Daily GK Updates - 11th February, 2018

NATIONAL UPDATES

1. Narendra Modi launches project for first Hindu temple in Abu Dhabi: Prime Minister Narendra Modi officially launched a project for the construction of the first Hindu temple in Abu Dhabi, describing the holy place as a “catalytic agent” of humanity and harmony that will become a medium of India’s identity. Modi laid the foundation stone for the BAPS Swaminarayan temple via video conferencing from the Dubai Opera House, where he addressed the members of the Indian community.

2. Meghalaya Assembly met for 96 days in 5 years: The eighth Meghalaya Assembly met for 96 days during its tenure of 5 years, an Association for Democratic Reforms (ADR) report has revealed. A total of 51 bills were passed in the 60-member Assembly and the average attendance for each member in the Assembly was 53 days, it added. Notably, the Meghalaya Assembly elections are scheduled for February 27.

3. UIDAI says no essential service can be denied for want of Aadhaar: The Unique Identification Authority of India (UIDAI) has asked various government departments, state governments and ministries to ensure that no essential service or benefit, such as medical treatment, school admission or ration through Public Distribution Service (PDS), be denied to a genuine beneficiary for the want of Aadhaar. The move comes at a time when several cases have been reported where the beneficiary has either died due to starvation as the Aadhaar-enabled point-of-sale machine at the local ration shop failed to authenticate his/her biometrics or medical treatment has been denied due to lack of Aadhaar.

3. Narendra Modi meets Crown Prince of Abu Dhabi, India, UAE sign 5 pacts:  Prime Minister Narendra Modi held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan as the two sides signed five agreements including a historic pact awarding a consortium of Indian oil companies a 10% stake in offshore oil concession. Modi also visited Wahat Al Karama, the UAE martyr’s war memorial in Abu Dhabi. He is to  travel to Dubai where he will interact with the Indian community at an event at the Dubai Opera House and will witness the groundbreaking ceremony of the first Hindu temple in Abu Dhabi. The ceremony will be live-streamed to the Opera House. Prime Minister Modi will also deliver a keynote address at the World Government Summit in Dubai where India is a guest of honour this year. He will make inaugural address on the theme: Technology for Development.

4. Railways to terminate services of over 13,000 ‘absentee’ employees: The Indian Railways has identified more than 13,000 employees in its ranks who are on “unauthorised” leave for a long time and initiated disciplinary action to terminate their services. The railways had launched a drive to improve performance of the organisation and boost the morale of sincere and diligent employees. The action is part of that campaign.

5. Mumbai 12th richest city globally; total wealth at $950 billion: According to a report by New World Wealth, the economic hub of India is the 12th wealthiest city, followed by Toronto with a total wealth of $944 billion, Frankfurt (14th, $912 billion) and Paris (15th, $860 billion). The list of 15 wealthiest cities was topped by New York with a total wealth of $3 trillion. London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion). Others in the list include Beijing ($2.2 trillion), Shanghai ($2 trillion), Los Angeles ($1.4 trillion), Hong Kong ($1.3 trillion), Sydney ($1 trillion), Singapore ($1 trillion) and Chicago ($988 billion).

INTERNATIONAL UPDATES

1. UAE telecom employees get 'Happiness Bank': The UAE's Telecom Regulatory Authority has installed a 'Happiness Bank' for its employees in Dubai as a means to award them with surprises. Employees can redeem points received as tokens of appreciation from colleagues in the form of a surprise gift from the bank. The employees are asked for their areas of interest when they open their 'Happiness Bank' account.

2. Gevora, the world’s tallest hotel, opens in Dubai: Gulf metropolis Dubai, on its never-ending quest to break records, announced the opening of the "world's new tallest hotel" on Sunday, pipping another towering landmark in the city for the title. The gleaming gold 75-storey Gevora Hotel stands 356 metres, or nearly a quarter of a mile, tall. The new record-holder is within view of its predecessor, Dubai's JW Mariott Marquis - just one metre shorter. Dubai is also home to the world's tallest building, the Burj Khalifa, which pierces the city skyline at 828 metres (half a mile) high.

OTHER UPDATES

BANKING / FINANCE:

1. Rules on cryptocurrencies should be out soon-SEBI Chief: Amid continuing volatility in bitcoin prices and growing concerns about investors’ safety, Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi said the regulations on cryptocurrencies should be out soon and the role various regulators will play is being finalised. Tyagi, who is part of the committee formed by the government to examine the pros and cons of virtual currencies (VCs), including launching an own cryptocurrency, said that a policy in this regard should come out first and then only the role of Sebi can be outlined.

BUSINESS/ ECONOMY:

1. Electric vehicle sales to see double-digit growth till 2020- Assocham and EY Report: Electric vehicle (EV) sales in India are expected to witness a double-digit growth till 2020, fuelled by government measures for the sector and reducing battery prices, among others, says a report. A joint study by Assocham and global advisory services firm EY said, although EVs are not yet mainstream, government push and increasing consumer awareness are driving EV adoption in India, pointing to a growing momentum. Currently, EVs are not so popular owing to the high Li-ion battery costs.

2. Singapore Exchange to open trading in Indian products as per normal: In its continuing assurances to traders, Singapore Exchange said its entire India suite of products, including Nifty, will open and operate per normal on Monday. The SGX reiterated and reassured international traders of its Indian product trade from Monday. This comes after the Indian Exchanges on 9 February announced a decision to stop the commercial licensing of their indices and market data with a number of foreign exchanges and other business partners.

3. ONGC to acquire stake in UAE’s ADNOC oil offshore concession: India’s biggest explorer Oil and Natural Gas Corp (ONGC) is due to sign a contract to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession. That would make ONGC the first firm to secure a stake in the new concession which expires in March. Sources told Reuters that ONGC would get up to a 10% stake, valuing the deal at $600 million.

SCIENCE/ TECHNOLOGY:

1. Indian scientists to hold 'Darwin Week' to support evolution: Several scientific organisations and universities across the country will be organising 'Darwin Week' from February 12 to remove "any doubt that has been planted in the minds of common people about Darwin's theory of evolution." This comes after Union Minister Satya Pal Singh's earlier remark that Darwin's theory was scientifically wrong, and that it shouldn't be taught in schools.

DEFENCE:

1. End cap on education fee of martyrs' kids-Defence Ministry: The Defence Ministry has asked the Finance Ministry to remove the cap of ₹10,000 per month on education aid provided to children of martyrs and those disabled on duty. The policy for financial assistance was initiated in 1972 but the government put a limit on it in July 2017. Officials estimated that 250 students were affected by the policy change.

OBITUARIES:

1. Pakistan’s iron lady Asma Jehangir passes away: Pakistan’s top lawyer and human rights activist Asma Jehangir passed away on Sunday due to a cardiac arrest in Lahore, her family said in a statement. She was 66. Known for her bold stance, Asma was the country’s symbol of resistance and a human rights activist who spoke against military dictators and abusers of law for the past five decades. She headed the Human Rights Commission of Pakistan and remained the Supreme Court Bar Association chairperson. She was also appointed as UN Rapporteur in the region during the 1990s.