Daily Current Affairs – May 07 & 08, 2024
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Daily Current Affairs - Banking - May 07 & 08, 2024
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National News
Two-Week Capacity Building Programme on Project and Risk Management for Public Works for officials of Tanzania commences at Mussoorie
- The two weeks program on Capacity Building Programme on Project and Risk Management for Public Works for the officers from Republic of Tanzania commenced at the National Centre for Good Governance (NCGG), Mussoorie,
- The program is being organized in partnership with the Ministry of External Affairs (MEA).
- A total of 39 officers representing various organisations and ministries in Tanzania such as National Roads Agency, Ministry of Energy, Planning Commission, Tanzania Building Agency, Tanzania Railway Corporation, Housing investments, Rapid Transit Agency, E-government authority, Energy and Water Regulatory Authority, President’s Office Public Service Management and Good Governance, Regional Administration and Local Government, Livestock and Fisheries among others are attending the programme.
- The NCGG, an autonomous institution under the Department of Administrative Reforms and Public Grievances, Ministry of Personnel, Public Grievances and Pensions, is committed to action research, studies, and capacity building at both the national and international levels.
- NCGG’s efforts align with the Indian philosophy of ‘Vasudhaiva Kutumbakam’e. “The world is one Family” and emphasizes strengthening bilateral ties and fostering cooperation with other countries.
- The capacity building program focuses on providing a rich cross country experience and a platform for policy dialogue, while sharing best practices focusing on project and risk management in various sectors.
- This will result in the officers gaining valuable insights into the manner in which projects are planned and executed and institutions are being transformed and people are getting closer to the government.
International News
4th Session of India-Ghana Joint Trade Committee held in Accra
- A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Amardeep Singh Bhatia accompanied by High Commissioner of India to Republic of Ghana, Manish Gupta and Economic Adviser, Department of Commerce, Priya P. Nair held a Joint Trade Committee (JTC) meeting with Deputy Minister for Trade and Industry, Republic of Ghana, Hon. Michael Okyere-Baafi in Accra, Ghana.
- Both sides agreed to work expeditiously towards the operationalization of Unified Payment Interface (UPI) of National Payments Corporation of (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of 6 months.
- Both sides delved into discussions regarding the possibilities of a Memorandum of Understanding (MoU) on Digital Transformation Solutions; Local Currency Settlement System and also deliberated on the opportunities offered by African Continental Free Trade Agreement (AfCFTA).
- Ghana – Accra (Capital) – Cedi (Currency) – Nana Akufo-Addo (President) – English (Official Language)
5th Joint Group of Customs (JGC) meeting was held between India and Bhutan
- The 5th Joint Group of Customs (JGC) meeting between India and Bhutan was held in Leh, Ladakh.
- The meeting was co-chaired by Surjit Bhujabal, Special Secretary and Member (Customs), Central Board of Indirect Taxes and Customs, and Mr. Sonam Jamtsho, Director General, Department of Revenue and Customs, Ministry of Finance, Royal Government of Bhutan.
- The 5th JGC meeting discussed a host of bilateral issues such as opening of new Land Customs Stations and notifying new trade routes, development of infrastructure, automation and digitisation of transit processes, prevention of smuggling, coordinated cross-border management, pre-arrival exchange of Customs data, bilateral agreement on Customs cooperation and movement of transit cargo under electronic cargo system among others.
- Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.
- These include cooperation in pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power sector, digital economy and digital infrastructure, critical minerals, textiles and garments, etc.
- Bhutan – Thimphu (Capital) – Ngultrum (Currency) – Jigme Khesar Namgyel Wangchuck (Druk Gyalpo) – Tshering Tobgay (Prime Minister) – Dzongkha (Official Language)
State News
Ajrakh from Kutch gets GI tag
- The Ajrakh fabric is a traditional hand-block printing technique that originated in Kutch, Gujarat.
- It uses natural dyes and intricate patterns to create beautiful textiles, which are then used to make sarees, dupattas, stoles, and other garments.
- The unique feature of Ajrakh is its use of geometric patterns and rich earthy colours like indigo, madder, and mustard.
- This fabric has been an integral part of the Kutchi culture for centuries and has now gained recognition on a global level with its GI tag.
Banking and Finance
RBI eases FEMA regulations to facilitate foreign investment in derivatives
- The Reserve Bank of India has amended the FEMA (Foreign Exchange Management Act) regulation to facilitate margin management for trading in permitted derivatives.
