Current Affairs Update - 08 September 2016

Updated on : 20:55, 12 September 2016

— NATIONAL —

– Arunachal Pradesh ratifies GST bill

• Arunachal Pradesh ratified the Goods and Service Tax (GST) Bill to simplify the taxation by implementing single tax rates across the country.
• Deputy Chief Minister Chowna Mein, who also holds the Finance portfolio, moved the resolution for ratification of the Constitution (One Hundred and Twenty Second Amendment) Bill in the House which was unanimously passed by voice votes. The Bill has been already passed by the both Houses of Parliament and is awaiting assent from the President.

– Union Government launches NIDHI for nurturing ideas and innovation into start ups

• Union Government launched a new program called National Initiative for Developing and Harnessing Innovations (NIDHI). The initiative aims at nurturing ideas and innovation into successful startups.
• NIDHI, an umbrella programme of the Department of Science & Technology (DST), will focus on helping startups to meet their funding, infrastructure and other mentorship needs. NIDHI will allow youths of the country to give a concrete shape to their ideas.

– Modi arrives in Laos to attend ASEAN, East Asia Summits

• Prime Minister Narendra Modi arrived here on Wednesday in the Laotian capital to attend the ASEAN-India and the East Asia Summits to strengthen India’s trade and security ties with the strategic Southeast Asian region. During his two-day visit, Mr. Modi is scheduled to have several bilateral meetings on the sidelines of the Summits, beginning with an interaction with Japanese Premier Shinzo Abe on Wednesday.
• The talks between the two leaders are likely to focus on terrorism, maritime security, disaster management, Regional Comprehensive Economic Partnership (RCEP) and Asia-Pacific Economic Cooperation (APEC).India has been seeking to join the exclusive 21-member APEC.This is the third time that the Prime Minister is attending these two Summits.

– India Kazakhstan Joint Exercise “Prabal Dostyk -16”

• India, Kazakhstan joint bilateral military exercise “Prabal Dostyk -16” began in Karaganda region of Kazakhstan. The 14-day exercise will be a significant step towards fostering military as well as diplomatic ties between both countries. ‘Prabal Dostyk’ means ‘Robust Friendship’.
• The exercise will be conducted in two stages; first stage will be to familiarize with each other’s tactics, drills, weapons & equipment. In the second stage, troops of both the armies will graduate to jointly execute a helicopter-borne operation in a simulated environment.

– Kerala Travel Mart(KTM) to be inaugurated on World Tourism Day

• As many as 551 tour operators from 57 countries and 1,379 domestic buyers from 20 States have registered for the ninth edition of the Kerala Travel Mart (KTM), which will commence in Kochi on September 27. Chief Minister Pinarayi Vijayan will inaugurate the event on September 27, World Tourism Day, Minister for Tourism and Cooperation A.C. Moideen told a press conference on Wednesday. Of the 57 countries, 10 are first-time participants. The event will be from September 28 to 30.
• “The biennial event will focus on Responsible Tourism (RT) and Muziris and Spice Route,” the Minister said. As many as 10 RT products will be showcased for buyers. KTM 2016 is being organised by the Kerala Travel Mart Society in association with the Department of Tourism, which has provided Rs.2 crore.

– Bengaluru hosts first edition of IoT India Congress

• The first edition of ‘IoT India Congress, 2016’ began here on Wednesday. The congress aims to bring together key stakeholders across the value chain and verticals to collaborate, ideate and share a common roadmap for Internet of Things (IoT) implementation.
•  Besides tech start-ups, the congress brought top executives from multinational companies such as Philips, GE, and IBM on one platform. Union Minister for Electronics and IT Ravi Shankar Prasad, who gave a video address to the ‘IoT India Congress’, said that IoT was likely to generate economic benefits of almost $2 trillion to India. “We are sitting on the cusp of a big revolution,” he said

– Bengaluru tops in wildlife offences

• The city, nestled between verdant forests, tops the country in the number of cases filed under the Indian Forest Act and the Wildlife Protection Act, according to the ‘Crime in India 2015’ report released recently by the National Crime Records Bureau (NCRB).
• As many as 48 cases were registered under the Forest Act — mainly filed against sandalwood and red sander smugglers — and 20 under the Wildlife Protection Act. These constitute nearly one-third of all such cases filed in metros across the country. There is solace, however, in the fact that the number of cases under the Forest Act has reduced.According to the 2014 NCRB data, the city had registered 58 cases under the Act. However, the case count under the Wildlife Protection Act has gone up by six.

