Democratic Republic of Congo Set to join East African Community
The Democratic Republic of Congo joined the East African Community (EAC) as its seventh member, massively expanding the territory of the trade bloc, giving it access to the Atlantic Ocean and greatly increasing the numbers of French speakers in what began as a club of former British colonies. DR Congo applied for membership in 2019, hoping to improve trade and political ties with its East African neighbours.
The country shares borders with all EAC members except Kenya, and hopes to attract more investors from the region. Joining the bloc gives DR Congo better access to facilities such as the Indian Ocean ports of Dar es Salaam and Mombasa. Import taxes for goods accepted as being made in DR Congo will be removed or greatly reduced when entering the other countries, while transporting goods will become much cheaper.
Piyush Goyal Inaugurates Indian Jewellery Exposition Centre Building in Dubai
The Union Minister of Commerce and Industry, Piyush Goyal inaugurated the Indian Jewellery Exposition Centre (IJEX) building in Dubai, UAE, during his visit to Dubai to participate in the India Pavilion at Dubai Expo 2020. During the launch of IJEX, the minister called upon the export members of the Gem and Jewellery Export Promotion Council (GJEPC) to go for a USD 100 billion export target annually from the current USD 35 billion.
IJEX was a one-stop destination for the world to source Indian jewellery in Dubai and the platform enabled GJEPC members to display goods and book orders throughout the year. From India, 15 states and nine central ministries participated in Dubai Expo, which ended on March 31, 2022.
BIMSTEC's Virtual Summit Hosted by Sri Lanka
The 5th BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit was hosted in virtual mode by Sri Lanka, the current chair of BIMSTEC. The Summit's theme "Towards a Resilient Region, Prosperous Economies, Healthy People" captures the main current priorities of member states, and the efforts by BIMSTEC to develop cooperation activities that support member state's programmes to deal with the economic and development consequences of the Covid-19 pandemic. The main outcome of the Summit was the adoption and signing of the BIMSTEC Charter, which formalizes the grouping into an organization made up of members states that are littoral to, and dependent upon, the Bay of Bengal.
Prime Minister Modi along with other leaders also witnessed the signing of three BIMSTEC agreements which represent progress being achieved in ongoing cooperation activities: (i) BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters; (ii) BIMSTEC Memorandum of Understanding on Mutual Cooperation in the field of Diplomatic Training and (iii) Memorandum of Association on Establishment of BIMSTEC Technology Transfer Facility.
Massive Fire in Sariska Tiger Reserve, IAF Choppers Deployed
Attempts were being made to douse the massive fire at Sariska Tiger Reserve in Rajasthan's Alwar district with two Indian Air Force helicopters joining the action to control the blaze by ferrying water from nearby Siliserh Lake to spray over the forest. The wildfire had spread over 10 sq. km, is gradually reducing.
No tigers were affected in the Akbarpur forest block where the fire broke out, though it is the territory of four adult tigers and five cubs. The reserve in all has 27 tigers.
Punjab National Bank Reports Maximum Bank Frauds Amounting to Rs. 4820 cr in First Nine Months of FY20-21
State-owned Punjab National Bank (PNB) reported fraud to the tune of Rs. 4,820 in the first nine months of fiscal year FY20-21, the highest among all other banks in the same period. While Punjab National Bank recorded the highest value of frauds worth Rs. 4,820 crore, Bank of India recorded the highest number of frauds at 13, according to data from the Reserve Bank of India. A total of 27 scheduled commercial banks and financial institutions have reported 96 cases of fraud, involving a total amount of Rs. 34,097 crore in the nine months ended December.
PVR Ltd, INOX Merger to Create Largest Multiplex Chain in India
Leading film exhibition players PVR Ltd and INOX Leisure Ltd announced a merger deal to create the largest multiplex chain in the country with a network of more than 1,500 screens.
