Daily Current Affairs 9th & 10th June, 2024
Daily Current Affairs 9 & 10 June 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
CSC signs MoU to convert 10,000 FPOs into CSCs
- An MoU between CSC SPV and Ministry of Agriculture & Farmer’s Welfare was signed to convert FPOs registered under ‘Formation & Promotion of 10,000 FPOs scheme’ into CSCs and help them to deliver citizen-centric services.
- As per MoU, 10,000 FPOs will be converted into CSCs. CSC SPV will enable them to provide the services that are available on the Digital Seva Portal. Training and Capacity Building of FPOs will be done by CSCs.
- This initiative will give a new dimension to the movement of rural development and digital empowerment of the country. There will be an immense increase in agriculture related services of CSC. It will also help FPOs to become a nodal center for providing various services like Direct Benefit Transfer (DBT), Interest Subsidy Scheme (ISS), Crop Insurance Scheme (PMFBY) and fertilizer and seed inputs.
STPI celebrates 33rd Foundation Day: Commemorates three decades of contributions towards building India’s technological future
- Software Technology Parks of India (STPI) proudly celebrated its 33rd Foundation Day, commemorating over three decades of unparalleled contributions towards the Indian technology sector in terms of software exports, as well as towards nurturing a modern tech startup ecosystem.
- The event held at the prestigious Ashok Hotel in New Delhi with the theme of “Positioning Bharat as a Tech Product Nation” was graced by Secretary of Ministry of Electronics and Information Technology (MeitY), Shri S Krishnan and the Director General of STPI, Shri Arvind Kumar, as well as other dignitaries from both the government and technology industry.
- The STPI announced its initiative towards developing India’s sovereign cloud journey under the brand name “Ananta”, which will be a hyperscale cloud made by Indians for Indians. Apart from the conventional Compute Infrastructure Services (IAAS), Ananta will also offer PAAS, SAAS and GPU based services.
- The event also saw the signing of two MoUs aimed at developing and nurturing a holistic ecosystem for fostering the next generation of tech start-ups in India. The first MoU was signed between Sabudh Foundation and STPI with the objective of creating skill-development initiatives and nurturing entrepreneurial training ecosystem in DeepTech for Engineering Graduates. The inauguration event also saw an MoU exchange between STPINEXT initiatives and DBS Bank India Pvt Ltd aimed at strengthening the tech startup ecosystem in India.
INTERNATIONAL NEWS
Hungary Unveils 700-Metre Pedestrian Bridge of National Unity
- Hungary recently unveiled the ‘Bridge of National Unity,’ a 700-metre pedestrian bridge spanning Budapest’s Danube River. Symbolizing unity, it marks a milestone in Hungary’s architectural landscape.
- The bridge was built at a cost of four billion HUF [10 million euros], financed from the national budget. The government says that no European Union funds were used.Designed by renowned architect Péter Rácz, the bridge boasts a striking modern design characterized by sleek lines and contemporary aesthetics.
- The bridge, which connects two nearby hills and has a glass floor in the middle, is expected to boost tourism in northeastern Hungary bordering Slovakia.
Global temperatures likely to exceed 1.5 degrees Celsius in next five years, says United Nations
- There is an 80 percent likelihood that the annual average global temperature will temporarily exceed 1.5°C above pre-industrial levels for at least one of the next five years, according to a new report from the World Meteorological Organisation (WMO).
- There is a 47% likelihood that the global temperature averaged over the entire five-year 2024-2028 period will exceed 1.5 °C above the pre-industrial era, says the WMO Global Annual to Decadal Update – up from 32% from last year’s report for the 2023-2027 period.
- The update is produced by the UK’s Met Office, which is the WMO Lead Centre for Annual to Decadal Climate Prediction. It provides a synthesis of predictions from WMO designated Global Producing Centres and other contributing centres.
- Given these 12 monthly records, the global average temperature for the last 12 months (June 2023 – May 2024) is also the highest on record, at 1.63°C above the 1850–1900 pre-industrial average, according to the Copernicus Climate Change ERA5 dataset.
- Arctic warming over the next five extended winters (November to March), relative to the average of the 1991-2020 period, is predicted to be more than three times as large as the warming in global mean temperature.
- Predictions of sea-ice for March 2024-2028 suggest further reductions in sea-ice concentration in the Barents Sea, Bering Sea, and Sea of Okhotsk.
