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Daily G.K. - Top Stories

05 Jul 2019

INTERNATIONAL AFFAIRS

Putin Confirms Fire-hit Submersible was Nuclear-powered

  •  Russian President Vladimir Putin confirmed reports that the navy's deep-sea submersible vessel that caught fire, killing 14 seamen, was nuclear-powered.
  • Russian officials previously declined to release any details of the vessel, citing its secret mission.
  • Putin met with Defense Minister Sergei Shoigu, who returned from the Navy's Arctic base of Severomorsk, and asked him about the submersible's nuclear reactor. Shoigu said that the reactor is completely isolated now and it is in full working order.

France Focuses to Boost Ties with India

  •  France identified cyber security and digital economy, artificial intelligence, outer space and global ocean governance as key pillars for strengthening its relations with India.
  • The two countries have widespread convergence in these areas and this provides the foundation for further boosting cooperation, including working together on these issues bilaterally and at multilateral forums.
  • In the field of digital economy, France and India are on the same page in supporting the full sovereignty of data and ensuring that data protection and sovereignty is guaranteed to their citizens. 
  • The two sides are already cooperating in cyber security by working together on matters such as the regulation of the internet and the "Christchurch Call", an initiative launched by France and New Zealand in May 2019 to prevent the use of social media to organise and promote acts of terror.
View Month Wise

ENVIRONMENT

Timor to Recycle All Plastic Waste

  •  In a region where seas are awash with trash, East Timor is set to become the world's first country to recycle all its plastic waste after it teamed up with Australian researchers to build a revolutionary recycling plant.

Shrinking of Frigid Zones

  •  According to new data released by scientific agencies, the sea ice extent, a measure of the surface area of the ocean covered by ice, in both the Arctic and Antarctic has shrunk, proving right climate scientists' warnings about the effect of global warming on the world's frigid zones.
  • Arctic sea ice extent in June 2019 was second lowest on record; the lowest was recorded in June 2016. Arctic sea ice extent in June averaged 10.53 million square kilometres, which is 1.23 million square kilometres below the 1981 to 2010 average and 120,000 square kilometres above the previous record in 2016.
  • Climate scientists have been warning of an increase in the frequency of extreme weather events, increased variability and instability of climatic patterns because of global warming.
  • The Snow and Ice Data Center also said the sea surface temperatures (SSTs) in the open waters of the Arctic have been unusually high, up to 5 degrees Celsius above average in the Chukchi Sea, a marginal area of the Arctic Ocean.
View Month Wise

BUSINESS AND ECONOMY

Recovery under IBC Higher

  •  As per the Economic Survey for 2018-19, recovery by financial creditors has seen a significant rise after the Insolvency and Bankruptcy Code (IBC) kicked in compared with the previous recovery regimes like Debt Recovery Tribunal, Lok Adalat and SARFAESI Act.
  • Between 2007 and 2017, recovery from all those other sources was 23% while the same was 43% under the IBC between 2017-19.
  • "These earlier mechanisms have resulted in an average recovery of 23% to lenders as against nearly 43% under the IBC," the Survey said.
  • The overall recovery in resolved cases is nearly Rs. 74,497 crore for the financial creditors, which is 194% of the liquidation value.
  • The IBC was introduced to tackle the stressed asset problem of banks that almost touched close to Rs. 13 lakh crore by the end of March 2018.
  • The financial creditors have been provided with greater role and powers through the committee of creditors under the IBC process.

Adani Power Buys GMR Unit

  •  Adani Power signed a definitive share purchase agreement with GMR Infrastructure Ltd. (GIL) to buy its 47.62% stake in GMR Chhattisgarh Energy Ltd. (GCEL), held by its wholly owned subsidiary, GMR Generation Assets Limited (GGAL).
  • The company would buy the remaining stake from lenders as the consortium of lenders of GCEL adopted change in management as a resolution plan (RP) in accordance with the guidelines issued by Reserve Bank of India.
  • The deal was executed at an enterprise value of Rs. 4,792 crore. The lenders followed a detailed bidding process and selected Adani Power as the final bidder.
  • GCEL has received 100% approvals of all lenders for implementation of the resolution plan, which will lead to a significant deleveraging for the GMR Group.
  • GECL is a supercritical, domestic, coal-based power plant having installed capacity of 1,370 MW (2 x 685 MW) located at Raikheda, Raipur District Chhattisgarh. The company's total revenue for financial year 2018-19 was Rs. 814.7 crore.

