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Daily G.K. - Top Stories

28 Aug 2022

DAILY G.K. TEST

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INTERNATIONAL AFFAIRS

GoI Named Former CEA K Subramanian as Executive Director for India at IMF

  • Former Chief Economic Adviser, K. V. Subramanian was appointed as the Executive Director for India at the International Monetary Fund (IMF).
  • His term will begin from November and will continue for a period of three years or until further orders, whichever is earlier, by curtailing the tenure of eminent economist Surjit S. Bhalla as ED (India), IMF up to 31 October, 2022.

India in Talks with Russia Over LNG Supply Resumption

  • India is in talks with Russia to resume gas supplies under the long-term import deal between Gazprom and GAIL (India) Ltd., company's chairman said at an annual shareholder meeting on Friday.
  • GAIL, India's largest gas distributor and operator of pipelines, has not received the agreed imports since May and has had to cut supplies to clients as a result.
  • "There are some immediate issues which we are trying to tackle both at the company level and also at G2G (government to government) level," said GAIL Chairman Manoj Jain, adding that supplies under the Gazprom deal have been hit by the Russia-Ukraine conflict.
  • Volumes under the deal were about a fifth of GAIL's overall overseas gas portfolio of 14 million tonnes a year, including supplies from the United States, Qatar and Australia, Mr. Jain said.
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ENVIRONMENT

Pakistan Declares Emergency as Monsoon Flooding Affects over 4 Million People

  • Heavy rain pounded parts of Pakistan Friday after the government declared an emergency to deal with monsoon flooding that it said had affected more than four million people.
  • The annual monsoon is essential for irrigating crops and replenishing lakes and dams across the Indian subcontinent, but each year it also brings a wave of destruction.
  • The National Disaster Management Agency (NDMA) said on Friday that more than 900 people had been killed this year -- including 34 in the last 24 hours -- as a result of the monsoon rains that began in June.
  • Officials say this year's floods are comparable to 2010 -- the worst on record -- when over 2,000 people died and nearly a fifth of the country was under water.
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BUSINESS AND ECONOMY

Sivakumar Gopalan, Gopal Jain Appointed as Non-Executive Directors of RBL Bank

  • The private sector lender RBL Bank has appointed Gopal Jain and Dr. Sivakumar Gopalan as the non-executive directors.
  • RBL Bank has been working on adding a diverse set of leaders with relevant experience to accelerate its 2.0 strategy.
  • With the new additions, the bank's board will have 14 members. The board of RBL Bank approved raising up to Rs. 3,000 crores through the issue of debt securities on a private placement basis, on a "time-to-time basis".

RBI Report: Bank Credit Rise Expedites 14.2% in the June 2022 Quarter

  • The Bank credit growth increased from 6% in the quarter that ended in June 2021 to 14.2% in the quarter that concluded in June 2022 as per the data released by the Reserve Bank of India.
  • The Bank credit has increased by 10.8% in the three months that ended in March 2022.
  • The last five quarters have seen a consistent 9.5 to 10.2% annual growth in aggregate deposits.

Adidas CEO Kasper Rorsted to Step Down Next Year

  • Adidas CEO, Kasper Rorsted will step down next year, the sports apparel maker. Rorsted, who has been CEO since 2016, and its supervisory board mutually agreed that he will hand over during the course of 2023.
  • Rorsted's departure was a mutual decision of the supervisory board and the CEO following confidential discussions. Besides the pandemic slump, Rorsted had to contend with criticism that the company had done too little to promote diversity.
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SCIENCE & TECHNOLOGY

Russia's Only Female Cosmonaut Ready for Flight to Space Station

  • Russia's only active female cosmonaut, Anna Kikina, said Friday she was ready for her upcoming flight to the International Space Station aboard Space X's Crew Dragon.
  • The flight, scheduled for October 3, is set to go ahead despite soaring tensions between Moscow and Washington over Russia's military intervention in Ukraine.
  • Kikina, a 37-year-old engineer, will be only the fifth professional woman cosmonaut from Russia or the Soviet Union to fly to space.
  • She will also be the first Russian to travel aboard a Crew Dragon spacecraft, as part of a cross-flights deal between NASA and Russia's space agency Roscosmos.
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NATIONAL AFFAIRS

Karnataka Govt and Isha Foundation Inked an Mou to Promote Agriculture

  • According to its founder Jaggi Vasudev (Sadhguru), the Isha Foundation will sign a Memorandum of Understanding (MoU) with the Karnataka government to enhance soil health, as part of its "Save Soil" campaign.
  • In addition to other ministers, Chief Minister Basavaraj Bommai will be visiting the Palace Grounds on Sunday to sign an MoU on "Save Soil."

EAC-PM to Launch the India@100 Roadmap

  • The Economic Advisory Council to the Prime Minister (EAC-PM) on the 30th of this month in New Delhi will be unveiling the Competitiveness Roadmap for India@100.
  • The India@100 document by the EAC-PM serves as a roadmap for India's ascent to its centenary year and will inform and direct the country's path to higher income status by 2047.
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DEFENCE

Chinese Missile Tracker Ship Prospecting Indian Ocean Bed South of Sri Lanka

  • The Chinese made a strong political statement to a weak Ranil Wickremesinghe government by insisting that Yuan Wang 5 be allowed to berth at Hambantota Port after India's reported concerns with Colombo.
  • According to available information, the military ship is expected to head towards its home port Jiangyin near Shanghai as per details provided at Hambantota. However, it is not clear whether the ship will make another port call while on the way back to China.
  • Although classified as a Chinese Research Vessel, the ballistic missile tracker ship became a bone of contention with Sri Lankan authorities allowing the ship to berth at Hambantota on August 16 after initially deferring the port call on August 11.
  • The Hambantota port is on a 99 year lease with the Chinese after Sri Lanka under the Beijing friendly Rajapaksa regime did a debt-equity swap with the Xi Jinping regime in 2017.
  • According to China watchers, the berthing of Yuan Wang 5 at Hambantota was a political statement of assertion by the Xi Jinping regime on the weak Ranil Wickremesinghe government after India quietly conveyed its concerns about the military ship.
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