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Indian Affairs
- Union Government launches new train services in Northeast
- Kerala government announces State film awards 2014
- Govt approves setting up of All India Institute of Ayurveda
- President Pranab Mukherjee presented Saraswati Sammaan to Dr. M Veerappa Moily
- AAP govt forms commission to probe CNG fitness scam
ISRO commissions Titanium Sponge Plant in Kerala
Indian Space Research Organisation (ISRO) has fully commissioned and started commercial production at the first indigenous Titanium Sponge Plant at Chavara in Kerala.
- This initiative was taken by ISRO’s Vikram Sarabhai Space Centre to establish Titanium Sponge Plant (TSP) a dedicated 500 MT per annum plant at M/s Kerala Minerals and Metals Ltd (KMML), Chavara in Kollam district, Kerala.
- This initiative was taken by ISRO to set up a Titanium Sponge Plant (TSP) in the country to meet the requirements in strategic areas.
It is the only integrated plant in the world that undertakes all activities right from mining of Ti minerals to manufacturing of aerospace grade Ti sponge under one roof. - It is a Titanium (Ti) alloy products produced by conversion of raw titanium through Kroll process which is subjected to leaching or heated vacuum distillation to remove impurities and gaining the purest form (99.7 per cent) of Titanium Sponge.
- By this plant in kerala India has become the seventh country in the world producing Titanium sponge commercially.
Kochi become first Indian city to join WTCF Council
Kochi now became a member of Beijing-headquartered World Tourism Cities Federation (WTCF) Council.By this kochi will become first city from India to become member of WTCF.
- With this membership, the State would be able to upgrade its level of tourism industry as the WTCF was into promoting coordinated economic and social development of world tourism cities.
- Kochi by joining the WTCF, will bring and share successful experience in the development of the tourism industry with all other members of federation.”Kochi’s cuisine, martial arts and snake and dragon boat races” fulfil the set ground for membership.
WCTF
- WTCF is a non-profit, non-governmental international organisation formed by tourism cities and organisations of various countries.
- Founded in Beijing on September I5, 2012, it is the first international tourism organisation to take cities as its focus.By this it membership will enable the State access the global platform for cooperation in tourism.
- With this membership, the State would be able to upgrade its level of tourism industry as the WTCF was into promoting coordinated economic and social development of world tourism cities.
International Affairs
China devaluated Yuan by 2 per cent largest since 1994
- China devalued the yuan in a move that rippled through global markets, as policy makers stepped up efforts to support exporters and boost the role of market pricing in Asia’s largest economy.
- The central bank cut its daily reference rate by 1.9 percent, triggering the yuan’s biggest one-day drop since China ended a dual-currency system in January 1994.
Global Impact
- The currencies of South Korea, Australia and Singapore falling at least 1 percent amid bets other countries will seek weaker exchange rates to keep exports competitive.
- Shares of Chinese airlines sank on concern dollar debt costs will rise.
Business
Google restructuring under new parent company Alphabet Inc
- The tech company Google announced that it would rebrand itself as Alphabet. The name Alphabet was chosen for two reasons. It represents language, “the core of how we index with Google search”, and because Alpha-bet means “investment return above benchmark, which we strive to do”.
- Alphabet will manage each of its growing cast of businesses, including those building robots and self-driving cars, helping to cure disease, developing nanoparticles and extending Internet connectivity via balloons.
- Some of the newer entities, such as the investment and research divisions, the “smart-home” unit Nest, and the drone arm will be run under Alphabet.
- Alphabet’s new Google subsidiary including the search business, YouTube and the Android and Chrome operating systems will be led by Sundar Pichai
- Mr Larry Page will become chief executive of Alphabet, with senior vice president Sundar Pichai becoming CEO of Google
- Google co-founder Sergey Brin will become president of Alphabet, and Eric Schmidt, the current Google chairman, will be executive chairman of the holding company.
Posco Joint Venture with Uttam Steel to set up steel plant in Maharashtra
- South Korean steelmaker Posco, the world’s No.6 steelmaker made an agreement with Shree Uttam Steel and Power Ltd, of Uttam Galva groupto start a joint venture to set up a 3-million-tonnes-per-year integrated steel plant in Maharashtra.
- An investment of about $1 billion is needed to set up a 1 million tone per year steel plant plans to set up the plant at Satarda in Sindhudurg district, in two phases.
- The plant would be the first in India for Posco, as it continues to battle regulatory hurdles for a decade-old project to set up a mega $12 billion steel plant in the eastern Odisha state.
