Current Affairs July 26, 2015

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1. China building a giant radio telescope: China is assembling a radio telescope with 500 metres in diameter and made up of 4,450 panels. Once completed, the single-aperture spherical telescope called "FAST" will be the world's largest, overtaking Puerto Rico's Arecibo Observatory , which is 300 metres in diameter.

2. Indian Overseas Bank's net dips 95% to Rs. 14 crore on account of bad loans: Indian Overseas Bank's net profit for the first quarter ending June 30 dipped 95% to Rs 14 crore against the Rs 271 crore during the same period last year. The decline was on account of sharp increase in provisioning for bad loans.

3. EU bans 700 generic drugs for manipulation of trials by GVK: The European Union has banned the marketing of around 700 generic medicines for alleged manipulation of clinical trials conducted by India's pharmaceutical research company GVK Biosciences.

4. New Suez Canal in first test-run: The first cargo ships passed through Egypt's New Suez Canal on July 25 in a test-run before it opens next month, state media reported, 11 months after the army began constructing the $8 billion canal alongside the existing 145-year-old Suez Canal. The new waterway, which President Abdel Fattah al-Sisi hopes will help expand trade along the fastest shipping route between Europe and Asia and give a boost to Egypt's economy, will be formally inaugurated on August 6.

5. Pearson may sell stake in ‘The Economist': London: Britain’s Pearson said it was in talks to sell its 50% stake in The Economist Group, publisher of The Economist newspaper. The move comes on the heels of Pearson’s sale of the Financial Times newspaper to Japanese media group Nikkei.

6. Italy moves ITLOS in Marines case: The Italian government has approached the International Tribunal for the Law of the Sea (ITLOS), one of the four forums available for international disputes, in the Italian Marines case. This they are doing to ensure that restrictions on the liberty, security and movement of the Marines are immediately lifted.

7. Cricketers discharged in spot-fixing case: A sessions court discharged 36 accused, including cricketers S. Sreesanth, Ajit Chandila and Ankeet Chavan, in the Indian Premier League spot-fixing case of 2013.

8. National litigation policy soon: Sadananda Gowda: Union Law Minister D.V. Sadananda Gowda said that he would move a cabinet note putting in place the National Litigation Policy which would curb frivolous cases.

9. PM confers ICAR award on The Hindu journalist: Prime Minister Narendra Modi presented The Hindu’s senior journalist Gargi Parsai with the prestigious Indian Council of Agricultural Research (ICAR) award for excellence in Journalism in Agricultural Research and Development-2014.

10. China says India’s fears of military base in Maldives unfounded: China’s state media said India’s apprehensions that Beijing could establish a military base in the Maldives were groundless, after Male approved a law to allow foreigners to buy land in the country.