Current Affairs July 28, 2015

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1. Surface-to-air missile to be tested in Israel : The LR-SAM is almost ready for trials [from a ship] said V. Udaya Bhaskar, Chairman & Managing Director of the public sector Bharat Dynamics Ltd (BDL), Hyderabad. The long-range surface-to-air missile being developed with Israel will go in for national trials for the Navy once it is tested in Israel in October.

2. Vijayawada to Puducherry by boat: Things are falling in place for the much-hyped inland waterways project National Waterway 4 from Kakinada to Puducherry. The Inland Waterways Authority of India (IWAI) is planning to conduct a trial run in December this year.

3. E-visa facility for Chinese tourists from July 30: The electronic tourist visa facility for Chinese nationals announced by Prime Minister Narendra Modi in May will be rolled out from July 30 onwards.

4. Gaddafi’s son sentenced to death in Libya: A Libyan court sentenced Muammar Gaddafi’s most prominent son, Saif al-Islam, and eight others to death for war crimes, including killings of protesters, during the 2011 revolution that ended his father’s rule.

5. Ola also goes to app-only mode: Taxi aggregator Ola said that the company would soon go mobile-app only across its 100 cities of operations. The company also said its call centre will continue to operate 24x7, exclusively for customer support and assistance.

6. CCI slaps Rs. 420 cr fine on Hyundai: The Competition Commission of India (CCI) has found three more car companies Hyundai, Reva and Premier guilty of involving in anti-competitive practices. CCI has imposed a fine of Rs.420 crore on Hyundai, while absolving the other two firms from paying monetary penalty.

7. Soaring bad debt hits PSU banks’ results: BoI’s net profit is now less than half that of the SBI subsidiary as it grapples with mounting bad debt, which have more than doubled in the past 12 months.The problem is not limited to BoI. It is much more deep rooted as evident from the quarterly results. Punjab National Bank, Union Bank of India and Syndicate Bank — three of the other six public sector lenders that declared results— reported sharp drop in profits during April-June, ranging between 22% and 84%.

8. Private companies won’t be in anti-graft law net: The government has virtually ruled out amending the Prevention of Corruption Act (PCA) to extend it to the private sector, a move that was recommended by the Special Investigation Team (SIT) on black money to check the circulation of unaccounted wealth in the education and religious institutions.

9. Power sector loans worth 4L cr may be at risk: Power sector loans worth Rs 4 lakh crore (or $62.5 billion), almost half of which were advanced to weak discoms, may become toxic, warns rating agency Crisil in its latest research note.

10. Volkswagen overtakes Toyota as world's biggest carmaker: Volkswagen surpassed Toyota Motor to become the biggest automaker by deliveries in the first half, putting the company on track to capture the worldwide sales crown three years ahead of its target.