Daily GK Updates - 16th November, 2018

NATIONAL UPDATES:

1. National Press Day observed on 16 November : National Press Day is observed on 16 November every year.On this day, Press Council of India (PCI) started functioning as a moral watchdog.The PCI was first set up in the year 1966 by the Parliament on the recommendations of the ‘First Press Commission’.The PCI has been mandated by Parliament to improve the standards of journalism and maintain its freedom.

2. Tribunal to decide on ban on 2 militant groups : The Government of India has set up a tribunal for adjudicating whether or not two Tripura-based militant outfits should be declared banned organisations under the law.The two militant outfits are National Liberation Front of Tripura and All Tripura Tiger Force.The tribunal will be headed by Delhi High Court Judge Justice Suresh Kait.

3. Food Park in Aurangabad district inaugurated : Union Minister for Food Processing Industries Harsimrat Kaur Badal inaugurated the second Mega Food Park in Maharashtra on 15 November 2018.The Food Park is located in Paithan Taluka of Aurangabad district, Maharashtra.The first Food Park was inaugurated on 1st March 2018 in Satara district, Maharashtra.The Mega Food Park Scheme is implemented by Ministry of Food Processing Industries

INTERNATIONAL UPDATES:

1. China builds an ‘artificial sun’ : China has built an ‘artificial sun’ that reaches temperature six times that of the core of the sun.The reactor named ‘Experimental Advanced Superconducting Tokamak’ (EAST) is designed to replicate the processes of the sun as part of a project to turn hydrogen into cost-effective green energy.

It involves fusion of hydrogen atoms together to form heavier elements, such as helium

2. Tajikistan launched a hydro-electric project : Tajikistan inaugurated a US$ 3.9 billion ‘Rogun hydro-electric project’ on 16 November 2018.It has been built on the Vakhsh River in southern Tajikistan.The project will enable Tajikistan to eliminate domestic energy shortages and export electricity to Afghanistan and Pakistan.The first of six turbines in the Rogun hydroelectric dam went online on 16 November 2018.

3. Africa’s first ever high speed train unveiled : French President Emmanuel Macron and Morocco’s King Mohammed VI have inaugurated Morocco’s first high-speed rail line, the first ever such line in Africa.The king Mohammed VI named the first line as ‘Al Boraq’.It will connect the economic hubs of Tangier and Casablanca.The $2 billion project was launched in September 2011.

4. World Tolerance Summit inaugurated in Dubai : The two-day summit to mark the World Tolerance Day was inaugurated in Dubai on 16 November 2018.The theme of the Summit was ‘Prospering from Pluralism: Embracing Diversity through Innovation and Collaboration’.The summit is expected to focus on the crucial role of women and the youth in spreading tolerance in their societies.

5. JICA to fund Bengal power project : Japan International Cooperation Agency (JICA) will extend Rs. 5,000-crore loan to a 1,000 MW Turga pumped storage project in West Bengal.The project is coming up in the Ayodhya Hills in Purulia district, West Bengal.The project is scheduled for completion by 2027.A pumped storage power plant works as a large storage battery which generates power during peak periods

6. International Day for Tolerance : 16 November : The ‘International Day for Tolerance’ is annually observed on 16 November.The aim of the day is to educate people about the need for tolerance in the society and to help them understand the negative effects of intolerance.The United Nations has launched a new global campaign named ‘TOGETHER’ to promote tolerance, respect and dignity across the world.

7. Toxic’ declared Oxford Word of the Year : Oxford Dictionary has declared the adjective ‘toxic’ as the Word of the Year 2018.The adjective toxic is defined as ‘poisonous’ and first appeared in English in the mid-seventeenth century from the medieval Latin ‘toxicus’.The Oxford Word of the Year is a word or expression that is judged to have lasting potential as a term of cultural significance.

OTHER UPDATES:

BUSINESS/ECONOMY:

1. Exports grew by 17.86% in October 2018 : According to the Ministry of Commerce and Industry, India’s exports grew by 17.86% to 26.98 billion dollars in October 2018.India’s exports stood at 22.89 billion dollars in October 2017.The sectors which recorded healthy growth includes petroleum, engineering, chemicals, pharma and gems and jewellery sector.

BANKING/FINANCE:

1. World Bank provides US$155.7 million to Nepal : The World Bank provided over US$ 155 million in financial assistance to Nepal on 14 November 2018. The first project comprising a credit of US$ 133 million will finance the improvement & maintenance programme targeting around 477 bridges along Nepal’s strategic roads network.The second project in the form of a grant of US$ 22.7 million to support the Food & Nutrition Enhancement Project.

2. Sunil Mehta panel formed ‘Sashakt India AMC’ : Sunil Mehta panel has formed an Asset Management Company (AMC) for resolving large bad loans.The AMC will be called as ‘Sashakt India Asset Management’.The panel is now working towards identifying potential investors for an Alternative Investment Fund (AIF) which will fund the AMC.Sunil Mehta panel is working for the faster resolution of stressed assets in public sector banks.