- This will be applicable for transactions taking place in or outside India.
- Now Foreign investors will find it easy to invest in derivative investment.
- The central bank has issued two notifications.
- The first notification aims to expand the permission for Authorised Dealer (AD).
- These dealers can now post and collect margin in and outside India for a permitted derivative contract entered into with a person resident outside India and receive and pay interest on such margin.
- This will also be applicable for derivative contract between two ADs, provided one of them is a branch of foreign bank.
- Similar arrangement will be for derivative transactions undertaken through overseas branches and International Financial Services Centre Banking Units.
- Authorised dealers will also be permitted to post and collect margin, in India or abroad for their customer doing derivative transaction with a non-resident.
Banks’ CASA share slips up to 700 bps in FY24
- The share of current account (CA) and saving account (SA) deposits as a share of total deposits fell for most banks during FY24, amid intensified pressure for retail deposit mobilisation and increased reliance on term and bulk deposits.
- CASA ratio, or the share of low-cost CASA deposits, declined by 40-730 bps year-on-year for banks that have declared their Q4 FY24 earnings so far.
- As of December 2023, CASA ratios of private banks were 393 bps lower y-o-y and 57 bps q-o-q at 7 per cent, and those for PSU banks declined 187 bps y-o-y and 25 bps q-o-q to 38.5 per cent., weighing on lenders’ margins.
- Sequentially, CASA ratios were largely unchanged to slightly better on the back of traditionally higher deposit accretion in the last quarter of the financial year and on accelerated efforts by banks to pursue granular deposits.
Business and Economy
India received over $111 billion in remittances in 2022
- According to International Organisation for Migration (IOM), in its World Migration Report 2024 in 2022, India, Mexico, China, the Philippines and France were the top five remittance recipient countries.
- India received over $111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the $100 billion mark.
- India was the top country receiving remittances in 2010 ($53.48 billion), 2015 ($68.91 billion), and 2020 ($83.15 billion), with the remittances crossing the $100 billion mark to reach $111.22 billion in 2022.
- Three countries in Southern Asia — India, Pakistan and Bangladesh, rank among the top ten recipients of international remittances in the world, underscoring the significance of labour migration from the subregion.
- Pakistan and Bangladesh were the sixth and eighth largest international remittance recipients in 2022, receiving nearly $30 billion and $21.5 billion respectively.
- The report added that nearly 18 million or 1.3% of the total population, India is also the origin of the largest number of international migrants in the world, with large diasporas living in countries such as the United Arab Emirates, the United States and Saudi Arabia.
- India came in 13th as the destination country for immigrants, with 4.48 million.
- India — United Arab Emirates, India — U.S., India — Saudi Arabia and Bangladesh — India were among the top 10 international country-to-country migration corridors.
- International Organization for Migration (IOM) – 06/12/1951 (Founded) – Geneva, Switzerland (HQ) – Amy Pope (Director General) – English, French and Spanish (Official Language) – 175 member states and 8 observer states
India Ratings raises FY25 GDP growth forecast to 7.1% from 6.5%
- India Ratings and Research upgraded its GDP growth forecast for 2024-25 to 7.1% from 6.5%, citing strong support to the growth momentum from sustained government capex and deleveraged corporate and bank balance sheets, even as consumption demand and exports pose constraints.
Chief Economic Advisor: Possibility of GDP growth touching 8% in FY24 quite high
- Chief Economic Adviser V Anantha Nageswaran told that there was a high possibility of GDP growth touching 8 per cent in FY24 on the back of robust growth registered during the three quarters of the financial year ended March 2024.
- India’s gross domestic product (GDP) grew 4 per cent in the third quarter ended December 2023.
- In the second quarter, GDP growth was 6 per cent to 7.8 per cent in the first quarter.
Knight Frank: India has 13 mn sq. ft of ghost shopping centres in 29 cities
- According to the study titled ‘Think India Think Retail 2024’ by Knight Frank India, India has 3 million square feet of ‘ghost shopping infrastructure’ across 29 cities that led to a loss of $798 million in CY2023.
- Categorising “low performing retail assets” as ghost retail, the real-estate firm estimated a 59% YoY rise in such real estate since 2022 in the “prime markets” while their numbers rose to 64 by the end of 2023 from 57 in 2022.
Agreements and MoUs signed
CIFT signs MoU with Indian Marine Ingredients Association for tech advancements
- The ICAR-Central Institute of Fisheries Technology has signed an MoU with the Indian Marine Ingredients Association (IMIA) for post-harvest innovation, research, value additions and responsible industry practices.
