Tuesday, 25 July 2017

Daily Update On Current Affairs - July 25,2017

Current Affairs
Here's your daily summary of Current Affairs.

Govt to ensure transparency, simplicity in taxation process: Jaitley     

Finance Minister Arun Jaitley has said that Government will ensure transparency and simplicity in taxation process and a minimum possible direct interface between assesses and Income Tax Officers. Addressing the officers and staff of Income Tax Department on the occasion of Income Tax Day in New Delhi, Mr Jaitley said, Government has taken a series of steps to widen the tax base, eliminate corruption and incentivise honest tax payers. He said, the mindset of people is changing and they are beginning to question why anyone should be exempted from tax. The Minister said taxes are mostly imposed by larger national interest.

Rajya Sabha passes FDDI Bill   

The Footwear Design and Development Institute (FDDI) Bill, 2017 received Parliamentary approval with the Rajya Sabha adopting it by voice vote on the 24th July. The Lok Sabha passed it earlier. The Bill is aimed at establishing and declaring the FDDI as an institution of national importance for the promotion and development of quality and excellence in education, research and training in all disciplines relating to footwear and leather products, design and development.
Iran, Iraq ink pact on military cooperation     
Iran and Iraq signed a memorandum of understanding (MoU) to step up military cooperation and the fight against terrorism and extremism. The MoU encourages the promotion of interaction and share of experiences in the fight against terrorism and extremism, border security, training and logistical, technical and military support between both countries.

World’s first floating wind farm takes shape in Scotland   

The world’s first full-scale floating wind farm has taken shape in Scotland on their North East Coast. The Peter Head wind farm known as Hywind is on trial and will bring power to 20000 homes. It is a test project to ensure that it is working in open sea conditions.

IMF lowered forecasts for the US, UK economic growth this year   

The International Monetary Fund (IMF) has lowered its forecasts for the US and UK economic growth this year, following weaker than expected activity in the first three months. The IMF says that it now expects the UK to grow by 1.7 percent this year, compared with the 2 percent it was previously forecasting. It also said that the US will now grow 2.1 percent, as against the 2.3 percent it was predicting in April. Its prediction that the global economy will grow by 3.5 percent in 2017, and 3.6 percent in 2018, is unchanged. As per the IMF, India will grow, at 7.2 % in the same period, which reaffirms the fact that India is one of the fastest growing economies of the world

CCEA approves selling 51% stake in HPCL to ONGC

The Cabinet Committee on Economic Affairs (CCEA) has approved the sale of government’s 51.11% stake along with management control in HPCL (Hindustan Petroleum) to ONGC. HPCL will continue as PSU after the acquisition. HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC’s portfolio, making it the third-largest refiner in the country after Indian Oil Corporation (IOC) and Reliance Industries. Prior to the merger, HPCL will take over Mangalore Refinery and Petrochemicals Ltd (MRPL) to bring all the refining assets of ONGC under one unit. ONGC currently owns 71.63% of MRPL while HPCL has 16.96% stake in it. MRPL will be the third refinery of HPCL, which already has units at Mumbai and Visakhapatnam

Bill to amend Banking Regulation Act introduced in Lok Sabha   

On the 24th July 2017, the Finance Minister Mr Arun Jaitely introduced in the Lok Sabha, a bill to amend the Banking Regulation Act 1949. The bill has a provision which empowers the RBI to issue directions for resolutions, appoint or approve for appointment committees to advise Banks about stressed Assets resolution.

Spanish scientists discover novobiocin compound as anti-Zika drug  

Researchers San Antonio Catholic University of Murcia, Spain have discovered novobiocin compound that could be used as a potential drug to fight the effects of a Zika virus infection. The novobiocin molecule (compound) was previously used in the antibiotic drug to fend off “nosocomial” infections (those acquired inside a hospital). However, the drug was withdrawn from the market because it had lost its potency as an antibiotic.

Former ISRO Chairman U R Rao passes away in Bengaluru   
Former Chairman of Indian Space Research Organization ISRO, Professor UR Rao passed away on the 24th July at his residence in Bengaluru. He was 85. ISRO sources told that he was bedridden for very long due to geriatric health issues. Prof Rao is credited with having played an instrumental role in building up Indian satellite programmes right from the days of the nation's first satellite Aryabhatta. An alumnus of the Madras University, Prof Rao was awarded Padma Vibhushan this year.
Mithali named captain of ICC Women's World Cup team   

India skipper Mithali Raj was chosen as the captain of the ICC Women's World Cup 2017 team by the International Cricket Council. The 34-year-old Indian was selected as captain after she led India to the final of the just-concluded ICC Women's World Cup. India lost to England by nine runs in one of the most thrilling finals at the Lord's. Mithali led by example, scoring 409 runs during the 30- day tournament. The side includes four players from England -- player of the tournament Tamsin Beaumont, player of the final Anya Shrubsole, wicketkeeper Sarah Taylor and left-arm spinner Alex Hartley, three from South Africa that included opener Laura Wolvaardt and bowlers Marizanne Kapp and Dane van Niekerk, and Australia all-rounder Ellyse Perry.

Konsam wins gold in Asian Youth & Junior Weightlifting Championships   
Indian weightlifter Konsam Ormila Devi has bagged a gold medal at the Asian Youth and Junior Weightlifting Championships in Kathmandu, Nepal. According to a press-release from the Indian Weightlifting Federation, the weightlifter from Manipur lifted 56kg in snatch and 70kg in clean & jerk for a total effort of 126kg in the 44kg weight category to finish on the top of the podium.
Boxer Sachin Siwach wins Gold at Commonwealth Youth Games    
In Commonwealth Youth Games, world youth champion Sachin Siwach was the lone Indian boxer to clinch a gold medal in the Bahamas. Siwach, who won a world youth gold last year, defeated Welsh boxer James Nathan Probert 4-1 in the final to claim the gold in the light flyweight (49kg) category. Among the girls, Jony was the lone Indian to claim a medal after she settled for a silver in the lightweight (60kg) category. Jony lost 2-3 to Australian Ella Jade Boot in the summit clash.

H S Prannoy wins US Open Grand Prix Gold badminton title

Ace Indian Shuttler H S Prannoy won the 2017 Yonex US Open Grand Prix Gold badminton tournament title. It was his third grand prix gold title of badminton. In the final match held in Anaheim, California, Prannoy defeated his compatriot Parupalli Kashyap by 21-15, 20-22, 21-12. In the women’s singles category of the tournament, Aya Ohori of Japan won the final by defeating Michelle Li of Canada. It was the second time in this season that two Indians fought for the title at international badminton. Earlier in April 2017, K Srikanth and B Sai Praneeth had played against each other in finals of Singapore Open with Sai Praneeth winning his maiden Super Series title. 
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