Daily Current Affairs – May 17 & 18, 2024
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Daily Current Affairs - Banking - May 17 & 18, 2024
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International News
Sanjay Jaju Unveils the Official Poster Of 55th IFFI at 77th Cannes Film Festival
- Information and Broadcasting Secretary Sanjay Jaju unveiled the official poster of 55th India International Film Festival (IIFF), at the 77th Cannes Film Festival in France.
- The IFFI will be held in Goa in November 2024.
- For the first time India is hosting a Bharat Parv at the Cannes Film Festival.
- Bharat Parva was hosted by Sanjay Jaju to celebrate the rich culture, cuisine and handicrafts of India along with Indian cinema at the ongoing Cannes Film Festival.
- France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Official Language)
12th Joint Working Group Meeting was held Between Defence Ministries of India and Mongolia
- The 12th Joint Working Group meeting between the Defence Ministries of India and Mongolia concluded in Ulaanbaatar, Mongolia.
- The meeting was co-chaired by the Ministry of Defence, Joint Secretary, Amitabh Prasad and his Mongolian Counterpart Brigadier General Gankhuyag Davagdorj.
- During the two-day meet, both sides expressed satisfaction at the ongoing defence cooperation between the two countries.
- Mongolia – Ulaanbaatar (Capital) – Tögrög/Tugrik (Currency) – Ukhnaagiin Khürelsükh (President) – Luvsannamsrain Oyun-Erdene (Prime Minister) – Mongolian (Official Language)
Indo-Bangla Baul Music Festival Inaugurated in Dhaka
- A nine-day long Indo-Bangla Baul music festival began from Dhaka to celebrate the 250th birth anniversary of the mystic saint and humanist bard Fakir Lalan Shah.
- The event is being organised by the cultural and research organisation Lalon Biswasangha working to popularise the work and promote research on Lalan Fakir.
- He also known as Lalon Shah, Lalon Fakir, Shahji and titled Fakir, Shah, was a prominent Bengali spiritual leader, philosopher, mystic poet and social reformer born in Jhenaidah, Bengal Subah.
- He was Born in 1774 at Horishpur in Jhenaidah district of modern Bangladesh and inspired and influenced people like Rabindranath Tagore, Kazi Nazrul Islam and the American poet Allen Ginsberg among others.
- Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Official Language)
Banking and Finance
ADB approves $148 mn loan to improve power supply in Sikkim
- Asian Development Bank (ADB) has approved a $148.5 million loan to help modernise and enhance the reliability, quality and resilience of electricity supply in Sikkim.
- This project fully supports Sikkim’s Power for All initiative, ensuring round-the-clock uninterrupted access to quality electricity for households, industries, businesses, and the public.
- The project will modernise Sikkim’s power distribution system by upgrading it with approximately 770 kilometres of climate-resilient medium-voltage underground and/or covered conductors and will replace 580 kilometres of ageing and low-capacity bare conductors with new ones to increase distribution network capacity.
- Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 49 countries (Regional members) & 19 countries (non-regional members)
SEBI had given gets 3-year extension to LIC meet public shareholding norms
- Life Insurance Corporation of India (LIC) has got a three-year extension from the Securities and Exchange Board of India (SEBI) to comply with minimum public shareholding (MPS) norms.
- SEBI’s decision allows LIC to achieve a 10 per cent public shareholding within five years from the date of listing.
- SEBI regulations require all listed companies to maintain a 25 per cent public float, with newly listed companies granted a three-year window.
- However, companies with a post-issue market capitalisation exceeding ₹1 trillion have a five-year timeline to meet the 25 per cent MPS rule.
- In December 2023, the Finance Ministry had granted LIC an exemption from complying with the 25 per cent MPS norms until 2032.
IFC extends $500 mn to HDFC Bank to advance microloans to women
- International Finance Corporation (IFC) has provided $500 million loan to HDFC Bank for extending microloans to “underserved women” in rural and semi-urban India.
- It would use IFC’s financing for on-lending as microloans to self-help groups (SHGs) and joint liability groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI).
- International Finance Corporation (IFC) – 20/07/1956 (Founded) – Washington, D.C., United States (HQ) – Makhtar Diop (MD)
Business and Economy
FIEO: Goods exports may rebound over 14% in FY25
- According to Federation of Indian Export Organisations (FIEO), India’s goods exports could rebound to hit $500 billion this year as global demand is slowly improving and prospects of a good monsoon could free up curbs on shipments of agricultural products.
