NATIONAL UPDATES:
1. Gautam Singhania appointed as MD of Raymond: Raymond has re-appointed Gautam Hari Singhania as its managing director for a term of five years effective from July 1, 2024. Singhania, a commerce graduate, assumed the role of chairman and managing director of Raymond in September 2000.Over the years, he has been instrumental in strategically restructuring the Raymond Group, including the divestment of its non-core businesses of Steel, Cement, and Synthetics.
2. Ujjivan SFB names Carol Furtado as Executive Director: Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for three years with effect from May 1. Ms Furtado has been with the bank since its inception and assumed various key positions including chief human resource officer, head of operations and service quality and chief business officer. Furtado has over 29 years of banking experience in retail banking and non-banking finance company domains. She was instrumental in the organization’s transition from NBFC-MFI to a small finance bank.
INTERNATIONAL UPDATES:
1. India & Nigeria to finalise Local Currency Settlement System Agreement: India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to strengthen bilateral economic ties. Under the local currency settlement system, the trade will be settled in India’s local currency and Nigerian local currency, Nigerian naira. This was decided at the 2nd session of the India-Nigeria Joint Trade Committee held in Abuja, Nigeria.
2. India at 159 among 180 countries in World Press Freedom Index: India ranked 159 among 180 countries in the latest annual World Press Freedom Index released by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international non-profit organization. India had ranked 161 in the 2023 list. Meanwhile, Pakistan ranked seven spots above India at 152. It had ranked 150 in 2023. Norway topped the ranking, while Denmark was on the second rank in World Press Freedom Index. Sweden ranked third on the list.
3. FLiRT: New COVID-19 Variants Increase Concern in US: A series of COVID-19 variants within the Omicron JN.1 lineage, known as FLiRT, including the KP.2 and KP 1.1 variants, is rapidly spreading in the United States, exhibiting new mutations which increase their contagiousness. According to media reports, the symptoms ..
4. India, Kenya to Discuss Cheetah Sourcing for Wildlife Sanctuary: India has expressed interest in sourcing cheetahs from Kenya for the next stage of Project Cheetah. A delegation of Kenyan officials is due to visit India later this month to discuss the possible translocation, including the number of cheetahs they ..
5. Goldene: Swedish Scientists Create First Freestanding 2D Gold Sheet: Scientists at Sweden’s Linköping University have recently made a significant scientific breakthrough by creating the first free-standing sheet made of gold, which is only one atom thick. This 2D sheet, named “goldene,” is similar to graphene and marks the first ..
6. Panama Elects Conservative Jose Mulino as President: Jose Raul Mulino, a conservative candidate and former Minister of Public Security, was declared the winner of the presidential election in Panama on May 5, 2024. He secured 34% of the vote, outpacing his closest rival, Ricardo Lombana, who received ..
7. Russian Announcement of Drills Simulating Tactical Nuclear Weapons Use: Russia’s Defence Ministry has recently announced its decision to conduct exercises simulating the use of tactical nuclear weapons. This announcement came shortly after senior Western officials made statements about the ongoing conflict in Ukraine, which Russia described as provocative. The ..
OTHER UPDATES:
DEFENCE
1. Gagan Strike-II: Indian Army, IAF Conduct Joint Exercise in Punjab: The Indian Army’s Kharga Corps, part of the Army’s Western Command, recently concluded a three-day joint military exercise Gagan Strike-II with the Indian Air Force (IAF) in Punjab. The primary goal of Gagan Strike-II was to refine the processes involving ..
SCIENCE AND TECHNOLOGY
1. Scientists Develop ‘All-in-One’ Broad Coronavirus Vaccine: In the wake of the COVID-19 pandemic, researchers have recognized the urgent need for vaccines that can provide protection against not just one, but potentially multiple coronavirus strains, including those yet undiscovered. On May 6, 2024, a groundbreaking study was ..
2. Sun Releases Two Powerful Solar Flares, Causes Blackouts: In the past week, the Sun has emitted two significant solar flares from a newly identified sunspot, AR3663, causing impacts such as radio blackouts in several parts of the world. These flares occurred within six hours of each other, signaling ..
BANKING AND FINANCE
1. RBI imposes monetary penalty on three co-operative banks for rule violations: The Reserve Bank of India (RBI) has imposed monetary penalty of three co-operative banks for rule violations.
These banks are Lokmangal Co-operative Bank, The Udgir Urban Co-operative Bank, and The Satara Sahakari Bank. The central bank imposed Rs 5 lakh penalty on Lokmangal Co-operative Bank, Rs 2 lakh on The Satara Sahakari Bank, and Rs 1 lakh on The Udgir Urban Co-operative Bank.
2. OECD raises the Indian economy growth rate forecast to 6.6% in 2024-25: The Organisation for Economic Co-operation and Development (OECD) has raised its growth forecast for India by 40 basis points to 6.6 per cent for 2024-25. In its earlier report, it had projected a growth rate of 6.2 per cent for the Indian economy in 2024-25. It has also forecasted a growth rate of 6.6 % for 2025-26. Recently International Monetary Fund raised the expected growth rate of the Indian economy in 2024-25 to 6.8%
3. Neobanking startup Fi secures NBFC License from RBI: Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books. With this, Fi has joined the likes of Jupiter, Groww and Cred, all of which got into the lending business either by getting a fresh licence or by acquiring another NBFC. Acquiring an NBFC licence empowers fintechs to offer loans from their own books, thus establishing an asset base.
4. YES Bank collaborates with ANQ to launch Pi and Phi credit cards: YES Bank has partnered with Bengaluru-based financial services provider ANQ to unveil two new credit cards designed for Indian consumers. The Pi and Phi co-branded cards aim to offer unique features and benefits.
5. HDFC Life launched ‘No Jhanjhat Life Insurance Fatafat’ campaign: HDFC Life, a leading insurer in India, has unveiled its latest campaign, ‘No Jhanjhat Life Insurance Fatafat’. This campaign promises a seamless and swift life insurance purchasing experience, tailored for today’s fast-paced world. As the campaign’s protagonist navigates life’s challenges, each scene serves as an endearing analogy to the simplicity of purchasing insurance through HDFC Life’s online channel.
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