– Tata arm to manufacture panels for Boeing’s P-8 warplane

• The Boeing Company has entered into a contract with Tata Advanced Materials Ltd (TAML), a subsidiary of Tata Industries Ltd, to source composite interior closeout panels for its P-8 aircraft. The panels to be supplied by TAML will cover the interior wall structure of the aircraft.
• War plane: The P-8 is designed for long-range anti-submarine and anti-surface warfare, as well as armed intelligence, surveillance and reconnaissance missions. TAML is currently under contract to manufacture the P-8 tail cone and auxiliary power unit door fairing out of India. Additionally, TAML works for Dynamitic Technologies Ltd. in support of the CH-47F Chinook, a medium-to-heavy lift helicopter, and for P-8 cabinets.

– Himachal Pradesh  decides to amend hydro policy 2006

• Himachal Pradesh (HP) cabinet has decided to amend the Hydropower Policy 2006 in respect to transfer of shares by Himachal is to non-Himachalis. So that now Himachalis can sell or transfer 49% equity shares to non-Himachalis at any stage after allotment of projects upto 2 MW capacity and full disinvestment after two years of commissioning of the projects.
• It is noted in  case of bonafide Himachalis to whom projects up to 2 MW to 5 MW capacity had been allotted, could sell or transfer 51% share to non-Himachali people at any stage after allotment of projects and full disinvestment after two years of commissioning of the project.

 

— INTERNATIONAL —

– Canada hopes to supply more uranium to India

• Canada was hopeful of reaching agreement to supply energy-hungry and fast-growing India with more uranium than the 3,000 metric tonnes that has already been agreed upon, Canadian Natural Resources Minister Jim Carr said on Wednesday.
• “So long as negotiations continue and Canada can supply enough to meet India’s needs, there is every good reason to be optimistic” about Canada supplying more than 3,000 metrictonnes of uranium to fuel India’s nuclear power plants. In April last year, during Prime Minister Narendra Modi’s visit to Canada, a pact was inked for Canada’s Cameco to supply India 3,000 metric tonnes of uranium over five years at an estimated cost of $254 million.

 

— BANKING —

– Global derivatives trade group opposes SEBI’s proposals on algorithmic trading

• Futures Industry Association (FIA), a leading global trade organization for derivatives, has opposed most of the proposals in a Securities and Exchange Board of India (SEBI) discussion paper on regulating algorithmic trading.
• In a letter to the capital markets regulator, the global body said that most of the recommendations like forced speed delays, increased resting time between orders and a cap on order-to-trade ratio could impact liquidity and increase trading costs for investors

 

— BUSINESS AND ECONOMY —

– HMSI, HDFC ERGO tie up for 2-wheeler insurance

• Honda Motorcycle & Scooter India (HMSI) and HDFC ERGO General Insurance joined hands to offer discounted motor insurance policies to two-wheeler buyers across the country. The tie-up comes ahead of the festival season that begins in October, as both companies want to leverage on the high demand around this time of the year. “Our partnership with HDFC ERGO General Insurance Company will give our valued customers more convenience.
• They will get 40 per cent saving on insurance premium (own-damage) and near-cashless claim settlement with the convenient digital interface,” Yadvinder Singh Guleria, Senior VP, Sales & Marketing, HMSI, said while unveiling the plan here. The policy will offer near cashless repairs at over 4,650 Honda two-wheeler network outlets across India