Global public debt hits record $97 trillion in 2023, UN urges action
- According to the UN report titled ”A world of debt 2024: A growing burden to global prosperity”, highlights the unprecedented surge in public debt, comprising both domestic and external general government borrowing which reached a historic peak of $97 trillion in 2023, up by a notable $5.6 trillion from the previous year.
- Particularly in Africa, faltering economies in the wake of multiple global crises have resulted in a heavier debt burden. The number of African countries with debt-to-GDP rations above 60% has increased from 6 to 27 between 2013 and 2023. Meanwhile, repaying debt has become more costly, and this is hitting developing countries disproportionately.
- In 2023, developing nations paid $847 billion in net interest, a 26% increase from 2021. They borrowed internationally at rates two to four times higher than the U.S. and six to 12 times higher than Germany.
- The rapid rise in interest costs is limiting budgets in developing countries. Presently, half of them designate a minimum of 8% of government revenues to debt servicing, a number that has doubled in the last ten years. Moreover, in 2023, a historic 54 developing nations, with almost half in Africa, dedicated a minimum of 10% of government funds to debt interest payments.
India Participates In Inaugural IPEF Clean Economy Investor Forum In Singapore
- India participated in the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum underway in Singapore. The Indian delegation was led by Secretary, Department of Commerce, Sunil Barthwal.
- Mr. Barthwal acknowledged the forum as a unique platform that brought global investors, project proponents, policy makers, academia under one roof which would be instrumental in advancing sustainable infrastructure in the Indo-Pacific Region. He underlined the huge investment opportunities that India offers of more than 500 billion US dollars, particularly in clean energy value chain including renewables, green hydrogen and Electric Vehicle and its infrastructure transition by 2030.
- The Ministry informed that ten Indian companies among the top 100 climate tech start-ups have been selected by IPEF for participation. More than 25 Indian companies got opportunity to pitch Indian projects to more than 100 global Investors at the forum.
- Catalysing Investment: The first-of-its-kind Forum resulted in USD 23 billion in investment opportunities for sustainable infrastructure projects in the Indo-Pacific. The coalition estimates that its members, taken together, have over USD 25 billion in capital that can be deployed in Indo-Pacific emerging market infrastructure investments in the coming years. DFC’s Board has also approved an equity investment as part of the USD 900 million Eversource Climate Investment Partners II fund. The Fund’s founding supporters include Australia, Japan, the Republic of Korea, and the United States, which plan to provide USD 33 million in initial grant funding to catalyze up to USD 3.3 billion in private investment.
1 in 4 children globally live in severe child food poverty due to inequity, conflict, and climate crises – UNICEF
- Around 181 million children worldwide under 5 years of age or 1 in 4 are experiencing severe child food poverty, making them up to 50 per cent more likely to experience wasting, a life-threatening form of malnutrition, a new UNICEF report reveals.
- For the first time, Child Food Poverty: Nutrition Deprivation in Early Childhood analyses the impacts and causes of dietary deprivation among the world’s youngest people in nearly 100 countries, and across income groups. It warns that millions of children under the age of five are unable to access and consume a nutritious and diverse diet to sustain optimal growth and development in early childhood and beyond.
- Children who consume, at most, two of eight defined food groups are considered to be in severe child food poverty. Four out of five children in this situation are fed only breastmilk/milk and/or a starchy staple, such as rice, maize or wheat. Less than 10 per cent of these children are fed fruits and vegetables. And less than 5 per cent are fed nutrient-dense foods such as eggs, fish, poultry, or meat.
- Of the 181 million children living in severe food poverty, 65 per cent reside in just 20 countries. Around 64 million affected children are in South Asia, and 59 million are in Sub-Saharan Africa.
- In Somalia, a country experiencing conflict, drought and floods, 63 per cent of children are living in severe child food poverty and in the most vulnerable communities, over 80 per cent of caregivers reported that their child had been unable to eat for an entire day.
- The report finds nearly half (46 per cent) of all cases of severe child food poverty are among poor households where income poverty is likely to be a major driver, while 54 per cent – or 97 million children – live in relatively wealthier households, among whom poor food environments and feeding practices are the main drivers of food poverty in early childhood.