- IMIA is committed to protect the sustainability of the Indian fisheries sector and adopt the upgraded production process for the manufacturing of fishmeal utilising the fishery waste generated by the industry.
- This collaboration will be further strengthened through specific sub-agreements, whereby ICAR-CIFT will provide technical advice and support to IMIA on efficient extraction and refinement protocols for the production of neutraceutical products, feed formulations and Omega-3 fatty acids from fish oil.
- The collaboration fosters the sustainability in fisheries by adopting suitable and effective measures in utilising the waste generated by the fisheries industry for the production of high value products which can be used for various applications.
Acquisitions and Mergers
Carlyle Group sells 2% stake worth Rs 1,442 crore in YES Bank
- US-based investment firm Carlyle Group has offloaded 59,40,00,000 shares or nearly 2% stake in YES Bank via block deal at a price of ₹24.27 per share
- The size of the deal is worth ₹1,441.63 crore.
- Meanwhile, Goldman Sachs (Singapore) PTE bought 36,92,43,945 shares at a price of ₹24.26 per share.
- The deal size is estimated at ₹895.78 crore.
- Prior to the block deal, the Carlyle Group held 74% stake in this private lender through an entity named CA Basque Investments.
Appointments
José Raúl Mulino elected as President of Panama
- Panama elected José Raúl Mulino, a former public security minister, as their next president.
- He will replace Laurentino Cortizo, who is serving since 2019.
- Panama – Panama City (Capital) – Balboa & United States dollar (Currency) – Spanish (Language)
Xi Jinping appoints senior diplomat Xu Feihong as China’s new envoy to India
- Chinese President Xi Jinping has appointed senior diplomat Xu Feihong as the new Ambassador to India.
- He is former Ambassador to Afghanistan and Romania and will succeed veteran Chinese diplomat Sun Weidong who completed his tenure in India in October 2022.
- China – Beijing (Capital) – Renminbi (Currency) – Xi Jinping (President) – Chinese (Official Language)
Ranks and Indices
India ranked 159 at World Press Freedom Index 2024
- As per the 2024 World Press Freedom Index, which ranks 180 countries based on the freedom of journalism, reporting, and media functioning, India has been ranked in the 159th position, which is two ranks higher than last year, however, India still lags behind countries like Turkey, Pakistan, and Sri Lanka, which are ranked at 158, 152, and 150,
- The top countries were Norway, Denmark, Sweden, Netherland and Finland
- The bottom countries were Eritrea, Syria, Afghanistan, North Korea and Iran
- The report was released by Reporters Without Borders (RWB), also known as Reporters sans frontières (RSF) in French, is an international non-profit organisation that strives to protect the right to freedom of information.
Awards and Recognitions
2024 Pulitzer Prize was announced
- The Pulitzer Prize is an award administered by Columbia University for achievements in newspaper, magazine, online journalism, literature, and musical composition in the United States.
- It was established in 1917 by provisions in the will of Joseph Pulitzer, who had made his fortune as a newspaper publisher.
Book, Drama, and Music Category
Category
Winner
Fiction
Night Watch by Jayne Anne Phillips
Drama
Primary Trust by Eboni Booth
History
No Right to an Honest Living: The Struggles of Boston’s Black Workers in the Civil War Era by Jacqueline Jones
Biography
King: A Life by Jonathan Eig<br>Master Slave Husband Wife: An Epic Journey from Slavery to Freedom by Ilyon Woo
Memoir and Autobiography
Liliana’s Invincible Summer: A Sister’s Search for Justice by Cristina Rivera Garza
Poetry
Tripas: Poems by Brandon Som
Music
Adagio (For Wadada Leo Smith) by Tyshawn Sorey
General Nonfiction
A Day in the Life of Abed Salama: Anatomy of a Jerusalem Tragedy by Nathan Thrall
Journalism
Category
Winner
Public Service
Pro Publica (Joshua Kaplan, Justin Elliott, Brett Murphy, Alex Mierjeski, and Kirsten Berg)
Investigative Reporting
Hannah Dreier (The New York Times)
International Reporting
Staff of The New York Times
Editorial Writing
David E. Hoffman (The Washington Post)
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Photography Staff of Associated Press
Audio Reporting
Staff of the Invisible Institute and USG Audio
Sports News
Amul was Appointed as ‘Official Sponsor’ Of Sri Lanka Men’s Team For ICC Men’s T20 World Cup 2024
- Sri Lanka Cricket has announced that Indian milk producer Amul has been appointed as the ‘Official Sponsor’ of the Sri Lanka Men’s Team for the duration of the ICC Men’s T20 World Cup 2024.