- Exports had slipped to $437.1 billion in 2023-24 after hitting a record high of $451.1 billion in the previous year.
- Federation of Indian Export Organisations (FIEO) – 1965 (Founded) – New Delhi (HQ) – Ashwani Kumar (President)
India's export in FY24
- India’s poultry exports touched a record $184.58 million (₹1,530 crore) during the 2023-24 financial year on demand for products such as eggs and egg powder from countries such as Oman and Sri Lanka.
- During 2022-23, India’s poultry exports stood at $134.04 million (₹1,081 crore).
- India’s pulses exports during 2023-24 declined 22 per cent in volume and 2.5 per cent in value terms on a slowdown in purchases by key buyers such as Bangladesh, China and the United Arab Emirates on higher prices.
- Pulses exports stood at 94 lakh tonnes (lt) during 2023-24 compared with 7.62 lt in the previous year.
- In value terms, pulses exports stood at $644 million over the previous year’s $661 million.
UN Boosts India’s 2024 GDP forecast to 6.9%
- The United Nations upwardly raised India’s economic growth projections for 2024 from 6.2 per cent to 6.9 per cent mainly driven by strong public investment and resilient private consumption.
Agreements and MoUs signed
FICCI signs MoU with IESA to Boost India’s Semiconductor And Electronics Industry
- India Electronics and Semiconductor Association (IESA) has signed a Memorandum of Understanding (MoU) with Federation of Indian Chambers of Commerce and Industry (FICCI) to promote innovation, support the semiconductor and electronics industry, strengthen supply chains, and foster development of the ecosystem in India.
- This collaboration will work on setting up joint task force on semiconductor and critical technologies of the future.
- Conducting technology consultative roundtables, fostering business partnerships would be the core objective of this MoU.
- Federation of Indian Chambers of Commerce & Industry (FICCI) – 1927 (Founded) – New Delhi (HQ) – Anish Shah (President)
Kerala fisheries varsity signs MoU with Bournemouth University
- Kerala University of Fisheries and Ocean Studies has signed a memorandum of understanding (MoU) with Bournemouth University, UK, for scientific knowledge exchange in areas of aquatic biodiversity conservation and environmental sciences.
- Both universities have been undertaking joint research activities since 2017, especially on mahseer conservation in the Western Ghats region.
- This research has resulted in several high impact scientific publications.
- Both universities also jointly organised an international workshop on mahseer conservation in 2017.
- The MoU is expected to result in expansion of the current research activities and will also include student and staff exchange as well as organising joint conferences and workshops.
Summit & Conference
‘India's Progressive Path in the Administration of Criminal Justice System’ was organised in Guwahati
- In recent years, the Government of India has taken several initiatives to repeal archaic colonial laws and usher in legislations which are citizen centric and cater to the requirements of a vibrant democracy.
- As part of this, recently, three new laws have been enacted to overhaul the criminal justice system in the country.
- The new legislations i.e. the Bharatiya Nyaya Sanhita, 2023; the Bharatiya Nagarik Suraksha Sanhita, 2023 and the Bharatiya Sakshya Adhiniyam, 2023, replace the earlier criminal laws namely, the Indian Penal Code 1860, the Code of Criminal Procedure, 1973 and the Indian Evidence Act, 1872.
- As notified, these new criminal laws are to take effect from 1 July2024.
- Ministry of Law and Justice is organising a Conference titled ‘India’s Progressive Path in the Administration of Criminal Justice System’, in association with the Government of Assam at Bhupen Hazarika Auditorium, IIT Guwahati, Namati Jalah, Guwahati to generate awareness about new laws, particularly amongst the stakeholders and legal fraternity.
- The Conference aims at bringing out the highlights of the three new criminal laws and organise meaningful interactions through technical and Q & A sessions.
- Besides, the judges of various courts, advocates, academicians, representatives of law enforcement agencies, police officials, public prosecutors, district administration officials and law students from the North Eastern States shall be participating in the Conference.
- It may be recalled, that the first conference of the series was held in New Delhi on 20 April 2024.
Acquisitions and Mergers
Serum Institute picks up 20% stake in IntegriMedical
- Vaccine major Serum Institute of India has acquired 20 per cent stake in medical device company IntegriMedical to advance needle-free injection technology, for an undisclosed amount.
Appointments
Kabil Sibal Elected President of Supreme Court Bar Association
- Senior advocate Kapil Sibal was elected as the president of the Supreme Court Bar Association (SCBA) for 2024-2025.
