Current Affairs for August 7, 2019
BANKING AND ECONOMY
CURRENT AFFAIRS VIDEO
- India’s 1st 3-D smart traffic signal – ‘Intelights’ (having a wireless sensor system) has been installed at the traffic crossing near Quark City in Mohali, Chandigarh, Punjab.
- It has been designed by start-up – Anukai Solutions.
- Ministry of Environment has proposed a draft ‘Nation Resource Efficiency Policy 2019’which aims to use of natural resources efficiently with minimum negative impact on environment.
- India extracts 1580 tonnes/acre of resources which is much higher than the world average of 450 tonnes/acre.
- In order to check the environmental impact of the stress on natural resources, the policy intends to set up a National Resource Efficiency Authority (NREA) under Environment Ministry.
- Majority of the crucial natural resources are imported by India, in case of cobalt, copper and lithium- it is 100% and crude oil imports are over 80%, along with 85% of coking coal demand.
- Rajasthan has launched a new higher education model named as Resource Assistance for Colleges with Excellence or RACE.
- Purpose: – It will enable the distribution of faculty teachers and movable assets among the government colleges at the district level.
- It will benefit the colleges which lack infrastructure and face the deficit in teacher availability.
- Iran has disclosed three precision-guided missiles Yasin, Balaban and a new series of Ghaem in Tehran.
- Yasin is a smart, guided missile with folding wings, Balaban is guided by GPS and sensors and Ghaem is a heat-seeking missile.
- Bill Gates ($105 Billion net worth) has become the 2nd richest person in the world again in the Bloomberg Billionaire Index 2019.
- Earlier, Bernard Arnault had been named as the 2nd richest person.
- China has been designted as a ‘currency manipulator’ by USA.
- Reason: – China has allowed its currency (yuan) to fall below the level of 7 per US dollar and Chinese firms have also stopped buying US’s farm produce.
- Currency Manipulator refers to a country which interferes in the international market to manipulate the currency rate.
- Bangladesh has signed a deal with Russia to supply of uranium for its 2400 MW Rooppur Nuclear Power Plant during the entire life cycle of the nuclear plant.
- They have signed ‘spent fuel sent back’ agreement in 2017 for management of the nuclear waste of Rooppur Nuclear Power Plant.
- USA has withdrawn from its Intermediate- Range Nuclear Forces Treaty (INFT) with Russia alleging non-compliance of Russia.
- INFT (formally known as Treaty Between USA and USSR on Elimination of Their Intermediate-Range and Shorter-Range Missiles) was an arms control treaty signed in 1987 to ban land-based ballistic missiles, cruise missiles, and missile launchers.
BANKING AND ECONOMY
- AustralianSuper (Australia’s largest superannuation fund) and Ontario Teachers’ Pension Plan (Canada’s largest single-profession pension plan) have decided to invest $1 billion each in the National Investment and Infrastructure Fund (NIIF) Master Fund.
- Other investors in this fund: – Government of India, Abu Dhabi Investment Authority, Temasek, HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank.
- Reliance and UK-based BP have formed a joint venture to set up a retail service station network and supply commercial aviation turbine fuel to airlines in India.
- Under the JV, 5,500 petrol pumps will be built in India over next 5 years.
- Proposed stake in the joint venture: – Reliance – 51% and BP –49%.
- IRDAI has proposed changes in the regulations governing Insurance Marketing Firms (IMFs) which mandates IMFs to have a net worth Rs 5 lakh to launch operations in one aspirational district.
- The net worth, in all other cases, would be a minimum of ₹10 lakh.
- An IMF is allowed to register for three districts in a State, with at least one of them being aspirational district.
- IMFs can also engage with Agriculture Insurance Company of India and Export Credit Guarantee Corporation in addition to existing norms two life, two general and two health insurers.
- National Stock Exchange (NSE) and Singapore Exchange (SGX) have received approval from their statutory regulators for a joint proposal named as “NSE IFSC- SGX Connect”.
- Under the joint proposal, both the exchanges can now operate jointly in Gujarat International Finance Tec (GIFT) City under the proposed programme ‘connect’.
- Implication: –Nifty index, which is trading on SGX in Singapore, will be traded on a joint platform of the NSE and the SGX in GIFT City.
- Mastercard has launched “Identity Check Express”– mobile-first authentication solution to increase security of transactions in online shopping.
- Global Mastercard Cybersecurity Summit 2019 was held for the first time in India (New Delhi) where this new card payment feature was unveiled.
- The service will be provided for an amount less than Rs 2,000.
- According to RBI’s data, the retail loans grew by 7.3% in the first half of 2019 as compared to the 7.7% growth rate in the H1 of 2018.
- It is the slowest rate of loan disbursement by banks in 5 years.
- Total loans to personal retail sector was Rs 22.5 lakh crore in June 2019, out of which the home loans were more than half of these advances at Rs 11.8 lakh crore.
- Personal retail sector loans include home loans, auto loans, personal loans, loans through credit card.
- Singapore’s sovereign wealth fund GIC has invested Rs 4,400 crore into road development IRB Infrastructure Developers Ltd.
- Department of Telecommunications is planning to provide 100% subsidy on capital expenditure to telecom companies for setting up the network connectivity infrastructure in 43,000 villages without cellular network by 2020.
- National Digital Communications Policy (approved in 2018) aims to set up 5 million public wi-fi hotspots by 2020 and 10 million by 2022 through National Broadband Mission.
- As of May 2019, 505.59 million were wireless subscribers out of which 43.52% belonged to rural areas.
- Kandikuppa Sreekant has been appointed as the new Chairman and MD of Power Grid Corporation of India.
- 5th National Handloom Day is observed on August 7 across the nation with a focus to empower women. (1st handloom day was observed in 2015).
- More than 50% of total weavers population of India live in Eastern and North Eastern Regions and most of them are women.
- Naaz Joshi has, for the 3rd consecutive time, won the title of Miss World Diversity 2019 held in Port Louis, Mauritius.
- She is the first person to win the title for three consecutive years and also the first transwoman from India to win it.
- Fiona Kolbinger has become the first woman to win 4,000 km (from Bulgaria to France) cycling race in the Transcontinental Race (Cycle) 2019.
2. Satwiksairaj Rankireddy -Chirag Shetty have been ranked at 9th in the men’s doubles category in the latest Badminton World Federation rankings. [Singles ranking has been covered in August 2 document]
- Shally Pearson (an Australian hurdler) has announced retirement.
- Brendon McCullum (Cricketer of New Zealand) has announced retirement from all forms of cricket.
- India has been awarded with Bronze medal for the IAAF World Race Walking Cup 2012 held in Saransk, Russia.
- History: – India had won the 4th position while Ukraine was at 2nd position. Recently, a member named Ruslan Dmytrenko of Ukraine’s team has been disqualified for violating anti-doping rules and this has led to India’s ascending above to 3rd position.
- China had won the event.
- Steve Smith (Australian cricketer) has become the second fastest batsman to score 25 centuries in 119 innings in the test matches, by overtaking Virat Kohli (127 innings).
- Number 1 batsman with highest test centuries is Sir Don Bradman with just 68 innings.
- He has become 5th Australian to score hundreds in both innings of an Ashes Test.
- Hilary Clinton and her daughter Chelsea Clinton have co-authored a book called “The Book of Gutsy Women” which honours famous women personalities.
- The book includes stories of more than 100 influential women including Mary curie, Greta Thunberg etc.
- Author Toni Morrison has passed away at 88.
- Poet- Writer Jean Arasanayagam (Sri Lankan) passed away.
- Renowned journalist and educationist YG Rajalakshmi Parthasarathy passed away.