Daily GK Update- 3rd Aug, 2022

 

NATIONAL UPDATES:

 

1. Prime Minister launch the IBU of Deutsche Bank at GIFT-IFSC: The Gujarat International Finance-Tec City (GIFT City) in Ahmedabad is home to the Deutsche Bank AG’s IFSC Banking Unit (IBU), which was opened by Prime Minister Narendra Modi. The IBU will first offer financial products in the areas of trade finance, fixed income, and currencies, according to Deutsche Bank AG. According to a release, the IBU will offer all authorised international finance products to Deutsche Bank‘s clients in India and abroad. Additionally, it will enable cash pooling and other deposit proposals for Indian and foreign clients within the parameters of the current regulations. Key Points:

a)      Deutsche Bank’s IBU will help its top clients obtain external commercial borrowing (ECB) financing and provide products including factoring and bank guarantees, all of which are anticipated to aid international clients in improving supply chain efficiency and lowering financing costs.

b)      The securities services offering will also serve all asset classes, including equities, fixed income, commodities, and derivatives, and will help increase investment flows.

c)       In order to help MSMEs (micro, small, and medium-sized businesses) grow internationally, Deutsche Bank intends to provide trade credit solutions.

d)      The GIFT City IBU will give the bank the ability to offer liquidity in INR to foreign investors and foreign corporations with exposure to India on a 24/7 basis.

Note: Chief Executive Officer, Deutsche Bank Group, India: Kaushik Shaparia; CEO of Deutsche Bank, Asia Pacific and Member of the Management Board: Alexander von zur Muehlen; Headquarters: Frankfurt, Germany,

 

2. Monkeypox virus: Centre creates special task force under VK Paul: The Centre announced that it will set up a task force to keep track of monkeypox cases in India. Dr. VK Paul, Member (Health), Niti Aayog, will serve as the team’s leader, and members will include the Secretaries of the Union Health Ministry, Pharma, and Biotech. Dr. Paul countered that there was no need for excessive alarm but that society and the nation should remain on guard. Key Points:

a)      After India reported its first fatality from monkeypox, this step was taken. A man from Kerala who had tested positive for monkeypox in another nation passed away in Thrissur.

b)      The death from monkeypox would be the fourth outside of Africa and the first to occur in India. The young person, according to sources, arrived in Kerala on July 22 from the United Arab Emirates.

c)       In Punnayur, the health department summoned a conference after a young man allegedly died from monkeypox. A contact list and route plan for the deceased youth have been created in the interim. It is advised that contact people move into isolation.

d)      Notably, India has so far documented five instances of monkeypox, with three cases occurring in Kerala, one in Delhi, and one in Guntur, Andhra Pradesh.

 

3. Aurangabad: First smart city in India to receive data from Google’s EIE: The Environmental Insights Explorer (EIE) data from Google was officially released in Aurangabad, according to the Aurangabad Smart City Development Corporation Limited (ASCDCL). This makes Aurangabad the first city in the nation to experience this. The data would aid research groups in formulating sustainable solutions for the city, according to ASCDCL authorities, who noted that the EIE dashboard for Aurangabad was introduced by Google during an event in New Delhi.

According to ASCDCL officials, the latest breakthrough is consistent with the city’s commitment to the United Nations’ “race to zero” and “race to resilience” programmes and will help create a sustainable environment for future generations. Soon, Google’s EIE parameters for Aurangabad and its official study will be made available to the public.

 

4. Nilekani Center established by IIT-M to promote Indian language technology: The Nilekani Centre at AI4Bharat was established by the Indian Institute of Technology (IIT) Madras to advance the state of Indian language technology and make a positive social impact. Rohini and Nandan Nilekani have donated Rs 36 crore through Nilekani Philanthropies to fund this Center, which was opened by Nandan Nilekani. IIT Madras launched the AI4Bharat programme to create open-source language AI for Indian languages.

The center’s main goal will be to carry out fundamental research that will be helpful to society as a whole. All the research data would be accessible to start-ups and other sectors working on Indian language technology because the objective is to energise the ecosystem to do more for Indian languages.

 

5. Odisha CM Naveen Patnaik releases a book titled ‘Lockdown Lyrics’: Odisha Chief Minister Naveen Patnaik has released a book titled Lockdown Lyrics’, a collection of poems written by Sanjukta Dash. The poems are an unadulterated narration of the author’s experiences and exasperations during the pandemic. She has reflected all the trauma & tribulations and hope and aspirations of humanity during this most critical journey of society in a long time.

 

INTERNATIONAL UPDATES:

 

1. Japan, US, and South Korea participate in missile defence drill: A joint ballistic missile defence exercise between South Korea, the US, and Japan will begin this week in the waters off Hawaii as part of increased security cooperation against North Korea‘s growing military threats, a media outlet claimed. According to the sources, the biannual Pacific Dragon drill will take place. Australia and Canada will also take part in the exercise in the edition of 2022, in addition to the three other nations. Key Points:

a)      The exercise, which involves the mobilisation of eight warships and two planes, aims to improve coordination between the participating nations in the identification, tracking, and reporting of ballistic missile targets.

b)      The exercise was planned after the defence chiefs of South Korea, the United States, and Japan decided to improve their security coordination during their trilateral meeting on June 11 in Singapore, which was held in conjunction with the annual Shangri-La Dialogue.

c)       The South Korea-US-Japan missile warning and ballistic missile search and tracking exercises will go forward, the three parties decided at the meeting.

d)      The trainings had been going on quietly since 2018 as part of initiatives to promote diplomacy with North Korea.

e)      Concerns that the North would undertake what would be its seventh nuclear test or other provocative actions to ‘ratchet up tensions’ have led to the three countries to recently be seen uniting.

