Daily GK Update- 12th Sept, 2023

NATIONAL UPDATES:

 

1. AIBI appointed Mr. Mahavir Lunawat of Pantomath Capital as Chairman: The Association of Investment Bankers of India (AIBI) appointed Mahavir Lunawat, Managing Director of Pantomath Capital Advisors Pvt Ltd. as its Chairman. The Chairperson of AIBI represents Investment Bankers on the Primary Market Advisory Committee (PMAC) of SEBI and has been active in representing the members’ views, and comments. He has led some of the key M&As, and corporate restructuring projects and has lead managed more than 100 IPOs. 

 

2. NTPC Green Energy Limited to collaborate with Nayara Energy: NTPC Green Energy Ltd (NGEL) will partner with Nayara Energy, an oil refining and marketing company, to produce green hydrogen for Nayara Energy’s captive usage.  Aim:  To collaborate and produce green hydrogen for Nayara Energy’s captive usage, accelerate decarbonization and catalyse reduction in carbon footprint.   Objective: To explore and implement cutting-edge technologies to produce green hydrogen, contributing to a cleaner and more resilient energy landscape.

 

3. 3 member team to explore depths of the ocean in first manned ocean mission: Minister of Earth Sciences Kiren Rijiju announced the Samudrayaan Mission( MATSYA 6000 ) India’s first manned mission to explore the deep ocean, where three people will be sent into the depth of 6,000 metre in a submersible.  Aim: To sustainably use marine resources for the country’s economic growth and livelihood along with creating job and maintaining the health of the marine ecosystem It is designed to study the deep ocean resources and conduct biodiversity assessment

 

4. NVIDIA partners with Reliance to advance AI in India: The famous US chip company NVIDIA declared AI partnerships with  Reliance Industries to build cloud infrastructure, language models, and generative applications. Aim: To help NVIDIA deepen its inroads into the emerging AI ecosystem of the South Asian nation as it faces specific barriers in a few chip exports to China and other countries with US restrictions. Reliance will create AI applications and services for their 450 million Jio customers

 

5. ‘Bharat: Mother of Democracy’ portal launched at G20 exhibition: The Ministry of Culture has launched a portal for the mega exhibition—‘Bharat: The Mother of Democracy’—to be held at Bharat Mandapam for global leaders attending the conference. The content on the history of democracy in India showcasing 7,000 years of democratic ethos starting from the Sindhu-Saraswati civilization to 2019 is available in 16 languages including German, French, Spanish, Arabic, Portuguese, Italian, Turkish, and Russian besides English and Hindi. The portal is divided into five sections and 22 sub-sections starting from Sindhu-Saraswati Civilisation (6000-2000BCE), Mahajanapada and Gantantra (7-8 BCE), Vijaynagar Empire (14-16 century), and Mughal emperor Akbar reign (1556-1605) to Constitution of India (1947) and Elections in Modern India (1952 onwards). Each section has a brief with images.

INTERNATIONAL UPDATES:

 

1. India and Saudi Arabia sign Agreement on Cooperation in Energy Sector: India and Saudi Arabia signed a historic comprehensive cooperation agreement in the field of energy. Aim: To enhance ties between India and Saudi Arabia in renewable energy, energy efficiency, hydrogen, electricity and grid interconnections, petroleum, natural gas, strategic petroleum reserves, and energy security. It also seeks to encourage bilateral investment in the fields of renewable energy, electricity, hydrogen and storage, and oil & gas.

 

2. India, Bangladesh sign 3 MoUs after bilateral meet ahead of G20 summit: India and Bangladesh signed three MoUs including one on cooperation in Digital Payment mechanisms. First MoU was signed between National Payments Corporation of India (NPCI) and Bangladesh Bank on cooperation in Digital Payment mechanism Second MoU focused on the renewal of the Cultural Exchange Program for 2023-2025.  The third MoU was signed between the Indian Council of Agricultural Research and the Bangladesh Agriculture Research Council.

 

3. Indian startup delegation in Dubai to strengthen collaboration with UAE: The Consulate General of India in Dubai welcomed a delegation of 15 Indian startups in a bid to foster collaboration and innovation between Indian and UAE entrepreneurial ventures.  Aim: To explore the vibrant startup ecosystems of Sharjah, Dubai, and Abu Dhabi, further strengthening the bonds between India and the UAE.  These sessions will provide valuable insights into marketing opportunities, expansion strategies within the UAE, and networking opportunities.

 

4. Dhaka, Paris sign bilateral instruments on infrastructure, satellite system: Dhaka and Paris signed two bilateral instruments to enhance cooperation in different fields including infrastructure and satellite.   Agreement between economic relations division of Bangladesh and the France development agency,  France on ‘improving urban governance and infrastructure programme LOI on cooperation between Bangladesh satellite company limited  and airbus defence and space SAS, France related to Bangabandhu-2 earth observation satellite system

 

5. ‘India-Middle East-Europe’ economic corridor, a modern-day spice route: PM Narendra Modi announced the project during the annual Group of 20 summit of the world’s top economies to launch the India-Middle East-Europe economic corridor including shipping and railway links. The first-of-its-kind economic corridor will be an initiative on cooperation on connectivity and infrastructure involving India, UAE, Saudi Arabia, EU France, Italy, Germany, and the US. The United States, Saudi Arabia, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines on the sidelines of the Group of 20 summit in New Delhi. Although heavily trade-focused, the scheme could have wide-ranging implications — including developing contacts between long-time foes Israel and Saudi Arabia

One proposed project would link railway and port facilities across the Middle East — including the United Arab Emirates, Saudi Arabia, Jordan, and Israel — potentially speeding trade between India and Europe by up to 40 percent.

