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News in Short

News in Short - 29-August-2019

Government announces sugar export subsidy for farmers

Date: 29 August 2019 Tags: Commerce & Industry
  • Record sugar production in India has continued to drive down prices even as cane farmers face huge losses in payment. The Centre has decided to offer a Rs. 10.45 per kg subsidy to incentivise mills to export their surplus stocks.
  • It will benefit millions of farmers in U.P, Maharashtra and Karnataka, as well as other states.
  • The lump sum export subsidy will be provided for expenses on marketing costs including handling, upgrading and other processing costs, costs of international and internal transport and freight charges.The subsidy is in conformity with WTO agreements.

Elavenil Valarivan of India wins 10m Air Rifle gold in ISSF world cup

Date: 29 August 2019 Tags: Sports
  • Indian shooting sensation Elavenil Valarivan won the gold at ISSF world cup held in Rio de Janeiro. She won the medal in 10m Air Rifle category.
  • This is Elavenil's first world cup medal in senior’s category. She had earlier won gold in junior World cup.
  • She is the 3rd Indian to win gold inthis event at the world cup after Anjali Bhagwat and Apurvi chandela.

India’s youngest Palaeontologist

Date: 29 August 2019 Tags: Miscellaneous
  • Twelve-year-old Aswatha Biju from Chennai is being hailed as the youngest palaeontologistin India with 74 fossils and several awards to her name.
  • She was also awarded the Youngest Paleontologist Award by the India Book of Records, Youngest Palaeontologist Award by Future Kalam’s Book of Awards and Youngest Palaeontologist Award by the Universal Achievers Book of Records.
  • Palaeontology is a branch of earth science which deals with the study of fossils and the evolution of organisms.

Moody’s downgrades Yes bank's rating

Date: 29 August 2019 Tags: miscellaneous
  • Global ratings agency Moody's downgraded private sector lender Yes Bank into Junk.
  • The ratings of Yes Bank's long term foreign and local currency bank deposit ratings was downgraded to Ba3 from Ba1, with negative outlook.
  • The downgrade of Yes Bank's ratings takes into account, lower than expected amount of capital raised by the bank and the risk that the substantial decline in the bank's share price will cause.

Vodafone Idea get approval to raise 50.000 crore

Date: 29 August 2019 Tags: Services
  • Telecom operator Vodafone Idea has received shareholders approval to raise its authorised capital to Rs. 50,000 crore.
  • The increased authorised share capital provides headroom for the company to infuse additional funds.
  • The proposal to increase the share capital follows  Rs. 25,000 crore rights issue which led to the issue of additional shares by the company.