Daily Current Affairs (English) - 18.07.2018

International

NELSON MANDELA DAY: 18 JULY

Nelson Mandela International Day 2018 marks 100 years since the birth of Nelson Mandela (18 July 1918). The Centenary is an occasion to reflect on his life and legacy, and to follow his call to “make of the world a better place.” The Nelson Mandela Foundation is dedicating this year's Mandela Day to Action Against Poverty, honouring Nelson Mandela's leadership and devotion to fighting poverty and promoting social justice for all.
 


Trade & Economy

LIC APPROVES ACQUISITION OF UP TO 51% STAKE IN IDBI BANK

Life Insurance Corporation's board board approved acquisition of up to 51 per cent stake in IDBI Bank by the insurance major. Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator Sebi (Securities and Exchange Board of India). Insurance regulator Irdai has already given its approval to the insurer for the stake purchase.

LIC buying up to 51 per cent stake in IDBI Bank. LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs. 10,000 crore- Rs. 13,000 crore. LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet. It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC. The bank would also get accounts of about 22 crore policy holders and subsequent flow of fund. Once the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs. 55,600 crore at the end of the March quarter, will get much needed capital support to revive its fortune.

What is 'Non-Performing Asset (NPA)?

  • A nonperforming asset (NPA) refers to a classification for loans or advances that are in default or are in arrears on scheduled payments of principal or interest.
  • In most cases, debt is classified as nonperforming when loan payments have not been made for a period of 90 days.
  • While 90 days of nonpayment is the standard, the amount of elapsed time may be shorter or longer depending on the terms and conditions of each loan.

Science & Technology

ISRO SUCCESSFULLY CONDUCTED VIKAS ENGINE TEST IN MAHENDRAGIRI, TAMIL NADU

The Vikas Engine is the workhorse liquid rocket engine used to power the second stage of the ISRO’s trusted Polar Satellite Launch Vehicle (PSLV).a high thrust version of the Vikas Engine was successfully qualified through a ground test for a duration of 195 seconds at ISRO Propulsion Complex (IPRC), Mahendragiri, Tamilnadu. Vikas Engine is the workhorse liquid rocket engine powering the second stage of India’s Polar Satellite Launch Vehicle (PSLV), second stage and the four strap on stages of Geosynchronous Launch Vehicle (GSLV) and the twin engine core liquid stage (L110) of GSLV Mk-III.

All the propulsion parameters during the tests were found satisfactory and closely matched the predictions. This ground test has validated the performance adequacy of the Vikas Engine for its use in the upcoming second developmental flight of GSLV Mk-III. This engine will improve the payload capability of PSLV, GSLV and GSLV Mk-III launch vehicles.

What is Vikas engines?

  • The Vikas engine is a liquid propelled engine, developed by 'ISRO' (Indian Space Research Organization).
  • The engine was tested from Mahendragiri in Tamil Nadu.
  • Vikas engine is used in India's polar satellite launch vehicle and in the second phase of ground-stationary satellite launch vehicle.
  • In this engine as a fuel, nitrogen tetroxide is used as an unlimited dimethyl hydrogen and oxidizer.

Sports

JAPAN’S OKUHARA WON THAILAND OPEN FINAL BY DEFEATING PV SINDHU

India's star shuttler PV Sindhu, seeded second, suffered a 15-21, 18-21 defeat to fourth seed Nozomi Okuhara of Japan in straight games inside 50 minutes to settle for runners-up spot in the Thailand Open at the Nimibutr Stadium in Bangkok.

Retirement

TIM CAHILL

Australia's leading goal scorer Tim Cahill has retired from international soccer after fourth World Cup tournament in Russia. The 38-year-old Cahill, scored 50 international goals in 107 caps.
 

Awards

SANGITA KALANIDHI AWARD FOR ARUNA SAIRAM

Prominent Carnatic vocalist Aruna Sairam has been selected for this year’s Sangita Kalanidhi Award, instituted by the Music Academy, Chennai. The executive committee of the academy met on July 15 and unanimously selected her for the award, said academy president N. Murali.She will preside over the 92nd annual conference of the Music Academy, to be held between December 15, 2018 and January 1, 2019. The award will be conferred on her on January 1, 2019, on the day of Sadas.

Do you Know?

  • Considered the highest accolade in the field of Carnatic music, it came into existence in 1942.
  • Prior to that, a senior musician/expert was invited to preside over the Music Academy’s annual conference.
  • In 1942, it was decided that the musician so invited would be conferred the title of Sangita Kalanidhi, the award comprising a gold medal and a birudu patra (citation).
     

Death

RITA BHADURI

Rita Bhaduri, 62, veteran Bollywood and TV actress, passed away. The actress featured in as many as 70 movies like Beta, Raja, Julie among others.She was also a prominent face on television through her roles in Khichdi, Kumkum, Choti Bahu and Sarabhai vs Sarabhai etc.