- He previously served as president of SCBA between 1995-1996, 1997-1998 and 2001-2002.
- He would succeed Adish C. Aggarwala.
- He was the additional solicitor general of India during 1989-90 and was elected as Lok Sabha MP from Chandni Chowk constituency in 2004 & 2009.
- He also represented as Rajya Sabha MP from Uttar Pradesh in
Sanjeev Jain appointed as COO of Wipro
- Sanjeev Jain was appointed as the Chief Operating Officer of IT major Wipro with immediate effect after Amit Choudhary stepped down from the post.
IndiaFirst Life to elevate Deputy CEO Rushabh Gandhi as MD
- The board of IndiaFirst Life Insurance has approved the appointment of Deputy CEO Rushabh Gandhi as the Managing Director (MD) and CEO for five years, with effect from July 1, 2024, following the current MD and CEO R M Vishakha, who will retire on June 30, 2024.
Obituary
Renowned Writer Malti Joshi Passes Away
- Malti Joshi, a celebrated writer and recipient of the Padma Shri award passed away at the age of 90.
- She served as the member secretary of the Indira Gandhi National Center for the Arts (IGNCA).
- She authored more than 60 books and was honoured with the prestigious Padma Shri award in 2018 for her significant contributions to literature.
Sports News
In Table Tennis Poymantee Baisya and Akash Pal Clinch Mixed Doubles Title At WTT Cappadocia Feeder in Turkey
- The Indian table tennis duo of Poymantee Baisya and Akash Pal clinched mixed doubles title against fellow Indians Anirban Ghosh and Swastika Ghosh at World Table Tennis (WTT) Feeder tournament held in Cappadocia, Türkiye.
- Türkiye – Ankara (Capital) – Turkish lira (Currency) – Recep Tayyip Erdoğan (President) – Turkish (Official Language)
Brazil Declared Host of 2027 Women’s World Cup at FIFA Congress
- Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress to become the first South American country to hold the tournament.
- The Brazil bid received the backing of 119 member associations of the FIFA Congress to host the 10th edition of the competition.
- Brazil – Brasília (Capital) – Real (Currency) – Lula da Silva (President) – Portuguese (Official Language)
- Fédération internationale de football association FIFA (International Association Football Federation) – 21/05/1904 (Founded) – Zurich, Switzerland (HQ) – Gianni Infantino (President)
Important Days
World Hypertension Day 2024 is observed on May 17
- World Hypertension Day is annually observed on May 17.
- The day is celebrated to raise awareness and promote hypertension prevention, detection and control.
- More than one billion people around the world live with hypertension (high blood pressure), which is a major cause of cardiovascular disease and premature death worldwide.
- The day is annually celebrated since 2006.
- Theme – “Measure Your Blood Pressure Accurately, Control It, Live Longer”
World Telecommunication & Information Society Day 2024 is observed on May 17
- World Telecommunication & Information Society Day is annually observed on May 17.
- The day is celebrated since 1969, marking the founding of International Telecommunication Union (ITU) and the signing of the first International Telegraph Convention in 1865.
- It was instituted by the Plenipotentiary Conference in Malaga-Torremolinos in 1973 as Resolution 46.
- Theme – “Digital Innovation for Sustainable Development”
- International Telecommunication Union (ITU) – 17/05/1865 (Founded) – Geneva, Switzerland (HQ) – Doreen Bogdan-Martin (Secretary-General)
World AIDS Vaccine Day 2024 is observed on May 18
- World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day is annually observed on May 18.
- The Day serves as a global initiative to raise awareness about the urgent need for a vaccine to prevent HIV infection and AIDS and also a day to thank the scientists, doctors, volunteers and health professionals who are working on a vaccine for AIDS.
- AIDS stands for Acquired Immunodeficiency Syndrome – a chronic and potentially life-threatening condition caused by the human immunodeficiency virus (HIV).
- The Day to commemorate the anniversary of a speech given by then-US President Bill Clinton on May 18, 1997 and was observed in the year 1998.
International Museum Day 2024 is observed on May 18
- International Museum Day is annually observed on May 18.
- The day is celebrated to raise awareness about the fact that, “Museums are an important means of cultural exchange, enrichment of cultures and development of mutual understanding, cooperation and peace among peoples.”
- The day is celebrated since 1977 by international council of museums (ICOM).
