Daily GK Updates - 10th December, 2019

NATIONAL UPDATES:

1. Walmart to train 50,000 MSME entrepreneurs: US retail major Walmart will train 50,000 entrepreneurs from the micro, small & medium enterprises (MSME) sector. The objective will be fulfilled by opening 25 institute hubs in India in next five years which would train the MSME entrepreneurs. The institutes will be opened under the ‘Walmart Vriddhi Supplier Development Programe‘ across the nation. These institutes would be strategically located near the manufacturing clusters and will be the part of Walmart’s “long-term commitment to India”. For the development of these institutes, Walmart has partnered with a local NGO Swasti which would also have academic support from the local universities.

2. KVIC distributes 500 Bee Boxes, 500 Pottery Wheels and 200 Leather Kits: Khadi and Village Industries Commission (KVIC) distributed 500 Bee Boxes, 500 Electric Pottery Wheels and 200 Leather Tool Kits in an event organised by KVIC in Boondi District, Rajasthan. Event was organised to support the weaker section of the society as well as to commemorate 150th Birth Anniversary of Mahatma Gandhi. KVIC has been running a mass campaign for the revival of bee keeping, pottery and leather industry under the Honey Mission, Kumhar Sashaktikaran Mission and Leather Mission respectively.

3. Nilgiri Mountain Railway conducts special service for foreign tourists: The UNESCO-recognized Nilgiri Mountain Railway (NMR) conducted a special service for foreign tourists. 71 tourists from several countries, including the USA, the UK and France travelled by a special steam engine service from Coonoor to Ooty. They were presented with special mementoes and gift hampers as well as served with the replica of the original Edmonton type cardboard ticket. The NMR is one of the few railways in the world that uses the unique rack and pinion system, with its special third rail to negotiate gradients en route from Mettupalayam in the foothills of the Western Ghats in Tamil Nadu to Ooty, the Queen of Western Ghats.

Note: UNESCO Headquarters: Paris, France; Director-General; Audrey Azoulay.

4. News Broadcasters Federation elects Arnab Goswami as governing board president: The News Broadcasters Federation (NBF), the country’s largest association of over 78 news channels, has elected editor-in-chief of Republic TV Arnab Goswami as the President of its governing board. The body of 78 news channels in 14 languages, representing broadcasters from 25 states. The new self-regulatory organization in order to bring in transparent self-regulation on content will be announced by the end of January 2020.

Note: News Broadcasters Federation formation: July 2019.

INTERNATIONAL UPDATES:

1. Incredible India Road Show held in Singapore: The Incredible India Road Show held in Singapore, positioning the country as a preferred destination for tourists. The roadshow by Indian delegation will provide a platform to the stakeholders of India's tourism industry to interact with their Singaporean counterparts. Indian delegation comprises 25 tour operators and destination management companies along with representations from the state governments of Punjab and Madhya Pradesh. A total of 1,75,852 tourists from Singapore visited India in 2017, a growth of 7.4 per cent on the year, said the India Tourism Singapore office.

2. Driverless vehicles being tested on 5G technology in UAE: Driverless vehicles are being tested on 5G technology ahead of a planned deployment of such vehicles on roads in the United Arab Emirates. The Director-General of the UAE’s TRA (Telecommunications Regulatory Authority) said they will expand 5G network to important sectors such as transport, health and education. According to industry reports, 5G-enabled driverless vehicles will be able to have more efficient and quick communication with each other and traffic infrastructure, which will help to minimize traffic jams and bottlenecks. 5G technology can also enable these vehicles to identify traffics conditions and potential dangers quickly. The TRA is coordinating with authorities in transport, health and education sectors, and private sector entities to implement this strategy for better utilization of 5G network.

3. Human Rights Day: 10 December: The World Human Rights Day is celebrated annually across the world on 10 December to honour the United Nations General Assembly's adoption and proclamation of the Universal Declaration of Human Rights (UDHR). This day is observed every year across the world, as it empowers us all. The day also acknowledges the advocates and defenders of human rights around the world. This year it will be the 71st anniversary of Universal Declaration of Human Rights. With the theme “Youth Standing Up for Human Rights”, the aim is to celebrate the potential of youth as constructive agents of change, amplify their voices and engage a broad range of global audiences in the promotion and protection of rights.

Note: Universal Declaration of Human Rights was adopted on this day by the United Nation's General Assembly in 1948 at the Palais de Chaillot in Paris.

4. UAE, US joint military exercise ‘Iron Union 12’commences: ‘Iron Union 12’, a joint military exercise between the ground forces of the UAE and the United States, commenced. ‘Iron Union 12’ will see the two sides take part in joint military cooperation to enhance combat and tactical capabilities. The joint military exercises of the UAE Armed Forces with fraternal and friendly countries takes place in a manner consistent with latest developments and reflects the UAE Armed Forces’ determination to stand firmly against all threats and challenges facing the region.

