PV Sindhu in Rio Olympics 2016

PV Sindhu is the first Indian woman to win an Olympic silver medal after a heart breakingly close badminton final, Spain’s Carolina Marin wins 19-21, 21-12, 21-15 against India’s PV Sindhu in the women’s singles badminton final match. It was one step too far for PV Sindhu, who ran into an inspired Carolina Marin in the final with the Spaniard showing just why she is the best women's player in the world at the moment. Looking to become the first Indian woman to win an individual gold medal in the Olympics for India, Sindhu fell short and had to settle for a silver medal at Rio 2016.

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Sports News

1) Jinson Johnson on the right track

• While India's other sporting stars are busy sharing their training pictures or their arrival pictures from Rio, Jinson kissed goodbye to time-consuming social media activities more than five months ago in an endeavour to accomplish his biggest dream in life, qualify for the Olympics. His single-minded focus on achieving his goal paid dividends as he sealed his Rio berth at the Indian Grand Prix held at Sri Kanteerava stadium in Bengaluru when he achieved a personal best of 1:45:98s in the men's 800m to make the cut.

2) Shot put queen Adams eyes golden hat-trick

• Plagued by injury and frustrated at the doping scandals tainting her sport, New Zealand's Valeria Adams says she's intent on winning an unprecedented third women's shot put gold in Rio.

• Few athletes have dominated their event like the towering Adams, who stands 193 centimetres (6ft 4in) tall and weighs a muscular 120 kilograms (265lb, 18st 13lb).

3) Know your Rio Olympics athlete: Dipa Karmakar

• Became the first Indian Women gymnast to qualify for the Rio Olympics, 52 years on from the last time the country had gymnastic representation at the Summer Games. Previously, six gymnasts participated in the 1964 Tokyo Olympics, three in Melbourne 1956 and two in Helsinki 1952.

4) 'Robots' Uchimura and Biles ready to roll

• LONDON: The world's best gymnasts will be hoping the sweat and tears they have shed in training will provide them with the spark they need at the Olympics to pull the plug on two record-chasing champions who have been dubbed "robots".

5) FINA lets two Russian swimmers compete at Rio

• Swimming's world governing body FINA has allowed Russian swimmers Vladimir Morozov and Nikita Lobintsev to compete at the Rio Olympics, TASS news agency quoted their lawyer Artyom Patsev as saying on Tuesday.

• "Yes, Morozov and Lobintsev have been admitted to the Olympic Games by FINA," Patsev told the agency.

• The two swimmers had launched an appeal against the ruling banning them from the Rio Olympics even though they have never failed a doping test.

6) Kromowidjojo says Campbell sisters her biggest challenge

• Reigning Olympic 50m and 100m freestyle champion Ronomi Kromowidjojo says a recent back trouble is no threat to her hopes of a Rio repeat -- but Australia's Cate and Bronte Campbell are.

• "I had a little bit of pain in my lower back but the media blew it all up," the 25-year-old Dutch star said Monday after training at the Olympic Aquatics Stadium.

• "It wasn't an injury, it was just a case of having to be careful, it was just an irritation. I'm fine and feeling really good, great, and really looking forward to racing."

world news

1) China FDI footprint growing in Nepal

• According to Nepal's Department of Industry, China again pledged maximum FDI in Nepal for the fiscal year 2015-16. While China committed $57 million as FDI, India stood third with $18 million.
• As against the $600 million commitment Nepal received in 2014-15, only $140 million was pledged to it in 2015-16, mainly because of the political uncertainty. China's share though remained steady in terms of percentage of total FDI committed. The ouster of KP Sharma Oli has come to China as a setback but Beijing already has too much at stake in Nepal and will look to bounce back just the way it did in Sri Lanka after the shock defeat of Mahinda Rajapaksa two years ago.

2) Wi-Fi aboard planes in Indian skies yet to take off

• Getting Wi-Fi connectivity while flying in India remains a pipe dream for travellers - whether domestic or international.

• For instance, Singapore Airlines (SIA) has Wi-Fi on its Boeing 777s and the Airbus A-380s. While the B-777s have Internet in Indian airspace, it has to be switched off in its A-380s. SIA's internet service provider said this is the result of Indian "regulatory constraints" as local rules require "all satellite operators to establish a communication satellite gateway in India".

• "Inmarsat, our satellite connectivity partner, is engaged in the building of such a gateway," Cecilia Odello from SITAONAIR told TOI.