Yes Bank Acquires Stake in Eveready

  •  Yes Bank acquired 9.47% stake in Eveready Industries by invoking pledged shares, the lender informed the exchanges.
  • The pledged shares were invoked since one of the group companies, McLeod Russel, defaulted.
  • Shares were acquired pursuant to invocation of pledge of shares of Eveready Industries India Limited subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to McLeod Russel India Limited which is a group company of BM Khaitan Group.
  • Eveready Industries, a part of the BM Khaitan Group is engaged in FMCG segment with product portfolio comprising batteries, flash lights and lighting products, among others.
  • It had a consolidated turnover of Rs. 1,541.86 crore in FY 2018-19 and Rs. 1,494.99 crore in FY 2017-18.
View Month Wise

SPORTS

Hima Das Wins Gold

  •  Star Indian sprinter Hima Das won the women's 200m gold, while national record holder shot putter Tajinder Pal Singh Toor bagged a bronze in the Poznan Athletics Grand Prix in Poland.
  • Hima, the world junior champion and national record holder in 400m who had been struggling with a back problem for the past few months, clocked 23.65s on her way to the 200m gold.
  • This was Hima's first competitive 200m race of the year. She has a personal best of 23.10s, which she clocked in 2018.
View Month Wise

NATIONAL AFFAIRS

Udhayanidhi Stalin to Head Party's Youth Wing

  •  DMK President MK Stalin's son and Tamil film producer and actor Udhayanidhi is set to be elevated as the new secretary of the party's youth wing.
  • The post of the youth wing secretary of the DMK is crucial in the party's hierarchy as it was held by Stalin for more than three decades since the early 80s.
  • The party's general secretary K Anbazhagan is likely to make an official announcement this evening.
  • Udhayanidhi's prospects for elevation as the head of the party's youth wing had brightened after the DMK-led alliance's huge success in the Lok Sabah polls in Tamil Nadu where it won 37 of the 38 seats in the state.

Vellore Lok Sabha By-election

  •  The Election Commission (EC) announced August 5 as the date of by-election for the Vellore Parliamentary constituency of Tamil Nadu. The date of counting of votes is scheduled to take place on August 9.
  • The EC had earlier cancelled the election for the constituency in wake of seizures of large amounts of unaccounted cash.
  • The last date of nominations is July 7 and the last date of withdrawal of candidatures is July 22.
View Month Wise

DEFENCE

India Begins Process to Buy 114 Fighter Planes

  •  India moved a step closer to inviting bids for the purchase of 114 fighter jets, currently the world's largest deal in play, as Prime Minister Narendra Modi seeks to boost the capability of the country's armed forces and replace an aging combat aircraft fleet.
  • The deal, valued at more than $15 billion, attracted initial offers from global defence majors, including Boeing Co., Lockheed Martin Corp. and Sweden's Saab AB.
  • At least 85% of production has to be in India, according to an initial document issued more than a year back.
  • Modernising the country's defence forces is critical for Modi, who hardly signed any new major arms deals during his first term, even as twin threats from neighbouring China and Pakistan loomed. 
View Month Wise

DAYS AND EVENTS

Trump Celebrates US Independence Day

  •  US President Donald Trump celebrated America's Independence Day with an unprecedented display of country's military might at a parade in the national capital.
  • Trump became the first US President in over 70 years to deliver an Independence Day address which the Opposition Democratic leaders criticised for what they alleged politicisation of the country's declaration of independence from Britain on July 4, 1776.
  • The air platforms which participated in 'Salute to America' included Air Force One; F-18; MH-60 (1), US Air Force Aircraft B-2/F-22; US Marine Corps Aircraft: V-92/V-22; US Army: Aircraft: AH-64 and US Navy: F-35/F-18.
  • Among other military equipment were M1A2 Abrams Tanks; M2 Bradley Fighting Vehicles; M88 Recovery Vehicle and Contact Truck with crew.
View Month Wise

GOVERNMENT POLICIES AND SCHEMES

Bill to Curb Aadhaar Misuse

  •  The Lok Sabha approved the Aadhaar and Other Laws (Amendment) Bill, 2019 that aims to curb misuse of Aadhaar, the unique ID number, and which would allow individuals to voluntarily offer biometric details as identity proof for obtaining services offered by private firms such as telcos and banks.
  • The Aadhaar and Other Laws (Amendment) Bill, 2019, was passed by a voice vote after Union Minister for Information Technology Ravi Shankar Prasad assured the lower house that Aadhaar is voluntary and that consent of the biometric identity holder has to be obtained before it is used.
  • The amendments address privacy and security concerns. They provide that no service or benefit of any scheme would be denied for lack of Aadhaar.
View Month Wise

ART AND CULTURE

Puri Rath Yatra 2019

  •  Millions of devotees gathered in Puri for the annual Rath Yatra of Lord Jagannath amid heightened security as the nine-day annual celebrations began in Odisha's temple town.
  • The chariots of Lord Jagannath, his elder brother Lord Balabhadra and younger sister Devi Subhadra were pulled by the devotees on the streets called Badadanda as people played drums, trumpets and sang devotional songs.
  • Devotees pulled the chariots from Ratha Khala or the construction site and then parked them outside the lion's gate for the commencement of the rituals for the yatra.
  • The first chariot or Nandighosa to reach lion's gate was that of Lord Jagannath, followed by Devi Subhadra's Devadala and at last Lord Balabhadra's Taladhwaja.
View Month Wise
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