5. Exim Bank provides USD 500 mn credit to Bangladesh for defence procurement: India’s Exim Bank (Export-Import Bank of India) has provided $500 million (Rs 3561 crore) Line of Credit (LoC) to Bangladesh for defence-related procurement in the neighbouring country. The Exim bank entered into an agreement with Bangladesh’s Armed Forces Division (AFD) in this regard on April 11, 2019. The agreement became effective from November 7, 2019, and the utilisation period of the loan is 10 years from the date of signing the agreement. Under the loan agreement, financing of export of eligible goods and services from India would be allowed subject to the Foreign Trade Policy (FTP). Out of total credit, 75% of the contract price will be applied by the seller and the remaining 25% will be procured by the seller for the purpose of the eligible contract from outside India, including Bangladesh. The contract price may be reduced from 75% to 65% based on the nature of procurement.

Note: Exim bank Founded: 1 January 1982; Headquarters: Mumbai, Maharashtra; Chief Executive Officer (CEO): David Rasquinha.

6. Worldwide arms sales rise by nearly 5% in 2018: Worldwide arms sales rose by nearly 5 per cent in 2018. According to a new report by the Stockholm International Peace Research Institute (SIPRI), the market is dominated by the United States. The turnover of the 100 biggest arms manufacturers came to 420 billion dollars. US manufacturers alone accounted for 59 per cent of the market, or a turnover of 246 billion dollars, up 7.2 per cent on the previous year. Russia was second in the rankings for arms production, with 8.6 per cent of the market, just ahead of the United Kingdom on 8.4 per cent and France on 5.5 per cent. The study did not include China, for lack of sufficient data. The world’s largest arms maker remains the US firm Lockheed Martin, as it has been since 2009. Its turnover last year was 47.3 billion dollars. Its sales alone account for 11 per cent of the world market.

Note: Chairman, President & CEO of Lockheed Martin: Marillyn A. Hewson.

OTHER UPDATES:

SPORTS

1. All India Sports competition of ERMS to start at Bhopal: Madhya Pradesh Chief Minister Kamal Nath has inaugurated 2nd Eklavya Model Residential School (EMRS) All India Sports Competition at TT Nagar Stadium, Bhopal. Eklavya Model Residential Schools (EMRSs) scheme is one of the flagship interventions of the Ministry of Tribal Affairs introduced in 1997-98 to ensure tribal students get access to quality education in the remote tribal areas. Tribal Folk artists from Madhya Pradesh and other states will perform cultural programmes during the event. As many as 4500 players of 284 Eklavya Schools of 20 states will exhibit their skills in 16 sports disciplines during the competition.

2. Boxing: Joshua reclaims his world heavyweight crown from Andy Ruiz: Britain's Anthony Joshua reclaimed his world heavyweight crown from Andy Ruiz, outclassing the Mexican-American to score a unanimous points victory. Joshua produced a masterclass performance to regain his IBF, WBA and WBO titles in emphatic fashion at Ad Diriyah in Saudi Arabia. Dominating from the outset, Joshua won by margins of 118-110 on two scorecards with the third judge making it 119-109.

BANKING AND FINANCE

1. SBI announces a reduction in one-year MCLR by 10 basis points: Country's largest lender State Bank of India (SBI) has announced the reduction in its marginal cost of fund-based lending rate (MCLR) by 10 basis points across all one-year products (effective from today). This is the eighth consecutive cut in MCLR by the lender this fiscal. The new one-year MCLR has been cut to 7.90 per cent from 8 per cent.

2. Loans worth over Rs10 lakh cr sanctioned under PMMY: Union Government informed that loans worth over 10 lakh crore rupees have been sanctioned till 1st November this year under the Pradhan Mantri Mudra Yojana, PMMY. As per the findings of the PMMY survey, around five crore persons were working in the establishments for which MUDRA loans were availed between April 2015 to March 2018. The survey reveals that these loans enabled beneficiaries to sustain the economic activities they were engaged in.

BUSINESS AND ECONOMY

1. NSE launches interest rate options on 10-yr govt bonds: National Stock Exchange launched interest rate options on ten-year Government bonds. The exchange recorded a turnover of 5,926 contracts on the first day of its launch. The exchange has added one more instrument to the fixed income derivatives asset class. interest rate options will provide institutional investors with the ability to manage risk through a non-linear product. These interest rate options are based on 10-year government bonds maturing in 2029 with a coupon rate of 7.26 per cent and 6.45 per cent. Presently, interest rate futures are available on seven government bonds for residual maturity ranging from 4 years to 15 years.

Note: NSE’s Managing Director and Chief Executive Officer: Vikram Limaye.

2. MOU signed Between NSIC & ARAMCO Asia for development in Oil & Gas Sectors: A memorandum of understanding (MoU) has been signed between National Small Industries Corporation (NSIC) and Suadi Aramco (Asia) for the development of Micro, Small and Medium Enterprises (MSME) Ecosystem in India in Oil & Gas Sector. The MoU will pave a way for accredited Indian MSMEs to carve out space as vendors in Global space.

