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Daily G.K. - Top Stories

11 Mar 2019

INTERNATIONAL AFFAIRS

Iconic Chrysler Building to Be Sold

  •  Owners of the Chrysler Building have reached a deal to sell the iconic New York City building for a little more than $150 million.
  • The sale price of the tower in midtown Manhattan, considered an Art Deco masterpiece, marks a significant loss for Emirati investment firm Mubadala, which paid $800 million for a 90 percent stake in 2008.
  • Real estate group Tishman Speyer, which had bought the building for a reported $210-250 million in 1997, retained a 10% stake.
  • As per reports, building owners do not own the ground beneath it and pay annual rent that went up from $7.75 million to $32 million in 2018 and was set to increase again to $41 million in 2028.
  • The Chrysler Building, which opened in 1930, stands 1,046 feet (319 meters) tall. It was the world's tallest building, but only for 11 months, after which it was dethroned by the Empire State Building, also in Manhattan.

Removal of India from FATF Co-chair Post

  •  Pakistan has asked the Financial Action Task Force (FATF) to remove India as the co-chair of the international terror financing watchdog's Asia/Pacific Joint Group, which is reviewing Islamabad's progress on action against terrorism.
  • The FATF had in February said that Pakistan made "limited progress" in curbing terror financing and failed to show a proper understanding of the risks terrorist groups pose.
  • Pakistan faces economic sanctions if it fails to act.
  • In a letter to FATF president Marshall Billingslea, Pakistan Finance Minister Asad Umar asked him to appoint any other member country as the co-chair "to ensure that the review process is fair, unbiased and objective".
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BUSINESS AND ECONOMY

PNB Offers Lifeline to Jet Airways

  • Jet Airways (India) Ltd has secured fresh credit facilities of Rs. 2,050 crore from state-run Punjab National Bank (PNB) that could provide a temporary lifeline to the cash-strapped airline.
  • The Mumbai-based airline has raised foreign currency term loans worth Rs. 1,100 crore and a non-fund based credit facility of Rs. 950 crore from PNB.
  • If the loan proceeds are used to pay dues to lessors and pare the company's debts, this may improve Jet Airways' credit rating and also help it resume flights it had discontinued after at least 49 leased planes were grounded since February 8 because of non-payment of rents.

India Eyes Saudi Funds

  •  India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.
  • Saudi's participation in the Indian Strategic Petroleum Reserve program was discussed at a meeting between the kingdom's energy minister Khalid Al-Falih and his Indian counterpart Dharmendra Pradhan in New Delhi. They also discussed expediting a proposed $44-billion oil refinery project on India's west coast with investment from Saudi Arabian National Oil Co.
  • India is expanding its strategic reserves to shield from perennial political risk in the Middle East and Africa that account for the bulk of its purchases.
  • Prime Minister Narendra Modi has opened some of the underground caverns for commercial storage to lessen the strain on state finances.
  • It has already leased out tanks to Abu Dhabi National Oil Co. India has already built 5.33 million tons of underground reserves in three locations, which can meet 9.5 days of the country's oil needs.
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NATIONAL AFFAIRS

Lok Sabha Election 2019

  •  India will vote for the 17th Lok Sabha in seven phases from 11 April to 19 May. The counting of votes will take place on May 23 and result will be declared on the same date as per the Lok Sabha election 2019 schedule announced by the Election Commission of India.
  • The dates of polling for the seven phases are April 11, 18, 23, 29, May 6, 12, 19. In the first phase, 91 seats across 20 states and UTs will go to polls; Second phase, 97 in 13 States and UTs; Third phase, 115 in 14 States and UTs; Fourth phase,  71 in 9 States and UTs; Fifth phase, 51 in 7 States and UTs; Sixth phase, 59 in 7 States and UTs; Seventh phase, 59 in 8 States and UTs.
  • The elections are being held for 543 out of the 545 Lok Sabha seats. The remaining two seats are reserved for the Anglo-Indian community, which are nominated by the President.
  • In 2014, the election for the 16th Lok Sabha took place in nine phases between April 7 and May 12 while the counting of votes took place on May 16.
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DEFENCE

Exercise Sampriti 2019

  •  The Indian Army along with the Bangladeshi counterparts practised intricate operations that can be executed in a joint counter terrorism environment.
  • The training was part of the eighth edition of joint military exercise 'Sampriti' that is underway in Tangail in Bangladesh.
  • The 'Sampriti 2019', part of the ongoing India-Bangladesh defence cooperation, began on March 3 and will conclude on March 15.
  • It has been aimed at increasing mutual cooperation, bonhomie and camaraderie between the armies of India and Bangladesh.
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