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May 23, 2018

WORD OF THE DAY

 

CASH CONVERSION CYCLE

A metric that measures the time taken by a company to convert inputs into cash flows. It measures the length of time for which each input unit is tied up in the production and sales process before it is converted into cash through sales.

Courtesy: Mint

 

NATIONAL NEWS

  1. Cabinet has approved Universal Service Obligation Fund (USOF) scheme for the provision of mobile services in Meghalaya under Comprehensive Telecom Development Plan (CTDP) for North Eastern Region.
  2. The Union Finance Ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul for extending loans to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY).
    • In order to identify people who can be given funds under the Pradhan Mantri Mudra Yojana (PMMY), the ministry has organised an event in Mumbai to extend loan under the scheme.
  3. The family of a paramilitary Jawan who dies in action will be given a minimum compensation of one crore rupees.
    • The Home Minister presented gallantry awards to BSF jawans and officers.
  4. The 4th Smart Cities India 2018 expo began at Pragati Maidan, New Delhi.
  5. Ministry of Railways signed a Memorandum of Understanding (MoU) with Mumbai Railway Vikas Corporation Ltd (MRVC).
    • According to targets under the MoU, MRVC will spend Rs. 1464 crore on completion of several suburban projects of capacity enhancement, safety up-gradation and passenger amenities.
  6. Union Cabinet has approved waiving of Penal Interest on Government Loans to Paradip Port Trust (PPT).
  7. Maharashtra Government has launched a new scheme to help the landless labourers from the Scheduled Castes to acquire agricultural land.
    • Now the landless labourers from the Scheduled Castes can purchase acres of rain fed agricultural land or two acres of irrigated land by paying only 5 % of the cost.
    • The rest up to 8 lakh rupees will be borne by the Maharashtra government.
  8. Western Railway (WR)has launched E-catering facility on 23 major stations.
    • Vendors at stations such as Mumbai Central, Bandra Terminus, Andheri, Ahmedabad, Gandhidham, Surat, Nandurbar, Vasai Road, Maninagar, Mahesana, Palanpur, Anand, Bharuch, Vadodara, Rajkot, Dwarka, Vapi , Chittorgarh, Indore, Nimach, Ratlam, Ujjain and Nagdacan easily deliver food to the passengers.
    • The e-catering initiative was launched by the IRCTC
  9. The Election Commission will launch a multi-lingual mobile application to enable people all over India to share evidence of malpractice by political parties, their candidates and activists, directly with the electoral body, prior to the 2019 Lok Sabha elections.
    • A similar application, named Model Code of Conduct Violation Reporting App, was launched for the first time in Bengaluru ahead of the recent Karnataka Assembly elections.
  10. The government of Rajasthan launched ‘Nidaan’ software for disease monitoring
    • This will monitor seasonal and non-communicable 46 diseases and the trends of ailments found in specific areas.
    • This will strengthen telemedicine services in hospitals and help formulate action plans for control of diseases.
  11. According to a Lancet study called “The Global Burden of Disease, “ India ranked 145 among 195 countries in terms of health care access
    • India performed poorly in tackling cases of tuberculosis, rheumatic heart diseases, Ischaemic heart diseases, stroke, testicular cancer, colon cancer and chronic kidney disease among others
    • India lags behind China (48), Sri Lanka (71), Bangladesh (133) and Bhutan (134)
    • While its health index was better than those of Nepal (149), Pakistan (154) and Afghanistan (191).
  12. The Union Ministry of Civil Aviation has notified Draft Passenger Charter defining rights for air passengers.
    • It aims to improve hassle-free air travel experience of air passengers in the country.
    • In case the passenger is not informed about the flight cancellation up to 24 hours of the scheduled departure time, the airlines must refund the full value of the air
    • When delay is more than 24 hrs from scheduled time of departure and involves flight to fly on the next day, passenger will then be entitled for a free-of-charge hotel accommodation including transfers.
    • If the flight is expected to be delayed for more than 4 hrs from the scheduled time of departure or revised departure time that is communicated 24 hours prior to scheduled departure time, then the airlines will offer an option of full refund of ticket to the passenger.
    • AirSewa app seeks to bring together all the stakeholders on a common platform to ensure timely and effective handling of customer grievances and to propagate real-time data.
    • The app named as ‘AirSewa v1.5’, will be launched by July 2018.
  13. The Union Ministry of Agriculture and Famers Welfare has unveiled Model Agriculture Produce and Livestock Contract Farming and Services (Promotion & Facilitation) Act, 2018 to ensure better price to farmers
  14. According to recent research, worsening air quality in last two decades has emerged as one of major reasons for high numbers of premature deaths in India
    • The research was conducted by Indian Institute of Technology (IIT)-Delhi in collaboration with environmental NGO Centre for Environment and Energy Development (CEED).
    • The study was conducted 11 north Indian cities i.e. seven in Uttar Pradesh (Allahabad, Kanpur, Lucknow, Meerut, Varanasi and Gorakhpur), three in Bihar (Patna, Muzaffarpur and Gaya) and one in Jharkhand (Ranchi).
  15. NIPAH virus
    • National Centre for Disease Control has issued high alert across the country
    • The infection causes severe diseases in both animals and humans. The natural hosts of the virus and fruit bats
    • Bats shed the virus in their excrement and secretions, but they are symptomless carriers.
  16. The government is considering a move to set up a regulator to oversee the $500 billion start-up funding market for Indian enterprises.
    • The proposed Alternate Markets Commission (AMC) would be responsible for drafting regulations to inspire confidence and make it easier for unlisted firms to raise money from investors.
    • The institution would be independent of the ministry of corporate affairs (MCA) and the Securities and Exchange Board of India (Sebi).
  17. India Index Services and Products Ltd (IISP), a subsidiary of NSE The National Stock Exchange of India Ltd has sued Singapore Exchange Ltd (SGX) in the Bombay high court seeking to prevent the launch of Nifty-based products by the Singapore bourse in June
    • On 11 April, SGX announced a new product which works just like the Nifty index, bypassing the Indian exchanges.
    • The new products are called India futures and India options, and SGX will use the closing Nifty price to settle its new contracts.
    • According to the petitioner (NSE) these new derivatives contracts are identical to certain products (SGX Nifty 50 Index Futures, SGX Nifty 50 Index Options and SGX Nifty Bank Index Futures), which were licensed under the licence agreement and proposed to be launched on the respondent’s platform despite issuance of the termination notice
  18. According to the Union budget 2018, it was promised a new deal to farmers—minimum support prices (MSP) that would be 150% of the cost of production
    • However, the new MSP policy could pull India into a confrontation at the World Trade Organization (WTO).
    • Higher MSPs will likely make Indian farm subsidies breach the limit that the WTO finds acceptable
    • According to the US, the MPS for wheat and rice, respectively, appears to be over 60% and 70% of the total value of production, against the permissible cut-off of 10%
  19. Government score on Welfare Schemes