– SpiceJet Q1 net doubles to Rs.149 crore

• Low-cost airline SpiceJet posted its sixth consecutive quarterly profit in the first quarter of 2016-17. Net profit more than doubled to Rs.149 crore from Rs.73 crore in the year-earlier period.While income from operations climbed 36 per cent to Rs.1,521 crore, total expenses also rose 33 per cent to Rs.1,374 crore, the airline said.
• In a statement, SpiceJet said that the profits for the March quarter were “adversely impacted by rupee depreciation, inflation and the presence of more expensive wet lease aircraft.” SpiceJet CMD Ajay Singh said that the airline suffered Rs.33 crore as losses due to depreciation of rupee. The airline plans to induct three Boeing 737s by November this year and will station three more Bombardier Q 400 aircraft in Kolkata to increase operations to the North East, he said

– CPCL mulls adding refinery at Narimanam

• Chennai Petroleum Corporation Ltd., (CPCL), a subsidiary of Indian Oil Corporation, is planning to set up an additional refinery at Narimanam in Nagapattinam District of Tamil Nadu to meet higher demand for petroleum products in the state. “Action has already been initiated to explore the possibility for capacity expansion at Cauvery Basin Refinery (CBR) where land and other infrastructure are readily available,” said B. Ashok, Chairman, CPCL, at the company’s Annual General Meeting.
• As per the proposed plan, CPCL may set up either a six million tonnes or nine million tonnes refinery. The cost per tonne is estimated to be between Rs.2,200 and Rs.2,500 per tonne.

– India inks open skies pact with Greece

• India has signed a memorandum of understanding (MoU) with Greece to allow unlimited number of flights into each other’s countries. Greece will become the first country with an open sky arrangement under our new civil aviation policy.
• Under the new civil aviation policy, India plans to enter into ‘open sky’ air service agreements (ASA) with SAARC countries and with countries beyond 5,000 km radius from Delhi. Countries sign ASAs through bilateral negotiations to decide on the number of flights that airlines can fly into each other’s countries. Under the open sky pact, there is no restriction on flights or seats.

– Tasmania and Kerala inks trade ties

• Tasmania, an island State of the Commonwealth of Australia, is seeking to deepen trade ties and collaborate with Kerala in areas like skill development, renewable energy and tourism. A trade delegation led by the Tasmanian Minister for State Growth Matthew Groom, currently in the city, called on Chief Minister Pinarayi Vijayan to identify opportunities for collaboration.
• An official press note issued here said Mr. Groom and Mr.Vijayan had discussed the possibility of bilateral ties in small scale renewable energy and additional skill development programmes. Earlier, talking to the media, Mr. Groom said the Tasmanian government looked forward to partnering with Kerala in areas such as forest management, aquaculture and maritime development.  Tasmania seeks to build ties with Kerala

 

— APPOINTMENTS AND RESIGN—

– Asnani takes charge as UCIL Chairman

• C.K. Asnani, a chemical engineer from Osmania University, has taken charge as Chairman and Managing Director of Uranium Corporation of India Limited (UCIL), an undertaking of the Department of Atomic Energy. Mr. Asnani was earlier associated with Nuclear Fuel Complex, Hyderabad and was the Director (Technical) of Indian Rare Earths Limited, Mumbai, before the present assignment, according to a company release.
• UCIL plays a significant role in nuclear power generation of the country. The company operates six underground mines (Bagjata, Jaduguda, Bhatin, Narwapahar, Turamdih and Mohuldih) and one open pit mine (Banduhurang) in Jharkhand. Ore produced from these mines is processed in two plants located at Jaduguda and Turamdih.

– UBL management backs Mallya to continue as chairman

• Coming out in support of its embattled chairman Vijay Mallya, the United Breweries Ltd. (UBL) management on Wednesday said he would continue as chairman despite reports that the Enforcement Directorate (ED) had attached his shares in the firm.
• UBL has sought legal opinion from a former chief justice of India, Company Director Chug Yogendra Pal, who chaired the AGM here, said while replying to a query. Mr. Pal said that as per law, Mr. Mallya can continue as the chairman. He further said that, as of now, the ED had “not attached” any properties and shares of UBL and Mr. Mallya is not disqualified to be the chairman of the company

– Shilip Kumar as president of Henkel elevates its India business

• German consumer giant Henkel has elevated Shilip Kumar as president of its India business. He will succeed Jeremy Hunter, who led the Indian market for over five years, and has now moved to Shanghai as president – Henkel China.
• Hunter relocated to India after the company decided to divest their Indian FMCG division to Jyothy Labs and focus on the adhesives and cosmetics businesses. Kumar who joined Henkel in 2011 will continue as business director of the transportation and metal SBU (strategic business unit) in India, Middle East and Africa (IMEA) region.