 

2. Auguste Tano Kouamé appoints World Bank’s New Country Director for India: The World Bank has appointed Auguste Tano Kouamé as the Country Director for India, effective. He replaces Junaid Kamal Ahmad who recently completed a five-year term. He most recently served as the World Bank’s Country Director for the Republic of Türkiye, where he led the expansion of the Bank’s country program and deepened its support to Türkiye’s climate agenda. Prior to this, he served as Director of the Department of Human Development and Economic Management in the World Bank Group’s Independent Evaluation Group (IEG) from January 2017 to April 2019.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Weightlifter Harjinder Kaur claimed the bronze medal: India’s Harjinder Kaur claimed the bronze medal in the women’s 71kg weightlifting at the Commonwealth Games 2022 at Birmingham. England’s Sarah Davies won gold with a Commonwealth Games record of 229kg, while young Alexis Ashworth of Canada won silver with a total lift of 214kg. ‘

 

2. Commonwealth Games 2022: In Judo, Shushila Devi Likmabam won the silver medal: Shushila Devi Likmabam got a silver in the women’s judo 48kg final, giving India its seventh medal of the Commonwealth Games 2022. Shushila had defeated Harriet Bonface in the quarterfinal, and notched up a second win by beating Priscilla Morand of Mauritius in the semis to assure herself a medal. Sushila was in for a gold finish but came up short against South Africa’s Michaela Whitebooi in the final.

 

3. Commonwealth Games 2022: In Judo, Vijay Kumar bagged the bronze medal: Vijay Kumar Yadav handed India second medal in Judo of the Commonwealth Games 2022 as he beat Petros Christodoulides of Cyprus in the men’s 60kg tie to clinch bronze. Earlier, India’s Vijay Kumar Yadav defeated Dylon Munro of Scotland to enter the bronze medal match.

 

4. ‘Games Wide Open’ unveiled as Paris Olympics 2024 official slogan: The organizers of the 2024 Paris Olympics unveiled “Games Wide Open” as their official slogan. The 2024 Summer Olympics are scheduled to take place from July 26 to August 11, 2024. The slogan was released alongside a video promising the Olympics and Paralympics would be “faster”, “higher” and “stronger” — as well as “more inclusive, more brotherly, more beautiful.” Athletes will compete in a total of 329 events in 32 sports. As Paris 2024 aims to be the most gender-balanced Olympic Games in history, the organizers have placed women’s competitions in the spotlight.

Note: International Olympic CommitteeHeadquarters: Lausanne, Switzerland; International Olympic Committee President: Thomas Bach; International Olympic Committee Founded: 23 June 1894, Paris, France.

 

5. IOC Commission Athletes’ adds four new members: The four new members were appointed by International Olympic Committee President, Thomas Bach. The appointments were made in consultation with Emma Terho, Chair of the IOC Athletes’ Commission. While the focus of the four newest members will soon shift to the elected positions as the Paris 2024 Summer Olympic Games approach. Four Olympians have joined the IOC Athletes’ Commission to help represent the athlete voice within the Olympic Movement:

a)      Allyson Felix (USA): Sprinter

b)      Alistair Brownlee (UK): triathlon

c)       Oluseyi Smith (Canada): Sprinter

d)      Masomah Ali Zada (first refugee athlete on any IOC commission): Cyclist

According to the IOC Athletes’ Commission Regulations: The IOC President may appoint up to 11 members to the commission to help ensure a balance between sports, genders, and regions. They can each serve a term of up to eight years. With these additions, the IOC AC will consist of 14 women and nine men. One of the appointees, in particular, will play a vital role in representing the interests of refugee athletes.

 

BANKING AND FINANCE

 

1. RBI’s Financial Inclusion Index(FI-Index) Inches Up: The Reserve Bank of India’s composite financial inclusion index (FI-Index) capturing the extent of financial inclusion across the country rose to 56.4 in March 2022, showing growth across parameters. RBI now publishes the index annually in July every year.  The index stood at 53.9 in March last year. It was at 43.4 for the period ending March 2017, showing rapid improvement in reach of financial services over the past five years.

The Index Calculatation: The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. It comprises three broad parameters — access with 35% weightage, usage with 45% weightage and quality with 20% weightage. It incorporates details of banking, investments, insurance, postal as well as the pension sector.

What Is Financial Inclusion: Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. Being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money, and send and receive payments. A transaction account serves as a gateway to other financial services.

 

BUSINESS AND ECONOMY

 

1. GST collection for July 2022 second highest ever at Rs 1.49 lakh crore: Goods Services Tax collection has risen 28 per cent to touch the second-highest level of Rs 1.49 lakh crore in July on the back of economic recovery and steps taken to curb tax evasion. Goods and Services Tax (GST) collection stood at Rs 1,16,393 crore in the same month a year ago. GST, introduced in July 2017, touched a record high of Rs 1.68 lakh crore in April 2022.