NASA Welcomes Slovakia as New Artemis Accords Signatory
- Slovakia became the 42nd signatory to the Artemis Accords at a ceremony at NASA Headquarters in Washington. The Artemis Accords were established in 2020 by the United States and seven other countries to set out a practical set of principles to guide civil space exploration and use.
- Slovakia joins 41 other nations – Angola, Argentina, Australia, Bahrain, Belgium, Brazil, Bulgaria, Canada, Colombia, Czech Republic, Ecuador, France, Germany, Greece, Iceland, India, Israel, Italy, Japan, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Nigeria, Peru, Poland, the Republic of Korea, Romania, Rwanda, Saudi Arabia, Singapore, Slovenia, Spain, Sweden, Switzerland, Ukraine, the United Arab Emirates, the United Kingdom, the United States, and Uruguay – in affirming the Accords’ principles for sustainable civil space activity.
Nepal’s largest Hydel project constructed with Indian assistance marks breakthrough
- The Arun III hydropower project in Nepal, which is being constructed with Indian assistance, marked its breakthrough. Nepali Prime Minister Pushpa Kamal Dahal in the presence of Indian Ambassador Naveen Srivastava triggered the last blast to mark the breakthrough of the 11.8 KM headrace tunnel of Nepal’s first export-oriented project.
- The 900 MW hydropower project being constructed on the Arun River with a budget of about USD 1.4 billion, is a run-off-the-river type project whose construction started in May 2018.
- The Satluj Jal Vidyut Nigam (SJVN) was awarded with the project through international competitive bidding in March 2008. The Investment Board Nepal and SJVN signed an agreement for the development of the Arun III project in November 2014.
BANKING & FINANCE
PhonePe partners with Sri Lanka’s PickMe for UPI transactions
- PhonePe has announced its collaboration with Sri Lankan ride hailing platform PickMe to enable UPI-based QR payments for Indian travellers in Sri Lanka.
- The partnership will allow Indian tourists to conduct cashless transactions on PickMe rides, making PickMe the first ride-hailing platform in Sri Lanka to offer such a service to Indians travelling to Sri Lanka.
- Last month, PhonePe enabled UPI payments in collaboration with LankaPay across LankaQR merchant points via the Phonepe App. The transactions facilitated by the Unified Payments Interface (UPI) and LankaPay National Payment Network, also aimed to cater to the needs of Indian tourists and entrepreneurs in Sri Lanka.
RBI announces HaRBInger 2024 with focus on Zero Financial Frauds, Being Divyang Friendly
- In a move aimed at enhancing the safety, security, and inclusivity of India’s financial ecosystem, the Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the third edition of the RBI’s global hackathon, “HaRBInger 2024 – Innovation , “HaRBInger 2024 – Innovation for Transformation.”The hackathon focuses on two important themes: ‘Zero Financial Frauds’ and ‘Divyang Friendly’.
- The Apex Bank has been encouraging innovation in identified focus areas through its annual hackathons.Governor Das emphasised the importance of leveraging technology to combat financial fraud and widen the reach of financial services.
- On the same day as the hackathon announcement, the RBI announced intentions to create a digital payments intelligence platform to combat online financial fraud, which would include network-level intelligence and real-time data exchange.
BUSINESS & ECONOMY
India Third-Largest Gold Buyer In May, After Switzerland And China: WGC
- The global gold market experienced a significant shift in May, marking the end of a twelve-month losing streak for gold exchange-traded funds (ETFs). India purchasing USD 86.5 million worth of gold in May, further supporting the positive momentum in the market.
- According to the World Gold Council’s latest commentary, the month saw a resurgence in inflows, primarily driven by strong demand in Europe and Asia, despite minor outflows in North America and other regions.
- By the end of May, global gold ETF holdings rose to 3,088 tonnes, boosting total assets under management (AUM) to USD 234 billion, reflecting a 2 per cent increase for the month.
- Europe and Asia were the primary contributors to the positive fund flows. European gold ETFs recorded their first inflows in a year, narrowing year-to-date outflows to $6.3 billion. Swiss and German funds led the way, anticipating a potential rate cut by the European Central Bank.
- China was a significant driver, contributing US$253 million of investments due to rising local gold prices and a weak currency. Japan also saw strong inflows as attractive local gold prices rose.Year-to-date, Asia has seen inflows of US$2.6 billion, the highest increase in AUM in the region’s history, with both China and Japan contributing significantly. North America saw modest outflows of US$139 million in May. experienced a slight slowdown with , ending a two-month streak of positive inflows.
