Daily GK Updates - 14th January, 2020

NATIONAL UPDATES:

1. Statue of Unity included in ‘8 Wonders of SCO’: The Statue of Unity at Kevadia, Gujarat has been included in 8 wonders of the Shanghai Cooperation Organization (SCO). The Statue of Unity is the statue of Sardar Vallabhbhai Patel, the first Home Minister of independent India. The 182-meter tall statue is the world’s tallest statue that was inaugurated by PM Modi on the 143rd birth anniversary of Sardar Vallabhbhai Patel in October 2018. The statue was inaugurated on the 143rd birth anniversary of Sardar Vallabhbhai Patel in 2018.

2. Income Tax Department launched 24×7 control room: Income-Tax Department was launched 24×7 control room to monitor black money and illegal inducements in poll-bound Delhi. This facility will also host a toll-free number (1800117574). People can inform the department about any activity of use of money power, illegal distribution of cash etc.

3. Vice President Venkaiah Naidu to inaugurate “Classical Telugu Centre” in Nellore: Vice President of India, M Venkaiah Naidu will inaugurate a new Centre of Excellence for Studies in Classical Telugu on January 21 in Nellore, Andhra Pradesh. The center will facilitate to focus its activities for the development of this rich classical Telugu through Research, seminars, debates and various activities. The Centre of Excellence for Studies in Classical Telugu (CESCT) came under the Central Institute of Indian Languages (CIIL). Union Human Resource Development Minister Ramesh Pokhrial 'Nishank' is also set to attend the event.

Note: Andhra Pradesh governor Biswabhusan Harichandan; Andhra Pradesh Chief Minister YS Jagan Mohan Reddy

4. PM Modi attended the inaugural session of Raisina Dialogue in New Delhi: India's flagship global conference on geopolitics and geo-economics Raisina Dialogue has begun in New Delhi on January 14, 2020. Prime Minister Narendra Modi attended the inaugural session at which seven former heads of state or government will share their views on important challenges facing the world. This is the 5th edition of the prestigious Raisina Dialogue, jointly organized by the Ministry of External Affairs and the Observer Research Foundation. 700 international participants from over 100 countries are expected to participate in the dialogue. 12 foreign ministers, including from Russia, Iran, Australia, Maldives, South Africa, Estonia, Czech Republic, Denmark, Hungary, Latvia, Uzbekistan, and the EU will participate in it.

5. Dharmendra Pradhan launches Mission Purvodaya to develop Eastern India into Integrated Steel Hub: The Union Steel Minister Dharmendra Pradhan ‘Mission Purvodaya’ during an event in Kolkata to strengthen steel sector in the Eastern region. Mission Purvodaya is aimed at accelerated development of eastern India through establishment of Integrated Steel Hub. The proposed Integrated Steel Hub, encompassing Odisha, Jharkhand, Chhattisgarh, West Bengal and Northern Andhra Pradesh, would help towards socio-economic growth of Eastern India. The Minister informed that the eastern belt has the potential to add over 75 percent of the country’s incremental steel capacity envisioned by the National Steel Policy. The Integrated Steel Hub would thus enable swift capacity addition, improve the overall competitiveness of steel producers both in terms of cost and quality, growth of steel industry along with employment opportunities across the entire value chain.

6. Michael Patra appointed as fourth deputy governor of RBI: The central government has appointed Michael Patra as the deputy governor of the Reserve Bank of India (RBI) for a three-year term. At present, he is serving as an executive director at the Reserve Bank of India. He replaces Viral Acharya, who left office on July 23, 2019. He will take over as the fourth deputy governor at the Reserve Bank. He was in charge of the central bank’s monetary policy division until now.

7. Indian Space Research Organisation to launch GSAT-30 satellite: Indian Space Research Organisation (ISRO) will launch GSAT-30 satellite onboard Ariane-5 launch vehicle (VA 251) from French Guiana, overseas department of France. This satellite will launch on 17 January 2020. The GSAT-30 is a communication satellite of India and configured on ISRO’s enhanced I-3K Bus structure to provide communication services from Geostationary orbit in C and Ku bands.