  



INTERNATIONAL NEWS

  1. SpaceX has successfully launched twin NASA satellites GRACE-FO (Follow-On) that will track Earth’s water Cycle i.e. Water movement and Icemelt from 2002 to 2017
    • It was launched on baord of SpaceX’s preflown Falcon 9 Rocket from Vandenberg Air Force Base in California, US.
  2. Scientists have discovered an asteroid named Oumuamua (or (514107) 2015 BZ509) nestling in Jupiter’s orbit that had migrated from another star system.
    • It makes it first known permanent immigrant to our solar system
  3. Punggye-ri nuclear testing site inside a mountain in the northeast of North Korea will be demolished

 

 

BANKING AND ECONOMY

  1. HDFC bank launched Digital Loans against Mutual Funds (LAMF)
    • This is launched in partnership with transfer agent 

 

APPOINTMENTS

  1. HD Kumaraswamy was sworn-in as the New Chief Minister of Karnataka.
  2. D. Moorthy was appointed as the next Ambassador of India to the Republic of South Sudan.

 

AWARDS

  1. Polish author Olga Tokarczukhas won the Man Booker International Prize for her novel ‘Flights’
    • She became the first Polish writer to win the prize.
    • Flights was translated by Jennifer Croft. It was published by Fitzcarraldo Editions
  2. BRICS Forum awarded “BRICS Business Forum Leadership Award” for Lifetime Achievement to Late actress Sridevi.

 

SPORTS

1. New Zealand’s Mike Hesson, Australia’s Belinda Clark, and Scotland’s Kyle Coetzer have been appointed to the International Cricket Council (ICC) Cricket Committee.