Daily Current Affairs - 16th Jul 2018

13 Indian boxers enter final of Golden Glove of Vojvodina youth tournament at Subotica

  • As many as 13 Indian boxers including 6 women have entered final of Golden Glove of Vojvodina youth tournament at Subotica in Serbia. The women who made the final included reigning youth world champion Jyoti Gulia, who out-punched Russian Liubov Makeeva 5-0 in her semifinal bout.
  • Among the men, Akash Kumar (56kg), Ankit (60kg), Akash (64kg), Vijaydeep (69kg), and Nitin Kumar (75kg) entered the final.
  • Among the women, Nitu (48kg), Divya Pawar (54kg), Manisha (64kg), Lalita (69kg) and Neha Yadav (81kg) entered the final
  • Settling for bronze medals were Saskhi (51kg), Sakshi Gaidhani (81kg) and Bhavesh Kittamani (52kg) after losing their respective semifinals bouts.

8-year-old yoga champion Ishwar Sharma named 'British Indian of the Year'

  • An eight-year-old Indian-origin schoolboy Ishwar Sharma who is the under-11 UK national yoga champion has been named the British Indian of the Year for his achievements in the field. He was named British Indian of the Year in the Young Achiever category at the sixth annual awards ceremony held in Birmingham.
  • He has won a string of titles in both individual and artistic yoga, most recently a gold medal representing Great Britain at the World Student Games 2018 in Winnipeg, Canada

A K Capital Services leads race to manage India’s first debt ETF

  • Debt advisory services firm A. K. Capital Services is likely to manage India’s first debt exchange traded fund (ETF) proposed to be set up for PSUs and public sector banks to raise long terms funds from the market. It has emerged as the front-runner for managing the proposed debt ETF.
  • The final approval for the appointment would be accorded by the Finance Minister.

Chennai to host World junior squash from July 18

  • Chennai will host the WSF-World junior (under-19) individual (boys and girls) and biennial boys’ team championship at the ISA courts and Express Avenue Mall from July 18 to 29. One hundred and seventy one players from 28 players are expected to take part in the event.
  • This is the third time the tournament is being held in Chennai, the previous ones in 2002 and 2009.

Domestic tech security firms get priority in govt. purchases

  • The Union government has mandated giving preference in all public procurement to locally produced cybersecurity products where intellectual property rights are owned by companies or start-ups incorporated in India.
  • The notification is based on Public Procurement (Preference to Make in India) Order 2017 which aims to enhance income and employment in the country.
  • Preference will be granted to a firm incorporated and registered in India or to start-up firms that meet the prescribed definition, provided revenue from the product and intellectual property licensing accrues to the firm in India.
  • Though IP registration is not mandatory in India, a firm claiming benefit should have the right to use and commercialise the product without third party-consents, distribute and modify it.
  • The U.S., China and Russia have already started this process.

France lifts their second World Cup Football title

  • France have lifted their second World Cup Football title. In a thrilling final, they defeated Croatia 4-2. France led 2-1 at halftime courtesy of the first own-goal and the first video-reviewed penalty in a World Cup final.
  • France joins Uruguay and Argentina in winning the World Cup for a second time, after their 1998 triumph over Brazil when Didier Deschamps (now the coach)-- was the captain.
  • Kylian Mbappe of France won the Young Player of the Tournament Award after scoring his fourth goal of the competition in the final.
  • England's Harry Kane won the World Cup Golden Boot Award as top scorer with six goals.
  • Belgium's Thibaut Courtois won the Golden Glove award for the best goalkeeper.
  • Qatar will be hosting the next FIFA World Cup in the year 2022. Qatar would be the first Arab country to host the World Cup and it would be the first time the World Cup would be held in the Middle East region.

IAAF World under-20 athletics championships: India finishes 18th

  • Kenya topped the medals table at the IAAF World under-20 athletics championships with six gold, four silver and one bronze medal while India, which won a lone gold through quarter-miler Hima Das, finished in the 18th spot. Japan was the best Asian nation in the table with six medals, including two golds and two silvers.