- Theme – “Museums for Education and Research”
Defence
2nd edition of “Lieutenant General PS Bhagat Memorial Lecture” was organised at New Delhi
- The 2nd edition of “Lieutenant General PS Bhagat Memorial Lecture” was organised by the Indian Army and United Services Institution of India (USI) on theme “Armed Forces Contribution to Realise the Vision of a Rising India” at Manekshaw Centre, New Delhi.
- The lecture was conducted as part of Lt Gen PS Bhagat Memorial Chair of Excellence instituted at USI, by the Chief of the Army Staff (COAS) on 14 October 2022.
- During the event, a book titled “The Victoria Cross Icon: Vision and Legacy” on the rich legacy of Lieutenant General PS Bhagat, authored by Major General Shashikant G Pitre (Retired) was released.
- The book was eloquently introduced by the author giving out a meticulous account of General Bhagat’s military contributions, aptly delving into his military appreciations, concept papers, and his critique of the 1962 War.
- The book elucidates General Bhagat’s prowess as a brilliant military leader with deep strategic vision and insights, exceptional administrative abilities, astute leadership qualities and his intimate connect with the men he commanded.
2nd edition of India – Australia – Indonesia Trilateral Maritime Security Workshop conducted at Kochi
- The 2nd edition of India – Australia – Indonesia Trilateral Maritime Security Workshop (TMSW) was conducted at INS Dronacharya, Kochi, India.
- The Theme of the workshop was ‘Indian Ocean Region: Collaborative Efforts to Enhance Regional Maritime Security’, which was chosen to discuss ongoing maritime security challenges and opportunities for collaboration between the three maritime neighbours in the region.
- The Workshop was conducted under the aegis of Headquarters Southern Naval Command and witnessed participation of delegates from the three participating Navies.
- The workshop was presided over by RAdm Nirbhay Bapna, ACNS (FCI), and Co-Chaired by Cmde Paul O’Grady, Commodore Flotillas from Royal Australian Navy, FAdm Heri Triwibowo, Assistant for Operations to CIC Indonesian Fleet Command from TNI (AL) and Cmde Manmeet S Khurana, Cmde (Foreign Cooperation) from Indian Navy.
- During the Workshop, discussions were centered on a wide array of topics, canvassing present day opportunities and challenges in the IOR, including Information Exchange mechanisms and capabilities of IFC-IOR, Maritime Domain Awareness, non-traditional and illicit maritime activities, Maritime Law enforcement, capability enhancement and capacity building, avenues for enhancing interoperability and cooperation etc.
Daily Current Affairs - May 17 & 18, 2024 - Consolidated
- Sanjay Jaju Unveils the Official Poster Of 55th IFFI at 77th Cannes Film Festival
- 12th Joint Working Group Meeting was held Between Defence Ministries of India and Mongolia
- Indo-Bangla Baul Music Festival Inaugurated in Dhaka
- ADB approves $148 mn loan to improve power supply in Sikkim
- SEBI had given gets 3-year extension to LIC meet public shareholding norms
- IFC extends $500 mn to HDFC Bank to advance microloans to women
- FIEO: Goods exports may rebound over 14% in FY25
- India’s export in FY24
- UN Boosts India’s 2024 GDP forecast to 6.9%
- FICCI sins MoU with IESA to Boost India’s Semiconductor And Electronics Industry
- Kerala fisheries varsity signs MoU with Bournemouth University
- ‘India’s Progressive Path in the Administration of Criminal Justice System’ was organised in Guwahati
- Serum Institute picks up 20% stake in IntegriMedical
- Kabil Sibal Elected President of Supreme Court Bar Association
- Sanjeev Jain appointed as COO of Wipro
- IndiaFirst Life to elevate Deputy CEO Rushabh Gandhi as MD
- Renowned Writer Malti Joshi Passes Away
- In Table Tennis Poymantee Baisya and Akash Pal Clinch Mixed Doubles Title At WTT Cappadocia Feeder in Turkey
- Brazil Declared Host of 2027 Women’s World Cup at FIFA Congress
- World Hypertension Day 2024 is observed on May 17
- World Telecommunication & Information Society Day 2024 is observed on May 17
- World AIDS Vaccine Day 2024 is observed on May 18
- International Museum Day 2024 is observed on May 18
- 2nd edition of “Lieutenant General PS Bhagat Memorial Lecture” was organised at New Delhi
- 2nd edition of India – Australia – Indonesia Trilateral Maritime Security Workshop conducted at Kochi
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