8 July 2019 Daily Current Affairs

8th July 2019 Daily Current Affairs:



India protested against report on Kashmir at UN:

  • The OHCHR report said there are "serious human rights violations and patterns of impunity" in Kashmir and significant human rights concerns witnessed in Pakistan-occupied Kashmir.
  • Hitting out at the UN body, the MEA insisted that the report is merely a continuation of the earlier “false and motivated” narrative.
  • The MEA further stated that the report by the Office of the United Nations High Commissioner for Human Rights (OHCHR) ignores the core issue of cross-border terrorism emanating from Pakistan.
  • The assertions in the report are in violation of India’s sovereignty and territorial integrity and ignore the core issue of cross-border terrorism, he said.
  • Last year, the OHCHR published its first report on Kashmir and in an update to that, it claimed on Monday that “neither India nor Pakistan have taken any concrete steps to address the numerous concerns raised”.
  • The report said there are “serious human rights violations and patterns of impunity” in Kashmir and significant human rights concerns witnessed in Pakistan-occupied Kashmir.
  • The report also called for an urgent need to address “past and ongoing human rights violations and to deliver justice to the people in Kashmir”.




Seven More Cultural Sites Added to UNESCO’s World Heritage List

  • UNESCO has protected several natural, historical and cultural landmarks as UNESCO World Heritage sites since 1972.
  • The sites are designated as having “outstanding universal value” under the Convention Concerning the Protection of the World Cultural and Natural Heritage as they “belong to all the peoples of the world, irrespective of the territory on which they are located”.
  • They are demarcated as protected zones to preserve their cultural and natural heritage from the environment, corroding pollution and industrialised human fingerprint.
  • At the 43rd Session of the UNESCO World Heritage Committee, underway at Baku in Azerbaijan from June 30 to July 10, the Walled City of Jaipur made its entry into the UNESCO World Heritage Site list along with two natural sites in France and Iceland, and three cultural sites in Brazil, Burkina Faso and Iraq.
  • The news sites include Fallingwater in Pennsylvania, the Guggenheim Museum in New York, the Hollyhock House in Los Angeles, the Jacobs House in Wisconsin, the Robie House in Chicago, Taliesin in Wisconsin, Taliesin West in Arizona and the Unity Temple in Illinois.



INS VIkrant to be delivered by 2021:

  • India’s first indigenous aircraft career (IAC I), INS Vikarant will be delivered to the Navy in 2021 for advanced trials
  • It is expected to be commissioned into Navy by 2023.
  • Vice Admiral Saxena, Controller of Warship Production and Acquisition in the Navy, said that, “Starting of gas turbines will take place in the third quarter of this year”.
  • He added that, “Basic trials will be conducted in February-March next and contractor sea trials after that. It will be delivered to the Navy in 2021; Flight trials would start after the delivery”.
  • Vice Admiral Saxena was speaking at a curtain-raiser for a seminar on ‘nation building through shipbuilding’, being jointly organised by the Navy and FICCI (Federation of Indian Chambers of Commerce and Industry) later this month.
  • Another Navy officer said aviation trials, which were expected to commence by February 2021, would take about two years and the carrier was expected to be commissioned into the Navy in early 2023.
  • However, there is not much progress on the proposed Indigenous Aircraft Carrier-II, which is on the drawing board.
  • Vikrant, weighing 40,000 tonnes, is being built by Cochin Shipyard Limited. It works on Short Take-Off But Arrested Recovery (STOBAR) mechanism similar to the present carrier INS Vikramaditya with an angular ski-jump.
  • The ship is powered by four General Electric (GE) gas turbines. It will operate Russian origin MiG-29K fighters, which also fly from Vikramaditya.


Record downfall of BSE Sensex, key reasons of crash

  • BSE Sensex nosedived nearly 800 points while Nifty broke ended below 11,600. Fall of sensex index was led by banks especially the public sector ones.


Budget effect:

  • The proposal in Friday’s budget to hike minimum public shareholding of listed companies to 35 per cent from 25 per cent has been perceived as a dampener. It, however, depends on how market regulator Sebi goes about implementing the process and the manner in which it seeks to implement the deadline, Edelweiss Securities said in a report.
  • The Budget proposal to levy a 20 per cent tax on buybacks is also seen as a negative, alongside the increase in income-tax surcharge on high net worth individuals.

Global factors

  • The selloff was partly on account of the US job growth data, which showed a strong rebound in June.
  • This is a dampener to the general expectations of aggressive rate cuts by the US Fed, which was being anticipated earlier.
  • This had prompted a selloff across Asia, with the Shanghai Composite index down over 2 per cent , Hong Kong’s Hang Seng and South Korea’s KOSPI down over 1.5 per cent each and Japan’s Nikkei down over 1 per cent during trade on Monday.