DRDO Successfully Test Fires First Pinaka Rockets Produced by Private Sector
* The Indian Army successfully test-fired the first ever privately manufactured Pinaka rockets recently from the firing range in Pokharan, which achieved the desired results by accurately hitting targets.
* The rockets have been manufactured by Economic Explosives Ltd (EEL) and are the first ammunition of its kind made by the private sector in India.
Six Pinaka rockets were test fired as part of the final developmental trials.
* This development will enable Defence Research and Development Organisation (DRDO) to do away with its single source dependency on Ordnance Factory Board (OFB) for the rockets and also boost Make in India initiative.
Luis Rodolfo Abinader sworn in as President of Dominican Republic
* Luis Rodolfo Abinader has been sworn in as 54th President of the Dominican Republic on 16 August 2020.
* The 53-year-old economist and businessman Abinader succeeds Danilo Medina, who served the country from 2012 to 2020.
Former Finance Secretary Rajiv Kumar Appointed as new Election Commissioner
* Former Finance Secretary Rajiv Kumar has been appointed as the new Election Commissioner.
* Mr Kumar, a retired 1984 batch Indian Administrative Service officer from Jharkhand cadre, will take charge on 31 August 2020.
* He will replace the incumbent Election Commissioner Ashok Lavasa, who has resigned with effect from August 31, 2020, to join Asian Development Bank as its vice president.
Ronnie O’Sullivan beat Kyren Wilson to win his sixth World Snooker Championship
* Five-time champion Ronnie O’Sullivan beat world No 8 Kyren Wilson to win the World Snooker Championship 2020 and his sixth overall World Championship title.
* Nicknamed as ‘The Rocket’, O’Sullivan claimed the Championship crown with an emphatic 18-8 victory in best-of-35-frame match against Wilson, a first-time finalist.
General insurance companies ICICI Lombard and Bharti AXA announces merger
* ICICI Lombard General Insurance Company and Bharti AXA General Insurance Company have announced the merger of their businesses.
* After the merger, ICICI Lombard will become the third-largest non-life insurer in India.
* The merger would result in an entity with a combined annual premium of Rs 16,447 crore and a market share of nearly 8.7%.
Ashwani Bhatia appointed as Managing Director of State Bank of India
* Ashwani Bhatia has been appointed as the managing director (MD) of the State Bank of India (SBI) on 21 August 2020.
* Bhatia will serve the post up to the date of his superannuation on May 31, 2022.
* He has been appointed in place of P K Gupta who superannuated on March 31.
* Bhatia is currently working as the managing director (MD) and chief executive officer (CEO) at SBI Mutual Fund.
Anand Mahindra and Shantanu Narayen selected for 2020 Leadership Awards by USISP
* Anand Mahindra (Mahindra group Chairman) and Shantanu Narayen (Adobe Chairman and CEO) will be awarded the 2020 Leadership Awards by the US-India Strategic Partnership Forum (USISPF).
* They will be awarded during the third Annual Leadership Summit, titled ”US-India Week: Navigating New Challenges”, which will be held virtually from August 31, 2020 to September 03, 2020.