season.
ii. He has also previously worked with FC Goa’s head coach Sergio Lobera at Moghreb.
OBITUARY
Former union minister Santosh Mohan Dev passes away
Senior Congress leader and former Union minister Santosh Mohan Dev has passed away in Silchar, Assam on 2nd of August 2017. He was 83.
Key Points:
i. Santosh served as the Minister of Heavy Industries and Public Enterprises under the UPA-1 government led by Manmohan Singh.
ii. He was the son of freedom fighter Satindra Mohan Dev.
iii. He was a seven-time parliamentarian and was believed to be one of the most trusted ministers of Rajiv Gandhi.
iv. Out of these seven, he has represented Silchar, Assam five times and he was elected from Tripura twice.
v. He was the Minister of State for Communications from 1986-1988 and Minister of State for Home from 1988 to 1989.
Senior Congress leader and former Union minister Santosh Mohan Dev has passed away in Silchar, Assam on 2nd of August 2017. He was 83.
Key Points:
i. Santosh served as the Minister of Heavy Industries and Public Enterprises under the UPA-1 government led by Manmohan Singh.
ii. He was the son of freedom fighter Satindra Mohan Dev.
iii. He was a seven-time parliamentarian and was believed to be one of the most trusted ministers of Rajiv Gandhi.
iv. Out of these seven, he has represented Silchar, Assam five times and he was elected from Tripura twice.
v. He was the Minister of State for Communications from 1986-1988 and Minister of State for Home from 1988 to 1989.
Sam Shepard, Actor and Pulitzer-Winning Playwright, is Dead
at 73
Sam Shepard, the Pulitzer Prize-winning playwright and Oscar-nominated actor passed away on 27th July 2017. He was 73.
Key Points:
i. Shepard was from Fort Sheridan, Illinois U.S.
ii. He authored more than 40 plays and he also won the Pulitzer Prize for drama in 1979 for his play Buried Child.
iii. The Broadway production of the drama was nominated for five Tony Awards in 1996 to Shepard.
iv. He also received an Oscar nomination for best supporting actor for his portrayal of pilot Chuck Yeager in the 1983 astronaut drama “The Right Stuff.”
Sam Shepard, the Pulitzer Prize-winning playwright and Oscar-nominated actor passed away on 27th July 2017. He was 73.
Key Points:
i. Shepard was from Fort Sheridan, Illinois U.S.
ii. He authored more than 40 plays and he also won the Pulitzer Prize for drama in 1979 for his play Buried Child.
iii. The Broadway production of the drama was nominated for five Tony Awards in 1996 to Shepard.
iv. He also received an Oscar nomination for best supporting actor for his portrayal of pilot Chuck Yeager in the 1983 astronaut drama “The Right Stuff.”
Veteran Molecular biologist Pushpa Mittra Bhargava passed
away at 89
Dr P M Bhargava, an eminent scientist and founder-director for Cellular and Molecular Biology (CCMB) passed away on 1st of August 2017. He was 89.
Key Points:
i. Bhargava hold a position of the vice-chairman of the national knowledge commission during 2005-07.
ii. He is a recipient of over 100 national and international honours and awards including the Padma Bhushan in 1986.
iii. He was also honoured with the Legion d’honneur in 1998.
iv. He was born in Rajasthan’s Ajmer.Bhargava studied at Theosophical College, Lucknow and Queen’s College, Varanasi and completed his BSc in 1944 in Physics, Chemistry and Mathematics.
v. He obtained his MSc in organic chemistry in 1946. He received his PhD in synthetic organic chemistry from the Lucknow University at the age of 21.
vi. In 1997, his pioneering vision and efforts led to the founding of CCMB as an institution for research in basic biology.
vii. He was an internationally recognised molecular biologist, thinker, and institution builder.
viii. Bhargava was chairman of the Drafting Committee for the Assisted Reproductive Technologies (Regulation) Bill 2013.
ix. He played an active part in the discovery of 5-fluorouracil, an anticancer drug. He worked at different research institutions in the UK and France.
Dr P M Bhargava, an eminent scientist and founder-director for Cellular and Molecular Biology (CCMB) passed away on 1st of August 2017. He was 89.
Key Points:
i. Bhargava hold a position of the vice-chairman of the national knowledge commission during 2005-07.
ii. He is a recipient of over 100 national and international honours and awards including the Padma Bhushan in 1986.
iii. He was also honoured with the Legion d’honneur in 1998.
iv. He was born in Rajasthan’s Ajmer.Bhargava studied at Theosophical College, Lucknow and Queen’s College, Varanasi and completed his BSc in 1944 in Physics, Chemistry and Mathematics.
v. He obtained his MSc in organic chemistry in 1946. He received his PhD in synthetic organic chemistry from the Lucknow University at the age of 21.
vi. In 1997, his pioneering vision and efforts led to the founding of CCMB as an institution for research in basic biology.
vii. He was an internationally recognised molecular biologist, thinker, and institution builder.
viii. Bhargava was chairman of the Drafting Committee for the Assisted Reproductive Technologies (Regulation) Bill 2013.
ix. He played an active part in the discovery of 5-fluorouracil, an anticancer drug. He worked at different research institutions in the UK and France.
ENVIRONMENT
Sun’s Core rotates four times faster than its surface
An international team of astronomers has found that the Sun’s core rotates nearly four times faster than its surface.
i. The discovery was possible with European Space Agency (ESA) and NASA’s Solar and Heliospheric Observatory, or SOHO, which helped the solar scientists find evidence of a type of seismic wave in Sun.
ii. These low-frequency waves, called g-modes, revealed that the solar core is rotating some four times faster than the solar surface.
iii. The idea that the solar core could be rotating more rapidly than the surface has been considered for more than 20 years, but was never measured till now.
An international team of astronomers has found that the Sun’s core rotates nearly four times faster than its surface.
i. The discovery was possible with European Space Agency (ESA) and NASA’s Solar and Heliospheric Observatory, or SOHO, which helped the solar scientists find evidence of a type of seismic wave in Sun.
ii. These low-frequency waves, called g-modes, revealed that the solar core is rotating some four times faster than the solar surface.
iii. The idea that the solar core could be rotating more rapidly than the surface has been considered for more than 20 years, but was never measured till now.