About the Goods Services Tax:

a)      This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the inception of GST and the fifth month at a stretch since March 2022.

b)      In July, revenues from import of goods were 48 per cent higher and the revenues from domestic transactions (including import of services) were 22 per cent higher than the revenues from these sources during the same month last year.

c)       Of the Rs 1,48,995 crore GST collected in July, Central GST is Rs 25,751 crore, State GST is Rs 32,807 crore, Integrated GST is Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and cess is Rs 10,920 crore (including Rs 995 crore collected on import of goods).

 

AWARDS AND HONOURS

 

1. Tamil Nadu Police received President’s colour from Venkaiah Naidu: In an usual event at Rajarathinam Stadium in Chennai, Chief Minister M.K. Stalin received the renowned “President’s Colours” for the Tamil Nadu Police from Vice-President of India M. Venkaiah Naidu. One of the very few law enforcement agencies in the nation to be awarded the coveted “President’s Colours” is the Tamil Nadu Police. To commemorate the achievement, Mr. Stalin declared that each police officer in the service would get a medal.

Speaking at the event, Mr. Naidu claimed that the Tamil Nadu Police was among the best in the nation and was renowned for providing exemplary service. He acknowledged that Tamil Nadu was home to the nation’s first women’s commando unit, but said that “a lot remains to be done to give them equal opportunities” and encouraged police officers to be “particularly sensitive” to crimes against women. The State Disaster Response Force, Commandos, Coastal Security Group, and the Nilgiris police contingents reviewed the Guard of Honour after the chief guest had taken the formal salute. At the ceremony, the Tamil Nadu Police Pipe Band also put on a magnificent performance. The parade’s commander was IPS officer A. Pradeep.

 

2. Canadian Jeffrey Armstrong received ‘Distinguished Indologist for 2021’ award: Canadian scholar, Jeffrey Armstrong has been awarded the Indian Council for Cultural Relations (ICCR) Distinguished Indologist for 2021. He has presented the award in a ceremony by Manish, India’s consul-general in Vancouver. The citation for the award states that it has been conferred upon Armstrong “in recognition of his outstanding contribution to the study/teaching/research in India’s philosophy, thought, history, art, culture, Indian languages, literature, civilisation, society, etc”. He becomes the seventh recipient of this award and joins the earlier recipients from Germany, China, Japan, the UK, South Korea and the USA.

About the ICCR Distinguished Indologist for 2021:

a)      The annual award was instituted in 2015 during the First World Indology Conference hosted by the then President of India bringing prominent Indologists from the world over to a single platform with Indian scholars to deliberate upon the scope of promoting Indian studies abroad.

b)      The award is conferred upon a foreign scholar for “their outstanding contribution in the study, teaching and research in any of the fields of Indian Studies”.

c)       The first recipient of the award in 2015 was Professor Heinrich Freiherr Von Stietencron from Germany.

d)      The award comprises a citation, a gold-plated medallion, and US$ 20,000 (approximately ₹1.6 million).

Daily GK Update- 2nd Aug, 2022

NATIONAL UPDATES:

 

1. Kerala leads in hosting legislative sessions in 2021: Kerala, which dropped to eighth place in terms of convening Assembly sessions during the initial COVID-19 pandemic in 2020, regained first place in 2021 with the nation’s longest House session at 61 days. The PRS Legislative Research, a think tank with its headquarters in New Delhi, published the research on the operation of State Assemblies for 2021. Key Points:

a)      The guidelines for how legislatures should operate were set forth by the National Commission to Review the Working of the Constitution (2000–2002), which was presided over by former Chief Justice of India M.N. Venkatachaliah.

b)      The Houses of State/UT legislatures should convene for at least 50 days a year for those with fewer than 70 members, like Puducherry, and at least 90 days for those with more members.

c)       The Presiding Officers’ Conference, which took place in Gandhinagar in January 2016, recommended that State legislatures meet for at least 60 days per year.

d)      The PRS notes that 23 State Assemblies met for an average of 25 days between 2016 and 2021.

Other Important Highlights of the Report:

a)      Karnataka came in second with 40 sitting days, followed by Tamil Nadu with 34, and Odisha with 43.

b)      The average number of State legislature sessions would have been far less than the current figure of 21 days if not for the top three States.

c)       17 of the 28 State Assemblies and the assembly of one Union Territory convened for fewer than 20 days.

d)      Five of them (Andhra Pradesh, Nagaland, Sikkim, Tripura, and Delhi) convened for fewer than ten days.

e)      17, 16, and 11 were the numbers for Uttar Pradesh, Manipur, and Punjab, respectively.

 

2. WB to form 7 new districts, making a total of 30 districts: The Mamata Banerjee-led West Bengal government has chosen to create seven new districts in the state in an effort to streamline administrative procedures. With this, there are currently 30 districts in West Bengal as a whole. There used to be 23 districts in Bengal, but the number will become 30. Sunderban, Ichhemati, Ranaghat, Bishnupur, Jangipur, Behrampur, and one more district would be named in Basirhat are among the seven new districts, according to West Bengal Chief Minister Mamata Banerjee.

