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Current Affairs & News Update 11th August 2015

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15 Key Current Affairs & News Update 11th August 2015

1. Posco to set up steel plant in Maharashtra in Joint Venture with Uttam Steel

POSCO - News Update 11th August 2015

POSCO – News Update 11th August 2015

World’s sixth largest South Korean steelmaker Posco has signed an agreement to form a Joint venture with Uttam Steel and Power to set up a 3 million tonnes per year integrated steel plant in Maharashtra. This will be the first integrated steel plant for Posco in India as it continues to battle regulatory hurdles for a 10 years to set up a mega $12 billion steel plant in the eastern Odisha state. The Posco and Uttam Steel and Power, owned by the co-promoters of Uttam Galva Steels, which is jointly owned by ArcelorMittal has planned to set up the plant at Satarda in Sindhudurg district. The plant will be set up in two phase that expect to yield 3 million tonnes of steel per year that requires total investment of 3 billion US dollars. The reason for Posco to set up plant in Sindhudurg district is due to its available iron ore resource. Read More

2. Warren Buffett led Berkshire Hathaway to buy Precision Castparts for $37.2 billion

Warren Buffet - News Update 11th August 2015

Warren Buffet – News Update 11th August 2015

The billionaire Warren E Buffett led Berkshire Hathaway has agreed to acquire the metal parts manufacturer Precision Castparts Corporation (PCC) for 37.2 billion US dollars. This will be the one of the largest takeovers ever undertaken by the billionaire’s company, Berkshire Hathaway will pay over 235 US dollar per share for the PCC that represents 21 per cent premium on its closing share price. After the acquisition PCC will work independently under same name under Berkshire conglomerate and will also retain its headquarters in Portland, Oregon, US. About Precision Castparts (PCC). Read More

3. ISRO commissions Titanium Sponge Plant in Kerala

Indian Space Research Organisation (ISRO) on 10 August has fully commissioned and started commercial production at the first indigenous Titanium Sponge Plant at Chavara in Kerala. The 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 plant has commercially started producing Titanium Sponge which is exclusively applicable in space programme and strategic areas. For space programme ISRO annually requires approximately 200-300 metric tonnes of Titanium Sponge and the plant projects to enhance its capacity to 1,000 tonnes per annum in near future. Read More

4. Union Government launches new train services in Northeast

Union Government launched new train services in the Northeast Indian states after the completion of Balipara- Bhalukpong (Arunachal Pradesh) and North Lakhimpur-Murkongselek (Assam) sections into broad-gauge. The train services were launched by the Union Railway Minister Suresh Prabhu through video-conferencing from New Delhi. With commissioning of Balipara-Bhalukpong gauge conversion Arunachal Pradesh state has received second Broad Gauge connectivity in its history. Earlier in 2015, direct train service was launched between Arunachal Pradesh’s capital Itanagar and Delhi. Read More

5. Kerala government announces State film awards 2014.

Kerala government announced State film awards 2014 in various categories. The list of awardees was declared by State Minister for Cinema Thiruvanchoor Radhakrishnan in Thiruvananthapuram, Kerala. Winners are Best actor award: Nivin Pauly (Bangalore Days and 1983) and Sudev Nair (My Life Partner). Best actress: Nasriya Naseem for her performance in the films ‘Om Shanthi Hosana’ and ‘Bangalore Days’. Read More

6. Google unveils restructuring under new parent company Alphabet Inc

Search engine giant Google Inc has announced formation of a new holding or parent company called Alphabet Inc to encompass its search engine unit and all other subsidiaries. The new parent company was formed as part of Google’s new organisational structure which will help the company to keep tremendous focus on the extraordinary opportunities and products. Now Google will be replaced by Alphabet Inc as the publicly-traded entity and all its shares will automatically converted into the of shares of new parent entity with same rights. Under the new structural arrangement all subsidiaries of Google will be brought under the control of Alphabet Inc which will come into effect later 2015. Read More

7. Kochi first to join World Tourism Cities Federation (WTCF) Council

Kochi becomes first Indian city to be a member of Beijing headquartered, World Tourism Cities Federation (WTCF) Council and join its league of leading tourism cities across the world. The invitation to be the member of the council was sent to Kerala Tourism Department by WTCF which was formally accepted the state Tourism Department on 10 August 2015. The membership acceptance document was handed over to Chinese Ambassador to India Le Yucheng by the Kochi Mayor Tony Chammany in the presence of Chief Minister Oommen Chandy at the function held in Kochi. Read More

8. Raghavendra Gadagkar conferred with Cross of Order of the Merit Award of Germany

Professor Raghavendra Gadagkar has been conferred with highest civilian award of Germany, Cross of Order of the Merit. He was bestowed with this award in recognition of his work in strengthening Indo-German research co-operation in the field of behavioural ecology and sociobiology. About Raghavendra Gadagkar Gadagkar is currently serving as a professor at the Centre for Ecological Sciences at Bengaluru based Indian Institute of Science (IISc). Currently, he is also serving as the President on the Indian National Science Academy (INSA). Read More