- Posco will have 20 per cent stakewhile 80 per cent would be with Shree Uttam Steel and Power Ltd.
- This is the second major manufacturing facilityannounced in Maharashtra after Taiwan’s contract electronics manufacturer Foxconn announced a USD 5 billion investment for a plant in the state.
Warren E Buffett led Berkshire Hathaway to acquire the PCC for 37.2 billion USD
US based company Warren Buffett’s Berkshire Hathaway has agreed to buy Precision Castparts, a leading supplier for aerospace industry, for USD 37.2 billion and it is the largest industrial deal in 50-year history.
- Hathaway will pay USD 235 per share in cash for all of PCC’s outstanding shares, a 21 percent premium on PCC’s closing price of USD 193.88
- Precision Castparts will have its name and its headquarters in Portland, Oregon, as a wholly owned subsidiary of Buffett’s holding company, as it presently owns about 3.0 percent of its stock.
- This deal is expected to be completed in the first quarter of 2016.Precision Castpartsis a industry that makes complex metal components and products for the aerospace industry, including aircraft makers Boeing.
Banking & Finance
Appointments & Resigns
Amitabh Bachchan to be Maharashtra’s Tiger Ambassador
Bollywood megastar Amitabh Bachchan is now Tiger ambassador of Maharastra by accepting the proposal of Maharashtra Forest Minister Sudhir Mungantiwar.
- As a tiger ambassador Amitabh will promote eco tourism, especially tiger tourism in Maharashtra.
- Maharashtra has six tiger reserves including Melghat Tiger Reserve in Amravati, Tadoba-Andhari Tiger Reserve in Mungantiwar’s home district of Chandrapur, Pench and Nagzira-Navegan Tiger Reserves near Nagpur, Sahyadri sanctuary which includes Chandoli National Par and Koyna Sanctuary and Bor tiger reserve in Wardha district.
- Vidarbha had the potential to become the ‘tiger capital’ of the country, with its tiger population rising from 169 in 2006 to 190 in 2014. India is home to 2,226 tigers.
- Tadoba-Andhari Tiger Reserve in Maharashtra has been extremely popular with tourists due to the increased frequency of tiger sightings.
- Airbus, and also it makes products for chemical processing and the oil and gas industry.
Sundar Pichai named as CEO of Restructured Google
India-born Sundar Pichai is the new CEO of the technology giant Google , company co-founder Larry Page announced about this in the formation of a new umbrella firm Alphabet, of which Google will be a part.
- Chennai-born Mr Pichai who is 43, has been named CEO of the new Google, which Larry Page said will be a “a bit slimmed down.”
- Mr Pichai will be a “key part” of the new structure that will “allow us to keep tremendous focus on the extraordinary opportunities we have inside Google.”
- Sundar Pichai is the second person of Indian origin to head a major IT company after Hyderabad born Satya Nadella who became CEO of software giant Microsoft in February 2014, succeeding Steve Ballmer.
- Pichai “was doing work in the field of electronics at a time when no separate course on electronics existed in our curriculum.”
- Pichai started working at Google in 2004, where he was known as a “low-key manager” who worked on the Google toolbar and then led the launch of the market-beating Chrome browser in 2008.
- Promotion to Product Chief in October 2014 literally made him Mr. Page’s second-in-command with oversight of day-to-day operations for all of Google’s major products including maps, search, and advertising.
Science & Technology
Goa Police launches SOS app
- The Goa Police launched a mobile application for helping citizens to reach out for instant help in times of emergency, easily access Goa Police, and to add to the overall vigilance in the state.
- The application is developed by Karbens Infotech Pvt. Ltd and is supported by Manipal Hospital, Goa, as the latter’s social responsibility initiative.
- The app can be downloaded from Google Playstore and iTunes.
Sports
Obituary
Veteran Marathi stage actor Bhalchandra Pendharkar died
Veteran Marathi stage actor, singer and drama producer Bhalchandra Pendharkar has died at 94 due to brief illness.
- Pendharkarborn on November 25, 1921, in Hyderabad ,Andhra Pradesh.
- Pendharkar was affectionately known as Anna and gained immense popularity through his play “Duritanche Timir Javo”.
- He received many honours and awards, including the Bal Gandharva award and the Vishnudas Bhave award.
- He was also a recipient of the Sangeet Natak Akademi award in 2004.
Click here to view: Current Affairs August 2015