• The regulatory framework is complex but it is evolving and we are confident that in the future this will be resolved, allowing our customers to connect to Wi-Fi over India very soon," said Patrick Brannelly, Emirates divisional VP (customer experience).

3) Mayawati ex-aide Maurya may join BJP this month

•  In another jolt to Bahujan Samaj Party chief Mayawati, her former close aide Swami Prasad Maurya is all set to join Bharatiya Janata Party. "Decks are clear for Maurya's joining," a senior party member privy to the development told TOI. The former leader of opposition is likely to make a formal switchover in New Delhi on August 8.

4)Samsung Galaxy Note 7 with iris scanner, octa-core SoC launched

• Samsung Galaxy Note 7 comes with an Iris scanner
• The smartphone runs Android 6.0 Marshmallow out-of-the-box
• The Galaxy Note will be available starting August 19

NASA to explore asteroid Bennu during its close encounter with Earth

• A near-Earth asteroid that is coming towards our planet after being dislodged by a gravitational pull can indeed strike us and cause massive destruction, but according to experts, it has a only a one in 2,700 chances of hitting.

•  NASA and the University of Arizona, plans to launch an unmanned spacecraft on September 8 in the efforts to reach Bennu in August 2018.

On-tap bank licence not for big corporates

• Large industrial houses, whose income from non-banking sources is over 40 per cent of total will not be eligible to set up a universal bank in the country, the Reserve Bank of India (RBI) said on Monday. However, they are allowed to pick up 10 per cent stake in banks.

• Final guidelines

1. The central bank has allowed individuals with 10 years of experience in banking and finance, as well as business groups with 10 years’ track record to promote universal banks. For business groups with more than Rs.5,000 crore in total assets to be eligible for a licence, their income from non-financial businesses should not account for 40 per cent or more in terms of total assets/in terms of gross income.
2. Large industrial houses are excluded as eligible entities but are permitted to invest in the banks up to 10 per cent,” RBI said in its guidelines statement.The existing non-banking financial companies (NBFCs) that are controlled by residents and have a successful track record for at least 10 years will also be eligible. However, an NBFC, which is a part of the group where the non-financial business of the group accounts for 40 per cent or more in terms of total assets/gross income, is not eligible, the banking regulator clarified.
3. The bank should have a minimum capital of Rs.500 crore and should list on the stock exchanges within six years of commencing operations, RBI said. The bank shall open at least 25 per cent of its branches in unbanked, rural centres. The bank should also maintain a capital adequacy ratio of 13 per cent in the first three years of operation as compared to 9 per cent in existing banks.

Uber's Chinese rival acquiring company's China operations

The logo of Didi Chuxing is seen at its headquarters in Beijing.

• Uber Technology Ltd.’s main Chinese rival on Monday said it is acquiring the U.S. ride-hailing service’s China operation in a deal that links the companies following a costly battle to attract riders.

• Didi Chuxing’s announcement marked the latest surrender by a foreign technology brand in the face of intense competition in China. Yahoo, eBay and others also have turned over local operations to Chinese partners or withdrawn.

• Didi Chuxing said it would take over all of Uber China and operate it as a separate brand. Uber will receive a stake in Didi Chuxing and Uber founder Travis Kalanick will join the Chinese company’s board while Didi Chuxing founder Cheng Wei joins the Uber board, it said.

• “This agreement with Uber will set the mobile transportation industry on a healthier, more sustainable path of growth at a higher level,” Cheng said in a statement.

Rajya Sabha set to approve GST legislation tomorrow

• The Bill to amend the Constitution, paving the way for the biggest, long-pending and much awaited indirect tax reform is all set to be approved by the Rajya Sabha on Wednesday.Union Finance Minister Arun Jaitley will move four amendments to the Constitution (122nd Amendment) Bill, meant for the roll out of the Goods & Services Tax (GST) in the Rajya Sabha on Wednesday, when it is taken up for consideration and passage.

• The planned amendments will seek to withdraw the 1 per cent additional tax proposed earlier, guarantee the States full compensation over a period of five years for any losses from the shift to the new tax and propose a new mechanism for dispute resolution, in which the States will have greater say.

• The government’s decision to move these four amendments have helped to bring the Congress on the same page as far as the Bill is concerned.

• A Rajya Sabha MP from the party said the Congress members in the Upper House will vote in favour of the Bill on Wednesday.