The combined entity will be named PVR Inox Ltd with the branding of existing screens to continue as PVR and INOX. New cinemas opened post the merger will be branded as PVR Inox. As per the agreement, INOX will merge with PVR in a share swap ratio of 3 shares of PVR for every 10 shares of INOX.
When the merger comes into effect, the board of the merged company would be reconstituted with total strength of 10 members and both the promoter families having equal representation on the board with two seats each.
Axis Bank Buys Citi's India Consumer Business for $1.6 billion in Cash
Citi announced that it has reached an agreement with Axis Bank for the sale of Citi's consumer businesses in India. Axis was selected by Citi following an extensive and competitive auction process. Axis will pay to Citi cash consideration of approximately US$1.6 billion for the acquisition of the consumer business.
The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. The transaction is expected to close in the first half of calendar year 2023 subject to requisite regulatory approvals.
The transaction also includes the sale of the consumer business of Citi's non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
Dr. Himanta Biswa Sarma Re-elected as the President of Badminton Association of India
The incumbent president of the Badminton Association of India (BAI), Himanta Biswa Sarma was re-elected unopposed for a second four years term, from 2022 to 2026.
Badminton Association of India is the governing body of badminton in India. He was elected during the General Body Meeting of BAI in Guwahati on March 25, 2022. He is also the current Chief Minister of Assam. He was first elected as BAI chief in 2017. Apart from this, Sarma also serves as Vice President of Badminton Asia and a member of the Badminton World Federation Executive Council.
BAI is an association registered under the Society's act. It was formed in 1934 and has been holding national-level tournaments in India since 1936.
Vikas Kumar Appointed New DMRC Chief after Centre's Nod
The Centre approved the appointment of Vikas Kumar as Delhi Metro Rail Corporation (DMRC)'s new managing director (MD) for a period of five years. He replaced Dr. Mangu Singh, who demitted office on March 31, 2022. Kumar is an officer from the 1988 batch of the Indian Railway Traffic Service. Kumar's name emerged for the top post two weeks ago after he was picked by the selection committee from a shortlist of 26 candidates. The file was then sent to the Union government for final approval.
The selection committee was chaired by deputy chief minister Manish Sisodia and included Delhi transport minister Kailash Gahlot, an additional chief secretary of the Delhi government, and an independent expert.
Indian Railways is on a mission mode to electrify its entire Broad Gauge network to provide environment friendly, green & clean mode of transport to its people under the 'Mission 100% Electrification - Moving towards net Zero Carbon Emission' plan. Prime Minister, Shri Narendra Modi congratulated the Konkan Railway team for the remarkable success of 'Mission 100% Electrification' and for setting new benchmarks of sustainable development.
The electrification project has been challenging due to the difficult terrain of the Konkan Railway & non-conducive atmosphere due to Covid - 19 Pandemic. Konkan Railway being one of the biggest railway routes on the Indian Railway network, the train operations with electric traction will be implemented on the newly electrified KR route in a phased manner.
Eight-time MLA Satish Mahana is New Speaker of UP Assembly
Eight-time BJP MLA Satish Mahana was elected unopposed as the Speaker of the Uttar Pradesh Legislative Assembly.
Chief Minister Yogi Adityanath and Leader of Opposition Akhilesh Yadav hailed his election and promised to positively contribute to the functioning of the House.
Second P-81 Aircraft Squadron Commissioned into Indian Navy
The Indian Navy commissioned its second long-range maritime reconnaissance air squadron comprising a fleet of P-8I aircraft to add muscle to its surveillance power in the Indian Ocean Region. The air squadron 316 was commissioned at the INS Hansa, a naval air station near Dabolim in Goa, in the presence of Chief of Naval Staff R Hari Kumar. The Indian Navy Air Squadron (INAS) 316 will operate the Boeing P-8I multi-role long-range maritime reconnaissance and anti-submarine warfare aircraft.