Note: Capital of West Bengal: Kolkata; Chief Minister of West Bengal: Mamta Banerjee

 

3. Satyendra Prakash assume charges as new Principal DG, Press Information Bureau: Senior Indian Information Service officer, Satyendra Prakash has been appointed as the Principal Director General of the Press Information Bureau (PIB). A 1988 batch Indian Information Service (IIS) officer, Prakash, the Principal Director General of the Central Bureau of Communication, will succeed Jaideep Bhatnagar, who superannuated.

Another appointment: Manish Desai, Director General of the West zone of the PIB, will succeed Satyendra Prakash in the Central Bureau of Communication. A 1989 batch IIS officer, Desai has worked in various media units of the Ministry of I&B, like DAVP, AIR News, Prasar Bharati, and the Indian Institute of Mass Communication.

Note: The Press Information Bureau was established in June 1919.

 

4. Kargil War: Point 5140 at Dras in Kargil sector named as Gun Hill: Indian Armed Forces and pay tribute to the supreme sacrifice of the Gunners in “Operation Vijay”, Point 5140 at Dras in the Kargil sector has been christened as Gun Hill. Regiment of Artillery of the Indian Army, with lethal and accurate firepower, was able to have a telling effect on the enemy troops and their defences including Point 5140, which was the key factor in the early completion of operations.

The ceremony was conducted in the presence of Veterans from all Artillery Regiments, which got the honour title “KARGIL” in Operation Vijay. Serving Officers of the Gunner fraternity were also present on the occasion. On July 26, 1999, the Indian Army announced the successful culmination of ‘Operation Vijay’, declaring victory after a nearly three-month-long battle with Pakistani troops on the icy heights of Kargil in Ladakh.

 

INTERNATIONAL UPDATES:

 

1. Zimbabwe launched gold coins as legal tender to tackle inflation: Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency. The unprecedented move was announced by the country’s central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency. The coin is called ‘Mosi-oa-Tunya’ which refers to Victoria Falls in the local Tonga language. The coins will have liquid asset status so that they could be easily converted to cash and locally and internationally tradable. The cost of one coin was $1,824 at the time of launch.

 

2. Indian Women Savitri Jindal replaces China’s Yang Huiyan to become Asia’s Richest Woman: Savitri Jindal, the Chairperson Emeritus of OP Jindal Group, has surpassed China’s Yang Huiyan to become Asia’s richest woman, as per the real-time Bloomberg Billionaires Index. The 72-year-old Savitri Jindal who also holds the position of the richest woman in India has a total fortune of $11.3 billion. Jindal’s net worth has fluctuated wildly in recent years. It fell to $3.2 billion in April 2020 at the start of the Covid-19 pandemic, then to $15.6 billion in April 2022 due to a rise in commodity prices following Russia’s invasion of Ukraine. Key points:

a)      The fortune of Yang Huiyan, owner of China’s largest real estate developer ‘Country Garden Holdings’, dropped by more than half in 2022, from $ 24 billion to $11 billion. She had been Asia’s richest woman for the past five years.

b)      Jindal, 72, is India’s richest woman and the 10th-richest person in the country. She became the chairwoman of the Jindal Group shortly after her husband died in a helicopter crash in 2005.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Mirabai Chanu wins India’s first gold medal: Daughter of India, weightlifter Mirabai Chanu has won India’s first Gold Medal at the Commonwealth Games 2022 in the Women’s 49Kg weightlifting category. She aggregated a total of 201kg (88kg+113kg) to stamp her authority in the competition and achieve a Commonwealth Games record in the process. The silver went to Mauritius’ Marie Hanitra Roilya Ranaivosoa (172kg) and the bronze to Canada’s Hannah Kaminski (171 kg).

 

2. Commonwealth Games 2022: Bindiyarani Devi wins silver medal: Another Weightlifter of India, Bindyarani Devi (55kg) has clinched a silver in the women’s 55kg as India continued its medal rush at the Commonwealth Games. She lifted a total weight of 202kg (86kg+116kg). Nigeria’s Adijat Adenike Olarinoye also obliterated the Games record in snatch and total effort with an aggregate of 203kg (92kg+111kg) to win the gold medal. Local favourite Fraer Morrow finished third with a total lift of 198kg (86kg+109kg).

 

3. Commonwealth Games 2022: Jeremy Lalrinnunga wins Gold in men’s 67 kg weightlifting: India’s Jeremy Lalrinnunga has won the gold medal in men’s 67 kg category weightlifting at the 2022 Commonwealth Games. The 19-year-old Youth Olympic champion lifted a total of 300kg (140kg+160kg) to get the first position. This is the second gold for the country and fifth medal overall. Samoan weightlifter Vaipava Nevo Ioane secured a silver medal with a lift of 293 (127kg + 166kg) and Nigeria’s Edidiong Joseph Umoafia won bronze, 290kg (130kg+160kg).

 

4. Commonwealth Games 2022: Weightlifter Achinta Sheuli clinch gold medal: India’s weightlifter, Achinta Sheuli (73 Kg representative) bagged the gold medal in The Commonwealth Games 2022. The 20-year-old claimed the yellow metal with a combined effort of 313 Kilograms (143kg in snatch and 170kg in clean & jerk). India has been performing exceptionally well in weightlifting as the contingent has already bagged 6 medals in this edition.