- It also has been announced as the sponsor for the USA Men’s cricket team and also the South African Men’s cricket team.
India Clinches 3 Gold, And 2 Bronze Medals At Asian Open Pickleball Championships
- India clinched three gold and two bronze medals at the Asian Open Pickleball Championships in Vietnam.
- Sachin Pahwa and Priyanka Chabbra led India to its first gold medal, defeating Ruben Hellberg and Chitlada Hemasee in mixed doubles.
- While in the women’s doubles open category, the pair of Isha Lakhani and Pei Chuan Kao bagged the gold medal against Dang Kim Ngan and Tyak K.
- In the men’s doubles, India’s Aniket Patel and Rohit Patil claimed gold aganist Nik Alessandro Isagan and Lester Ga.
- In the men’s singles Vijay Menon defeated Yu Hsuan Cher to secure the bronze.
- In the women’s singles Priyanka Chhabra defeated Marissa Phongsirikul to secure the bronze.
- Vietnam – Hanoi (Capital) – Vietnamese dong (Currency) – Võ Văn Thưởng (President) – Phạm Minh Chính (Prime Minister) – Vietnamese (Official Language)
Indian Contingent Bags 43 Medals at ASBC Asian U-22 And Youth Boxing Championships In Astana, Kazakhstan
- In boxing, the Indian contingent wrapped up their electrifying journey at the ASBC Asian U-22 and Youth Boxing Championships with a remarkable haul of 43 medals in Astana, Kazakhstan.
- This includes 12 gold, 14 silver, and 17 bronze medals from both categories.
- The Indian U-22 team finished with 21 medals, including 7 gold, 5 silver, and 9 bronze medals.
- While the youth section bagged 22 medals, including 5 gold, 9 silver, and 8 bronze medals.
- India finished with the second-highest medal count, only behind the hosts, Kazakhstan, who have won 48 medals.
- Kazakhstan – Astana (Capital) – Tenge (Currency) – Kassym-Jomart Tokayev (President) – Olzhas Bektenov (Prime Minister) – Kazakh & Russian (Official Language)
Important Days
World Asthma Day 2024 is observed on May 7
- World Asthma Day is annually observed on the first Tuesday in May.
- This year the day falls on May 7.
- Asthma is one of the most common chronic non-communicable diseases that affects over 260 million people and is responsible for over 450000 deaths each year worldwide, most of which are preventable.
- The day is organized by the Global Initiative for Asthma, (GINA) a World Health Organization collaborative organization founded in 1993.
- The first World Asthma Day was observed in 1998.
- Theme – “Asthma Education Empowers”
World Athletics Day 2024 is observed on May 7
- World Athletics Day is annually observed on May 7.
- The day is observed to honour the athletes and reinstate the lessons of dedication and motivation in us, that we learn from sports.
- The first World Athletics Day was celebrated on May 15, 1996 by Late Primo Nebiolo, the then-president of the International Association of Athletics Federations (IAAF) with participation from 50 countries.
- The IAAF was founded in Stockholm, Sweden on July 17, 1912.
- Since 2019, the organisation is referred to as World Athletics.
World Thalassemia Day 2024 is observed on May 8
- World Thalassemia Day is annually observed on May 8.
- The day is celebrated to raise awareness among people about the prevention and treatment of
- It is a genetic blood disorder that affects haemoglobin production in the body.
- This disease is caused when the body is unable to produce enough haemoglobin, a protein in red blood cells that carries oxygen to cells throughout the body.
- The day is celebrated since 1994 by Thalassaemia International Federation (TIF) in memory of TIF President Panos Englezos’ son, George, who fought the disease.
- The Thalassaemia International Federation (TIF) is a non-profit, non-governmental organisation founded in 1986 by a group of patients and parents representing thalassaemia associations in Cyprus, Greece, the UK, the USA and Italy.
- Theme –” Empowering Lives, Embracing Progress: Equitable and Accessible Thalassemia Treatment for All.”
World Red Cross and Red Crescent Day 2024 is observed on May 8
- World Red Cross and Red Crescent Day is annually observed on May 8.
