May 24, 2018

WORD OF THE DAY

 

Porter’s Five Forces

Proposed by American academic Michael E Porter, this is a strategic model that identifies and analyses five forces that determine the competitive intensity and attractiveness (in terms of Profitability) of a given industry. The forces include threats posed by substitute products or services, established rivals and new entrants.

Courtesy: Mint

 

NATIONAL NEWS

  1. Cabinet Joint Military Exercise SURYA KIRAN-XIII between India and Nepal will be conducted at Pithoragarh, Uttarakhand.
    • Exercise SURYA KIRAN is a biannual event which is conducted alternatively in Nepal and India
  2. NITI Aayog and Sushant Singh Rajput have decided to collaborate towards promoting two major initiatives of NITI Aayog-
    • Promotion of BHIM– BHIM is a mobile app developed by National Payments Corporation of India, based on the Unified Payment Interface
    • The Women Entrepreneurship Platform – The initiative is aimed at building an ecosystem for women across India to realize their entrepreneurial aspirations, scale-up innovative initiatives and chalk-out sustainable, long-term strategies for their businesses
  3. Leading digital financial services platform, MobiKwik, announced the launch of Unified Payments Interface (UPI)on its platform via its own Virtual payment address (VPA) handle @ikwik. 
    • MobiKwik is the first in the industry to offer UPI access through its own Virtual Payment address @ikwik.
    • It is also the first to offer Bharat QR, UPI QR and intent functionality for merchant payments.
  4. India rose one place to 44th this year in the global competitive rankings out of 63 countries that were ranked by the IMD World Competitiveness Center.
    • China bagged the 13th rank in 2018 as compared to the 18th rank in 2016
    • The top 3 most competitive economies in the world are:
      1. USA
      2. Hong Kong
      3. Singapore
  1. The 5th Cambodia, Laos PDR, Myanmar, Vietnam (CLMV) countries conclave held at Phnom Penh, Cambodia
  2. The Shanghai Cooperation Organisation-Regional Anti-Terrorist Structure (SCO-RATS) meeting was held in Islamabad, Pakistan.
    • This is the first time Pakistan is hosting the (SCO-RATS) meeting.
    • The main agenda of the meeting is issues related to terrorist threats in the region and how to manage them.
  3. The Union Cabinet approved an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.
    • Recommended by 14-member high-level committee chaired by Ministry Of Corporate Affairs Secretary Injeti Srinivas.
    • Homebuyers are given the status of creditors in the insolvency process, until now they were treated as unsecured creditors.
    • The panel also suggested easing voting rules at committee of creditors meetings.
    • The government amended Section 29A clause of the IBC. It lists entities barred from bidding for companies under insolvency.
  4. The ordinance of setting India’s first National Sports University in Imphal, Manipur has been approved.
  5. Governments of India and Nepal has joined hands to plan on running a joint operation to control wildlife poaching.
    • The operation is to be conducted in Shuklaphanta National Park in Kanchanpur district on Nepal’s side and Krishnapur Wildlife Sanctuary in Uttar Pradesh.
  6. Governments of India, Netherlands and Sweden launched first-of-its-kind collaborative research programme on HIV/AIDS.
    • It is aimed at harnessing complementary research strengths and diverse expertise across three nations to catalyse development of better tools to understand and address burgeoning global epidemic of HIV.
  7. Union Cabinet has approved Ministry of Home Affairs’ (MHA’s) proposal of setting up 4,072 mobile towers to improve telecom connectivity network in Left Wing Extremism (LWE) Areas.
  8. NITI Aayog and ABB India have signed Statement of Intent (SoI) to help India leverage power of advanced technologies, including robotics and artificial intelligence
  9. Implementation of Comprehensive Telecom Development Plan (CTDP) Project has been approved for North Eastern Region (NER) in Meghalaya to improve mobile services.
  10. The two fold effect of rising crude oil prices-
    • India’s crude oil import dependency is increasing – import dependency of crude oil has increased to 83.7% for April 2018 from 77.3% in fiscal year 2014.
    • Brent crude prices are hovering around $80 a barrel – Higher oil prices will also mean higher inflation, as retail prices of petrol and diesel should follow suit.