9. Union Government launches School Nursery Yojana

Union Government has launched the School Nursery Yojana in a bid to bring school students closer to nature by involving them in raising of saplings in school nurseries. The scheme was launched by Union Environment Minister Prakash Javadekar in New Delhi. About School Nursery Yojana Objective: To create an everlasting bond between the young school students and plants, trees. It also seeks to provide an opportunity to the students to learn about nature. Read More

10. 10 August: World Bio-Fuel Day

Every year 10th August is observed as World Bio-Fuel Day in a bid to create awareness about non fossil-fuels (Green Fuels). Significance of Day: On this day in 1893, Sir Rudalph Diesel (inventor of the diesel engine) for the first time successfully ran mechanical engine with Peanut Oil. His research experiment had predicted that vegetable oil is going to replace the fossil fuels in the next century to fuel different mechanical engines. Thus to mark this extraordinary achievement, World Biofuel Day is observed every year on 10th August. Observations in India On this occasion four retail outlets of bio fuel blended diesel were launched by Union Petroleum Minister Dharmendra Pradhan. These outlets are located in Delhi, Visakhapatnam, Vijayawada and Haldiya. Read More

11. Xiaomi ties up with Foxconn to set up facility in Andhra Pradesh through ‘Make in India’ intiative

China-based Smartphone maker Xiaomi Inc has tied up with Taiwan-based Foxconn to set first Assembly line in Andhra Pradesh under ‘Make in India’ initiative. These two Smartphone manufacturer giants has forayed together into Indian electronics market to roll out Xiaomi’s first locally made Smartphone, the Redmi2 Prime as it seeks to expand its market share in India. The size of the investment made in setting up the assembly line was not disclosed. About Xiaomi: It is privately owned China-based world’s fourth largest Smartphone distributor, incorporated in 2011. Read More

12. Govt caps kerosene subsidy at Rs 12 per litre and Rs 18 per kg for LPG

On 10 August Central government has capped the subsidy payout on kerosene at Rs. 12 per litre and Rs. 18 per kg for LPG and notifies the upstream companies to bear about Rs 5,000-6,000 crore kerosene subsidy for the fiscal year. Subsidy for Kerosene In public distribution system (PDS) Kerosene is sold at Rs. 14.96 per litre against its actual cost of Rs 29.91 in the market leaving burden of Rs. 14.95 per litre on government which is also called as under-recovery or revenue loss. Initially this under-recovery loss Rs. 14.95 per litre was paid by government to state owned retailer (ONGC and Oil India Ltd), but according to this new cap set at Rs 12 per litre these upstream companies will have to bear the difference of Rs. 2.95 per litre on them i.e. Rs. 5000 -Rs. 6000 crore for fiscal year. Read More

13. India’s social security pact with Canada comes into force

The social security pact between India and Canada which was approved by Union Cabinet in 2013 comes into force after two years of long waiting. According to the pact the employees posted by Indian entities in Canada are not required to contribute towards Canada’s social security schemes for period of 60 months and similarly the Canadian employees posted in India would enjoy the same benefit. The employees on both the countries will be able to enjoy this benefit only when they produce a certificate of coverage that specifies that they are contributing towards social security schemes such as PF and pension in their home country. This pact was sign to enable Indian as well as Canadian employees to avoid double social security contribution and to enhance competitiveness of their services and products. Read More

14. China’s Phicomm to invest $1 billion to set up India units

Phicomm, a Shanghai-based smartphone maker has announced to invest around 6400 crore rupees in India by 2017. The company has decided to set up five business units in phased manner which includes units of – Mobile phones, Cloud services, Enterprise, SOHO- Small Office Home Office networking products and Intelligent Cities in India. Accordingly the company would set up an R&D unit in Gurgaon or Bengaluru, local brownfield assembly unit and contract manufacturing units in India. By October 2015, Company plans to launch its SOHO products such as routers in which it leads in China and aims to sell 1,00,000 Smart phones by the end of the year. Read More

15. Telecom Minister launches mobile app ‘Disha’ to aid digital literacy in Bihar

On 10 August Telecom Minister Ravi Shankar Prasad has launched a new mobile app ‘Disha’ to aid digital literacy in Bihar. The app was launched in Bihar that aims to help people learn about computers and Internet through self learning modules. The app envisages offering digital literacy to tribal and Dalit women in the State which is free and available on Google app store. Telecom ministry also launched “Disha handbook” that has pictographic lessons on computers operations. This initiative was taken by Ministry to spread out digital literacy in women from tribal and Dalit background in Bihar. To promote digital literacy government has initiated training program under “Digital Saksharta Abhiyan” in all states. Read More

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