Malaysia’s Erry Hidayat Muhammad, who gave Sheuli a tough competition, ended as the second-best lifter in the event. He had the best effort of 303kg (138kg 165kg). Canada’s Shad Darsigny was third with a total lift of 298kg (135kg 163kg).

 

5. Max Verstappen wins F1 Hungarian Grand Prix 2022: Max Verstappen (Red Bull – Netherlands) has won the Formula One (F1) 2022 Hungarian Grand Prix 2022. This is his overall 28th race win and the 10th win of the 2022 season. Lewis Hamilton (Mercedes-Great Britain) stood second and George Russell (Mercedes – Britain) came third.

 

6. England beats Germany in Women’s Euro 2022: The European Championship final saw England defeat Germany 2-1 to claim its first significant women’s soccer championship. After Germany failed to successfully clear a corner, Chloe Kelly scored the game-winning goal on a rebound in the second period of extra time. At Wembley Stadium, the score was tied 1-1 after 90 minutes thanks to goals from Germany’s Lina Magull and England’s Ella Toone. The result was decided in extra-time.

After leading her native Netherlands to victory in 2017, England coach Sarina Wiegman made history by becoming the first manager to win the Euros with two separate teams. The 87,192 spectators, a record for either a men’s or women’s Union of European Football Associations (UEFA) competition, demonstrated the expansion of women’s football in Europe since England and Germany last competed for a continental championship 13 years ago.

 

BANKING AND FINANCE

 

1. October 1 set as the card tokenization deadline by RBI: In a circular issued, the Reserve Bank of India (RBI), instructed all parties—aside from card networks and card issuers—to delete all previously stored Card-on-File (CoF) data by October 1, 2022. The RBI has granted the respite in order to facilitate a smooth transition to a different payment system. In addition, the merchant and its PA involved in the online transaction may keep the data for a maximum of T+4 days or until the settlement date, whichever comes first, aside from the card issuer and the card network.

The data needs to be erased when the transaction has been settled. Up to January 31, 2023, the acquiring banks maintain CoF data on file for use in managing any post-transaction activity. Furthermore, the RBI will take the proper action, which may include placing business limitations, if any of the parties fails to comply.

Card-on-File (CoF) Data: In the event that a card is reissued, the Card-on-File Data Inquiry is intended to give information about the merchants that cardholders may have kept their cards on file with and whether or not those merchants have received updated card information.

Note: Governor of Reserve Bank of India: Shaktikanta Das; Headquarters of Reserve Bank of India: Mumbai

 

BUSINESS AND ECONOMY

 

1. NSE and BSE approve of Zee’s merger with Sony Pictures: The BSE and NSE stock exchanges have given Zee Entertainment their approval for Zee Entertainment’s proposed merger with Sony Pictures Networks India. According to a statement by Zee Entertainment Enterprises Ltd., both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have accepted the planned merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India). The stock exchanges’ approval is a decisive and encouraging step in the merger approval process as a whole. Key Points:

a)      The clearances allow ZEEL to move forward with the general merger process’ upcoming steps. The composite plan of organisation must still receive all necessary governmental and other approvals, nevertheless.

b)      Following the conclusion of an exclusive negotiation period during which both parties engaged in reciprocal due diligence, the two media organisations had signed final agreements for the merger of ZEEL with SPNI in December of the previous year.

c)       According to the announcement, the acquisition is subject to a number of standard closing conditions, including shareholder, regulatory, and third-party clearances.

More About the Agreement:

a)      The promoter founders of ZEEL will receive a non-compete fee from Sony Pictures Entertainment Inc. as part of the arrangement.

b)      They will utilise this money to inject primary equity capital into SPNI.

c)       This would provide them the right to purchase SPNI shares, which eventually would represent roughly 2.11 percent of the combined company’s shares on a post-closing basis.

d)      Punit Goenka, the CEO of ZEEL, will serve as the combined company’s Managing Director & CEO. The Sony Group will nominate the majority of the board of directors candidates for the combined company.

Note: CEO of Sony Pictures Network: Anthony “Tony” Vinciquerra; CEO, Sony Pictures Networks India: NP Singh

 

DEFENCE

 

1. 3rd India-Vietnam Bilateral Army Exercise “Ex VINBAX 2022” begins in Haryana: The 3rd edition of Vietnam-India Bilateral Army Exercise “Ex VINBAX 2022” is conducted at Chandimandir, Haryana from August 1 to 20, 2022. The theme of Ex VINBAX 2022 is the “Employment and deployment of an Engineer Company and a Medical Team as part of United Nations Contingent for Peace Keeping Operations”. The exercise will further strengthen the bilateral relations between India and Vietnam. About the Ex VINBAX 2022:

a)      The conduct of Ex VINBAX – 2022 as a field training exercise with enhanced scope from previous editions of bilateral exercise will strengthen mutual confidence, and inter-operability and enable sharing of best practices between the Indian Army and Vietnam People’s Army.

b)      The joint exercise will also provide an opportunity to the troops of both the Contingents to learn about the social and cultural heritage of each other. Indian Army is being represented by troops from the 105 Engineer Regiment.

c)       A 48 hours Validation Exercise is part of the schedule to assess the standards achieved by both contingents while executing technical military operations under similar scenarios in UN missions.

d)      A Humanitarian Assistance & Disaster Relief demonstration and equipment display will showcase India’s capacity to undertake rescue and relief operations during natural and manmade disasters utilising indigenous solutions.