 

INTERNATIONAL NEWS

  1. UNICEF released a Data Visualisation app that offers user-friendly visual representation of complex analytics of the education scenario in the country.
    • It can be used as a visual tool by policy makers, senior government officials, academia, and researchers to monitor programs in the education sector.
  2. Pentagon, the headquarters of the United States Department of Defense disinvited China from participating in Rim of the Pacific (RIMPAC) exercise.
    • RIMPAC, the Rim of the Pacific Exercise, is the world’s largest international maritime warfare exercise. RIMPAC is held biennially during June and July
  3. Palestine has submitted its instrument of accession to Chemical Weapons Convention to European Union (EU).
    • The Chemical Weapons Convention (CWC) is an arms control treaty that outlaws the production, stockpiling, and use of chemical weapons and their precursors.
    • The full name of the treaty is the Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction and it is administered by the Organisation for the Prohibition of Chemical Weapons (OPCW)
  4. The World Health Organization (WHO) declared Nepal the first country in the WHO’s South-East Asian countries to eliminate Trachoma.
    • The WHO South-East Asia Region has 11 Member States: Bangladesh, Bhutan, Democratic People’s Republic of Korea, India, Indonesia, Maldives, Myanmar, Nepal, Sri Lanka, Thailand, Timor-Leste.
    • Also, the Kingdom of Cambodia and Lao People’s Democratic Republic (South East Asian countries) have already eliminated Trachoma in September 2017. But, they do not form part of the WHO’s South East Asian countries.
    • Trachoma was the second leading cause of preventable blindness in the Himalayan nation in the 1980s.
  5. India launches international incubator for clean energy innovators in MI3 at Malmo , Sweden.
    • India announces its plan for hosting MI clean energy materials Workshop in October-November, 2018 at New Delhi.
  6. The European Union’s (EU) General Data Protection Regulation (GDPR) – will take effect from May 25 – envisages strict rules for handling personal data of users and specifies new protocols for handling and storing private data, and sharing it with third parties
    • GDPR will replace the 1995 Data Protection Directive and is aimed at protecting the personal data of EU citizens
    • The new rights include
      1. The right to be forgotten
      2. The right to data portability
      3. The right to object to profiling
      4. Consumer consent to process data must be freely given.
      5. Consumer must be informed of their right to withdraw their consent
      6. A personal data breach must be reported to the Data Protection Authority within 72 hours.
  • Flouting the rules can attract a maximum fine equivalent to 4% of an organization’s global annual revenue or €20 million, whichever is higher
  1. Mytrah Energy Ltd, renewable energy producer, has delisted from London’s Alternative Investment Market (AIM)
    • Was listed in 2010


BANKING AND ECONOMY

  1. Reserve Bank of India announced that banks’ credit grew at 12.64% and deposits at 7.61% as on May 11, 2018
    • Credit grew by 12.64 percent year-on-year to Rs 85,51,099 crore in the fortnight ending in May 11, 2018compared to the fortnight ending in May 12, 2017, banks’ advances stood at Rs 75,90,941 crore.

 

APPOINTMENTS

  1. Charan Singh has been appointed as the Chairperson of Punjab and Sindh Bank.
  2. Anjali Bansal has been appointed as the Chairperson of Dena Bank
  3. Tapan Ray has been appointed as the Chairperson of Central Bank of India.
  4. Pradeep Kumar Gupta has been appointed as the next Ambassador of India to the Islamic Republic of Mauritiana.
  5. Mahendra Singh Kanyal has been appointed as the next Ambassador of India to the Republic of Suriname.
  6. Airtel Payments Bank appointed Anubrata Biswas as its Managing Director and Chief Executive Officer.
  7. Government has appointed former Supreme Court Judge CK Prasad as Chairman of Press Council of India (PCI) for second term.

 

IMPORTANT DAYS

  1. On 24th May 2018, Commonwealth Day 2018 was observed in India.
    • Commonwealth Day was earlier known as Empire Day
    • It is celebrated on the second Monday in March in many countries. In India it is celebrated on 24th May.
    • The theme for Commonwealth Day 2018 is: ‘Towards a Common Future’.

 

AWARDS

  1. Minister for Women and Child Development, Smt. Maneka Sanjay Gandhi presented the prestigious Nari Shakti Puraskar 2017 to the members of the INSV Tarini team in New Delhi.
  2. Council of Scientific & Industrial Research (CSIR) has received the Clarivate Analytics India Innovation Award 2018 in the Government Research Organizations Category.
  3. Actress and Comedian Julia Louis-Dreyfus will be awarded annual Mark Twain award for American Humor from John F. Kennedy Centre of Performing Arts.

 

SPORTS

  1. Tejaswini Sawant won gold medal in the 50m rifle prone event in the Grand Prix in Munich ahead of the ISSF World Cup Rifle/Pistol stage.