The new squadron is being raised amid growing concerns over China's increasing forays into the Indian Ocean Region, considered the backyard of the Indian Navy. The P-8I aircraft is powered by twin jet engines and can be equipped with air-to-ship missiles and torpedoes. The Indian Navy had acquired the first batch of eight P-8I aircraft in 2013 that are stationed at INS Rajali in Arakkonam in Tamil Nadu.
The International Day of Drug Checking takes place on March 31 every year since 2017 to ensure people are educated on drugs and aware of their effects. The day aims to promote harm reduction initiatives of drugs and reduce drug-related risks. Along with it, it also marks promoting harm reduction actions of drugs and reduces drug-related risks. Their goal on the 31st of March is to raise public awareness of the availability of drug checking services and companies from across the planet.
Mata Vaishno Devi Board Bags Award for Water Conservation
President Ram Nath Kovind honoured the Shri Mata Vaishno Devi Shrine Board for being the best in water conservation practices during the 'National Water Awards-2022' ceremony. Board's CEO Ramesh Kumar took the prize. The award was from the Ministry of Jal Shakti in recognition of the strides made by the board to promote water conservation and proper water management in the category of 'Best Institution/Resident Welfare Association/Religious Organisation for Campus Usage'. President Ram Nath Kovind appealed to the people to join the government's movement for water conservation. He asked the district administrations and sarpanches to play a special role in inspiring them to become its part. He also launched the 'Jal Shakti Abhiyan: Catch the Rain campaign 2022'.
Uttar Pradesh, Rajasthan and Tamil Nadu have secured the first, second and third prizes, respectively, in the best state category.
Banaras Hindu University Launches 'Teach for BHU' Scheme to Motivate PhD Students to Teach
Banaras Hindu University launched a special scheme called "Teach for BHU" for its PhD students to help them nurture their skills. The scheme aims to train BHU PhD scholars about the best practices of teaching and prepare them for an outstanding academic career.
The idea behind the launch of the scheme is to provide an opportunity to interested and shortlisted PhD scholars, who wish to make best use of their time after submission of their thesis. The Teach for BHU Fellowship will be for twelve months.
A three member committee under the convenership of Prof. S. K. Singh, Faculty of Education, has been constituted to implement the scheme. Prof. A. K. Singh, Department of Geography, Mahila Mahavidyalaya, BHU, and Prof. Satyapal Sharma, Department of Hindi, Faculty of Arts, are the other two members of the committee.
World Food Programme Delivers Food Aid to over 1 million People in Ukraine
The World Food Programme (WFP) delivered food aid to 1 million people in Ukraine and requested an additional USD 590 million in funding to expand the assistance. The WFP said that it managed to build a network of urgent assistance tools in Ukraine within just one month. Food is now being delivered to such conflict zones as Sumy and Kharkiv by two convoys of humanitarian vehicles, while displaced Ukrainians in the western city of Lviv are receiving cash assistance. "Now that the structures are in place, we need the funding to keep delivering assistance, and to help 3 million people in need," the agency said, adding that "WFP requires $590 million to assist 3.1 million crisis-affected people and IDPs on the move inside Ukraine with in-kind and cash distributions, as well as refugees and asylum seekers from Ukraine in neighbouring countries for the next three months."
World's Biggest Electric Cruise Ship Sets Sail in China
The world's largest electric cruise ship made its maiden voyage, settling back into port in Yichang in China's central Hubei province after cruising up and down the Yangtze River. Powered by a massive 7,500 kilowatt-hour marine battery from the world's No. 1 battery manufacturer for electric cars, Contemporary Amperex Technology, the ship will go into commercial operations from next month, being used mainly for sightseeing trips.
At 100 meters long and around 16 meters wide, the Yangtze River Three Gorges 1 can carry up to 1,300 passengers. It can travel for around 100 kilometers on a single charge, saving around 530 metric tons of fuel. Developer China Yangtze Power plans to use the ship as a starting point to expand China's marine electric vehicle market.