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National Political News:

1. The One Rank One Pension (OROP) row has further escalated between the Government and Ex Servicemen. The 63 day old agitation at Jantar Mantar by the Ex Servicemen continues. The Ex Servicemen demand that OROP be sanctioned as per Bhagat Singh Koshyari committee recommendations and be given effect from 1st April, 2014. OROP is basically uniform pension for armed forces personnel retiring in the same rank with the same length of service, irrespective of the date of their retirement. Any further enhancement in the rates of pension be also automatically passed on to the old pensioners.

2. Prime Minister Narendra Modi announces a Rs. 1.25 lakh crore special package for Bihar. This economic package can change the destiny of Bihar as per PM Modi at a speech in Arrah, Bihar.

3. NSA talks between India and Pakistan slated for Aug. 23 have been called off by Pakistan. Pakistan invited Kashmiri separatists Syed Ali Shah Geelani, Mirwaiz Umar Farooq and Yasin Malik for talks with their NSA, Sartaj Aziz, to which India had strongly objected. India has also declined any discussion on the Kashmir issue without resolution of the problem of terrorism from the Pakistan side.

International Political News:

1. Germany’s members of Parliament back their Chancellor Angela Merkel by 454 to 113 votes and 18 abstentions in support of her third Greek bailout plan. The Greece economy is in dire straits and requires injection of monetary support.

2. North Korea gives a war warning to South Korea after exchange of fire. North Korea claims that South Korea is indulging in propaganda broadcasts on its border. North Korea fired 4 artillery shells into South Korea which retaliated back with 29 artillery rounds. China calls for restraints from both sides.

Business News:

1. A US company Aricent – a product engineering firm has acquired a Bangalore based chip design services company Smart Play for Rs. 1100 crores ($180 million). The company builds deep capabilities in embedded software and software for the internet. It is the biggest ever acquisition in the Indian Semi-Conductor industry. Smart Play was founded in 2008 by Pradeep Vajrama Semi-Conductor veteran of 25 years. He had earlier on sold his spike technologies to Qualcomm for $20 million in 2004.

2. International ratings agency Moody’s has cut India’s GDP growth forecast to 7% from 7.5% projected earlier by it, apprehending monsoon rains below normal and slower pace of reforms.

3. Further devaluation of Chinese currency Yuan make the world markets tumble. Nifty and Sensex, Indian stock indices, fall by over 3% in 2 trading days. Currency world over suffer devaluation with Russia dropping 7.5%, Singapore 5.7%, South Korea 5.7%, Brazil 24% and Thailand 7.5% amongst others.

4. RBI sanctions 11 new payment banks. These banks will depend upon mobiles and ATM’s to deliver their services. These banks can accept deposits up to Rs. 1 lakh but cannot grant loans. Big corporatenames like RIL, Bharti, Birla’s, Mahindra’s and Paytm have been given the sanction for payment banks.

Science and Technology:

1. Studies on recent Nepal earth quake by American geologists reveal that there was a 40 seconds rumbling. The ground shook back and forth every 4/5 seconds instead of quick oscillations with the result that maximum damage was caused to multistoried buildings and high-rise towers.
The Indian plate is colliding into rest of Asia at a pace of up to 2 inches a year, pushing up the Himalayas. Over the surface for the past 20 years, the fault line in Nepal appeared locked. When the strain became too great the fault broke and the result was an earth quake. The quake started from North–West Kathmandu to spread East at 1.7 miles/sec. rupturing 87 meters of fault.

Sports:

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1. The International Athletics body meet is underway in Beijing, China. Sebastian Coe, the twice Olympic 1500 meters champion of England has been elected as President of International Athletics body beating Sergey Bubka of Ukraine. Sebastian Coe has pledged to set up an independent anti-doping body. Allegations of widespread doping in track and field events is there.
Track and field events at Beijing.
Usain Bolt takes the 100 meters final race with a timing of 9.79 seconds.
In the hammer throw event Pawel Fajdek of Poland with a 80 meter plus throw takes the gold.
Shot put men’s gold goes to Joe Kovacs of USA with a throw of 21.93 meter.
Heptathlon women’s gold won by Jessica Ennis Hill of great Britain.

2.Cricket:
In the final test of the Ashes series played at Oval between England and Australia,the home team was defeated by the Aussies by an innings and 46 runs.

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