Current Affairs, News & Facts of 10 Jul 2015

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  • For the first time earthquake early warning system installed in India

    Now evacuating people from earthquake prone area and moving them to safe place before earthquake would be possible to some extent because for the first time in India, a system to detect earthquakes and disseminate warnings has been installed in Uttarakhand.

    • This earthquake warning system has been made by "Space Dynamics" which is an Italian firm, the system has already been installed in Japan, Italy and the U.S.
    • The system that has been installed in Uttarakhand has the earliest detection among those currently in use worldwide. It will issue warnings 1-40 seconds before earthquakes of magnitude 5 occur
    • The first system has been installed in Dehradun, and the second will be established at Pithoragarh in the Kumaon region

    How does earthquake warning system works ?
    All sensors [systems] that warn of earthquakes are based on the detection of P and S waves generated during an earthquake. The P wave, which is harmless and travels faster than the S wave, is detected by the sensors for advance warning.

    Uttarakhand falls under seismic zone. Apart from it, Jammu and Kashmir, Himachal Pradesh, Rann of Kutch (Gujarat), Northern Bihar and Andaman & Nicobar Islands also fall under this seismic zone.

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  • Renowned Urdu poet Bashar Navaaz passes away

    Popular Urdu poet Bashar Nawaz,critic and orator Bashar Nawaz who penned the popular song 'Karoge yaad to har baat yaad aayegi' in the Hindi film Bazaar passed away. Apart from Bazaar, he also wrote songs for the films Lori, Janewafa and Tere Shahar Mei.

    About Bashar Nawaz :-

    • Nawaz was Born on August 18, 1935 at Aurangabad, writings were regularly published in various Urdu literary journals. 
    • Initially he was influenced by the Leftist movement which reflected in his poems. He also wrote radio dramas and scripted the television serial 'Amir Khusrau'.
    • Mohammad Rafi, Talat Aziz, melody queen Lata Mangeshkar, Asha Bhosle, Gulam Ali and Bhupendra, among others, had lent voice to his lyrics
    • He had also been a municipal councillor in Aurangabad in the 1950s.
    • He was honoured with prestigious “Pulotsav Samman” for his contribution to Urdu literature.
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  • Russian cosmonaut Gennady Padalka sets record for spending longest time in space
    • Russian cosmonaut "Gennady Padalka"  the current commander of the crew on board the International Space Station (ISS) which has been orbiting the Earth has set a record for spending longest time in space with a total of 804 days as on July 2015.
    • Gennady Padalka broke the old  record of 803 days, nine hours and 41 minutes set by fellow cosmonaut Sergei Krikalev (now retired) across six missions from 1998 to 2005.
    • When Padalka returns to Earth in September with fellow ISS crew members Mikhail Kornienko and Scott Kelly, he will have spent a total of 877 days, or roughly 2.5 years, in space. Till now Gennady Padalka has participated in nine space walks till date and aims to set a record of 1000 days in space.

    Indian-American astronaut Sunita William holds the world records for most spacewalk time for a woman astronaut (50 hours, 40 minutes) and most spacewalks by a woman astronaut (seven times).

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  • Practo acquires tech start-up Genii

    Practo, that provides an app and web service for scheduling appointments with doctors is one of the biggest successes in healthcare IT space from India. Practo has announced acquisition of Genii.

    • Genii, a technology services start-up focused on product design and development is based in Mumbai. It was founded in 2009 by Varun Vohra and Aditya Anand an alumni of Birla Institute of Technology and Science, Pilani Dubai
    • With this acquisition Varun Vohra and Aditya Anand and their 11 member team will move to Bengaluru to join Practo.
    • Practo already lists over 8,000 hospitals on its platform and will expand this to over 20,000 by end of this year.

    Practo’s two main offering in the market include:-

    1. Practo Search – doctor search engine for patients
    2. Practo Ray – practice management solution for doctors managing patients and digital healthcare records
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  • Rahul Bhatnagar named as new MD of Bharti Enterprises
    • Rahul Bhatnagar has been appointed as MD and chief financial officer of Bharti Enterprises. He will report to Sunil Bharti Mittal, Chairman, Bharti Enterprises
    • Bhatnaga took over the charge from Manoj Kohli, who has assumed the role of the executive chairman, SBG Cleantech, a joint venture between SoftBank, Bharti and Foxconn for renewable energy
    • Prior to this Bhatnagar was with PepsiCo, where he worked for 19 years in various senior-level positions, now Bhatnagar in his new role will build strategic business value proposition for Bharti’s non-telecom businesses

    About Rahul Bhatnagar :-

    1. Rahul Bhatnagar is a chartered accountant, he  also has an MBA degree from Wharton. 
    2. He has over 35 years of global experience across diverse industries, his skillsincludses expertise in business strategy and execution, financial management, M&A, taxation, treasury, marketing intelligence and IT 
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  • India and United States ink inter-governmental agreement  to implement Foreign Account Tax Compliance Act FATCA
    • India and the U.S. signed an inter-governmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) which would curb overseas tax evasion and black money.Mr. Shaktikanta Das, Revenue Secretary of India and Mr. Richard Verma, U.S. Ambassador to India signed the agreement.
    • As per this inter-governmental agreement under a new US law, Indian financial institutions would have to reveal information about US tax payers to the revenue department which would be passed on to the US tax authorities.In turn, the US will also share financial information with India
    • FATCA requires all financial institutions outside of the US to periodically transmit information on financial accounts held by Americans to the US Internal Revenue Service, or face a 30 percent withholding tax on payments made from the US
    • It is hoped that the exchange of information on automatic basis regarding offshore accounts under FATCA would deter tax offenders, would enhance tax transparency and eventually bring in higher equity into the direct tax regime
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