India reminds Pakistan of its security responsibility for SAARC summit

• Union Home Minister Rajnath Singh’s visit to Islamabad to attend the SAARC Home Ministers meeting is on track, say security officials even as they are tracking the security measures at Islamabad’s Serena Hotel and at the Convention Centre where Mr. Singh is expected to attend the meetings.

• Minister of State for Home Affairs Kiren Rijiju said, “If any security issue arises, it is Pakistan’s responsibility to deal with,” emphasising that the Mr. Singh will attend the meet. “Mr. Singh is going to Pakistan for SAARC Home Ministers’ conference. It’s a multi-lateral meeting, not bilateral talks,” Mr. Rijiju said reminding Pakistan’s of its security obligations to SAARC.

SC asks former U.P. CMs to exit govt. bungalows

• MAKING RULES CLEAR: One of the bungalows in Lutyens’ Delhi. Only former Presidents, Vice-Presidents and Prime Ministers can be provided bungalows for their lifetime unless backed by a specific statutory provision, the Supreme Court held on Monday.

• The court said bungalows were maintained at a great cost to the exchequer and not meant to be “frittered away”. Allowing former Chief Ministers and their families stay on indefinitely in public properties was “largesse”, the court observed.

• The court observed that any allotment of residential bungalows not made in accordance with a statutory provision must be discontinued and treated as cancelled. The State shall take possession of the premises “as soon as possible and at the same time, recover appropriate rent”.

Storm Queens crowned champion

• International Kabaddi Federation (IKF) on Sunday announced that India would host the 2016 kabaddi World Cup in October featuring 12 teams.

• Storm Queens clinched a thriller to win the inaugural edition of the STAR Sports-Kabaddi Women’s League with a nail-biting 24-23 win over Fire Birds in the final at the Gachibowli Indoor Stadium here on Sunday.

Domestic bullion industry losing lustre due to grey market threat

• With gold smuggling on the rise, the domestic bullion industry is in the doldrums. In the past few months, 32 gold refineries in the country, having a combined refining capacity of 1450 tonnes per annum, have closed down.

• Add to this the retrenchment that experienced manpower in this industry is facing, and you have a ballooning problem on hand. The official imports of gold, or bullion, have come down by 60 per cent in the past 4 months, whereas domestic bullion supply is increasingly being taken over by the grey market, including by stock that is smuggled in, for a variety of reasons.

Fourth tranche of gold scheme nets Rs. 919 cr.

• The fourth tranche of the Sovereign Gold Bond Scheme received applications for a record Rs.919 crore worth of gold bonds, taking the total amount received through the scheme to about Rs.2,240 crore across the four tranches of the scheme so far.

• The product, in addition, earns an interest rate of 2.75 per cent per annum, payable half yearly on initial investment

Tokyo elects first woman Governor

• Yuriko Koike, Japan's first female defence minister, beat former bureaucrat and fellow member of Prime Minister Shinzo Abe's party Hiroya Masuda, as well as liberal journalist Shuntaro Torigoe, according to an exit poll by public broadcaster NHK.

• “Taking this result very heavily, as the new governor I would like move forward firmly with the administration of the metropolis,” Koike, an experienced politician  told supporters.

Petrol price cut by Rs 1.42/litre, diesel by Rs 2.01 a litre

• Petrol price was on Sunday cut by Rs 1.42 a litre and diesel by Rs 2.01 per litre, the third reduction in rates this month on global cues.

• This is the third reduction in rates this month. Petrol price was last cut by Rs 2.25 a litre on July 16. Diesel rate on that date was reduced by Rs 0.42 a litre. Prior to that petrol price was cut by 89 paise a litre and diesel by 49 paise on July 1.

Kudankulam plant safest in the world, says Russian official

• The Kudankulam Nuclear Power Plant (KKNPP) is the first in the world to have post-Fukushima safety enhancement requirements implemented and operated successfully, said a Russian nuclear industry official.

• As part of India-Russia nuclear cooperation, the Rosatom state nuclear corporation is scheduled to construct six units of VVER-1000 light-water reactors at Kudankulam.

Centre to amend compensation law

• Millions of people working in the unorganised sector, who sustain injuries at their workplace, will soon be eligible for higher compensation from employers as the Union Cabinet has approved amendments to the Employee’s Compensation Act of 1923.

