NATIONAL UPDATES:
1. Cairn becomes India’s 1st oil & Gas Company to join UNEP’s OGMP 2.0.: Cairn Oil & Gas, part of Vedanta Group, has signed a memorandum of understanding with the United Nations Environment Programme’s flagship methane reporting and mitigation initiative – Oil & Gas Methane Partnership (OGMP) 2.0, making it the first oil and gas producer in India to commit to the effective reduction of methane emissions. OGMP 2.0 established a comprehensive framework that includes best practices for emissions management and a robust reporting system. It emphasises accurate measurement, reporting, and verification (MRV) of methane emissions to drive reductions effectively. OGMP 2.0 covers over 40 per cent of global oil and gas production empowering companies to improve the quality and accuracy of emissions data for effective methane reduction.Earlier this year, Cairn had announced the fast-tracking of its net zero commitments to 2030.
2. Union Minister of Consumer Affairs, Food and Public Distribution Pralhad Joshi launches Phase – II retail sale: The Union Minister of Consumer Affairs, Food and Public Distribution, and New & Renewable Energy, Pralhad Joshi, has launched Phase – II of the retail sale of Bharat Atta and Bharat Rice by flagging off mobile vans of NCCF, NAFED, and Kendriya Bhandar here.Bharat Atta at MRP of Rs.30 per kg and Bharat Rice at MRP of Rs.34 per kg is being made available to consumers during Phase-II.In the initial stage of Phase – II, 3.69 LMT of Wheat and 2.91 LMT of Rice are made available for retail sale. During Phase – I, around 15.20 LMT of Bharat Atta and 14.58 LMT Bharat Rice was made available to general consumers at subsidized rates.Bharat Atta and Bharat Rice will be available at stores and mobile vans of Kendriya Bhandar, NAFED and NCCF and e-commerce /big chain retailers. During the Phase-II. ‘Bharat’ brand Atta and Rice will be sold in 5 Kg and 10 Kg bags.
3. ONGC, NTPC form joint venture to advance renewable, new energy interests: Leading public sector undertakings (PSUs) NTPC Limited and Oil and Natural Gas Corporation (ONGC) announced the formation of a 50:50 joint venture company (JVC) to further promote their interests in the renewable and new energy arena.The JVC between the country’s largest power generating company and largest oil and gas producer has been formed through their green energy subsidiaries – NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd.The new company will venture into various renewable energy and new energy opportunities including solar and wind energy, both onshore and offshore, and green molecule. Such as green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol.It will also focus on new and emerging technologies in the field such as energy storage including both pump and battery storage, e-mobility, carbon credits and green credits.
4. Rahul Bhave named as MD and CEO of IFCI: FSIB, the headhunter for directors of state-owned banks and financial institutions, has recommended Rahul Bhave for the position of Managing Director (MD) and CEO of IFCI Ltd.Bhave is currently the Deputy Managing Director of IFCI.Besides, FSIB has recommended Palash Srivastava for the position of Deputy Managing Director in IIFCL.
5. SBI appoints Debasish Mishra as Chief General Manager of New Delhi Circle: State Bank of India (SBI) has appointed Debasish Mishra as the Chief General Manager of its New Delhi Circle.Mishra has experience across Credit, Operations, Forex, IT, HR, and MSME sectors, both in India and overseas.Mishra, a Certified Financial Planner and Chevening Gurukul Scholar, has been appointed at a crucial time for SBI’s New Delhi Circle. This circle, which includes over 1,700 branches, is focused on strengthening its market position in line with the country’s growth.Currently, SBI operates 17 local head offices, each led by Chief General Managers, who oversee a network of approximately 22,600 branches nationwide.
INTERNATIONAL UPDATES:
1. India, Algeria sign MoU on bilateral defence cooperation: India and Algeria have signed the Memorandum of Understanding (MoU) on bilateral defence cooperation.The MoU will elevate the defence partnership between both nations, fostering mutual understanding and enhancing strategic interests.Deliberations were held on furthering bilateral military cooperation and capacity building. Make In India initiatives and technology exchange were also discussed between both military leaders.
2. Henley Passport Index 2024: India at 83rd; topped by Singapore: Singapore has been named the world’s most powerful passport again, offering its citizens visa-free access to 195 countries, according to the latest Henley Passport Index released in October 2024.France, Germany, Italy, Japan, and Spain shared the second place, granting their citizens visa-free access to 192 countries, as per the latest rankings.The United States ranked 8th, giving its citizens visa-free entry to 186 countries.Meanwhile, India ranked 83rd, providing its citizens with visa-free access to 58 countries.Asian countries have consistently led the Henley Passport Index for several years. Nations such as Japan, Singapore, and South Korea frequently occupy the top positions among the world’s most powerful passports, granting their citizens visa-free access to numerous countries.
3. EAM Jaishankar inaugurates India’s new consulate in Brisbane: External Affairs Minister S Jaishankar has inaugurated the new Consulate General of India in Brisbane, underlining that this will contribute to strengthening India’s ties with the Queensland state, promoting trade and serving the diaspora.Queensland is home to almost 100,000 out of the nearly one million people of Indian-origin living in Australia, and India is the state’s second-largest export market. Besides Brisbane, India has consulates in Melbourne, Perth and Sydney.The consulate in Brisbane will be headed by consul general Neetu Bhagotia.
