Daily GK Updates - 10th May, 2019

NATIONAL UPDATES:

1. Indian Army To Commemorate 2019 As ‘Year of next of kin’: The Indian Army is commemorating this year as the ‘Year of Next of Kin’ and plans to reach out to the next of kin of battle casualties, ex-servicemen and serving soldiers to inform them of entitled financial benefits, welfare schemes and help resolve pension-related problems. The Directorate of Indian Army Veterans will be the nodal agency.

2. WTO Ministerial Meeting of Developing Countries to Held New Delhi: A WTO Ministerial meeting of developing countries is being hosted by India in New Delhi. Sixteen developing countries, Six Least Developed Countries (LDC) (Argentina, Bangladesh, Barbados, Benin, Brazil, Central African Republic, Chad, China, Egypt, Guatemala, Guyana, Indonesia, Jamaica, Kazakhstan, Malawi, Malaysia, Nigeria, Oman, Saudi Arabia, South Africa, Turkey, Uganda) and DG, WTO participated in the meeting.

3. Justice PR Ramachandra Menon sworn in as chief justice of the Chhattisgarh HC: Justice PR Nair Ramachandra Menon was sworn in as the new chief justice of the Chhattisgarh High Court(13th). He was administered the oath by Chhattisgarh Governor Anandiben Patel at Raj Bhavan, Raipur in Chhattisgarh. Currently, he is serving as a Judge of the Kerala High Court.

Note: The Chhattisgarh High Court was established on 1 November 2000 with the creation of the new state of Chhattisgarh upon the reorganisation of the state of Madhya Pradesh.

INTERNATIONAL UPDATES:

1. Australian Flight Carrier, Qantas Operated World’s First Zero-waste Flight: The Australian flight carrier, Qantas has operated the world’s first zero-waste commercial flight from Sydney to Adelaide which disposed of all waste through compost, reuse or recycle. The Australian airline Qantas has planned to eliminate 100 million single-use plastics by the end of 2020 and also to reduce 75% of airline’s waste by the end of 2021.

2. Facebook Chooses London as Base For WhatsApp Payments: Facebook has chosen London as the centre for the global roll-out of WhatsApp pay, before the social media giant launches its digital payments service on the mobile messaging platform in India. WhatsApp would hire nearly 100 people in London to focus on the digital payments service and additional operations staff would be hired in Dublin.

OTHER UPDATES:

SPORTS

1. Amul To Sponsor Afghanistan In 2019 World Cup: Amul has been announced as the principal sponsor of the Afghanistan cricket team for the upcoming World Cup, slated to be held in England and Wales from (from 30th May to 14 July 2019). The logo of brand Amul will appear on the leading arm of the Afghanistan team playing jerseys as well as on the training kits throughout the showpiece event. The first time, Afghanistan Cricket team will play in the World Cup as a full member. Anand Milk Union Limited (Amul) is an Indian dairy company (formed in 1948), based at Anand in the state of Gujarat.

BANKING AND FINANCE

1. Bank Credit Grows 13.2% In FY19: Bank credit grew by 13.2% in the financial year 2018-19 as compared to 10.3% in the previous financial year, mainly aided by loans to services and retail sector. Deposit growth also gained momentum, growing by 10% as compared to 6.7% a year ago. Credit growth in services sector till the middle of February was 23.7% and in retail sector it was 16.7%. Credit growth in the industry sector was 5.6%.

2. Max Life Insurance to mark 6th of every month as Protection Day: According to Max Life Insurance Co Ltd, It will dedicate the 6th day of every calendar month as 'Protection Day'. The day aims to increase awareness around the concept of financial protection. As a part of this initiative, a wide range of initiatives will be rolled out across Max Life's network. The Company will also drive a "Super Customer Week", where customers across the board will be educated about various aspects of financial protection.

3. India ratings downgrade Yes Bank with a negative outlook: India Ratings & Research (Ind-Ra) downgraded Yes Bank’s long-term issuer rating to ‘IND AA-’ from ‘IND AA+’ with a negative outlook citing “quick credit migration in the bank’s certain group exposures”. It estimates that the private lender will need to raise equity of Rs 7,500-8,000 crore in the next two fiscal years. The negative outlook reflects the downside risks to the agency’s estimates of profitability and capital buffers that could emanate from substantial delays in the resolution of certain stressed assets. Yes Bank had also reported its maiden loss of over Rs 1,506 crore in the March 2019 quarter, driven by a near 10-fold spike in provisions.

BUSINESS AND ECONOMY

1. RIL Acquires British Toy Retailer Hamleys: Reliance Industries Ltd. (RIL) acquired British toy retailer 'Hamleys 'in an all-cash deal. RIL has acquired Hamleys in 67.96 million pounds (about Rs. 620 cr). With this announcement, Reliance will get hold of 100% shares of Hamleys Global Holdings Limited (HGHL).

2. TCS once again becomes India's most valued firm; surpasses RIL in m-cap: India's IT conglomerate Tata Consultancy Services (TCS) has become India’s most valued firm in terms of market capitalization (market-cap) by displacing Reliance Industries Limited (RIL) to number two position. TCS (market-cap of Rs 8.13 lakh crore) followed by RIL (Rs 7.95 lakh crore), HDFC Bank (Rs 6,24,362.11 crore), Hindustan Unilever (Rs 3,67,880.69 crore) and ITC (Rs 3,67,513.78 crore). The m-cap figure of companies changes daily with stock price movement.

OBITUARIES

1. Tamil novelist Thoppil Mohamed Meeran passes away: Noted novelist and Sahitya Akademi awardee Thoppil Mohamed Meeran (74-years) passed away at his residence at Veerabahu Nagar in Pettai, TIRUNELVELI. Mohamed Meeran authored the novels Oru Kadalora Graamaththin Kathai, Thuraimugam, Koonan Thoppu, Saaivu Naarkkaali and Anju Vannam Theru between 1988 and 2011. He received 8 awards including the Sahitya Akademi Award (1997) and Tamil Nadu Kalai Ilakkiya Perumantram Award (1992).

2. Renowned Bengali actor Mrinal Mukherjee passes away: The Veteran film and TV actor of Bengali Cinema, Mrinal Mukherjee(74-years) passed away due to cancer and liver problems. Mukherjee had worked for over five decades in the Bengali film industry as well as Bengali TV serials and theatres.