Daily GK Updates - 27th June, 2018

NATIONAL UPDATES:

1.President launched the Solar Charkha Mission : President, Ram Nath Kovind launched the Solar Charkha Mission which will cover 50 clusters and employ 400 to 2000 artisans.A portal of the Ministry of MSME called “Sampark” was also unveiled by the President.“Udyam Sangam” is a step forward towards consolidating synergy of all the govt initiatives relating to MSME Sector.

2. Oxytocin formulations ban from 1st July 2018 : The Ministry of Health and Family Welfare has restricted the manufacture of Oxytocin formulations for domestic use to public sector only from 1st July 2018.Only Karnataka Antibiotics & Pharmaceuticals Ltd (KAPL), a public sector company, would be manufacturing this drug for domestic use.Oxytocin helps with birth & milk production not only in humans but also in cattle such as buffalo, cows.

3. S Ramesh appointed as Chairman of CBIC : S Ramesh has been appointed as Chairman of the Central Board of Indirect Taxes and Customs (CBIC), the apex policy-making body for indirect taxes.Ramesh, an officer of the Indian Revenue Service had mandated with the responsibility of implementing the Goods and Services Tax (GST).The CBIC, which works under the Finance Ministry, is headed by a Chairman and can has 6 members.

4. Jai Hind 1-S: World’s lightest satellite : Four students of Chennai build the world’s lightest and cheapest satellite weighing just 33.39 grams.The name of the satellite is ‘Jai Hind 1-S’ and would be launched in August 2018.It analyses data  like temperature, UV density and vapour pressure, at various points of the satellite’s upward journey. This will help in research and the better understanding of the environment in outer space.

5. ISRO to find nuclear fuel on moon : Indian Space Research Organisation (ISRO) will launch a rover in October 2018 through Chandrayaan 2 to explore virgin territory on the lunar surface & analyze crust samples for signs of water & helium-3.The isotope is abundant on the moon and could meet global energy demands for 250 years.The rover is powered by solar energy & will collect information for 14 days on the surface of the moon

6. EAM Sushma Swaraj launched Passport Seva app : External Affairs Minister Sushma Swaraj launched Mobile Passport Application on the occasion of 6th Passport Seva Divas on 26 June 2018 in New Delhi.Through mPassportSeva app, people can apply for a passport from any part of the country.Police verification will be done on the address, provided by the applicant on the app, another step towards simplification of passport service to people.

INTERNATIONAL UPDATES:

1. Haddad and Nabarro win World Food Prize : Lawrence Haddad and David Nabarro win 2018 World Food Prize.The World Food Prize was created by Nobel Peace Prize laureate Norman Borlaug in 1986 to recognize scientists and others who have improved the quality and availability of food.The two men who have worked to provide availability of nutritious food for pregnant women and children to reduce malnutrition in developing countries.

2. British Queen approves Brexit law : Britain’s Queen Elizabeth granted royal assent to Prime Minister Theresa May’s Brexit legislation on 26th June.The debate over the legislation will formally end the country’s European Union membership.The E.U. (Withdrawal) Bill would repeal the 1972 European Communities Act through which Britain had become a member of EU.The Brexit day in British law slated as March 29, 2019.

3. China to cut tariffs on soybean from India : China will cut import tariffs on soybean and some other goods from India and four other Asian nations from July 1.China will reduce tariffs on soybean imported from India, South Korea, Bangladesh, Laos, and Sri Lanka from 3% to zero.This comes as a step to escalate ongoing trade war as the US is a major supplier of soybeans to China.

4. US Ambassador to UN Nikki Haley visits India : US Ambassador to the UN, Nikki Haley is on a 2-day visit to India.Haley will meet with senior Indian government officials, NGO leaders, and the interfaith community to underscore the United States’ shared values and a strong alliance with the people of India.She is the first Indian-American to serve in a Cabinet-level position in any US presidential administration.

OTHER UPDATES:

BUSINESS/ECONOMY:

1. India records highest number of IPOs globally : Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised $3.9 billion.The exchanges account for 16% of the total issues in the first half of 2018.Out of 90 deals that listed, 15 listed both on NSE & BSE result in 93% of the total proceeds.The financial sector, infrastructure and consumer companies with strong growth continue to boost IPO activity.

BANKING/FINANCE:

1. PSB’s account for 85% of bank fraud cases : Public Sector Banks accounted for a staggering 85% of nearly 6,500 fraud cases, amounting to more than Rs 30,000 Cr.Top 10 banking frauds in 2018 alone lead to a financial loss of Rs 10,000 Cr. Banks had reported nearly 5,000 frauds amounting to Rs 20,000 Cr in the fiscal year 2017.The PSB’s have a disproportionate share of over 85%, exceeding their business share of about 65% to 75%.

2. DBS Bank to launch subsidiary in India : DBS Bank of Singapore will launch its subsidiary in India in Oct 2018, the 2nd foreign bank in the country to convert its local operations.The bank has invested another Rs 500 Cr in March 2018 to take the total capital in India to Rs 5000 Cr and plans to expand to 50 branches.State Bank of Mauritius was the 1st to open a local subsidiary after RBI came out with the regulations in 2013.