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Daily G.K. - Top Stories

09 Aug 2023

DAILY G.K. TEST

Start Test

BUSINESS AND ECONOMY

Mumbai's NITIE to become IIM-Mumbai; first in country's financial capital

  • Mumbai, the country's financial capital, gets its own prestigious Indian Institute of Management as National Institute of Industrial Engineering (NITIE) will be renamed as the IIM-Mumbai, after both Houses of the Parliament passed the IIM (Amendment) Bill 2023 Tuesday.
  • The NITIE will be 21st IIM in the country and a second in Maharashtra, after the IIM Nagpur which was first among the six new-generation IIMs established by the Government of India in 2015.
  • The reputed city institute made the much-awaited announcement through a Twitter post, which states, "Both Houses of Parliament has passed IIM (Amendment) Bill 2023. The National Institute of Industrial Engineering (NITIE), Mumbai – well known for its techno-managerial strength and expertise in Supply Chain and Management, has been included in the Schedule of IIM Act."                                                                           

PayPal becomes first major fintech to launch dollar-backed stablecoin

  •  Payments giant PayPal  has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers.
  • While stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem.
  • PayPal's announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of confidence in the troubled industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses.
  • Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's, then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.A string of major economies, from Britain to the European Union, have since laid out rules to govern stablecoins. The EU's policies will come into force in June 2024.

Star Health Insurance enters into bancassurance tie-up with Standard Chartered Bank

  • Star Health and Allied Insurance (Star Health), a standalone health insurer, has entered into a strategic corporate alliance with Standard Chartered Bank (SCB).
  • Under this tie-up, SCB will offer Star Health's insurance products through their extensive branch network across India. SCB currently has 100 branches spread across 42 cities.
  • With this branch network, SCB will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
  • Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the bank's distribution network.
  • This strategic alliance will enhance Star Health's distribution network. As of June 30, 2023, the standalone health insurer had over 6.4 lakh agents and 38 bancassurance partners.
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SPORTS

Prannoy squanders 19-14 lead in decider as China's Weng Hong Yang clinches Australian Open Super 500 badminton title

  •  Perhaps, HS Prannoy reckoned he had done enough of the fighting back when he reached 19-14 in the decider after hammering down two successive power-smashes from the backcourt. He had shrugged off a 21-9 first-game concession, and forced a decider with a 23-21 score in the second in a physical humdinger. But the 5-point lead wasn't enough and a last dramatic twist was about to unfold, as Weng Hong Yang found a second wind, restored his nerves and won the battle of comebacks, showing more courage at the net in the Australian Open Super 500 final.
  • Scoring five straight points thereafter, the Chinese levelled at 19-19, and rode that momentum to bury Prannoy's Australia Open hopes in Sydney after the Indian was a point away from victory at 20-19.
  • Weng's biggest deception proved to be lulling Prannoy into believing he was too tired to win. The realisation must've hit Prannoy that he still had the last dregs and legs of a fight when the Chinese won a 71-shot rally to inch closer at 19-18. Ultimately, Prannoy sent a tired return wide as Weng, the world No. 24, won the 90-minute thriller 21-9, 21-23, 22-20 on his first Championship point.

Wrestling, Under-17 World C'ships 2023: Led by Savita's gold, India ends campaign with 11 medals

  • India ended their 2023 World Cadet Wrestling Championships, meant for under-17 grapplers, with a total of 11 medals, including a gold, at Istanbul, Turkey.
  • Savita, who entered the event as the defending champion, won the only gold medal for India at Istanbul in the women's 61kg weight division.
  • The 17-year-old defeated Japan's Konami Ono 9-6 in the final to be crowned the world cadet champion.
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NATIONAL AFFAIRS

CBI Academy joins Interpol Global Academy Network

  • The Central Bureau of Investigation (CBI) Academy on Tuesday joined the Interpol Global Academy Network at a virtual event. The network supports academic collaboration among law enforcement training institutions across the world.
  • The event was organised by the agency and the Singapore-based Interpol Global Complex for Innovation. The Letter of Acceptance was signed by Mohit Gupta, Deputy Inspector-General (Training), CBI Academy, and his counterpart at Interpol, Glenn Martindale, Director (capacity building & training directorate).
  • The signing ceremony was held subsequent to the negotiations with Interpol in consultation with the Ministries of Home and External Affairs and the Department of Personnel and Training.
  • The CBI Academy had become the 10th member of Interpol Global Academy Network. According to the agency, over the years, it has emerged as a major police institution of the country and South Asia.

