Daily GK Updates - 14th December, 2019

NATIONAL UPDATES:

1. Virtual Police Station inaugurated at Andhra University: Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has inaugurated the Virtual Police Station at Andhra University. The Virtual Police Station (as a pilot project) has been set up on the suggestion of Andhra University’s Vice-Chancellor to make it easy for students to report their grievances. Later it will be replicated at other educational institutions. The initiative is expected to help bridge the gap between students and the police department.

Note: Andhra Pradesh CM: YS Jaganmohan Reddy; Governor: Biswa Bhusan Harichandan.

2. National Energy Conservation Day 2019 observed in India: The National energy conservation day is celebrated every year on the 14th of December by Bureau of Energy Efficiency (BEE), under the Ministry of Power. BEE is observing National Energy Conservation Week from 9th to 14th December 2019. The objective of the day to aware people about the importance of energy as well as saving or conserving more energy by using less energy. The Energy Conservation Act in India was executed by the Bureau of Energy Efficiency (BEE) in the year 2001.

Note: Energy Conservation is a term to use the least amount of energy while avoiding unnecessary use of energy.

3. National Symposium of Heads of Police Training Institutions held in New Delhi: The 37th National Symposium of Heads of Police Training Institutions held in New Delhi. It Symposium was organized by Bureau of Police Research & Development (BPR&D). The theme of the Symposium was ‘Optimal Utilization of Resources-Through Sharing and Networking’. A Directory of Indian Police Training Institutions (DIPTI) which has information on the resources of around 300 Police training institutions all over the country, was also released during the event.

4. FSSAI & Nasscom Foundation partner to develop an app to prevent food wastage: Food regulator, Food Safety and Standards Authority of India (FSSAI) and Nasscom Foundation have signed an MoU to develop a technology platform to prevent food wastage and encouraging food donation by developing an app for the purpose. They will develop a common 24×7 helpline number and a mobile application ‘Food Donation in India’ to donate food to the needy. It will help in facilitating the registration of surplus food distribution organisations.

5. Amazon’s Audible launches app “Audible Suno” in India: Amazon’s audiobook company Audible has launched a new app “Audible Suno” in India. This app features original audio series which aims to expand Audible’s reach in India’s highly competitive digital entertainment and streaming space. The platform features hundreds of hours of Audible’s original audio series across a plethora of genres, steered by entertainers such as Amitabh Bachchan, Nawaazuddin Siddiqui, Anurag Kashyap, Tabu, Neena Gupta and Vir Das.

Note: CEO and Founder of Audible: Don Katz.

INTERNATIONAL UPDATES:

1. US & China reach trade agreement calling for structural reforms & tariff concessions: The US and China have announced phase one trade agreement to roil the global economy. The phase one of the deal requires structural reforms and other changes to China's economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. The deal says if China breaks any part of the agreement, the Trump administration has the ability to re-implement tariffs. US negotiators are offering to significantly reduce existing tariffs on Chinese imports worth about 360 billion dollars. In return, China has promised to buy large quantities of US soybeans, poultry and other agricultural products.

2. British PM Boris Jhonson wins General Elections in the UK: In Britain, the ruling Conservative party led by Prime Minister Boris Johnson is all set to win an overall majority in the snap elections. Conservative Party gets 365 out of 650 seats in the lower House of Commons. Labour Party get 203, the Liberal Democrats 11 and the Brexit Party none. In the United Kingdom, 15 Indian-origin politicians have entered the House of Commons in the historic general election. Johnson had campaigned on a promise to get Brexit done vowing to end years of political turmoil over Britain's future that has weighed on the economy and divided the nation.

3. Maldives signs contract with JV of Indian companies for development of Addu: Maldives government has signed a contract with a joint venture of Indian companies. The contract aims to prepare project report and the development of Addu, which is the second biggest city in the island nation. The contract was signed L & T engineering limited and Lea associates south asia for the Addu Road and Reclamation Project. The project includes land reclamation, construction of roads and storm water drainage system in Addu. This will upgrade existing infrastructure and mitigate the flood situation in Addu. Financing of the project will be done by EXIM bank of India through line of credit of USD 800 million.

OTHER UPDATES:

SPORTS

1. FIH unveils new world ranking system for 2020: The International Hockey Federation (FIH) unveiled a new world ranking system for 2020 in Lausanne, Switzerland. The new method will come into effect from the 1st January 2020. The new ranking will be match-based instead of tournament-based calculation. For a better reflection of current performances, the new ranking will be match-based instead of tournament-based calculation. The new model is expected to remove the subjectivity surrounding continental weighing by creating a system which is fair to all. The outgoing world ranking system was in existence since 2003. It was originally devised to allocate teams into pools at tournaments.

BANKING AND FINANCE

1. November retail inflation reaches 5.54%, at 3-year high: India's retail inflation in November rose to 5.54% (from 4.62% in October) and over RBI's medium-term target of 4%. Higher food prices contributed to the spike. Food price inflation (Rural and urban) climbed 10.01% in November. During the month, inflation in vegetables shot up to 35.99 per cent, as against 26.10 per cent in October. Inflation based on the Consumer Price Index (CPI) was 4.62 per cent in October (2.33% in November 2018).

2. Moody’s reduces India’s GDP rate for FY20 to 5.6%: Global rating agency Moody’s Investors Service ("Moody's") has lowered its 2019 GDP growth forecast for India to 5.6 percent based on slow employment growth weighs on consumption. GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time (normally a year). ‘GDP growth rate is an important indicator of the economic performance of a country.

Note: Major credit rating agencies of the world:

Moody's Investors Service was established in 1909, headquarters in New York, USA.

Standard & Poor's Financial Services LLC: was founded in 1860, headquarters in New York, USA, subsidiary of S&P Global.

Fitch Ratings: was founded in 1914, headquarters in New York City and London.

OBITUARIES

1. Veteran Telugu actor and writer Gollapudi Maruti Rao passes away: Former Nandi Award winner and renowned Telugu actor and writer Gollapudi Maruti Rao passed away recently. He enthralled people with his writings and acting for several decades and also acted in around 250 films in about four decades. He was a multi-faceted personality as he was a journalist, playwright, writer, actor and television personality. Some of his memorable films as an actor include ‘Intlo Ramayya, Veedhilo Krishnayya’, ‘Challenge’, ‘Samsaram oka Chadarangam’, ‘Aditya 369’ and ‘Leader’.