SPORTS
French Open 2024: Alcaraz, Swiatek win singles titles
- Carlos Alcaraz of Spain and Iga Swiatek of Poland won the 2024 French Open men’s and women’s Tennis Single titles, respectively. It was the first French Open singles title for Alcaraz and the fourth singles title for the world no.1 Iga Swiatek.
- The 123rd edition of the French Open, also known as Roland Garros, was held at the Stade Roland Garros in Paris, France, from 26 May to 9 June 2024.
Winners of French Open 2024:
- Men’s Single :Carlos Alcaraz (Spain) defeated Alexander Zeverev (Germany)
- Women’s Single :Iga Swiatek (Poland) defeated Jasmine Paolini(Italy)
- Men’s Double :Mate Pavic (Croatia) and Marcelo Alevaro (El Salvador) defeated Andrea Vavasorri and Somen Balloli (Both Italian)
- Women’s Double :Coco Gauff (USA) and Katerina Siniakova (Czech) defeated Sara Errani and Jasmine Paolini (Both Italian)
- Mixed Doubles :Desirae Krawczyk (USA) and Neal Skupski (Britain) defeated Laura Siegemund (Germany) and Édouard Vasselin (France)
APPOINTMENTS
PNB MetLife names Sameer Bansal as MD and CEO
- Private life insurer, PNB MetLife India Insurance appointed Sameer Bansal as the Managing Director (MD) and Chief Executive Officer (CEO) of the company effective from July 1, 2024. The appointment is subject to regulatory approvals.
- He will succeed Ashish Srivastava, who has been appointed MD for MetLife Inc.’s Global Shared Services team in India.
- Bansal has over 25 years of experience in financial services, including extensive and successful experience in leading Distribution through Bancassurance, Agency, Digital, Employee Benefits and Direct marketing business models. He joined the firm in 2007 and is currently serving as the Chief Distribution Officer
Bisleri names Aditya Roy Kapur brand ambassador
- Bisleri Limonata announced the appointment of Aditya Roy Kapur as its first brand ambassador. The ‘Limey Minty Cooler’ by Bisleri International also launched a new campaign, titled #DoubleTheChill.
- The campaign features Aditya Roy Kapur and Chunky Pandey in a beach setup. Kapur, sporting a bright yellow shirt, is playfully teased by Pandey that a single yellow isn’t enough.
Philemon Yang of Cameroon elected President of upcoming General Assembly session
- The UN General Assembly (UNGA) elected former Cameroonian Prime Minister Philemon Yang as president of the 79th UNGA session. Yang will succeed Denis Francis of Trinidad and Tobago, president of the 78th UNGA session, when the 79th UNGA session opens on Sept. 10 at the UN headquarters in New York.
- Yang served as Cameroonian prime minister from 2009 to 2019, and since 2020, he has been serving as the Grand Chancellor of National Orders at the Presidency of the Republic. He served as Cameroon’s high commissioner to Canada between 1984 and 2004, and has held the position of Chairperson of the Panel of Eminent Africans of the African Union since February 2020. Following Uganda (2014) and Nigeria (2019), Cameroon becomes the 13th African country to have a representative appointed as president of the UN General Assembly.
- The theme of UNGA 79th Session is “Unity in Diversity, for the advancement of peace, sustainable development, and human dignity for everyone everywhere”. The 79th session of the General Assembly will convene on 10 September, with the body’s high-level general debate starting on 24 September 2024.
Narendra Modi takes oath for third consecutive term as PM
- Narendra Modi was sworn-in as prime minister for the third consecutive term, along with his 71 ministers. Modi became the first person after former Prime Minister Jawaharlal Nehru to be elected as PM for the third consecutive term.
- In the new coalition government, besides Narendra Modi, 30 Cabinet Ministers, five Ministers of State (Independent Charge) and 36 Ministers of State were administered the oath of secrecy and office by President Droupadi Murmu.
- Council of Ministers: Rajnath Singh, Amit Shah, Nitin Gadkari, JP Nadda, Shivraj Singh Chauhan, Nirmala Sitharaman, S Jaishankar; ML Khattar, HD Kumaraswamy, Piyush Goyal, Dharmendra Pradhan, Jitan Ram Manjhi, Rajeev Ranjan Singh, Sarbanand Sonowal and Dr Virendra Kumar among others took oath.
