NATIONAL UPDATES:
1. SC
allows companies to export iron ore in Karnataka Mining case: The Supreme Court
of India allowed mining companies to export iron ore extracted from mines in
the Karnataka districts of Ballari, Chitradurga, and Tumakuru. A bench
consisting of Chief Justice N V Ramana, Justices Krishna Murari and Hima Kohli
took note of the Central government’s position and withdrew the export ban on
iron ore, while instructing the companies to adhere to the authorities’
restrictions. Key Points:
a)
The
highest court barred iron ore exports from Karnataka in 2012, with the goal of
preventing environmental degradation and ensuring that the state’s mineral
resources be maintained for future generations as part of the notion of
inter-generational equality.
b)
The
order was issued in response to mining companies’ requests to lift previous
restrictions on the sale and export of iron ore, which had been imposed due to
widespread violations.
c)
Taking
into account all of the factors, the SC leaned toward favouring the applicants’
request and granting them permission to sell the already excavated iron ore
stockpile at various mines and stockyards in the districts of Bellary, Tumkur,
and Chitradurga in the state of Karnataka without resorting to the e-auction
process.
2.
Dr. Jitendra Singh, Launches ‘BioRRAP’ Portal for Biotech Researchers: In keeping with
the ethos of One Nation, One Portal, Union Minister Dr. Jitendra Singh unveiled
the Single National Portal for Biotech Researchers and Start-ups. All those
seeking regulatory permission for biological research and development activity
in the country will use BioRRAP. According to the Minister, biotechnology has
quickly become a viable academic and career option for Indian youth. The
country currently has over 2,700 biotech start-ups and over 2,500 biotech
enterprises in operation.
Dr. Jitendra Singh, speaking after the
portal’s debut, stated that India is on track to become a global
bio-manufacturing hub and will rank among the top five countries in the world
by 2025. He added that the Portal will allow stakeholders to view the approvals
given to a specific application using a unique BioRRAP ID. He hailed DBT’s
one-of-a-kind gateway as a step toward making science and scientific research
more accessible to Indians, as well as making it easier to create businesses.
3.
Skyroot Aerospace successfully test fires its rocket engine: Private sector
rocket maker Skyroot Aerospace Private Ltd successfully tested its Kalam-100
rocket that will power the Vikram-1 rocket’s third stage/engine. The company
announced the completion of the milestone of full duration test-firing of its
Vikram-1 rocket stage. The third stage, named Kalam-100 after former President
APJ Abdul Kalam, was fired for a duration of 108 seconds. About the test:
a)
During
the test, the rocket produced a peak vacuum thrust of 100 kN (about10 tons)
showing its structure built with a high-strength carbon-fibre structure, solid
fuel, Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system,
and carbon ablative nozzle.
b)
The
rocket’s stage was tested at the facilities of Solar Industries India Ltd, one
of the investors in Skyroot.
c)
This
is the largest rocket stage ever designed, manufactured, and tested completely
in the Indian private sector.
d)
This
is best in class rocket stage of this size, with record propellant loading and
firing duration, and using all-carbon composite structures for delivering the
best performance
4.
Prime Minister Narendra Modi’s new PS: IFS Vivek Kumar: Prime Minister
Narendra Modi has got IFS Vivek Kumar as his new Private Secretary (PS). The
Cabinet Appointments Committee accepted Vivek Kumar’s nomination as PM Modi’s
press secretary. Vivek Kumar is the director of the Prime Minister’s Office and
is a 2004 batch Indian Foreign Service (IFS) officer (PMO).
Vivek Kumar will take over as PM Modi’s
private secretary from Sanjeev Kumar Singla. India’s Ambassador to Israel,
Sanjeev Kumar Singla, is ready to take over. Singla, an IFS officer from the
1997 batch, was named PS to the Prime Minister in 2014. Singla returned to
India to work in the PMO after a brief stint in the Indian Embassy in Tel Aviv.
He will now resume his duties as ambassador.
1.
NatGeo installed World’s Highest Weather Station on Mt. Everest: National
Geographic Society has installed the “world’s highest weather station” on Mount
Everest at an altitude of 8,830 metres to automatically measure various
meteorological phenomena. The weather monitoring system, powered by solar
energy, is supposed to measure various meteorological phenomena like air
temperature, wind speed and direction, air pressure, change in surface height
of snow, and incoming and outgoing short and longwave radiation.