– Obama nominates first Muslim to federal judiciary

• Pakistan-born Abid Qureshi could be the first Muslim to be a federal judge of the U.S if the Senate confirms his nomination. President Barack Obama nominated Mr. Qureshi for the United States District Court for the District of Columbia on Tuesday, continuing with his efforts to diversify the ethnic composition of the country’s judiciary.

– Satbir Singh next Ambassador of India to Algeria

• Satbir Singh, presently Additional Secretary in the Ministry has been appointed as the next Ambassador of India to the People’s Democratic Republic of Algeria.
• Algeria, officially the People’s Democratic Republic of Algeria, is a sovereign state in North Africa on the Mediterranean coast. Its capital and most populous city is Algiers, located in the country’s far north.

 

— AWARDS AND HONOURS —

– Wipro wins 3-year contract from NSB Group

• India’s third largest IT services company Wipro on Wednesday said it has won an IT contract from one of Norway’s largest transportation entities, the NSB Group. The company did not disclose the financial details of the deal.
• As part of the three-year agreement, Wipro will implement its Boundary-less Datacenter (BLDC) and workspace solutions and utilise its delivery framework to deliver services which will help NSB variablise their IT operations, according to a company statement.
• The Wipro-enabled IT infrastructure services will enable NSB to achieve greater flexibility, scalability, cost efficiency and offer an enhanced end-user experience, the company said in the statement

– “Into the Hidden Valley”, a book, won the MM Bennetts Award

• Famous Author Stuart Blackburn’s “Into the Hidden Valley”, a book based on Apatani tribe of Arunachal Pradesh, won the MM Bennetts Award for Historical Fiction 2016 in the UK.
• He is the author of 16 books on Indian culture. The book, published by Speaking Tiger, looks into a little-known episode in the colonial history of British India. Blackburn vividly brings alive the world of the Apatanis.

 

— SCIENCE AND TECHNOLOGY —

– ISRO’s GSLV-F05 carrying advanced weather satellite INSAT-3DR lifts off from Sriharikota

• The Indian Space Research Organisation’s GSLV-F05 rocket, carrying the INSAT-3DR advanced weather satellite, will lift off from the Second Launch Pad of the Satish Dhawan Space Centre.
• The rocket, with the indigenously developed cryogenic upper stage as its fourth stage, will place the satellite, weighing 2,211-kg, in the Geostationary Transfer Orbit. On being placed in the intended orbit, INSAT-3DR would use its own propulsion system to reach its final geosynchronous orbital home and be stationed at 74 deg East longitude, ISRO said. The satellite is expected to provide a variety of meteorological services to the country.

 

— SPORTS —

– Anjum, India’s first woman to get MCC membership

• Anjum Chopra becomes the first woman cricketer from India to be awarded an honorary life membership of the Marylebone Cricket Club (MCC).
• A former India captain and recipient of the Padma Shri in 2014, Anjum was thrilled to share the communication from the MCC. “It is actually an honour for women’s cricket in India. My journey had begun with a trip to the National Stadium as a schoolgirl and I am delighted to be the first woman player from India to receive the MCC membership,”

–  Ankur Dhama becomes India’s first blind Paralympian

• Middle-distance runner Ankur Dhama isIndia’s first blind athlete in 30 years to participate at 2016 Paralympic Games in Rio De Janeiro, Brazil. The 22-year-old MA student at Delhi University will take part in the event with his partner Vipin Kumar. Dhama took part at the Asian Para Games in 2014 and won a silver medal and two bronze medals