- JD(S) leader H D Kumaraswamy, HAM (Secular) chief Jitan Ram Manjhi, JD(U) leader Rajiv Ranjan Singh ‘Lalan’, TDP’s K Ram Mohan Naidu and LJP-RV leader Chirag Paswan took oath as Cabinet ministers. Each of these five allies got one cabinet berth each.
- Several leaders from neighbouring countries and other nations attended Narendra Modi’s oath taking ceremony. Sri Lanka President Ranil Wickremesinghe, Maldives President Mohamed Muizzu, Bangladesh Prime Minister Sheikh Hasina, Seychelles Vice-President Ahmed Afif, Prime Minister of Bhutan Tshering Tobgay, Prime Minister of Nepal Pushpa Kamal Dahal ‘Prachanda’, Prime Minister of Mauritius Pravind Kumar Jugnauth attended the ceremony.
SCIENCE & TECHNOLOGY
Trishna: Isro’s joint mission with France to Provide unprecedented climate data
- In a major boost to global efforts to monitor and mitigate climate change, the Indian Space Research Organisation (ISRO) is collaborating with the French Space Agency CNES on an ambitious new satellite mission called Trishna.
- Short for Thermal infraRed Imaging Satellite for High-resolution Natural resource Assessment, Trishna is engineered to deliver high spatial and temporal resolution observations of Earth’s surface temperature, vegetation health, and water cycle dynamics.
- Slated for launch in 2025, Trishna will be a game-changer in using space-based thermal infrared imaging to study the impacts of climate change and support sustainable management of precious natural resources like water.
- The 770 kg satellite will operate from a sun-synchronous orbit at 761 km altitude, carrying two cutting-edge imaging payloads. The Thermal Infrared (TIR) instrument developed by CNES will map surface temperatures and emissivities across four thermal bands. Isro’s Visible-Shortwave Infrared (VSWIR) sensor will complement this with observations across 7 spectral bands for vegetation monitoring.
OBITUARIES
Ramoji Rao, founder of Eenadu Group & Ramoji Film City, passes away
- Esteemed media tycoon and founder of Eenadu and Ramoji Film City, Cherukuri Ramoji Rao passed away at the age of 87.
- He headed the Ramoji Group, overseeing a vast array of assets including the renowned Ramoji Film City, the largest film production facility globally. The Ramoji Film City has been recognized by Guinness World Records as the world’s largest film city. Furthermore, the group owned well-known media entities such as the Eenadu newspaper, the ETV Network of television channels, and the film production company Usha Kiran Movies.
- In addition to these ventures, he was involved in diverse business endeavors such as Margadarsi Chit Fund, the Dolphin Group of hotels, Kalanjali shopping mall, Priya pickles, and Mayuri Film Distributors. He also held the position of chairman of the Editors Guild of India.
- Rao had also received four Filmfare Awards South, a National Film Award for his work in Telugu films and five Nandi Awards.
- He was honored with the Padma Vibhushan, India’s second-highest civilian honor , for his contributions in journalism, literature and education in 2016.
India’s foremost wildlife biologist and conservation activist, A J T Johnsingh, passe away
- Distinguished Indian wildlife conservationist and biologist Asir Jawahar Thomas Johnsingh, also known as A J T Johnsingh, passed away in Bengaluru, Karnataka. Hevwas 78 years old.
- Johnsingh was deeply influenced by Colonel Edward James ‘Jim’ Corbett’s tales, which were based on Indian wildlife. He joined the country’s premier institute for research on wildlife and its management, the Wildlife Institute of India (WII) in Dehradun, as a faculty member and retired as the Dean.
- After his retirement, he was active in wildlife conservation efforts and was associated with various conservation organisations such as the Nature Conservation Foundation, WWF India, and the Corbett Foundation.
- AJT Johnsingh has authored over 70 scientific papers and more than 80 popular articles on wildlife conservation. He was awarded India’s fourth highest civilian award –Padma Shri. He was conferred with the 2004 Distinguished Service Award for Government from the Society for Conservation Biology, the ABN AMRO Sanctuary Lifetime Wildlife Service Award in 2005 and the 2004 Carl Zeiss Wildlife Conservation Award for lifetime service to Indian wildlife.