 

2. 4th India-Oman Joint Military Exercise ‘AL NAJAH-IV’ begins: The 4th Edition of India-Oman Joint Military Exercise ‘AL NAJAH-IV’ begins in Rajasthan at the Foreign Training Node of Mahajan Field Firing Ranges. The exercise takes place between contingents of the Indian Army and the Royal Army of Oman from August 01 to 13, 2022. The 3rd edition of Ex AL NAJAH IV was held at Muscat from 12 to 25 March 2019. Important points of exercise:

a)      The Indian Army will be represented by troops from the 18 Mechanised Infantry Battalion at the AL NAJAH-IV.

b)      The Royal Army of Oman contingent will be represented by the Sultan of Oman Parachute Regiment.

c)       The objective of this joint military exercise is to enhance the level of defence cooperation between the Armies of India and Oman as well as the bilateral relations between the two nations.

d)      The exercise would focus on Counter Terrorism Operations, Regional Security Operations and Peace Keeping Operations under the United Nations charter, joint physical training schedules, tactical drills, techniques and procedures.

Daily GK Update- 1st Aug, 2022

 

NATIONAL UPDATES:

 

1. PM Modi unveils Revamped Distribution Sector Program: Revamped Distribution Sector Program that is based on reforms and results was adopted by the Union Cabinet, which is presided over by Prime Minister Shri Narendra Modi. By giving DISCOMs conditional financial assistance for the bolstering of supply infrastructure, the Scheme aims to increase the operational efficacy and financial viability of all DISCOMs/Power Departments, excluding those in the private sector. The eligibility for the assistance will depend on the DISCOM completing pre-qualifying requirements and achieving basic minimum benchmarks that will be assessed using an agreed-upon evaluation system linked to financial improvements. Instead of using a one-size-fits-all approach, the implementation of the Scheme would be dependent on the action plan developed for each state. Key Points:

a)      With an expected GBS from the Central Government of Rs. 97,631 crore, the Scheme will have an outlay of Rs. 3,03,758 crore.

b)      The current approved projects for the Union Territories of J&K and Ladakh under the Schemes of IPDS, DDUGJY, and PMDP-2015 are proposed to be incorporated into this Scheme, and the savings from their GBS would be included in the total expenditure of the Revamped Distribution Sector Scheme under the current terms and conditions until their expiration on 31 March 2022.

c)       The funds under these Schemes would be accessible for the approved ongoing projects under the Prime Minister’s Development Program for the Union Territories of J&K and Ladakh under IPDS and DDUGJY as well as the identified projects under IPDS through the end of March 2023.

d)      In accordance with predetermined and agreed-upon performance trajectories, such as AT&C losses, ACS-ARR gaps, infrastructure upgrade performance, consumer services, hours of supply, corporate governance, etc., the DISCOM‘s performance is evaluated annually under the terms of the Scheme.

e)      For DISCOMs to qualify for funding under the Scheme in that year, they must receive at least 60 percent of the possible points and pass a minimum standard in relation to specific criteria.

 

2. Indian and Malaysian bodies signs deal to support palm oil business: The Malaysian Palm Oil Council (MPOC) and the Indian Vegetable Oil Producers’ Association (IVPA) have signed a memorandum of understanding (MoU) to expand their cooperation in promoting the usage of palm oil. The MoU is anticipated to increase collaboration in areas of shared interest and to advance the production and consumption of palm oil from Malaysia and palm oil with the MSPO certification. Through cooperative actions and assistance for product and market development, it would advance the interests of producers, processors, users, and consumers.

Key Points:

a)      In order to increase the acceptance of Malaysian palm oil among Indian consumers, food producers, and other end users, MPOC has partnered with IVPA.

b)      The Malaysian Sustainability Palm Oil (MSPO) certification standards, whose goals include demonstrating sustainability practises in the Malaysian palm oil industry, are used as a benchmark in the MoU’s effort to raise public awareness of Malaysian palm oil.

c)       The MoU seeks to promote understanding of palm oil and its uses while highlighting its advantages and strengths in order to inform Indian consumers about the nutritional and health benefits of palm oil.

d)      By locating, disseminating, and emphasising the most recent opportunities through MSPO for Malaysian palm oil in India, it also intends to improve trading opportunities in the market.

e)      The purpose of the agreement is to introduce the Indian palm oil processing industry to the most recent commercial and technological advancements in the Malaysian palm oil industry and its research institutions. Along with technical, policy, and administrative data, the MoU will promote data exchange on palm and edible oil and fat-related enterprises.

