Daily Current Affairs 3rd July, 2018

Daily Current Affairs 3 July 2018 for Banking/Insurance/SSC and other related exams.

NATIONAL NEWS

India to host IUFoST 2018, 19th World Congress of Food Science and Technology

The International Union of Food Science and Technology (IUFoST), the global voice of food science and technology in association with Indian National Science Academy (INSA) as adhering body, announced the 19th edition of its prestigious global event to be held in Navi Mumbai, India from October 23-27, 2018.

• The five-day event will bring together researchers, academicians, professionals, policy makers and industry leaders from across the globe to showcase innovation, exchange breakthrough ideas and drive policy issues.

Delhi launches ‘Happiness Curriculum’ for schools

In what was termed a “historic” occasion, Delhi Chief Minister Arvind Kejriwal launched the “Happiness Curriculum” for students of nursery to Class 8 in government schools. The curriculum was launched in the presence of the Dalai Lama.

• According to the state government, the new subject was designed and prepared by a team of 40 Delhi government teachers, educators and volunteers over a period of six months.
• Students across schools can expect a ‘happiness’ period of 45 minutes. Each class will begin with a five-minute meditation session. The happiness period will also include value education and mental exercises.

Odisha hikes incentives for inter-caste marriage

The Odisha government has increased, from the present Rs 1 lakh to Rs 2.5 lakh, the incentive to encourage inter-caste marriage among the Hindu community. The hiked incentives would be implemented with retrospective effect from September 14, 2017 and be given in a marriage between upper caste Hindus and SC Hindus.

• The amount would be given irrespective of the economic status of the marrying couple.

EC launches mobile app for citizens to report model code violations

The Election Commission launched a mobile app for citizens to report any violation of the Model Code of Conduct (MCC) during elections.

• The app, called “cVIGIL”, launched by Chief Election Commissioner O.P. Rawat, is set to be used in the forthcoming assembly elections in Chhattisgarh, Madhya Pradesh, Mizoram and Rajasthan on a pilot basis before it is put to extensive use during the next Lok Sabha elections.
• To report a violation, one would need to click a picture or record a video of upto two minutes’ duration of the scene of violations of the model code. The photo or video is to be uploaded on the app. The automated location mapping will be done by the app using the Geographic Information System.

NRL becomes 1st oil PSU to introduce online legal compliance

Numaligarh Refinery Ltd (NRL) in Assam has become the first oil public sector undertaking (PSU) to adopt an online legal compliance system by introducing ‘Legatrix’.

• ‘Legatrix’ is a onestop solution for effectively managing the organisations legal and regulatory compliances through monitoring control at different levels.
• It encompasses the requirements of laws like labour, taxation, IT, commercial, export-import, corporate laws and other industry-specific laws.

Sashakt: 5 Pronged Strategy To Deal With NPAs

The Sunil Mehta Committee, set up to look into the faster resolution of stressed assets, has recommended the creation of an asset management company for the resolution of stressed loans worth more than Rs500 crore.

Sunil Mehta committee on bad loans resolution has recommended a five-pronged strategy Project ‘SASHAKT’ to deal with Non-performing Assets in the country’s banking system. The five-pronged strategy includes:

• SME resolution approach,
• Bank-led resolution approach,
• AMC/AIF led resolution approach,
• NCLT/IBC approach, and
• Asset-trading platform.

The Mehta Committee has further proposed a Bank Led Resolution Approach (BLRA) for loans between Rs 50 and Rs 500 crore. Under the BLRA approach, financial institutions will enter into an inter-creditor agreement to authorise the lead bank to implement a resolution plan in 180 days.

Rajasthan govt approves 1% reservation to Gujjars, four other MBC communities

The Vasundhara Raje-led BJP government in Rajasthan approved one percent reservation for ‘Gujjars’ and four other backward castes.

• The five castes under the most backward class (MBC) are (1) Banjara/Baldia/Labana, (2) Gadia-Lohar/Gadalia, (3) Gujjar/Gurjar, (4) Raika/Rebari and (5) Gadaria (Gaadri), who were initially enlisted in the OBC since 1994.