Note: National Small Industries Corporation established in 1955. National Small Industries Corporation is the flagship Mini Ratna public sector undertaking (PSU).

AWARDS AND HONOURS

1. 4 eminent diplomats honoured with 2019 ‘Diwali – Power of One Award’: The 4 prominent diplomats have been honoured with ‘The Diwali – Power of One’ award 2019 in recognition and celebration of their work, especially at the United Nations, for a secure and peaceful world.

The diplomats who were honoured are: (1) Former foreign minister and Permanent Representative of Kazakhstan to UN: Kairat Abdrakhmanov; (2) Former Permanent Representative of Cyprus to UN: Nicholas Emiliou; (3) Former Chef de Cabinet to President of 72nd Session of the UN General Assembly (UNGA) and Permanent Representative of Slovakia to UN: Frantisek Ruzicka; (4) Permanent Representative of Ukraine to the UN: Volodymyr Yelchenko.

Note: The awards which have now come to be known as ‘Oscars of Diplomacy’ were established by Diwali Foundation USA, Inc in 2017. The awards seek to promote a peaceful and consensus-based process to achieve societal good, as befitting high hopes and ideals of humanity enshrined in the UN Charter.

2. Abu Dhabi selected as the world’s leading sports tourism destination: Abu Dhabi has been selected as the world’s leading Sports tourism Destination at the 26th edition of the World Travel Awards (WTA) held in Muscat, Oman. This is the 7th time in a row that Abu Dhabi has been selected for this coveted award. The award is the latest in several prestigious accolades gained by Abu Dhabi this year, including being selected as the West Asia’s Leading Business Tourism Destination at the West Asia edition of WTA and Best City Break at the UK’s Selling Travel Agents’ Choice Awards. Abu Dhabi shined as a premium destination once again for sports tourism in 2019 after hosting so Abu Dhabi me of the world’s top sporting events, such as the FIFA Club World Cup 2017 and 2018, the first edition of the UAE Tour, the AFC Asian Cup 2019, the Special Olympics World Games 2019, the UFC 242 showdown and the Brazil vs South Korea international friendly match.

Note: World Travel Awards was established in 1993 to acknowledge, reward and celebrate excellence across all key sectors of the travel, tourism and hospitality industries.

UAE Capital: Abu Dhabi; Currency: United Arab Emirates dirham; President: Khalifa bin Zayed Al Nahyan.

3. Dr Vishwanath Prasad Tiwari elected for Moortidevi Award for the year 2019: Noted poet-critic & Former President of Sahitya Akademi Dr Vishwanath Prasad Tiwari has been selected for the prestigious 33rd Moortidevi Award for the year 2019 for his work 'Asti Aur Bhavati'.  ‘ASTI AUR BHAVTI’ is an autobiographical journey of Dr Tiwari which captures the historical, philosophical and cultural aspects at different temporal settings thus igniting life in subjects like changing values and changes in societal and cultural landscapes. He is the recipient of many distinguished awards that include Vyas Samman, Hindi Gaurav Samman, Pushkin Samman and many more.

Note: Moortidevi Award is presented every year for a contemplative and perceptive work which expresses, underlines and illumines human values written in any Indian languages or English. The award consists of a Saraswati Statue, a Citation Plaque and Cash Award of Rupees Four lacs.

DEFENCE

1. Rafale jet tail numbers to feature former Air Chief Marshal BS Dhanoa’s: The Indian Rafale fighter jets will fly with the tail sign ‘BS’ after the recently retired Air Force Chief Birender Singh Dhanoa. The Indian Air Force has decided to put tail numbers in 30 Rafale jets with ”BS” initials. Six Rafale trainer aircraft will carry RB series tail numbers which stand for Air Chief Marshal RKS Bhadauria, the current Chief of Air Staff who played a key role as lead negotiator for the mega-deal.

OBITUARIES

1. Bar code inventor ‘George Laurer’ passes away: George J. Laurer (94-years) passed away at his home in Wendell, North Carolina in the US. Mr. Laurer was an electrical engineer with IBM in North Carolina’s Research Triangle Park in the early 1970s when he spearheaded the development of the UPC (Universal Product Code), or bar code. The now-ubiquitous marking, composed of unique black bars and a 12-digit number, allowed retailers to identify products and their prices as they are scanned, usually at checkout.

2. Former Odisha minister Bhagabat Mohanty passes away: Former Odisha Minister Bhagabat Prasad Mohanty (92-years) passed away at his residence in Bhubaneswar. Mohanty was elected to the state Assembly in 1971 as Praja Socialist Party (PSP) candidate and in 1985 and 1995 as a Congress nominee, said sources. He had served as the Higher Education Minister of the state.