IFFCO rolls out portal for farmers

  • Fertiliser major IFFCO has partnered with Singapore-based technology firm iMandi to start an e-commerce platform for farmers, with an investment of about Rs. 80 crore.
  • An e-commerce app, ‘IFFCO iMandi’ would cater to 5.5 crore farmers already associated with the cooperative. A web portal has also been developed. IFFCO’s subsidiary IFFCO eBazar Ltd has taken 26% stake in iMandi Pte Ltd.

India becomes vice-chair of Asia Pacific region of global customs body

  • India has become the vice-chair (regional head) of the Asia Pacific region of the World Customs Organisation (WCO) for a period of two years to June, 2020.
  • To mark the assumption of Vice Chair, an event will be organised in July in Delhi by Central Board of Indirect Taxes and Customs (CBIC) in partnership with Confederation of Indian Industry (CII).
  • The event will be attended by the Customs delegations of 33 countries of the Asia-Pacific Region, Customs officers from different Ports in India, Partner Government Agencies and representatives from the trade among others.
  • The organisation has divided its membership into six regions. Each of the regions is represented by an elected vice-chairperson to the WCO council.
  • WCO represents 182 customs administrations across the globe that collectively process approximately 98 per cent of world trade. WCO is the only international organization with competence in Customs matters and can rightly call itself the voice of the international Customs community.
  • The Secretary General of WCO, Kuniyo Mikuriya
  • Headquarters: Brussels, Belgium

Insurance clients seek returns more than protection in India

  • According to Aviva Life Insurance report, the insurance market in India is an anomaly in the world where the focus is more on returns on investment than on protection. The primary purpose of life insurance is to make sure all lives are insured and there is a safety net for people’s families.
  • Anywhere else, insurance means protection and nothing else. In India, insurance is all about the return of money, the internal rate of return.
  • Life Insurance reach in India is at 2.72% whereas globally it is 3.47%,

IRCON gets Sebi nod for IPO, issue likely in Sept

  • Markets regulator SEBI has given its go-ahead for the initial public offering (IPO) of rail PSU IRCON, which could hit the markets in September to raise about Rs. 500 crore. IRCON had filed papers with the SEBI for the IPO, through which the government will divest 10% stake, or more than 99 lakh shares. The share sale is expected to fetch about Rs. 500 crore to the exchequer.
  • Ircon International Limited, formerly Indian Railway Construction Company Limited, is an engineering and construction, specialized in transport infrastructure. It is well known for undertaking challenging infrastructure projects, especially in difficult terrains in India and abroad.
  • Ircon has completed over 1250 major infrastructure projects in India and over 200 major projects across the globe in more than 31 countries

Novak Djokovic lifts his fourth Wimbledon Men's Singles title

  • Serbia's Novak Djokovic has lifted his fourth Wimbledon Men's Singles title. In the final, he defeated South Africa's Kevin Anderson in straight sets 6-2, 6-2, 7-6. He had earlier won the title in 2011, 2014 and 2015.
  • With his 13th career Grand Slam crown, World Number 21 Djokovic took his Slam total to within one of Pete Sampras and just four behind the 17 of Rafael Nadal.

Online medicare for yatris soon

  • The Indian Space Research Organisation (ISRO) joined hands with Jammu and Kashmir’s Directorate of Health Services-Kashmir (DHS-K) to set up a telemedicine centre at an altitude of 12,700 feet, roping in the country’s top hospitals, to cater to pilgrims en route to the Amarnath shrine.
  • The Panjtarni Base Camp Hospital on the Pahalgam cave shrine route will provide real-time treatment for high-altitude and other ailments that pilgrims frequently face in the region. An Intensive Care Unit will handle critically ill patients.
  • The telemedicine facility will enable the doctors posted at the hospital to connect in real time to the tertiary care institutions of the country. Expert opinion on super-specialities like cardiology, neurology and respiratory medicine can be sought for timely intervention.