• Although there has been no official communication on the approval given by the Union Cabinet, top labour ministry officials said Labour Minister Bandaru Dattatreya moved the labour law amendments to the Lok Sabha Secretariat and it is expected to be introduced in the Lower House in the next few days.

• Injury or death

According to the amendments approved by the Cabinet, employers will be liable for penalty amount in the range of Rs.50,000-Rs.1 lakh, up substantially from Rs.500 at present, in case they fail to report the authorities about an accident occurring in work premises leading to injuries, serious body injuries or death of a worker.

“The law will ensure that employees are not harassed by the employers for a small amount of compensation. This proposal will help employees get at least Rs.10,000 as compensation without facing legal hurdles,” said another senior labour ministry official.

‘India taking up fake brands issue with China’

• “On receipt of complaints from Indian companies, the cases of copyright or trademark violations are taken up at appropriate levels with relevant government agencies in China by Embassy of India, Beijing,” had recently said Nirmala Sitaraman, Commerce and Industry Minister.

• Fake goods

The assurance comes even as the Indian customs recently seized crores of rupees worth of fake Lakme, Ponds, Fair & Lovely products.

According to the Centre, the Embassy of India has come across instances of Chinese companies infringing upon copyright or trademark of Indian brands and products such as Natraj, Raymond, JK Files and Tools, Fevicol, Onida, Godrej, Boroplus, Dabur and some Indian incense stick brands.

Hindustan Unilever Limited (HUL), one of the largest fast moving consumer goods (FMCG) companies said it has been actively countering this problem under its Combating Unfair Competition (CUC) programme.

• Chinese system

“China recognises a “first to file” system, which means that the rights of trademark belongs to the first person/company who properly registers the trademark in China. “The Chinese side has acted upon few of the cases by allowing the Indian companies to register with the Trademark Office of the State Administration for Industry and Commerce of China. However, the onus of trademark registration and protection in China lies on the enterprises concerned,” said Ms. Sitaraman.

As per the extant rules in China, the individual enterprise has to file a case in relevant forum by hiring a law firm on reported instances of trademark/copyright infringements. “We raised this matter with the concerned authorities and sought help in dealing with makers of spurious Dabur products in China,” said a Dabur spokesperson

We have missed the 2020 bus, says Jaitley

• Delivering the first Dr. A.P.J. Abdul Kalam Memorial Lecture at Delhi University’s Shri Ram College of Commerce whose first death anniversary was on Wednesday, Union Finance Minister Arun Jaitley that there was a need for credible politics to ensure there can be credible policies that deliver the GDP growth rates that will make India a developed country at least by 2030, ten years later than the goal given by the former President A.P.J. Abdul Kalam. “We can’t have another spectrum scam,” he said.                                                                                   

• ‘Focus on education’                                                                                                                                  “Dr. Kalam’s vision of becoming developed by 2020 doesn’t seem possible now, we have missed the bus, the date will have to be pushed...what can we do to achieve it by 2030,” he said. Dr. Kalam, he said, spoke of a system of providing urban-like facilities in rural areas and laid emphasis on education and the development of scientific temperament. Mr. Jaitley said “we cannot afford to have Bengaluru and Gurgaon, the IT hubs that are representatives of India globally, in the condition they have been over the last few hours”. The monsoon rains have brought the two cities to their knees.

• GST advantage                                                                                                                              The BJP-led NDA government had emphasised large scale investment in infrastructure, including in highways and irrigation, the Finance Minister said, was in line with Dr. Kalam’s vision. The Goods & Services Tax, a uniform tax across the country, in this regard was important not only because it would lower the burden of taxation but also improve the ease of doing business, making India attractive to investors.

Protests manufactured, alleges U.P. BJP chief

• Uttar Pradesh BJP chief Keshav Prasad Maurya has described reports of BJP leaders being asked to leave the public meetings of the Dharma-Dhamma Chetana Yatra, following former state BJP office bearer Daya Shankar Singh’s objectionable remarks about Bahujan Samaj Party (BSP) chief Mayawati, as a manufactured event.

• BJP national president Amit Shah had to cancel his appearance at one of these meetings, scheduled for Saturday, fearing a backlash. The yatra, led by Buddhist monk Dharma Viriyo, is travelling to at least 1,400 Bodh Viharas, mostly in Dalit-dominated areas of Uttar Pradesh, and is supportive of Prime Minister Narendra Modi.