Current Affairs Aug 17, 2015

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1. PM makes a statement with mosque visit: The UAE leadership broke protocol to welcome Prime Minister Narendra Modi, with Crown Prince Sheikh Mohammed Bin Zayed Al Nayhan of Abu Dhabi turning out with five of his brothers to greet him at the airport in a rare gesture. The high point of the first day’s engagement was Mr. Modi’s visit to Sheikh Zayed Grand Mosque, the world’s third largest mosque.

2. Domestic airfares can’t be capped: Though domestic fliers have been demanding a mechanism to
check airfares, Ashok Chawla, Chairman of the Competition Commission of India (CCI), says that capping of fares will be in violation of competition norms.

3. India, Bangladesh to fight fake currency: Indian and Bangladeshi security agencies have agreed to work in close coordination to curb the smuggling of counterfeit currency notes, posing a threat to national security.

4. Vizhinjam seaport set to become a reality: Kerala’s dream project, Vizhinjam International Multipurpose Deepwater Seaport, is set to become a reality with the signing of the concession agreement between the State and Adani Vizhinjam Ports Ltd. (AVLP) the private multi-port operator selected to build the superstructure and operate the seaport.

5. Stock market returns 3 times more than gold: SEBI chief: Pitching for a greater share of household savings in equity market, the Securities and Exchange Board of India’s (SEBI) chief U. K. Sinha has said stocks had consistently given annual returns of more than 15 per cent on a long-term basis.

6. 80,000 officers, staff of PSU banks to retire in 2 years: Around 80,000 vacancies are expected to open at top public sector banks in the country, including State Bank of India, as a large number of officers and staff will superannuate over the next two years.

7. Gas subsidy scheme enters Guinness Book: The programme to pay cash subsidy to cooking gas LPG consumers has been recognised by Guinness Book of World Records as the largest cash transfer programme in the world.

8. Kellogg plans first R&D unit in India: World's largest cereal maker, the $14.6-billion Kellogg Company, wants to triple the size of its Indian business. Kellogg India is a roughly Rs 800-crore company, contributing 10% to the parent's Asia-Pacific revenues, making the country its fastest growing market in the region. The plan is to take this contribution to 20% in five years.

9. SBI to enter fast-growing mobile wallet business: State Bank of India (SBI) will launch its m-wallet 'SBI Buddy' that will compete directly with ICICI Bank's Pocket, HDFC Bank's PayZapp and Paytm, a market-place-cum payments' company.