Current Affairs - August 27, 2017 Current Affairs

The focus on strengthening collaboration between Australia and India in agri-business and food, higher education and research and smart cities and infrastructure, Australia's Minister for Trade, Tourism and Investment Steven Ciobo will lead a major mission to the country this month. The second Australia Business Week in India (ABWI) arranged by the Australian Trade and Investment Commission from August 28 to September 1 will attract many business leaders.

The CA Institute of India signed a memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Nepal (ICAN). Nilesh Vikamsey, President, Institute of Chartered Accountants of India (ICAI) and Prakash Jung Thapa, President--ICAN exchanged the MoU.

A Festival of India is being organized in Brazil from 31 August-9 September 2017. The Festival will showcase diverse Indian culture, i.e. classical dances, literature, cuisine and Exhibition on Mahatma Gandhi. It includes the following events,

The 2018 ITTF Team World Cup will be held in London from February 22 to 25 next year, the world table tennis governing body announced. The International Table Tennis Federation (ITTF) awarded the hosting rights for the event, its second most prestigious team tournament after the World Championships.

The income limit defining 'creamy layer' for OBC reservation has been raised by Rs 2 lakh per annum even as the Union cabinet approved setting up of a panel for sub-categorization within the other backward classes for even distribution of reservation benefits. The ministry of social justice and empowerment had proposed that OBC families which earn more than Rs 8 lakh per year should be classified as 'creamy layer' -- the ceiling which bars members of the other backward classes from availing reservations in employment.

The United States has slapped strong financial sanctions on Venezuela, barring banks from any new deals with the government. The President's new action prohibits dealings in new debt and equity issued by the Venezuelan government and its state oil company. It also prohibits dealings in certain existing bonds owned by the Venezuelan public sector, as well as dividend payments to the government.

According to Forbes, Jack Ma, the founder of the leading e-commerce giant in China, was worth $37.4 billion, with Tencent (TCEHY) Chairman Ma Huateng now ranked second with a $36.7 billion fortune. According to Forbes' real-time billionaire's list, the two Chinese businessmen go back and forth as the richest in Asia. Global rankings put Ma at No. 18 while Huateng is No. 19.

PSLV-C39 will launch IRNSS-1H navigation satellite, on August 31, 2017. IRNSS-1H will augment the existing seven satellites of NavIC constellation. The NavIC constellation provides spatial information on moving and non-moving objects in and around the country.

The Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh released the Department of Administrative Reforms and Grievances (DARPG)'s Grievance Study Analysis of 20 Ministries.

Union Commerce and industry minister Nirmala Sitharaman constituted a task force on Artificial Intelligence for the country's Economic Transformation. The 18-member panel, headed by Dr. V. Kamakoti of IIT Madras, will comprise of experts, academics, researchers and industry leaders. It will explore the possibilities to leverage Artificial Intelligence for development across various fields. The task force will submit concrete and implementable recommendations for government, industry and research institutions.