 

3. Amit Shah inaugurated conference on drug trafficking: Union Home Minister Amit Shah inaugurated a symposium on drug trafficking and national security. Along with Shah, other speakers at the national conference included Banwarilal Purohit, the chief ministers of Punjab, Himachal Pradesh, Haryana, the lieutenant governor of Jammu & Kashmir, and the Union Minister of Social Justice and Empowerment. Key Points:

a)      An official announcement states that Narcotics Control Bureau (NCB) teams from Delhi, Chennai, Guwahati, and Kolkata will burn and dispose of more than 30,000 kg of drugs during the conference.

b)      The NCB launched its drug disposal campaign on June 1 and has since disposed of over 51,217 kg of drugs in 11 states.

c)       On the occasion of the 75th anniversary of Independence, the NCB pledged to burn 75,000 kg of drugs as part of the Azadi ka Amrit Mahotsav celebrations.

d)      The Union Home Minister also attended a ceremony at Mauli Jagran to inaugurate three government schools.

e)      Shah attended the Har Ghar Tiranga and Azadi Ka Amrit Mahotsav celebrations at Sukhna Lake.

 

4. Sanjay Arora to join as the new Delhi Police commissioner: Sanjay Arora, a Tamil Nadu-cadre IPS officer who oversaw the paramilitary ITBP, will assume control of the Delhi Police as Delhi Police commissioner. He is scheduled to retire in 2025. Sanjay Arora was named commissioner of the Delhi Police, replacing the previous Delhi Police Commissioner Rakesh Asthana, an IPS officer from the Gujarat Cadre who retired after nearly 38 years of service.

 

5. Muslim Women’s Rights Day: 1st August: Muslim Women’s Rights Day is observed every year on the 01st of August to celebrate the enforcement of the law against the ‘Triple Talaq’ rule among Muslims. According to the Shariat or Muslim Personal Law, Muslim men were given the privilege to end their marriage anytime by uttering the word Talaq three times in a row. But the law was repealed by the Indian Government in 2019.

Muslim Women’s Rights Day History: The Central Government of India on 01 August 2019, enacted a law against the Triple Talaq according to which Instant or Triple Talaq was declared a criminal offence. The new law was welcomed by all the women in India, especially the Muslim women and since then 01 August is observed as Muslim Women’s Rights Day. This year marks the second anniversary of Muslim Women’s Rights Day in India.

 

INTERNATIONAL UPDATES:

 

1. Largest pink diamond in 300 years “Lulo Rose” found in Angola: A rare pure pink diamond, believed to be the largest found in 300 years, has been unearthed in Angola, a country in Central Africa. The Lulo Rose is a type 2a diamond, meaning it has few or no impurities. It is the fifth largest diamond recovered from the Lulo mine – a joint venture between Australia’s Lucapa Diamond Company and the Angolan government.

Dimensions of Lulo Rose: It is a 170-carat pink diamond & has been named ‘The Lulo Rose’. It weighs 34 grams. Similar diamonds have been bought for tens of millions of dollars in the past, with one – known as Pink Star – selling at a Hong Kong auction for $71.2m (£59m) in 2017.

 

2. World Lung Cancer Day: 1st August: Every year, World Lung Cancer Day is observed on 01st August to raise awareness about the causes and treatment of lung cancer and highlight the issues of lack of sufficient research funding for the ailment. Lung cancer is one of the leading causes of cancer deaths among men and women.

World Lung Cancer Day History: The campaign was first organised in 2012 by the Forum of International Respiratory Societies (FIRS), in collaboration with the International Association for the Study of Lung Cancer (IASLC) and also the American College of Chest Physicians. The IASLC is the largest organisation in the world of its kind that only deals with lung cancer.

 

3. World Breastfeeding Week: 1st to 7th August: World Breastfeeding Week is observed every year to emphasize regular breastfeeding for babies. This year breastfeeding week commences on August 1 while it concludes on August 7. Breastfeeding is extremely crucial for the healthy growth and development of an infant. It contains antibodies that aid in preventing several prevalent paediatric ailments. This year’s World Breastfeeding Week, under its theme ‘Step Up for Breastfeeding: Educate and Support.’ is a time to revisit the commitments made at the start of this year by prioritizing breastfeeding-friendly environments for mothers and babies.

World Breastfeeding Week History: The World Health Organization (WHO) and United Nations International Children’s Emergency Fund (UNICEF) created a memorandum in 1990. Following this, the World Alliance for Breastfeeding Action (WABA) was established in 1991. The inaugural World Breastfeeding Week was observed in 1992 to promote the campaign. Initially, around 70 countries used to commemorate the week, while now, it is celebrated by 170 countries.

Note: World Alliance for Breastfeeding Action Headquarters location: Penang, Malaysia; World Alliance for Breastfeeding Action Founder: Anwar Fazal; World Alliance for Breastfeeding Action Chairperson: Felicity Savage; World Alliance for Breastfeeding Action Founded: 14 February 1991.

 

OTHER UPDATES:

 

SPORTS

 

1. Commonwealth Games 2022: Weightlifter Sanket Sargar wins silver: India’s Sanket Sargar has scripted history, by becoming the first athlete from India to win a medal at Commonwealth Games 2022. He won a silver medal in the men’s 55kg event with a total of 248kg (113kg in snatch, 135 in clean and jerk) to finish behind Malaysia’s Aniq Mohamad, who took gold with a total of 249 kg (107kg in snatch, 142kg in clean and jerk).

Sanket Sagar, who set a new Commonwealth and national record at the Asian qualifiers in Singapore in February 2022 (snatch – 113kg; clean and jerk 143kg – total of 256kg), was at his best as he cleared all his 3 weights in his first attempt in snatch.