Centre to look into Havana Syndrome in India

  •  The central government has agreed to investigate the possibility of the presence of the Havana Syndrome in India. The government made a submission to this effect last week in the Karnataka High Court, which was hearing a plea seeking an investigation into the mysterious illness in the country.
  • The petition was filed by A Amarnath Chagu, a resident of Bengaluru, who sought an inquiry into the syndrome in India and measures to prevent its transmission within the country. The Centre's counsel has agreed to examine the matter in a time-bound manner, with the investigation to be completed within three months.
  • Havana Syndrome is a term used to describe a set of mental health symptoms experienced by US intelligence and embassy officials in various countries. The symptoms include hearing sounds without any external noise, nausea, vertigo, headaches, memory loss and balance issues.
  • The syndrome first came to light in 2016 when US officials stationed at the country's embassy in Havana, Cuba, began reporting these symptoms. The exact cause of the syndrome remains unknown, but it has been linked to high-frequency microwave transmissions.
View Month Wise

DEFENCE

ADG S Paramesh appointed as Additional Director General Coast Guard at Coast Guard Headquarters in Delhi.

  • Commander (Eastern Seaboard) S Paramesh has been appointed as Additional Director General Coast Guard at Indian Coast Guard Headquarters, New Delhi. The Flag Officer was at the helm of Coast Guard Region (East), Coast Guard Region (West), and Coast Guard Commander (Eastern Seaboard) before assuming Additional Director General Coast Guard. The Flag Officer is an alumnus of the National Defence College, New Delhi, and Defence Services Staff College, Wellington.
  • The Flag Officer is specialised in Navigation & Direction and his sea commands include all major vessels of ICG which include Advanced Offshore Patrol Vessel Samar and Offshore Patrol Vessel Vishwast.His key staff assignments include Dy Director General (Operations & Coastal Security), Principal Director (Operations) at the Coast Guard Headquarters, New Delhi, and Chief Staff Officer (Operations) at the Coast Guard Regional Headquarters (East), Chennai.
  • He is a recipient of the President's Tatrakshak Medal for Distinguished Service, Tatrakshak Medal and was also awarded the Director General Coast Guard Commendation in 2012 and FOCINC (East) Commendation in 2009.

Defence Ministry to switch to locally built OS Maya amid threats

 In the face of increasing cyber and malware attacks on defence as well as critical infrastructure across the country, the Defence Ministry has decided to replace the Microsoft Operating System (OS) in all computers connected to the Internet with a new OS, Maya, based on open-source Ubuntu developed locally.
Currently, Maya is being installed only in Defence Ministry systems and not on computers connected to the networks of the three Services. On this, the official said the three Services had also vetted it and would adopt it on service networks as well soon. The Navy had already cleared it and the Army and the Air Force were currently evaluating it
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PERSONS IN NEWS

William Friedkin, Director of 'The Exorcist,' Dies at 87

  • William Friedkin, a filmmaker whose gritty, visceral style and fascination with characters on the edge helped make The French Connection and The Exorcist two of the biggest box-office hits of the 1970s, died on Monday at his home in the Bel Air neighbourhood of Los Angeles. He was 87.
  • The cause was heart failure and pneumonia, said his wife, Sherry Lansing, the former head of Paramount Pictures in Hollywood.
View Month Wise

DAYS AND EVENTS

81th anniversary of Quit India movement

  •  August 8 is a noteworthy day in Indian history as it marks the start of The Quit India Movement also known as the India August Movement or Bharat Chodo Andolan which was launched at the Bombay session of the All India Congress Committee (AICC) by Mahatma Gandhi on this date in 1942.
  • As we mark the anniversary of this national event, later termed 'August Kranti' due to the month of its occurrence, here are some key points to revisit and know about it. While it was introduced on August 8, the movement was started a day later on August 9, 1942.
  • The Quit India Movement came into being with a speech by Mahatma Gandhi. At Mumbai's Gowalia Tank Maidan (popularly known as August Kranti Maidan), the freedom fighter delivered his speech on August 8. Several other leaders and citizens were gathered there on the day and the following one.
  • Gandhiji gave his iconic slogan "Do or Die" in his speech.