Key points:
a)
The
NatGeo team, led by climate scientist Baker Perry from the Appalachian State
University in the US, consisted of climbers and scientists, many of whom scaled
the world’s highest peak while installing the weather station.
b)
The
team spent a month near Everest and also carried out the maintenance of other
stations, including a station at South Col, The Himalayan Times reported.
c)
The
DHM and National Geographic signed a memorandum of understanding to operate all
five automatic weather stations installed by NatGeo to provide near real-time
information regarding mountain conditions.
d)
Under
the MoU, the National Geographic team will fully operate the stations till 2025
before transferring the technology to the Nepal government in 2026, the report
said.
2.
China Plans World’s First Habitable Planet Search With Space Telescope: Chinese scientists
have proposed a space project to survey the sky through a space-borne telescope
to hunt for habitable Earth-like planets outside the solar system, about 32
light-years from Earth. The project, named Closeby Habitable Exoplanet Survey
(CHES) would be the first space mission specially designed to search for
habitable terrestrial planets around nearby Sun-like stars.
The exploration of habitable planets
outside the solar system is one of the key frontiers of fundamental research in
astronomy. The discovery of the nearby habitable worlds will be a great
breakthrough for humankind, and will also help humans visit those Earth twins
and expand our living space in the future. Key points:
a)
The
CHES will observe about 100 Sun-like stars 32 light-years away on a long-term
survey, and will hopefully discover roughly 50 Earth-like planets or
super-Earths, planets that are up to about 10 times the mass of Earth.
b)
CHES
will offer crucial clues to the issues such as other extra-terrestrial lives
and the planets becoming the cradle of life.
c)
5,000
exoplanets have been discovered and confirmed so far, including about 50
Earth-like planets in the habitable zone, but most of them are hundreds of
light-years away from Earth.
Note: China Capital: Beijing; China
Currency: Renminbi; China President: Xi Jinping.
3.
International Day for Biological Diversity: 22nd May: International Day
for Biological Diversity or World Biodiversity Day is observed on 22nd May
every year to increase awareness and understanding of the issues of
biodiversity. The theme in 2022 is “Building a shared future for all life”.
History of International Day for
Biological Diversity:
When first created by the Second Committee of the UN General Assembly in late
1993, 29 December (the date of entry into force of the Convention of Biological
Diversity), was designated the International Day for Biological Diversity. In
December 2000, the UN General Assembly adopted 22 May as IDB, to commemorate
the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final
Act of the Conference for the Adoption of the Agreed Text of the Convention on
Biological Diversity.
OTHER UPDATES:
SPORTS
1.
Odisha won the 12th Hockey India Senior Women’s National Championship title: Odisha women’s team
has won its first-ever gold in Senior Nationals as they defeat Karnataka 2-0 in
the final of the 12th Hockey India Senior Women’s National Championship.
Earlier, Hockey Jharkhand defeated Hockey Haryana 3-2 in the third-fourth place
match. The 12th Hockey India Senior Women’s National Championship was held in
Bhopal, Madhya Pradesh.
However solid defensive performances from
both sides ensured that the match went into the Halftime with the scoreline
reading 0-0. Punam Barla (34′) opened the scoring in the match in the third
quarter as Odisha picked up the lead. Ashim Kanchan Barla (59′) sealed the game
with a late goal as Odisha beat Karnataka 2-0 to claim the championship.
2.
UEFA Europa Football League title won by Germany’s Eintracht Frankfurt: German club
Eintracht Frankfurt has won their first European trophy in 42 years after
defeating the Rangers by 5-4 on penalties in Seville, Spain. Goalkeeper, Kevin
Trapp has saved at the end of extra time and another in the shootout to help
give Frankfurt the 5-4 win on penalties. Scottish club Rangers was also trying
to win its first European title since the Cup Winners’ Cup in 1972. Kevin Trapp
(Eintracht Frankfurt) was Man of the Match.
Colombia striker Rafael Borré, who scored a
second-half equalizer for Frankfurt, converted the decisive penalty to clinch
the club’s first European trophy since the 1980 UEFA Cup, a predecessor to the
Europa League. The win also secures a first appearance in the Champions League
next season for Frankfurt.
BANKING AND FINANCE
1.