4. UDC presidential candidate Duma Boko declared as 6th president of Botswana: Duma Boko, the presidential candidate of the Umbrella for Democratic Change (UDC), was declared Botswana’s sixth president. Botswana’s Chief Justice, Terence Rannowane, announced on national television.According to the southern African country’s electoral law, the polling will determine 61 members of the National Assembly and 609 local councillors, with the party that holds at least 31 parliament seats to be declared as the winner.While the counting is yet to be finalised, UDC has already secured 34 members of the National Assembly, and the ruling party, the Botswana Democratic Party, got four seats.
5. The International Solar Alliance Announces the Selection of its third Director General: The seventh session of the ISA Assembly in progress in New Delhi selected Mr Ashish Khanna from the Republic of India as its third Director General.The other office candidates included Mr Wisdom Ahiataku—Togobo from Ghana and Mr Gosaye Mengistie Abayneh from Ethiopia.The Director General of ISA plays a crucial role in supporting the Assembly in advancing theInternational Solar Alliance mandate. This includes supporting to Member Countries in addressing common challenges and engaging in coordinated action to scale up the deployment of solar energy globally.Dr Ajay Mathur, who has led the Alliance since 2021, will conclude his tenure on 14 March 2025. Under his leadership, the Alliance has achieved significant milestones, including a monumental rise in Member & Signatory Countries tallying at 103 and 17, respectively.
6. 6 November – International Day For Preventing The Exploitation Of The Environment In War And Armed Conflict: International Day For Preventing The Exploitation Of The Environment In War And Armed Conflict is observed every year on 6 November.On May 27, 2016, the United Nations Environment Assembly adopted resolution UNEP/EA.2/Res.15, which recognized the role of healthy ecosystems and sustainably managed resources in reducing the risk of armed conflict, and reaffirmed its strong commitment to the full implementation.
OTHER UPDATES:
DEFENCE
1. India-Vietnam joint military exercise commences at Ambala: The 5th Edition of Vietnam Indian Bilateral Army Exercise “VINBAX 2024” commenced at Ambala. The exercise will be held from November 4 to 23 at Ambala and Chandimandir.The conduct of VINBAX-2024, as a field training exercise with enhanced scope from previous editions of bilateral exercise, will strengthen mutual confidence, and interoperability and enable sharing of best practices between the Indian Army and Vietnam People’s Army.The aim of VINBAX-2024 is to enhance joint military capability of both sides in employment and deployment of engineer company and medical teams to undertake engineering tasks as part of United Nation Contingent in Peace Keeping Operations under Chapter VII of the United Nations Charter.
2. India-Bhutan Border ICP Inaugurated in Assam: The first Integrated Check Post (ICP) along the India-Bhutan border was inaugurated at Darranga, Assam. This event marked an important milestone in India-Bhutan relations. Assam Governor Lakshman Prasad Acharya and Bhutan’s Prime Minister Dasho Tshering Tobgay were present at the inauguration. An Integrated Check Post (ICP) is a facility that streamlines customs and immigration processes at international borders. It aims to facilitate trade and movement between countries. ICPs are designed to improve efficiency and reduce waiting times for goods and people crossing borders.
3. Anti-Terror Conference 2024: The Anti-Terror Conference 2024 highlighted the urgent challenges posed by modern terrorism. Union Home Minister Amit Shah stressed the necessity of advanced technology and training to combat these threats. The conference aimed to enhance collaboration among various stakeholders in the fight against terroism Terrorism has evolved into a borderless phenomenon. It operates invisibly, making traditional methods less effective. Governments worldwide face increasing challenges in identifying and countering these threats. The need for a proactive approach is critical. Shah emphasized the role of technology in combating terrorism. Training will focus on using advanced technology effectively. This approach aims to enhance operational capabilities against evolving threats.
SCIENCE AND TECHNOLOGY
1. Zimbabwe Launches Second Satellite ZIMSAT-2: Zimbabwe successfully launched its second satellite, ZIMSAT-2. This event marks an important advancement in the country’s space programme. The launch took place from the Vostochny Cosmodrome in Russia, following the deployment of Zimbabwe’s first satellite, ZimSat-1, in November 2022. ZIMSAT-2 is a low Earth observation satellite. It was launched aboard the Soyuz-2.1 spacecraft at 1 AM. The launch was a collaborative effort between the Zimbabwe National Geo-Spatial and Space Agency (ZINGSA) and Southwest State University in Russia.
BANKING AND FINANCE
1. SEBI proposes 30-day deadline for mutual fund deployment of NFO proceeds: In a move aimed at enhancing the timely deployment of funds raised through mutual fund (MF) schemes during new fund offering (NFO) periods, the markets regulator — Securities and Exchange Board (Sebi) proposed a 30-day deadline for fund managers.Currently, there is no stipulated time frame for the deployment of NFO proceeds in line with the specified investment strategy.In a consultation paper, Sebi outlined that this timeline could be extended to 60 days with approval of the fund house’s investment committee, but only under specific conditions, such as “expensive valuation in specific sectors or market capitalisations, market dynamics, uncertainty following geopolitical developments, or unavailability of securities with specific maturity.
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