 

6. Switzerland ranked No. 1 in the World Best Countries Report 2023: Switzerland has once again claimed the title of the world’s best country, according to the latest S. News & World Report’s annual Best Countries rankings. This marks Switzerland’s second consecutive year at the pinnacle and its sixth time overall as the No. 1 nation on the list. Switzerland is followed by Canada at No. 2, Sweden at No. 3, Australia at No. 4, and the United States at No. 5. The United States has slipped one spot compared to its 2022 ranking. In the 2023 rankings, European countries dominate the top tier, securing 16 of the top 25 spots. Notable shifts include Germany, which has fallen five spots since 2022, and Australia and New Zealand, both climbing three places year over year. The Middle East is represented by the United Arab Emirates, while Asia boasts Japan, Singapore, China, and South Korea within the top 25. The rankings are developed in collaboration with global marketing communications company WPP and the Wharton School of the University of Pennsylvania. Based on a global survey encompassing 87 countries and more than 17,000 respondents, these rankings evaluate countries based on 73 attributes such as dynamism, safety, economic stability, and commitment to social justice.

 

OTHER UPDATES:

 

SPORTS

 

1. Basketball Germany beat Serbia to win World Cup for first time: Germany won their first-ever FIBA Basketball World Cup 2023 title by beating Serbia in Manila. The 19th edition of FIBA’s flagship event, co-hosted by the Philippines, Indonesia and Japan, on a high note. Serbia absorbed another heartbreak after losing to the United States 129-92 in the 2014 final, but finished better than their quarter-final exit in 2019. Earlier, Canada bagged their first World Cup 2022 podium finish at the expense of short-handed United States.

 

2. Virat Kohli becomes fastest ODI player to reach 13,000 runs: Virat Kohli stunned fans after he broke Sachin Tendulkar’s record of the fastest batter to score 13000 runs in ODI.  The 34-year-old record of fellow Indian veteran Sachin Tendulkar (321 innings), achieving in just 267 innings. With this century, Kohli has now scored four consecutive 100s at this stadium, the joint-most highest centuries at a single venue alongside South African He became the quickest batter to reach this mileston, Ponting and Sangakkara

 

3. Novak Djokovic wins 24th Grand Slam title at US Open 2023: Novak Djokovic created history by winning the 24th Grand Slam title in US Open 2023 Men’s Singles final 2023. Serbian tennis star Djokovic defeated Russia’s Daniil Medvedev by 6-3, 7-6, 6-3 in the men’s singles final at the Arthur Ashe Stadium.W With this win, 36-year-old Novak Djokovic is now tied with Margaret Court for the most Grand Slam tennis titles in history, with 24 titles to her name. He already the oldest French Open singles champion, became the oldest US Open singles champion in the pro era. In the women’s doubles event, the 16th-seeded pair of Erin Routliff of New Zealand and Gabriela Dabrowski of Canada won the title. They defeated the 12th-seeded pair of Germany’s Laura Siegemund and Russia’s Vera Zvonareva with a score of 7-6, 6-3.

 

BANKING AND FINANCE

 

1. Thomas Cook India partners with National Payments Corporation of India: Thomas Cook (India) Limited partnered with the National Payments Corporation of India (NPCI) to introduce a RuPay prepaid forex card tailored for Indian travelers going to the UAE. Aim: To ensure accessibility for customers, being India’s forex network with over 4000 touchpoints, including retail outlets, airport counters, online platforms, and mobile applications.  The “Ghar pe Forex” commitment reportedly provides doorstep delivery within 2 hours.

 

2. AU Small Finance Bank partners Star Health and Bajaj Allianz: AU Small Finance Bank has entered into bancassurance tie-ups with Star Health and Allied Insurance Company and Bajaj Allianz Life Insurance Company  Aim: To enable the Bank's customers to access a wide range of insurance products from Star Health and Bajaj Allianz.  AU Small Finance Bank has recently transitioned from a prominent, retail focused nonbanking finance company which primarily served low and middle-income individuals and businesses.

 

AWARDS AND HONOURS

 

1. 12 scientists selected for the Shanti Swarup Bhatnagar Award for 2022: The country’s top annual science award, the prestigious Shanti Swarup Bhatnagar Award, was announced after a gap of two years. This year, 12 scientists were selected for the award in seven different scientific categories. Director General of CSIR (Council of Scientific and Industrial Research) Dr. N. Kalaiselvi officially announced the awards for the year 2022 in the presence of Union Minister for Science and Technology Dr Jitendra Singh. Named after Shanti Swarup Bhatnagar, the first director of CSIR, these awards are given every in seven scientific disciplines – physics, biology, engineering, mathematics, medicine, chemistry, and earth sciences. Union Minister for Science and Technology Dr Jitendra Singh also launched the ‘One Week One Lab’ program at CSIR-National Institute of Science Communication and Policy Research (NISCPR). Singh also released two books titled ‘Collection of 80 Articles of Vigyan Pragati Patrika’ and ‘CSIR@80: A Photo Journey’ on the occasion.

 

OBITUARIES

 

1. Dennis Austin, Co-Creator Of PowerPoint, Dies At 76: Dennis Austin, who co-created PowerPoint, passed away at the age of 76. He studied engineering at several universities, including MIT and UC Santa Barbara. He eventually joined the software company Forethought and co-developing PowerPoint.  The company released the software in 1987, and Microsoft bought the company just a few months later.  He served as PowerPoint’s primary developer from 1985 to 1996 when he retired.