- The day helps to highlight the humanitarian values and activities of the Red Cross and Red Crescent Movement.
- In 1934, at the 15th International Conference in Tokyo, the Red Cross Truce report was presented outlining the principles needed to protect wounded soldiers during the war.
- The proposal was later put into effect during World War II in 1946.
- In 1948, the Board of Governors of the League of the Red Cross Societies proposed to celebrate the birth anniversary of Henry Dunant – the founder of the Red Cross and the International Committee of the Red Cross (ICRC).
- Since then, World Red Cross Day is celebrated every year on May 8.
- Theme – “I give with joy, and the joy I give is a reward.”
Defence
IAF takes delivery of second C295 transport aircraft
- The Indian Air Force (IAF) received delivery of the second of the 56 C295 aircraft, which are set to replace its ageing Avro-748 fleet.
- In September 2021, India formalised the acquisition of 56 Airbus C295 aircraft to replace the legacy Avro fleet of the IAF at a cost of ₹21,935 crores.
- Airbus Defence and Space said that of the total 56 aircraft ordered by the Indian customer, 16 will be produced by Airbus in Seville, Spain.
- The remaining 40 C295s of the IAF order will be manufactured and assembled–in partnership with Tata Advanced Systems Limited (TASL)–at a Final Assembly Line (FAL) in Gujarat’s Vadodara.
- The aircraft will be manufactured under India’s first-ever ‘Make in India’ Aerospace programme in the private sector.
- For the longest time, Hindustan Aeronautics Limited (HAL) has had a monopoly over the manufacture of military aircraft in India.
- Spain – Madrid (Capital) – Euro (Currency) – Felipe VI (Monarch) – Pedro Sánchez (Prime Minister) – Spanish (Official Language)
India & EU Hold 2nd Consultations On Security And Defence
- The European Union and India held their second round of consultations on security and defence in New Delhi, engaging in fruitful discussions on international and regional issues.
- Topics ranged from Russia’s aggression against Ukraine to developments in South Asia and the Middle East.
- During the consultations, both parties delved into security and defence policy developments.
- The EU provided updates on the implementation of its Strategic Compass and the Indo-Pacific Strategy, including the European Defence Industrial Strategy (EDIS), as well as recent EU operations like EUNAVFOR ASPIDES.
- Moreover, they committed to strengthening collaboration in existing areas of bilateral cooperation, such as cyber, maritime security, and crisis management.
- They emphasized leveraging opportunities presented by the EU project Enhancing Cooperation in and with Asia (ESIWA).
Daily Current Affairs - May 07 & 08, 2024 - Consolidated
- Two-Week Capacity Building Programme on Project and Risk Management for Public Works for officials of Tanzania commences at Mussoorie
- 4th Session of India-Ghana Joint Trade Committee held in Accra
- 5th Joint Group of Customs (JGC) meeting was held between India and Bhutan
- Ajrakh from Kutch gets GI tag
- RBI eases FEMA regulations to facilitate foreign investment in derivatives
- Banks’ CASA share slips up to 700 bps in FY24
- India received over $111 billion in remittances in 2022
- India Ratings raises FY25 GDP growth forecast to 7.1% from 6.5%
- Chief Economic Advisor: Possibility of GDP growth touching 8% in FY24 quite high
- Knight Frank: India has 13 mn sq. ft of ghost shopping centres in 29 cities
- CIFT signs MoU with Indian Marine Ingredients Association for tech advancements
- Carlyle Group sells 2% stake worth Rs 1,442 crore in YES Bank
- José Raúl Mulino elected as President of Panama
- Xi Jinping appoints senior diplomat Xu Feihong as China’s new envoy to India
- India ranked 159 at World Press Freedom Index 2024
- 2024 Pulitzer Prize was announced
- Amul was Appointed as ‘Official Sponsor’ Of Sri Lanka Men’s Team For ICC Men’s T20 World Cup 2024
- India Clinches 3 Gold, And 2 Bronze Medals At Asian Open Pickleball Championships
- Indian Contingent Bags 43 Medals at ASBC Asian U-22 And Youth Boxing Championships In Astana, Kazakhstan
- World Asthma Day 2024 is observed on May 7
- World Athletics Day 2024 is observed on May 7
- World Thalassemia Day 2024 is observed on May 8
- World Red Cross and Red Crescent Day 2024 is observed on May 8
- IAF takes delivery of second C295 transport aircraft
- India & EU Hold 2nd Consultations On Security And Defence
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