 

2. England’s Leicester Cricket Ground named after Sunil Gavaskar: England’s Leicester Cricket Ground has been named after India’s legendary cricketer, Sunil Gavaskar. The Leicester Cricket Ground, the ownership of which lies with Bharat Sports and Cricket Club, has decided to name the ground after Gavaskar to acknowledge his immense contribution to uplifting Indian Cricket to a certain height.

There has been a ground already named after Sunil Gavaskar in the Kentucky area of the United States of America (USA) and there is another ground going through its finishing touches in the Zanzibar area of the African nation Tanzania which is also named after the former Indian opener.

 

3. Formula-one champion Sebastian Vettel announces retirement: Four-time Formula One champion, Sebastian Vettel who is currently a part of Aston Martin announced his retirement. The 35-year-old German driver declared that he will retire at the end of the season. He is one of the most successful drivers in the F1 race is currently third on the list of all-time Grand Prix winners with 53 victories, trailing only Lewis Hamilton and Michael Schumacher.

The career of Sebastian Vettel: Sebastian Vettel won his first three F1 titles consecutively from the year 2010 to 2013 with Team Red Bull. His previous race win was in the year 2019 with Ferrari. In his career, Vettel has driven for BMW Sauber, Toro Rosso, Red Bull, Ferrari, and Aston Martin. He is the youngest World Champion in Formula One and has 122 podium finishes, and 57 pole positions.

 

BUSINESS AND ECONOMY

 

1. Coca-Cola signed on Neeraj Chopra for Limca Sportz promotion: Coca-Cola has signed Olympic gold medalist, Neeraj Chopra for Limca Sportz promotion. Recently, Neeraj Chopra has become the first-ever Indian to win a silver medal at World Athletics Championships with his best throw of 88.13 m. Also, Neeraj Chopra has been ruled out of the Birmingham Commonwealth Games 2022 in England due to an injury he picked up at World Athletics Championships. Coca-Cola India and its bottling partners are investing around $1 billion (around Rs 7,990 crore) to expand the production capacity by up to 40 per cent. Besides, the beverage major is also launching Limca Sportz, which comes with glucose and electrolytes.

 

2. Parle Still the leading FMCG Company in India: According to Kantar India’s annual Brand Footprint study, locally produced biscuit brand Parle continued to be the most popular brand among fast-moving consumer goods in India in 2021, topping the rankings for the eleventh year in a row.  Based on Consumer Reach Points (CRPs), the report assessed the FMCG brands that consumers will choose in 2021. CRP are evaluated based on the actual purchases made by customers and the regularity with which they occur throughout a given year. In other words, CRP gauges a brand’s mass appeal based on its penetration and how consumers feel about it based on how frequently they purchase it. Key Points:

a)      After Parle, the other top brands on the list are Amul, Britannia, Clinic Plus, and Tata Consumer Products. For a record-breaking tenth year in a row, Parle is in first place with a CRP score of 6531 (million).

b)      According to Parle, CRP increased by 14% from the prior year’s ranks. Comparing the present ranks to the same time last year, Amul‘s CRP improved by 9%, while Britannia’s increased by 14%.

c)       Haldiram‘s, a brand of packaged goods, reached the top 25 ranking at number 24 and joined the billion CRP club in the meantime. Anmol (a brand of cakes and biscuits) also joined the CRP club.

 

AWARDS AND HONOURS

 

1. DSF institutes “Dinesh Shahra Lifetime Award for Excellence” in Music: Dinesh Shahra Foundation (DSF) has taken a major stride in its efforts to promote soulful Indian music among the masses. The Foundation has instituted a first-of-its-kind ‘Dinesh Shahra Lifetime Award’ for Excellence in Music. The initiative is supported by the Indian Arts & Cultural Society. The Announcement of this novel recognition was made by Mr Dinesh Shahra, Trustee –DSF during a cultural event titled “Mausiqui’ in Mumbai recently.

 

OBITUARIES

 

1. Veteran bengali singer Nirmala Mishra passes away: Renowned Bengali singer Nirmala Mishra has passed away. She was 81. She was born in 1938 in West Bengal’s South 24 Parganas district. She sang various songs in Bengali, Odia, and Assamese films. Her melodies in the Bengali language include ‘Eamon Ekta Jhinuk’, ‘Bolo to Arshi’ and ‘Eai Banglar Mati Te’. The West Bengal government has also awarded her ‘Sangeet Samman’, ‘Sangeet Mahasamman’ and ‘Bangabhibhushan’ awards. She has been conferred with the Sangeet Sudhakar Balakrushna Das Award for her lifetime contribution to Odia music.

 

2. Former Philippine Prez Fidel Valdez Ramos passes away: Former Philippine President Fidel Valdez Ramos, has passed away due to the complications of COVID-19. He was 94. Ramos served as the 12th president of the Philippines from 1992 to 1998. He was a military officer by profession. During his tenure, the Philippines was recognized as a budding “tiger economy”. Ramos became a hero to many for defecting from Marcos’s government, in which he led the national police force, spurring the dictator’s downfall during the 1986 popular uprising against his rule. He was from a military background, and become the chief of the Philippine Constabulary and then Vice Chief-of-Staff of the Armed Forces of the Philippines during the time of President Ferdinand E Marcos Sr.