PNB recovers over Rs. 7,700 cr. NPAs in Q1

  • Scam-hit Punjab National Bank’s recovery of more than Rs. 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year.
  • The Insolvency and Bankruptcy Code resolution process had helped the bank hit by an almost $2 billion fraud allegedly carried out by jeweller Nirav Modi and his associates.
  • During the quarter (April-June 2018-19), two big accounts — Bhushan Steel and Electrosteel— were resolved through the Insolvency and Bankruptcy Code process.
  • MD Sunil Mehta

RBI tells States to Be cautious in shifting to DBT

  • The Reserve Bank of India (RBI) has advised States that are planning to shift to cash transfer to be cautious while effecting the migration. A few problems have been experienced by three Union Territories (UTs) in the implementation of direct benefit transfer (DBT) for food subsidy.
  • In its report on State finances,the apex Bank referred to problems such as inadequacy of transfers to maintain pre-DBT consumption levels, insufficiency of last-mile delivery mechanisms and a weak grievance redressal system.
  • At present, three UTs — Puducherry, Chandigarh and urban areas of the Dadra and Nagar Haveli — are implementing the mode of cash transfer under which 9.31 lakh beneficiaries receive Rs. 12.82 crore every month through their bank accounts. The beneficiaries have the choice of buying food grains from the open market.
  • During 2017-18, the Centre provided the Food Corporation of India and States about Rs. 1.42 lakh crore towards the distribution of subsidised food grains.
  • As for the processes to be followed by States prior to DBT execution, the RBI has referred to certain pre-conditions mentioned in the Central government’s 2015 food subsidy rules. The pre-conditions include complete digitisation and de-duplication of the beneficiary database, and seeding of bank account details and Aadhaar numbers in the digitised database.

Tata Motors, M&M top R&D spenders

  • According to the latest industry data, Indian companies Tata Motors and Mahindra & Mahindra were the biggest spenders on research and development in 2016-17 among the 25 automakers in India which together invested Rs. 6,344 crore.
  • The five biggest spenders on R&D were Tata Motors, M&M, Maruti Suzuki India (MSI), Honda Cars India and Ashok Leyland.
  • In 2016-17, Tata Motors invested Rs. 2,100.1 crore in R&D despite reporting a loss of Rs. 2,619.2 crore. Similarly, M&M invested Rs. 2,075.8 crore in R&D, which was 40.02% of its gross profit that stood at Rs. 5,187.5 crore.
  • The leading 25 manufacturers invested a total of Rs. 6,344 crore in R&D, which was 35.04% of the total gross profit of Rs. 18,106.6 crore made by the companies in 2016-17.
  • In the two-wheeler segment, Hero MotoCorp led the R&D investment in 2016-17 with Rs. 701 crore followed by Bajaj Auto which put in Rs. 367.6 crore.

Thailand Open badminton: PV Sindhu loses to world champion Nozomi Okuhara in final

  • P V Sindhu’s suffered a straight-game defeat against Japan’s Nozomi Okuhara in the summit clash of the USD 350,000 Thailand Open World Tour Super 500 badminton tournament. She struggled with her consistency throughout the match as Okuhara dominated the proceedings to beat the Indian 21-15 21-18 in exactly 50 minutes.
  • It was Sindhu’s third disappointment in a final this year following her defeats in the summit clash of the India Open and Gold Coast Commonwealth Games.

WI routs Bangladesh in 2nd Test

  • West Indies completed a 2-0 series win over Bangladesh, romping to a 166-run victory inside three days at the Sabina Park. West Indies skipper Jason Holder (six for 59 and match-haul of 11 for 103) produced another devastating spell of bowling against Bangladeshi batsmen.
  • Chasing a daunting target of 335 after the hosts were dismissed for 129 in its second innings, Bangladesh slumped to 162 all out off just 42 overs.

World Youth Skills Day 2018 observed on July 15

  • World Youth Skills Day is being celebrated globally on 15th July every year. This day is celebrated to increase awareness on the importance of investing in youth skills development. The United Nations General Assembly decided in resolution A/RES/69/145 to depute 15 July as World Youth Skills Day.
  • According to the UN, at least 475 million new jobs are required to be fabricated over the next decade to absorb the 73 million youth currently unemployed and the 40 million new annual entrants to the labour market.
  • The figures of workers in vulnerable employment presently stands at 1.44 billion worldwide.
  • The international community has established an ambitious 2030 Agenda for Sustainable Development. Education and training are also focal to the accomplishment of the 2030 Agenda.
  • United Nations along with WorldSkills.org have organized campaigns #SkillsForAll and #WYSD.