Facts of the Week July 1 to 7, 2015

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National Political News:

1. ICC spokesperson admits receipt of a letter in June 2013 from IPL chairman Lalit Modi expressing doubts about 3 cricketers namely Ravinder Jadeja, Suresh Raina and Dwayne Bravo of West Indies being in contact with a real estate tycoon Baba Diwan of HDIL, whose name surfaced in IPL betting controversy. The story floating is about a sum of Rs.20 crores in cash or in the shape of flats being offered to the 3 international players. All three of them play for Chennai Super Kings. ICC has not found any misconduct regarding these 3 players, thus setting the controversy to rest.

2. Digital India Week – The Prime Minister Narendra Modi has launched the Digital India week. Digitalization of India will entail an investment of Rs.4.5 lac crores and creation of 18 lac jobs. Massive investment in this field has been announced by the Ambani brothers of RIL and ADAG, Cyrus Mistry of the TATA’s. Sunil Mittal of Airtel, Kumar Mangalam Birla of the Aditya Birla Group, Azim Premji of Wipro and PawanMunjal of Hero amongst others.

3. Full Mobile Number Portability (MNP) has commenced with effect from 3rd of July as per Telecom Minister Ravi Shankar Prasad. This will enable subscribers to transfer their mobile numbers to anywhere in India. The number shall be treated as a local number of the area to which it has been transferred.

International Political News:

1. The Holy month of Ramzan is being celebrated the world over by Muslims. The ethos are of the spirit of charity, generosity,self-reform and keeping the personal hostility to a minimum. On the other hand the ISIS a fundamentalist self-declared Islamic emirate continues with its offensive and terror acts in Tunisia, Kuwait, Somalia, Iraq and Syria.
British Prime Minister warns of ISIS plotting terror attacks in UK.

2. US and Cuba restored diplomatic ties by opening embassies in each other country after a span of 54 years. The US – Cuba hostilities started in January 1959 when communist rebels lead by Fidel Castro over thru the US backed Cuban government of Fulgencio Batista. The hostilities between John Kennedy lead US and Nikita Khruschev lead former USSR were heading for a nuclear confrontation in the Bay of Pigs with their nuclear armed naval forces and ships facing each other.

3. A 6.5 Richter scale earth quake rocks Xinjiang – Uygur region of West China bordering North Kashmir. 6 people have been killed and more than 3000 houses and buildings flattened in the quake.

4. A Ferry sinks off the coast ofPhilippines in choppy waters leaving 36 dead and 26 others missing. Nearly 127 passengers were rescued by fishing boats from the sinking ferry. Philippinesis an archipelago of 7100 Islands and thepreferred mode of traveling from one isle to another is by ferry.

Business News:

1. “Grexit” rocks the world commercial markets. People in Greece in a referendum have voted to reject the austerity measures proposed by the IMF and the ECB. Thus Greece may exit theEuropean common currency‘Euro’. The contagion effect on Portugal, Spain and Italy of a Grexit in making makes the global markets all the more jittery.
The Banks in Greece are closed for the past 7 days, job loss and capital loss fears face the Greeks.
The Greek Governments in the past were paying off previous loans from fresh loans taken by them, which pushed Greece to an economic crisis.
Greece has defaulted on IMF loan repayment. Other countries currently in arrears of IMF are Somalia, Sudan and Zimbabwe.

2. ITC better known for cigarettes and hotels has food business now touching a billion dollar mark. Its brand in the food segments include Sunfeast biscuits, Aashirvaad flour and other products like Snacks Bingo, Candiman, Mint–o, Yippee, Pasta Treat, Kitchens of India and B-Natural.
Other India based food companies in the billion dollar league are Nestle, Parle, Britannia, Mondelez and HUL.

3. Startup Housing.com– CEORahul Yadav has been sacked by investors, because of hisstyle of functioning. The listing and valuations of the startup dip from Rs.1500 crore to Rs.1100 crore. The setup was last year funded by Japan’s Soft Bank.

4. Chinese firm Alibaba to increase stake in Paytm to 40% from 25% already held. Paytm may be valued at Rs.23600 crore.

Science and Technology:

1. The need for enhanced cyber security has arisen as a dangerous future can be caused by hackers. Networks of gas pipe lines, power lines, nuclear power stations andweapons etc. can be spooked by a hacker. Hackers have the ability to kill also by exploiting the unencrypted wi-fi like signal used to get information in order to know the state of the device. Transit systems like airways face risk as aircraft controls can be hacked and misused.High frequency traders on the bourses use algorithms and complex software which may be susceptible to hacking. World market crash of 2010,although caused by a computer glitch and not a hack, resulted in a flash crash the world over signaled the need for greater cyber security.

Brazil knocked out of Copa America tournament, lose to Paraguay 4–3 in the quarter finals.
Argentina beat Paraguay 6–1 to reach the finals.
A final clash is likely to be setup between Argentina and Chile.

India lose 6–2 to rampaging Australia in the last week fixture of hockey world league. India enter the semifinals by beating Malaysia 3–2. But India lose to Belgium in the semifinals 4–0.
Pakistan failed to qualify for the Rio Olympics after a poor performance in the hockey world league.

AjinkyaRahane to lead the Indian cricket team in the forthcoming cricket series with Zimbabwe as top Indian test and one day players – MahenderSingh Dhoni, ViratKohli, Rohit Sharma, Suresh Raina and ShikharDhawan are rested for the tour.

Wimbledon tennis tournament gets underway in London, U.K.
Top seeds Djokovic in Men’s singles and Serena Williams in Women’s singles advanced past their first and second round matches.

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