International Day of the World's Indigenous Peoples

  • on August 9th, the world observes World Tribal Day, dedicated to advocating for and safeguarding the rights of indigenous populations.It's a day to recognize their valuable contributions and accomplishments that have enhanced global living conditions.Also referred to as World Indigenous Day or International Day of World's Indigenous People, this occasion offers a prime opportunity to actively work towards safeguarding the fundamental rights of tribal communities worldwide.
  • The origins of observing this day stem from a worldwide movement aimed at acknowledging the rights and valuable contributions of indigenous peoples. Despite constituting around 6% of the global population, indigenous communities are frequently marginalized, even though they possess rich cultural diversity.The concept of designating a day to honor indigenous people's started within the United Nations. The primary goal was to safeguard the rights of these populations and ensure their voices received global recognition.In December 1994, the UN General Assembly adopted a resolution to officially recognize and commemorate the International Day of the World's Indigenous People.
  • The theme chosen for World Tribal Day 2023 centers around "Indigenous Youth as Agents of Change for Self-determination."

Jharkhand Adivasi Mahotsav to kick off in Ranchi from Wednesday

  • The Jharkhand Adivasi Mahotsav - 2023 is all set to kick off in Ranchi from Wednesday, on International Day of the World's Indigenous People, officials familiar with the matter said.
  • The two-day festival aims to showcase the tribal tradition, art and culture, lifestyle, music and dance, besides holding seminars that would be attended by scholars and celebrities from across the county.
  • The tribal festival was organised for the first time in 2022 , but the scale of event has been magnified this year by promoting it across the country, and ensuring participation of guests from across the country
View Month Wise

AWARDS AND HONOURS

'Succession' tops Television Critics Association Awards while Rhea Seehorn makes history

  •  "Succession" ruled the 39th Television Critics Association Awards with two wins, including the top prize, Program of the Year.
  • It's the first time the HBO hit has won TCA's most prestigious award after bids in 2020 and 2022. "Succession" also won drama series for the third time, following victories in 2020 and 2022, to join "The Americans," "Homicide: Life on the Street," "Lost" and "Mad Men" as three-time champs in the category ("The Sopranos" holds the record with four wins). This means that "Succession" has won drama series for three of its four seasons, having only lost on its first nomination in 2019 to "Better Call Saul."

'Succession' tops Television Critics Association Awards while Rhea Seehorn makes history

  •  "Succession" ruled the 39th Television Critics Association Awards with two wins, including the top prize, Program of the Year.
  • It's the first time the HBO hit has won TCA's most prestigious award after bids in 2020 and 2022. "Succession" also won drama series for the third time, following victories in 2020 and 2022, to join "The Americans," "Homicide: Life on the Street," "Lost" and "Mad Men" as three-time champs in the category ("The Sopranos" holds the record with four wins). This means that "Succession" has won drama series for three of its four seasons, having only lost on its first nomination in 2019 to "Better Call Saul."
View Month Wise

BOOKS AND AUTHORS

Dharmendra Pradhan releases 'Empowering India - Ideas for Action by Scientists and Engineers' Book

  •  Education Minister Dharmendra Pradhan has released a book - 'Empowering India - Ideas for Action by Scientists and Engineers' authored by Prof. T. Pradeep, a Padma Shri Awardee and Institute Professor, Department of Chemistry, IIT Madras, and Mr. Krishnan Narayanan, President, IITMAA and itihaasa Research and Digital.
  • IIT Madras faculty and an alumnus have authored the book exploring ideas about what the leading research and educational institutions should do for India@100 (100 years of Independence). The book has been published by the Indian Academy of Sciences and is part of IIT Madras Alumni Association's (IITMAA) thought leadership activities.
  • Over 100 scientists, including about 40 alumni of IIT Madras, have shared their inputs for the book. The proceeds from the book sales would be contributed towards the cause of science (through the Academy).
  • Speaking about 'Empowering India - Ideas for Action by Scientists and Engineers', Prof. T. Pradeep, Institute Professor, Department of Chemistry, IIT Madras, said, "We believe that the book will be of great value in building NEW India. It has 30 solid recommendations spread across 7 specific areas. If these are incorporated in our planning and policies, we are sure that India will be at its rightful place in 2047."
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LAW AND CONSTITUTIONAL AFFAIRS

JAPANESE LAW FIRM TNY LEGAL TO LAUNCH INDIA OFFICE

  • TNY Legal is set to become the first Japanese law firm to establish an office in India, almost five months after the country opened its domestic legal market to foreign players.
  • The India office will focus on advising Japanese multinationals with their India businesses, particularly on regulatory investigations, liaising with government authorities for permits and licenses, corporate M&A and advisory, contract drafting, labour disputes, intellectual property and dispute resolution, TNY Legal's co-managing partner Yuji Tsutsumi told ALB.
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