October 23, 2018

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NATIONAL NEWS

  1. Ministry of Corporate Affairs constituted Insolvency Law Committee headed by Injeti Srinivas to recommend modification to Insolvency and Bankruptcy Code of India, 2016, and has submitted its 2nd Report to the Government, which deals with cross border insolvency.
    • The ILC has recommended the adoption of the UNCITRAL (The United Nations Commission on International Trade Law) Model Law of Cross Border Insolvency, 1997, as it provides for a comprehensive framework to deal with cross border insolvency issues.
    • The Committee has also recommended a few carve outs to ensure that there is no inconsistency between the domestic insolvency framework and the proposed Cross Border Insolvency Framework.
    • The UNCITRAL Model Law has been adopted in as many as 44 countries and therefore forms part of international best practices in dealing with cross border insolvency issues.
    • The advantages of the model law are giving priority to domestic proceedings and protection of public interest
      1. greater confidence generation among foreign investors
      2. adequate flexibility for seamless integration with the domestic Insolvency Law
      3. robust mechanism for international cooperation
  • The model law deals with four major principles of cross-border insolvency
    1. Direct access to foreign insolvency professionals and foreign creditors to participate in or commence domestic insolvency proceedings against a defaulting debtor
    2. Recognition of foreign proceedings & provision of remedies
    3. Cooperation between domestic and foreign courts & domestic and foreign insolvency practioners.
    4. Coordination between two or more concurrent insolvency proceedings in different countries

 

  1. Union Ministry of Environment, Forests and Climate Change (MoEFCC) has launched Harit Diwali-Swasth Diwali Campaign aimed to reduce adverse environmental conditions especially pollution in the country after post-Diwali celebrations due to excessive bursting of crackers which contributes significantly to air and noise pollution.
    • This campaign was initiated in 2017-18 to enlighten children about harmful firecrackers.
    • It also merged this year’s campaign with Green Good Deedmovement that has been initiated as social mobilization for conservation and protection of the environment.
  1. Tadoba Andhari Tiger Reserve is in Maharashtra.
  2. Tea Board of India is planning to launch an app aimed at guiding small growers.
    • The proposed name of the app is Chai Sahay (tea help).
  1. The Andhra Pradesh government has decided to launch the ‘Gaming Garage’ in Vijayawada to generate employment and encourage entrepreneurs and game developers in view of growing importance of Gaming Industry.
    • The Garage would have a sister establishment, The School of Gaming, which would give certifications and offer courses in the field of gaming.
  1. Ganga Sagar Mela takes place at the Sagar Island (lying on the continental shelf of Bay of Bengal about 100 km south of Kolkata) every year during Makar Sankranti.


 

INTERNATIONAL NEWS

 

  1. ‘Druzhba-III’, the 3rd edition of joint bilateral military training exercise between Pakistan and Russia is held in Pakistan.
  2. The joint military exercise ‘Iron Magic 19’ between United Arab Emirates (UAE) and United States (US) kicked off near Dubai.

 

  1. The Kong-Zhuhai-Macau Bridge, world’s longest cross-sea project with a total length of 55 km is located in Hong-Kong.

  1. Baishui Glacier — It is one of the world’s fastest-melting glaciers and is located in China.
    • It is located in the Third Pole of the Earth.
    • Third Pole glaciers are vital to billions of people from Vietnam to Afghanistan.
    • Asia’s 10 largest rivers, including the Yangtze, Yellow, Mekong, and Ganges are fed by seasonal melting third pole glaciers.

 

BANKING AND ECONOMY

 

  1. Paytm, run by One 97 Communications Ltd has launched a QR-based smartphone payment service called ’PayPay’ in Japan in collaboration with SoftBank and Yahoo Japan Corporation.
    • PayPay allows users to store money from a bank account in their “PayPay” wallet and aims to promote the use of cashless payment in Japan.
    • Japan accounts for only 20% of overall cashless transactions in the country.
    • Yahoo Japan will terminate its current smartphone settlement function “Yahoo! Wallet” with the launch of payment service called “PayPay”.

 

  1. Among the BRICS countries (Brazil, Russia, India, China and South Africa), Russia leads the way with the average adult making more than 200 non-cash transactions annually.
    • India remains at less than 20.
    • According to data from the Bank for International Settlements, in 2017, the ratio of Non-Cash Transactions to Gross Domestic Product (GDP) stood at around 1.7 for India, the lowest among BRICS as compared to China’s 45.
    • According to the latest World Payments Report 2018by Capgemini and BNP Paribas, initiatives such as India’s open Application Programming Interface (API) stack, Unified Quick Response (QR) code and instant payments system UPI (Unified Payments Interface) have all helped the digital payments market in India.

 

  1. As per the 2018 Global Wealth Report released by Credit Suisse, the richest 10% of Indians own 77.4% of the country’s wealth.
    • The bottom 60%, the majority of the population, own 4.7%.
    • The richest 1% own 51.5%.
    • The Gini coefficient is one way of measuring inequality, with a reading of 100% denoting perfect inequality and zero indicating perfect equality.
    • According to Credit Suisse, the Gini Wealth Coefficient in India has gone up from 81.3% in 2013 to 85.4% this year, which shows inequality has risen.

 

AWARDS

  1. Eminent Jurist Fali S. Nariman (89) was awarded 19th Lal Bahadur Shastri National Award for Excellence in Public Administration.
    • He is one of India’s most distinguished constitutional lawyers and he has argued several leading cases.
    • The award was instituted in 1999 by Lal Bahadur Shastri Institute of Management in memory of India’s second Prime Minister Lal Bahadur Shastri.
    • It is awarded annually to Indians.
    • The award consists of cash award of 5,00,000 plus citation and plaque.
    • In 2017, it was awarded to Bindeshwar Pathak, founder of Sulabh International.
  1. US-based writer Sujatha Gidla (55) has won 2018 Shakti Bhatt First Book Prize for her debut book “Ants Among Elephants: An Untouchable Family and the Making of Modern India”.
    • The award carries cash prize of 2 lakh.

 

SPORTS

 

  1. Ferrari’s Kimi Raikkonen claimed his first victory of F1 race US Grand Prix in Texas.
  2. R. Lalith Babu won the Shanghai Cooperation Organisation Open international chess championship.
  3. Bajrang Punia has become the first Indian wrestler to win two World Championship medals by winning Silver Medal at the World Wrestling Championships held in

 

 

MISCELLANEOUS

  1. Scientists have found that violent flares from the host star might make planets orbiting it, uninhabitable by affecting their atmospheres, using National Aeronautics and Space Administration (NASA)’s Hubble Space Telescope.
    • NASA’s Hubble telescope is observing such stars through a large programme called HAZMAT (Habitable Zones and M dwarf Activity Across Time).
    • The HAZMAT programme is an ultraviolet survey of red dwarfs at three different ages: young, intermediate, and old.

 

  1. NASA scientists have devised a new set of 21 Modern Gamma-Ray Constellations and named them after fictional characters such as the Hulk and Godzilla.