6 September 2018 Current Affairs

Largest share in FDI| Japan typhoon | First AI-based supermarket | SAIL Dividend |

Posted on Sep 06, 2018 09:40 IST in Current Affairs.

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1) Which sector has for the first time dethroned manufacturing sector for largest share in foreign direct investments (FDI), as was disclosed in RBI’s report on FDI released during September 2018? – Telecommunication

Explanation: In financial year 2018, FDI inflows into telecommunication services touched over $8.8 billion (around Rs. 63,000 crore), rising nearly 50% from the previous fiscal. This increase has for the first time helped telecom sector dethrone manufacturing sector, which had received the biggest share of FDI for the last nine years. In financial year 2017, manufacturing had received around $11 billion in inflows while the figure for 2018 stands at just $7.06 billion.

- This fact was disclosed according to the provisional numbers in a report released by the Reserve Bank of India (RBI) during September 2018.

- One of the key reasons for telecom’s prominence in FDI is the heavy losses the industry has suffered in recent years, particularly since the disruptive entry of Reliance Jio in November 2016.

- After telecommunications and manufacturing retail and wholesale trade is the largest sector ($4.5 billion) followed by financial services ($4.0 billion) and computer services ($3.2 billion) to complete the top 5 list.

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2) What is the name of the deadly typhoon that struck Japan on 3-4 September 2018 and killed at least 11 deaths amidst widespread destruction in the Kansai region? – Typhoon Jebi

Explanation: Typhoon Jebi is considered to be the strongest typhoon to strike Japan since Typhoon Yancy in 1993. It initiated as a slow weakening trend on 2 September and made landfall over Shikoku and then the Kansai region of Japan as a very strong typhoon on 4 September 2018.

- It affected Taiwan and Japan and brought very widespread destruction in Japan’s Kansai area. At least 11 deaths and more than 600 injuries were reported across the region. Kansai International Airport, one of the most important transport hubs in Japan, was completely shut down because of flooding.

- Jebi had originated as the twenty-first named storm of the annual typhoon season on 28 August 2018 and is known as Typhoon Maymay in the Philippines. The highest speed attained by this typhoon in Japan was around 280 km/hr.

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3) India’s first-ever Artificial intelligence (AI)-based supermarket, that is capable of operating unmanned 24/7 with the help of a combination of Artificial Intelligence, camera technology and other sensors, was opened on 3 September 2018 in which city? – Kochi (Kerala)

Explanation: Watasale – is the name of India’s first automated supermarket that offers the facility of shopping without any human interface. It was opened on 3 September 2018 at Kochi’s Gold Souk Grande Mall.

- The store utilises a combination of Artificial Intelligence, camera technology and other sensors enabling it to operate 24/7 unmanned. To pay, all one has to do is install the Watasale app on one’s phone – it automatically scans the QR code when one enters.

- The customer can choose any product that will be virtually added to the cart in the app or removed if one wishes to return the product. There are sensors installed to do this for the customers. And once a customer walks out, the store debits the amount from their card.

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4) Which state-owned Maharatna company declined a government call for a dividend for the last financial year, as was reported in a section of media during September 2018? - Steel Authority of India Ltd (SAIL)

Explanation: State-owned Steel Authority of India Ltd (SAIL) has declined a government call for a dividend for the last financial year, saying it did not have “any cash and bank balance”. It also declared that its debt-to-income ratio was much higher than agreed with some lenders.

- SAIL’s refusal could make it harder for the government to meet its budgeted target of raising 1.06 trillion rupees ($14.95 billion) from the dividends and profit of state-owned companies this fiscal year ending March.

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