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Daily G.K. - Top Stories

15 May 2019

INTERNATIONAL AFFAIRS

U.K. Eyes July Brexit Deal

  •  British Prime Minister Theresa May's government said that it was aiming to agree to a Brexit deal by July, making it likely that Britain's MEPs elected in European elections will take their seats.
  • At a cabinet meeting, ministers agreed to continue talks with the Labour Party on how the Parliament might accept the divorce deal that Ms. May agreed with the EU in 2018. 
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BUSINESS AND ECONOMY

Pepsi and Coke May Go Off Shelves

  •  Leaders of a trade body in Tamil Nadu announced that the ban on sale of Pepsi and Coca-Cola in Tamil Nadu would be effective from August 15.
  • This is not the first time such an announcement has been made.
  • Earlier, in March 2017, a faction of traders made a decision not to sell Coca-Cola and Pepsi and took them off the shelves.
  • The traders had then cited two reasons for taking this decision, health issues and the fact that multinational firms exploit groundwater resources.
  • But within six to seven months, they started stocking these two brands again.

India Finds OECD Index Faulty

  •  India has found problems with the current method under which the Organisation for Economic Cooperation and Development (OECD) ranks countries based on their services trade policies, indicating the outcomes are biased and counter-intuitive.
  • Launched in 2014, the Services Trade Restrictiveness Index (STRI), computed by the OECD, is now available for 2018 for a total of 45 economies (36 OECD and the rest non-OECD) and 22 sectors.
  • A study commissioned by the Commerce Ministry found, that the OECD index has a large number of problems associated with it, including some significant design issues that render it impractical for use.

Bad Loan Divergence in Union Bank

  •  Public sector lender Union Bank of India reported a Rs. 3,370-crore loss in the January-March period of 2018-19 even as the Reserve Bank of India's annual inspection found the lender had under-provided, also known as 'divergence' in banking parlance, in 2017-18.
  • The divergence is also because of its exposure to troubled infrastructure conglomerate, Infrastructure Leasing and Financial Services, which turned bad.
  • Following the RBI inspection report, the bank had to make additional provisioning of Rs. 2,281 crore in Q4. For IL&FS, a Rs. 880 crore provision was made.
  • While the lender had reported a Rs. 2,583 crore-lossin 2018, it had recorded profits in the first three quarters of 2018-19.
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SPORTS

Anti-corruption Officer for ICC World Cup

  •  In a first, all the 10 participating teams at the upcoming ICC World Cup will have a dedicated anti-corruption officer attached with it to deliver a corruption-free tournament.
  • The ICC will attach an official with each team starting from warm-up matches till the end of the tournament.
  • Previously, the International Cricket Council's Anti-Corruption Unit had personnel deployed at each venue, meaning that teams would deal with a number of officials over the course of a tournament.

Serena Withdraws from Italian Open

  •  Serena Williams withdrew from the Italian Open with a recurring left knee injury handing sister Venus a walkover into the third round.
  • However, the 23-time Grand Slam winner insisted she would still be competing in the French Open later in May.

First Female Match Referee G. S. Lakshmi

  •  The International Cricket Council welcomed India's G. S. Lakshmi as the first female to be appointed to the ICC International Panel of match referees. 
  • Following close on the heels of Claire Polosak, who earlier in May became the first ever woman umpire to stand in a men's ODI,
  • Lakshmi will be eligible to referee international games with immediate effect.
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NATIONAL AFFAIRS

Government Extends Ban on LTTE

  •  The ministry of home affairs issued a notification extending the ban on the Liberation Tigers of Tamil Eelam (LTTE), a militant outfit that fought for Tamil independence in Sri Lanka until its defeat in 2009, for five more years.
  • India had banned the LTTE after the assassination of former Prime Minister Rajiv Gandhi in 1991.
  • The ban on the group was last extended for five years in 2014.
  • The LTTE, a terror outfit based in Sri Lanka, came up in 1976 with a demand for a separate homeland (Tamil Eelam) for Tamilians.

Chandrababu Naidu Holds Last Cabinet Meeting

  •  Andhra Pradesh Chief Minister N. Chandrababu Naidu held a cabinet meeting to review the drinking water crisis in the state and drought conditions after the Election Commission gave him the clearance.
  • This was the last cabinet meeting conducted by Naidu in his current tenure, as a new government will be formed after May 23 when the results of the state assembly elections will be declared.
  • If the TDP comes back to power for a second term, Naidu will be able to conduct the cabinet meetings again.
 
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DEFENCE

Military Plans against Iran

  •  At a meeting of President Donald Trump's top national security aides, acting Defense Secretary Patrick Shanahan presented an updated military plan that envisions sending as many as 1,20,000 troops to West Asia should Iran attack U.S. forces or accelerate work on nuclear weapons.
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PERSONS IN NEWS

Yes Bank Gets Additional Director

  •  The Reserve Bank of India appointed its former Deputy Governor R. Gandhi as an additional director on the board of Yes Bank with immediate effect.
  • The appointment is for two years, that is till May 13, 2021.
  • Yes Bank had posted its first-ever quarterly loss of Rs. 1,507 crore in the March quarter under its new MD & CEO Ravneet Gill.
  • Mr. Gill took charge on March 1 after Rana Kapoor's term was not extended by the RBI for three years, as approved by the board.

Vinay Dube Resigns

  •  Grounded carrier Jet Airways Chief Executive Officer Vinay Dube resigned from the post, a day after its deputy chief executive and chief financial officer Amit Agarwal quit the company.
  • An Indian-American, Dube had joined Jet Airways in August 2017 after serving various roles at Delta Airlines, Sabre Inc and American Airlines in the US, Europe and Asia.
  • Dube had stepped in the position after almost 15 months of the departure of then chief executive Crammer Ball.

Mayor of Durban Arrested

  •  The Mayor of South Africa's third largest city, Durban, was arrested and charged with corruption, the latest in scandals plaguing the ruling ANC .
  • Zandile Gumede who has led Durban for the past three years, faces charges of embezzling public funds and money laundering.
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DAYS AND EVENTS

International Day of Families

  •  The International Day of Families is observed on the 15th of May every year. The Day was proclaimed by the UN General Assembly in 1993 with resolution A/RES/47/237 and reflects the importance the international community attaches to families.
  • The International Day provides an opportunity to promote awareness of issues relating to families and to increase knowledge of the social, economic and demographic processes affecting families.
  • The theme for 2019 International Day of Families is "Families and Climate Action: Focus on SDG13".
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