Natco Pharma launches Hepatitis C drug in India

Natco Pharma has launched fixed dose combination of Sofosbuvir-Daclatasvir tablets for the treatment of Hepatitis C under the brand name Hepcinat Plus, in India.

• The product is a generic fixed dose combination of Sofosbuvir 400 mg and Daclatasvir 60mg tablets, used for the treatment of patients with chronic Hepatitis C virus (HCV) infection.

INTERNATIONAL NEWS

‘Epidiolex’ – world’s first medicine made from marijuana

In a landmark decision, the US Food and Drug Administration on June 25 approved the first medical drug made from marijuana. Created by GW Pharmaceuticals, Epidiolex is an oral solution of cannabidiol (OSC) and does not cause intoxication or a high. The drug will be used to cure severe forms of epilepsies in children.

Chiribiquete National Park becomes Colombia’s 9th UNESCO World Heritage Site

One of Colombia’s last remaining national environmental treasures, and the country’s largest national park, has been named a UNESCO World Heritage Site.

• Chiribiquete National Park, which has recently seen its surface area expand to approximately 4.3 million hectares, spans across the Caqueta and Guaviare departments of the northwestern region of Colombia’s Amazon rainforest, over a land mass approximately the size of Haiti.

BUSINESS

Bharti Infratel gets CCI nod for merger with Indus Towers

The Bharti Infratel, a mobile infrastructure company, has got the the approval of competition watchdog Competition Commission of India (CCI) for merging its operations with Indus Towers.

IndiaFirst ties up with Oxigen

IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish distribution of its insurance products at Oxigen retail outlets.

• IndiaFirst Life will offer PoS Insurance Khata, a unique product that allows a customer to increase his life cover and create savings in a manner that suits his budget.

Manappuram Fin to acquire 85% stake in ISFC for Rs 212 cr

Manappuram Finance has agreed to buy 85.39 per cent stake in Indian School Finance (ISFC) for over Rs 212 crore. ISFC, which lends to educational institutions, including private schools, vocational colleges and institutes, coaching centres to build infrastructure, had assets under management (AUM) of Rs 522.59 crore in FY 2018.

• The company has also entered into a transfer restrictions agreement with Indian School Finance Company and certain continuing shareholders of the target entity.

Facebook shuts down three of its apps

Facebook has announced it is shutting down its fitness app “Moves”, Android app “Hello” and anonymous social media app “tbh”. Facebook is deprecating these apps due to low usage.

SPORTS

Rahul Dravid inducted into ICC Hall of Fame

Rahul Dravid was on Sunday inducted into the ICC Hall of Fame, becoming only the fifth Indian to receive the honour after Bishan Singh Bedi, Kapil Dev, Sunil Gavaskar and Anil Kumble. The Indian cricket legend was inducted alongwith former Australia captain Ricky Ponting and England batting great Claire Taylor.

Max Verstappen Won Austrian Grand Prix, Lewis Hamilton Retires

Red Bull’s Max Verstappen won the Austrian Grand Prix 2018 title in Austria. Ferrari’s Kimi Raikkonen finished in the second spot.

• Ferrari’s Sebastian Vettel finished in the third spot. Mercedes’ Lewis Hamilton retired from the race due to a mechanical issue in his car.

APPOINTMENTS

Saraswati Prasad assumes charge as SAIL CMD

Senior bureaucrat Saraswati Prasad has taken over the additional charge as chairman and managing director of steel PSU SAIL. Prasad succeeds P K Singh who retired recently.

López Obrador wins Mexico’s presidency in a landslide

Andres Manuel Lopez Obrador has won Mexico’s presidential election with more than 50 percent of the vote. He is Mexico’s first leftist president in decades.

OBITUARIES

Former Navy chief Admiral J G Nadkarni passes away

Former and 14th chief of naval staff Admiral J G Nadkarni has passed away. He was the Navy chief between December 1, 1987 and November 30, 1990.

Marwar Rajmata and former MP Krishna Kumari passes away

Rajmata of the erstwhile Marwar principality and former MP, Krishna Kumari, has passed away. She was 92.

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