NATIONAL UPDATES:
1. Tata Power invests over Rs 4,200 cr in network expansion, upgrade in Odisha: Tata Power-led power distribution companies (Discoms) have invested Rs 4,245 crore in infrastructure expansion and network upgrade in Odisha over the past 3-4 years. The company operates four Discoms in joint ventures with the government of Odisha. These are TP Central Odisha Distribution (TPCODL), TP Western Odisha Distribution (TPWODL), TP Southern Odisha Distribution (TPSODL), and TP Northern Odisha Distribution Limited (TPNODL), collectively serving a customer base of over 9 million. The investment includes Rs 1,232 crore through government-backed schemes, including laying 33 KV lines and adding 30,230 distributions. This includes laying 2,177 circuit kilometres (Ckms) of 33 kilovolt (KV) lines and 19,809 Ckms of 11 KV lines, as well as adding 30,230 distribution transformers to improve the distribution network’s reliability across rural and urban areas.
2. MoPSW approves Research Proposal on “Valorization of Dredged Sediments”: The Ministry of Ports, Shipping, and Waterways (MoPSW) has approved a research proposal on Valorization of Dredged Sediments. The project, sanctioned at an estimated cost of Rs. 46,47,380 will be implemented over a duration of three years by the Indian Institute of Technology Bombay (IIT Bombay). The primary objective of this research is to create value from dredged sediments by converting them into aggregates suitable for various construction fields. This innovative approach aims to transform dredged sediment, typically seen as waste, into a valuable resource, thus contributing to sustainable development and environmental conservation.
3. Haryana cabinet approves IT Saksham Yuva Scheme to provide 5k jobs in first phase: The Haryana Cabinet gave nod to launch the IT Saksham Yuva Scheme 2024, the target of which is to give jobs to 5,000 youths in the first phase. The scheme has been designed in accordance with the ‘Mission 60,000’ announced while presenting the 2024-25 budget proposals aiming to give employment to at least 60,000 young individuals from poor families. Under this scheme, employment will be provided to the youths who are graduate or postgraduate applicants from IT backgrounds. The aspirants will have to undertake the Haryana IT programme (specially designed short-term courses) for minimum three months after which they will be deployed in various departments, boards, corporations, districts, registered societies, etc., in Haryana or private entities.
4. ACC approves appointment of 8 EDs in Public Sector General Insurance Cos: The Appointments Committee of the Cabinet (ACC) has approved the appointment of 8 Executive Directors in Public Sector General Insurance Companies (PGICs). Rashmi Bajpai, currently General Manager (GM) in Oriental Insurance Company Ltd (OICL), has been appointed as Executive Director (ED) in the same Company. Amit Mishra, currently GM of New India Assurance Company Ltd (NIACL), has been appointed as ED in OICL. Hitesh Ramesh Chandra Joshi, currently GM in GIC Re, has been appointed as ED in the same Company. Prasad C.G., currently GM in NIACL, has been appointed as ED in NICL. Sunita Gupta, currently GM in Oriental Insurance Company Ltd (OICL), has been appointed as ED in UIICL. Radhika C.S., currently GM in United India Insurance Company Ltd (UIICL), has been appointed as ED in GIC Re.
5. Shashi Kataria appointed as CFO of Quant MF: Quant Mutual Fund, under SEBI lens in a front-running case, has appointed Shashi Kataria as Chief Financial Officer. Kataria has been appointed as Chief Financial Officer, Operations Head and Executive Director of Quant Money Managers in place of Harshal Patel, who has resigned due to personal reasons. He has previously worked with PPFAS AMC as CFO, COO and Director. He was also associated with DSP Blackrock Investment Managers as Manager Finance. Shashi Kataria has 20 years of overall experience in accounting, audit, direct and indirect taxation, financials & MIS, payroll, and labour law compliance, of which 13 years are from the Indian mutual fund industry, according to the fund house’s notice-cum-addendum.
INTERNATIONAL UPDATES:
1. Philippines Chosen to Host U.N. Climate Fund Board: The Philippines was recently chosen to house the board of the “Loss and Damage” fund. This is a big step toward helping people who have been hurt by climate change.
2. Vietnam – Most Affordable Country for Expats in 2024: In 2024, a global study by InterNations found that Vietnam was the best place for expats to live on a budget. This is the fourth year in a row that Vietnam has been at the top of the list
3. World Population Prospects 2024: UN: The most recent “World Population Prospects 2024” study from the United Nations gives us a lot more information about how many people are expected to live on Earth in the future. According to key findings, the world’s population.
OTHER UPDATES:
SPORTS
1. Shooter Sabeera Haris wins Bronze in Shotgun Junior World Cup: In Shooting, India’s Sabeera Haris has bagged the bronze medal in women’s trap event at the International Shooting Sport Federation, ISSF Junior World Cup in Porpetto, Italy. Sabeera shot 29 out of 40 targets in the final.
Carey Garrison of the US won the gold, shooting down 40 out of 50 targets. While Sofia Gori of Italy claimed the silver with 39 hits out of the full quota of 50 targets. In the junior women’s trap event, another Indian, Bhavya Tripathi, concluded her campaign in 26th place with a score of 102, while compatriot Rajkuwar Ingle finished in 33rd position with 100 points.
2. James Anderson retires from Test Cricket: James Anderson has bid adieu to Test cricket for England. The veteran speedster has brought down curtains to his celebrated career, which spanned 21 years. The 41-year-old bowler’s illustrious career, spanning an impressive 21 years, came to a close at the very ground where it all began – the iconic Lord’s Cricket Ground in London.
Anderson holds the record for the most wickets taken by a fast-bowler with 704 in 188 Test matches. Anderson’s former compatriot Stuart Broad, who has already retired, remains the only other pacer with over 600 Test scalps, i.e. 604. Anderson has 32 fifers to his name, which is the sixth-most five-wicket hauls in Test cricket history. Muttiah Muralitharan has the most with 67, followed by Sur Richard Hadlee (36), Anil Kumble (35), R Ashwin (36), and Rangana Herath (34). Anderson’s tally also includes three 10-wicket match hauls.
BANKING AND FINANCE
1. Punjab National Bank signs pact with SAIL to offer loans: State-owned Punjab National Bank has signed a pact with Steel Authority of India to provide home loan, car loan and education loan to the latter’s employees at concessional rates. This strategic partnership aims to enhance the financial well-being of Steel Authority of India Ltd (SAIL) employees while expanding PNB’s customer base within the steel sector. A MoU was signed by PNB General Manager – Business Acquisition and Relationship Management Division Sudhir Dalal, SAIL General Manager – Finance Lavika Jain and SAIL General Manager – HR Bikram Uppal.
2. Retail inflation hits 4-month high of 5.08% in June: Retail inflation, measured by the Consumer Price Index (CPI), accelerated to a four-month high of 5.08 per cent in June 2024, driven by a spike in food inflation to 9.36 per cent due to rising prices of vegetables and pulses. This June 2024 reading is also higher than the 4.87 per cent recorded in the same month last year. In May 2024, CPI inflation hit a 12-month low of 4.75 per cent, despite food inflation remaining high at 8.7 per cent. Retail inflation stood at 4.87 per cent.
AWARDS AND HONOURS
1. Nagaland Wins Best State in Horticulture Award 2024: Nagaland won the “Best State in Horticulture Award 2024” at the Agriculture Leadership Awards, which shows how clever its horticulture projects are. Minister Salhoutuonuo Kruse took the award in New Delhi and said that the government’s policies.
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