Here’s your daily summary of Current Affairs.
Rains Bring Mumbai to its Knees
Normal life in Mumbai was thrown out of gear following torrential rains which are likely to continue on 30th August, according to forecast. According to the Indian Meteorological Department (IMD), Mumbai recorded 102 mm of rainfall and the suburbs of the city saw a staggering 316 mm rainfall between 8.30 am and 8.30 pm on 29th August, IANS reported. However, stock markets in the country’s financial capital will remain open on 30th August, leading exchanges BSE and NSE said. Officials at both BSE and NSE told several of their employees were still at the office as they could not go home because of the heavy rains. Rain and strong winds battered Mumbai disrupting rail, road and air services, uprooting trees, swamping homes, and bringing the mega polis and satellite towns to their knees. However, no casualties have been recorded so far. The lifelines of Mumbai local train and bus services were paralyzed by the rain.
Kudankulam first reactor synchronised with Southern Grid
Having successfully completed the scheduled second fuel outage recently, KKNPP’s first reactor was synchronised with the Southern Grid at 6.37 am on Tuesday. After achieving 800 MW power generation capacity within the next 48 hours, the reactor will be stopped for mandatory tests. On getting the Atomic Energy Regulatory Board’s nod, power generation in the reactor will be increased to its maximum capacity of 1,000 MW. The first reactor was generating 300 MW when it was synchronised with the grid.
Russia’s Central Bank launches one of the biggest bailouts
Russia’s central bank launched one of the biggest banking bailouts in its history on 29th August, saying it would rescue troubled private lender, Otkritie which has suffered a sustained run on its deposits, amid worries about its loan portfolio. The central bank said it planned to tap its own funds in order to become a major investor in Otkritie, the country’s seventh-biggest bank by assets according to Interfax data. The bailout is likely to stoke anxiety about the wider state of the Russian banking sector, fueling speculation that other big banks may have similar problems. It also raises questions about the central bank’s supervisory performance. Otkritie is the country’s largest private lender by assets, according to the second-quarter data from Interfax, and some of its shareholders are connected to major state entities, a fact that prompted some analysts to believe it was too big and influential to be allowed to fail.
North Korea fires missile over Japan
Nuclear-armed North Korea said that it had fired a missile over Japan on the 29th August, the first time it has ever acknowledged doing so. The launch represented a major escalation by Pyongyang in the face of tensions over its weapons programs, which have seen it threaten to send a salvo of missiles towards the US territory of Guam and prompted President Donald Trump to warn of “fire and fury”. Shortly before the North Korean statement, Mr. Trump said that “all options” were on the table, reviving his implied threat of pre-emptive US military action, just days after congratulating himself that North Korea’s Kim Jong-Un appeared to be “starting to respect” him by holding off on missile firings.
Pakistan suspends talk with the USA
Pakistan has suspended talks with the U.S. administration and deferred official bilateral visits in protest against U.S. President Donald Trump’s policy review speech, in which he alleged Taliban sanctuaries in Pakistan. Two leading English dailies, Dawn and Express Tribune, quoted sources from an in-camera session of the Senate on Monday in which Foreign Minister Khawaja Asif informed the members about the suspension. Last week, Mr. Asif deferred his planned U.S. visit after Mr. Trump’s speech. Pakistan’s Foreign Office also asked the U.S. administration to reschedule the visit of Assistant Secretary of State Alice Wells and another delegation led by the advisor to White House on South Asian affairs, Lisa Curtis till a mutually convenient time.
Lockheed Martin Offers to Export F-16 Jets from Proposed India Facility
Lockheed Martin is closing in on an international deal for F-16 fighter planes, and has offered to eventually build all the jets at a proposed plant in India if it wins a bigger order to supply the Indian Air Force (IAF), a top executive said. The U.S. defence giant and Sweden’s Saab are in a two horse-race to equip the IAF with at least 100 single-engine jets that have to be produced locally under Prime Minister Narendra Modi’s ‘Make-in-India’ plan. Randall L. Howard, who leads F-16 business development, said Lockheed is offering to make India the sole F-16 production centre, so eventually it will make the planes not just for India, but also for other countries.
Commerce Ministry Formulating New Industrial Policy
The Commerce Ministry on 29th August said it has started a process to formulate a new industrial policy, expected to be released in October, which is aimed at making India as a global manufacturing hub. The Department of Industrial Policy and Promotion (DIPP), under the ministry, said that since the announcement of last industrial policy in 1991, India has transformed into one of the fastest growing economies in the world. “With strong macroeconomic fundamentals and several path breaking reforms in the last three years, India is equipped to deploy a different set of ideas and strategies to build a globally competitive Indian industry. The new policy will subsume the National Manufacturing Policy,” it said in a statement.
Bank of Baroda changes timings of administrative offices
The public sector bank BoB has decided to open its administrative offices across the country for business, earlier by an hour than the branches & service outlets in business district areas. In a circular to all branches/offices, it said that the work timings of its administrative offices have been changed to 9am to 4pm with effect from September 18. This is inclusive of the recess period of 30 minutes from 1pm to 1.30pm. The offices for which the revised timings are applicable are as follows: Head office, corporate office, zonal offices, regional offices, zonal inspection and audit divisions, SME Loan Factories, specialized mortgage stores, back offices, Baroda Academies and Apex Academy, and the government business department, New Delhi.
Ashish Chauhan to continue as CEO of Bombay Stock Exchange