8. Armed Forces Veterans Day: 14 January: 14 January celebrated as Armed Forces Veterans Day every year. Armed Forces Veterans Day is being celebrated since 2017. This day is observed to mark the respect and recognition of the services rendered by Field Marshal KM Cariappa. He was the first Indian Commander-in-Chief of the Indian Armed Forces, retired on 14th January 1953.

INTERNATIONAL UPDATES:

1. Treasury Department of USA removes China from “currency manipulator” list: The Treasury Department of United States of America has been removed China from the designation as “currency manipulator“.

2. Robert Abela Sworn in as New Prime Minister of Malta: Lawyer Robert Abela (42 years) was sworn in as the 14th Prime Minister of Malta. He replaced ruling PM Joseph Muscat, who resigned amid accountability over the murder of an investigative journalist. Abela is the son of former President of Malta George Abela. Robert Abela secured a surprising victory in Malta’s governing party’s internal leadership contest to be elected as the new leader.

Note: Capital of Malta: Valletta; Currency: Euro

3. Nearly 8,000 Philipinos evacuated as Taal volcano erupts near Manila: Around 8,000 residents were evacuated after a small active Taal volcano near Manila spewed a massive cloud of ash. Experts warned of another possibility of "hazardous explosive eruption." Taal (one of the world's smallest active volcanoes) sits in the middle of a lake about 70km (45 miles) south of the center of Manila. There was a risk an eruption could cause a tsunami in the lake. The Philippines lies on the Ring of Fire, a belt of volcanoes circling the Pacific Ocean that is also prone to earthquakes. Taal has erupted more than 30 times in the past five centuries, most recently in 1977.

OTHER UPDATES:

SPORTS

1. Japan's Kento Momota wins Malaysia Masters: Japanese badminton player Kento Momota (World number-1) has won the Malaysia Masters 2020. He defeated Denmark's Viktor Axelsen 24-22, 21-11. Momota, currently the best player on the planet, won a record 11 titles last year.

Note: The 2020 Malaysia Masters was the first tournament of the 2020 BWF World Tour. It is also part of the Malaysia Masters championships, which had been held since 2009. This tournament was organized by the Badminton Association of Malaysia and sanctioned by the BWF.

2. Novak Djokovic Leads Serbia to win inaugural ATP Cup with 2-1 victory over Spain: Serbia has won the inaugural 2020 ATP Cup tennis tournament, defeating Spain 2–1 in the final in Sydney. Novak Djokovic (from Serbia) was the key performer in the tournament. Djokovic (World No. 2) claimed a straight-sets victory over Rafael Nadal (World No. 1) 6-2, 7-6 (7-4) in singles. In doubles, Djokovic and Viktor Troicki claimed 6-3, 6-4 straight sets victory over Feliciano Lopez and Pablo Carreno Busta.

Note: ATP Cup was the opener for the 2020 ATP Tour, as well as the first ATP team tournament since the last edition of the World Team Cup in 2012.

BANKING AND FINANCE

1. SEBI defer deadline to April 2022 for split “Chairman and Managing Director” post: Market Regulator Securities and Exchange Board of India (SEBI) has extended the deadline given to companies to separate the roles of Chairman and Managing Director (CMD) post by two years to April 2022. Under Sebi’s norms, the top 500 listed entities by market capitalisation need to comply with the requirement of separation of the roles of chairperson and MD or chief executive officer (CEO) with effect from April 1, 2020. This deadline has now been extended till April 1 2022. The norms were part of the series of recommendations given by the Sebi-appointed Uday Kotak-led committee on corporate governance.