IDBI Bank to sell quarter of its stock in Ageas Federal Life Insurance: IDBI Bank has
barged into a share purchase agreement to sell its remaining 25% stake in
private sector life insurer Ageas Federal Life Insurance for Rs 580 crore,
making Ageas one of the few foreign insurers to increase its stake in its
Indian insurance joint venture to 74 percent after the government raised the
FDI cap in the insurance sector. The
deal is scheduled to close in Q2FY23, pending regulatory approvals and the
fulfilment of the share purchase agreement’s terms and conditions. Ageas, a
European insurer, has already expanded its stake in the Indian insurer from 26%
to 49% in December 2020. Federal Bank’s shareholding in the company remained at
26%. The insurer’s name was changed from IDBI Federal Life Insurance to Ageas
Federal Life Insurance as a result of this. Key Points:
a)
Ageas
Insurance International now owns 49 percent of the private sector life insurer
Ageas Federal Life Insurance, while Federal Bank owns 26 percent.
b)
Ageas
Insurance International will increase its investment in the insurance company
to 74 percent after purchasing IDBI Bank’s 25% interest.
c)
Generali
finalised the acquisition of a 25% investment in Future Generali India Insurance,
bringing its total ownership in the company to 74 percent.
d)
After
the Indian government agreed to boost the FDI quota in the industry to 74
percent in the 2021 Budget, Ageas Insurance International and Generali are
among the few insurers looking to increase their interest in their Indian
insurance joint venture to 74%.
BUSINESS AND ECONOMY
1.
WPI inflation at a record high of 15.08% in April 2022: India’s wholesale
inflation soared to a three-decade high in April as high commodity prices and
supply-chain disruptions pushed up input costs for producers. The annual rate
of inflation was 15.08% (Provisional) for the month of April 2022 (Y-o-Y) as
compared to 10.74% in April 2021. The rate of inflation based on the WPI Food
Index increased marginally from 8.71% in March 2022 to 8.88% in April 2022.
2.
IndiGo appoints Pieter Elbers as CEO: The Board of Directors of InterGlobe
Aviation Limited (Indigo) appointed Pieter Elbers as Chief Executive Officer.
He will join IndiGo on or before 1 Oct 2022. He succeeds Ronojoy Dutta who has
decided to retire on 30 September 2022. Elbers has served as the President and
CEO of KLM Royal Dutch since 2014 and is also a member of the Executive
Committee of the Air France-KLM Group.
Note: Managing Director of IndiGo: Rahul
Bhatia; IndiGo Founded: 2006; IndiGo Headquarters: Gurugram.
3. UN
projects India to grow 6.4% in 2022: The United Nations Department of Economic
and Social Affairs (UN-DESA) in its ‘World Economic Situation and Prospects
(WESP) Mid-year Update 2022’ report has declined India’s GDP (Gross Domestic
Product) growth projections from 6.7% to 6.4% for 2022-23. For 2023-24, 6% GDP
growth is forecasted for India as against 6.1%. In 2021, India’s economy grew
at 8.8%. The growth outlook for South Asia is also downgraded by 0.4 percentage
points to 5.5% in 2022.
About the report:
a)
The
report said that the outlook in South Asia has deteriorated in recent months,
against the backdrop of the ongoing conflict in Ukraine, and higher commodity
prices and potential negative spillover effects from monetary tightening in the
United States.
b)
In
its World Economic Situation and Prospects report as of mid-2022, the UN’s
department of economic and social affairs said global inflation is projected to
increase to 6.7% in 2022, twice the average of 2.9% during 2010–2020, with
sharp rises in food and energy prices.
AWARDS AND HONOURS
1.
Genius Energy wins Amazon Smbhav Entrepreneurship Challenge 2022: An innovator from
Rajasthan who has developed the technology of saving energy in boilers by
recycling steam, Subhash Ola has won the 1st prize for the Amazon Smbhav
Entrepreneurship Challenge 2022 and his enterprise “Geniusenergy Critical
Innovation Private Limited” has won the Start-up of the Year award. The
technology was first developed to make khoya and other milk products, and the
portfolio of applications was later extended to textile, milk and food, pharma,
plywood, paper mills, leather industry, chemical industry, hot water boiler
generator, plastic recycle, laundry, hospitals and so on.
Geniusenergy Critical Innovation, a start-up recognized by Govt. of India, was incubated by the National Innovation Foundation (NIF), an autonomous body of the Department of Science and Technology (DST), Govt. of India. It serves clientele in a variety of industries for their energy needs, helps them reduce cost, and at the same time protects the environment.
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