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Daily G.K. - Top Stories

09 Mar 2019

INTERNATIONAL AFFAIRS

Finland Government Resigns

  •  Finnish Prime Minister Juha Sipilä's centre-right government resigned after failing to push through a flagship social and health care reform package, just five weeks ahead of a legislative election.
  • There has been a hard fought struggle for the wide-reaching reform for over a decade, dividing successive governments.
  • He has since 2015 headed a coalition made up of his Centre Party, the conservative National Coalition, and the Eurosceptic Blue Reform Party, a moderate faction spun off from the far-right.
  • The three parties were unable to agree on the package, which Mr. Sipilä had made one of his top priorities in office.
  • He had repeatedly threatened to resign if the reforms did not go through.
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BUSINESS AND ECONOMY

RIL-JM Financial Bid Gets Nod

  •  The National Company Law Tribunal (NCLT) gave the green light to a Rs. 5,050-crore joint bid by Reliance Industries Ltd. (RIL) and JM Financial Asset Reconstruction Company to acquire debt-ridden textile manufacturer Alok Industries.
  • In July 2017, the Ahmedabad bench of the NCLT had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code (IBC).
  • According to the details of the case, Alok Industries owed its lenders Rs. 29,500 crore and was taken to NCLT under the newly-instituted IBC.
  • The Committee of Creditors (CoC) had rejected the RIL-JM Financial bid for Alok Industries twice earlier.
  • Alok Industries is one of the first 12 corporate NPA accounts in which the corporate insolvency resolution process (CIRP) was initiated by the authorities under the IBC following the RBI's direction.

Stake Sale Papers Given to IRDAI

  •  City-based Star Health & Allied Insurance Company Ltd. has asserted that papers related to stake sale have been submitted to the Insurance Regulatory and Development Authority of India (IRDAI).
  • Sometime ago, Safecrop Holdings Pvt. Ltd., a consortium comprising WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, signed definitive agreements with the shareholders buy out their shares in Star Health.
  • Existing shareholders of Star Health include Star Health Investments Pvt. Ltd. and funds managed or advised by ICICI Venture, Tata Capital and Apis Partners.
  • The deal size was reported to be about $1 billion.

Savings Account, Short Term Loan Rates Linked to Repo Rate

  •  In a first of its kind, State Bank of India has decided to link the interest rate paid on savings bank balance of over Rs. 1 lakh to the repo rate, the key policy rate set by Reserve Bank of India.
  • Also, the bank will link cash credit accounts and overdrafts, with limits above Rs. 1 lakh, to the repo rate. The new system will come into effect from May 1.
  • The move comes ahead of the April 1 deadline for banks to link the lending rate to the external benchmark which is aimed at increasing the effectiveness of monetary transmission.
  • Most banks are likely to link their lending rates to the repo rate.
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SCIENCE & TECHNOLOGY

First-ever All Female Spacewalk

  •  Two NASA astronauts are scheduled to carry out the first-ever all female spacewalk in history on March 29.
  • NASA astronauts Anne McClain and Christina Koch will share the credit of performing the spacewalk at the International Space Station.
  • The two will receive support on the ground by Canadian Space Agency flight controller Kristen Facciol.
  • While McClain is currently on the ISS, Koch is set to blast off on March 14 to reach the space station.
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SPORTS

India Gets a Major Relief from IOC

  •  In a major relief to the Indian sporting fraternity and the various national sports federations, the International Olympic Committee's (IOC) threat of suspension of all sporting events in the country appears to be abating somewhat.
  • The IOC has written to all International Federations and the situation is being examined accordingly by each International Federations so that appropriate action can be taken on a case-by-case basis, if and when necessary.
  • This means events that are not expected to figure teams from nations that might have trouble getting visas are unlikely to be impacted by the IOC decision.
  • It also makes it clear that there was no blanket rule regarding hosting of events and that every international federation was free to assess the impact and act accordingly regarding events in India.
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NATIONAL AFFAIRS

Bid to Form New Coalition in Nagaland without BJP

  •  Keeping an eye on the "uncertainties" of the upcoming Lok Sabha election, the opposition Naga People's Front (NPF) in Nagaland has sought to form a "regional coalition" to keep the Bharatiya Janata Party out of governance.
  • The BJP is the minor partner in the People's Democratic Alliance government headed by Chief Minister Neiphiu Rio's Nationalist Democratic Progressive Party (NDPP), which had broken away from the NPF prior to the State election in February 2018.
  • In a letter to former Chief Minister and NPF Legislature Party leader T.R. Zeliang, 19 legislators of the NPF proposed to form a stable coalition of regional parties indicating they favoured tying up with NDPP and showing the BJP the door.

India to Send Envoy Back to Pakistan

  • India took a step towards de-escalation of tension with Pakistan and announced that its envoy will return to Islamabad.
  • Both countries had withdrawn their envoys following a spike in tension after the terror attack in Pulwama and the Indian airstrikes in Balakot.
  • High Commissioner of India to Pakistan Ajay Bisaria will reach Islamabad on March 9 and resume his duties.
  • The announcement comes days after Pakistan declared that Prime Minister Imran Khan would send High Commissioner Sohail Mahmood back to Delhi. 
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PERSONS IN NEWS

Ashu Khullar CEO of Citi India

  •  Ashu Khullar, currently the head of Asia Pacific Capital Markets Origination at Citigroup Inc., has been named CEO of Citi India, with effect from April 1.
  • The appointment is subject to Reserve Bank of India's approval.
  • He will replace Pramit Jhaveri, who has had a nine-year stint as Citi India CEO. Mr. Jhaveri is set to become the vice-chairman of Citi group's banking, capital markets and advisory business for Asia Pacific.
  • Mr. Khullar was earlier co-head for Citi's corporate banking for Europe, Africa and Middle East. 

 Jay Panda is BJP Vice-president

  •  BJP president Amit Shah appointed Baijayant Jay Panda, who joined the party after quitting the Biju Janata Dal (BJD), as vice-president and national spokesperson.
  • Mr. Panda is a two-term Lok Sabha member and a former Rajya Sabha member.

Rajasekharan Resigns as Mizoram Governor

  •  Mizoram governor Kummanam Rajasekharan resigned from his post and is set to fight for election to the Lok Sabha as the Bharatiya Janata Party (BJP) candidate from Kerala's Thiruvananthapuram constituency, which has twice elected the Congress's Shashi Tharoor to the House.
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GOVERNMENT POLICIES AND SCHEMES

New Foreign Investment Law

  •  China's Parliament took up a draft foreign investment law that could help smooth out trade talks with the U.S. as the world's top two economies angle towards a deal.
  • The legislation was presented at a session of the National People's Congress in Beijing and is expected to be approved on March 15, the last day of the annual parliamentary meeting.
  • The Bill will ban the illegal transfer of technology and "illegal government interference" in foreign businesses, a key point in Washington's contention that Beijing steals American technology.
  • The law aims to assuage concerns about China's business environment for foreign firms, but earlier versions of the draft drew criticism from some business groups.
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