2. RBI restricts cash withdrawals up to Rs 35,000 in Sri Guru Raghavendra Sahakara Bank: The Reserve Bank of India (RBI) has put restrictions on cash withdrawals for the account holders of Sri Gururaghavendra Sahakara Bank. As per the RBI directions, the bank will not be able to grant or renew any loans and advances, make any investment, incur any liability, including borrowing of funds and acceptance of fresh deposits. This has been done after finding alleged irregularities in transactions. The bank’s savings and current account customers and depositors can, however, withdraw cash up to ₹35,000 only till further notice. The directive will remain in force for 6 months from January 10 and is subject to review,” added the official.

Note: Sri Guru Raghavendra Sahakara Bank Niyamitha is an urban cooperative bank and the RBI has issued directions in the exercise of powers vested in it under subsection (1) of Section 35 A of the Banking Regulation Act, 1949.

3. Former Flipkart CEO Sachin Bansal acquires DHFL General Insurance: Sachin Bansal (Flipkart co-founder and former CEO) has acquired DHFL General Insurance from Kapil Wadhawan-led Wadhawan Group Capital (WGC) for around Rs 100 crore. WGC is the parent company of debt-laden Dewan Housing Finance Limited (DHFL) and this deal is seen as a distress sale. Now, Bansal has entered the insurance business, and the investment is also seen as part of his strategy to enter into the financial services industry. Earlier, Bansal had done multiple investments in the insurance business to increase his portfolio of firms in the sector.

BUSINESS AND ECONOMY

1. Infosys signs five-year deal with a European firm to digitize global operations: The Global software major Infosys signed a 5-year deal with leading European automotive logistics firm GEFCO to digitize its worldwide operations. Infosys is partnering with the Paris-based GEFCO to digitize its multi-modal supply chain solutions and support its digital transformation over the next five years. The 70-year-old GEFCO has a presence in 47 countries and serves about 300 destinations worldwide with 15,000 workforces. As a technology partner, Infosys will help transform GEFCO's business application management services, leverage its live enterprise suite to evolve into a digital native organization.

Note: The 4.6-billion-euro GEFCO designs smart, flexible solutions to meet supply-chain challenges in every industry sector.

DEFENCE

1. IOC launches special NATO class diesel for Indian Navy: State-owned Indian Oil Corp (IOC) has developed a special class diesel conforming to North Atlantic Treaty Organization (NATO grade for use in ships and vessels of the Indian Navy. Vice Admiral G S Pabby launched the Upgraded High Flash High-Speed Diesel (HFHSD- IN 512) in New Delhi. The fuel possesses the best rheological and detergent characteristics validated against most stringent military specifications. It also has a lesser environmental impact due to low Sulphur content and would result in better performance of engines. This fuel will facilitate the Indian Navy to enhance its global footprint and will allow India to fuel the vessels of friendly foreign countries at places where fuel conforming to NATO grade is supplied. The changeover to the upgraded HFHSD- IN 512 has been done without any additional cost to the Indian Navy.

2. India to acquire 200 fighter jets for Air Force: According to Defence Secretary Ajay Kumar, the Union government is in the process of acquiring around 200 aircraft to cope with the depleting aerial inventories of the Indian Air Force. The contract for HAL-manufactured 83 LCA Tejas Mark 1 A advanced fighter jets are in the final stages. Apart from these, Expression of Interest has been floated for another 110 aircraft, based on which Request for Proposal will be floated. The Air Force has Sukhoi 30 MKIs, Mirage 2000s, Mig 29s, and the aging Jaguars and Mig 21 Bisons in its inventory of fighter jets at present. The last fleet of seven swing-wing MiG-27 fighters, which played an important role during the 1999 Kargil war, was decommissioned on 27th December 2019.

OBITUARIES

1. Raj Kapoor’s daughter Ritu Nanda passes away: Ritu Nanda, entrepreneur, and daughter of late Bollywood actor-filmmaker Raj Kapoor passed away on January 13, 2020, in New Delhi. Ritu Nanda is the sister of Rishi Kapoor, Randhir Kapoor and Rajiv Kapoor. She was suffering from cancer.