May 28, 2018

WORD OF THE DAY

CRACK SPREAD

The difference between the price of crude oil and the petroleum products extracted from it. The spread is equal to the profit margin an oil refinery makes by “cracking” the long-chain hydrocarbons of crude oil into shorter-chain petroleum products.

Courtesy: Mint

 

NATIONAL NEWS

  1. Sangeeta Bahl, a 53-year-old former model, has become the oldest Indian woman to conquer Mount Everest.
  2. The BCCI and UN Environment signed an agreement to promote ‘green’ Cricket in India
    • The partnership aims to spread greater awareness about key environmental challenges facing the country, and highlight alternate and more sustainable solutions.
  3. Film actor Akshay Kumar launched the twin pit toilet technology campaign in New Delhi.
    • The twin pit toilet technology is an Indian invention that collects defecation for a period of five years and then it turns into a valuable organic compost.
  4. India launched its second IT corridor in China to cash in on the burgeoning Chinese software market.
    • The National Association of Software and Services Companies (NASSCOM) has established one more Sino-Indian Digital Collaborative Opportunities Plaza (SIDCOPplatform in China.
    • In December 2017, the NASSCOM established its first SIDCOP platform in the Chinese port city of Dalian, which is India’s first IT hub in China
  5. The first edition of the Global Wind Summit will be held in Hamburg, Germany in September 2018.
    • The four-day event will see speakers from about 100 countries, including India, China, the US, Spain and Denmark.
    • The conference on wind is the largest and most important meeting of the wind industry worldwide.
    • The event combines two conferences, WindEnergy Hamburg and WindEurope.
  6. United Nations Environmental Programme (UNEP) gave recognition to the Cochin International Airport as world’s first fully solar energy-powered airport.
    • It produces 15MWp solar power.
    • This airport consumes 50000 units of electricity daily and is completely dependent on solar power.
    • It was the first airport to be built in public-private partnership (PPP).
  7. The state Government of Himachal Pradesh will promote Zero Budget Natural Farming System – Prakritik Kheti Khushhaal Kissan Yojana
    • To promote organic farming and zero budget natural farming in the state.
  8. Himachal Pradesh Chief Minister Jai Ram Thakur launched a week long ‘Polythene Hatao, Paryavaran Bachao Campaign’
    • To reduce the Pollution by prohibiting the use of Polythene & Plastic.
  9. India, US and Japan will take part in 22nd Malabar exercise in Guam, US.
    • From India’s side, INS Sahyadri, missile INS Kamorta and fleet tanker INS Shakti and a P-8I long-range maritime patrol aircraft will take part in the exercise
    • From the US side, a nuclear powered supercarrier USS Ronald Reagan of 10000 tonne and F/A 18 fighters and a nuclear attack submarine and P-8Apatrol aircraft.
    • From Japan’s side, one of 27000-tonne helicopter carriers, a Soryu class submarine and Kawasaki P-1 maritime aircraft will participate
  10. Baba Ramdev, Co-founder of Patanjali, launched Swadeshi Samriddhi SIM cards, in alliance with Bharat Sanchar Nigam Limited (BSNL).
    • At the beginning, only the employees and office bearers of Patanjali can avail the benefits of the Swadeshi Samriddhi SIM card.
    • After the full-fledged launch, people can avail a 10 % discount on Patanjali products using this card
  11. The Indian Meteorological Department (IMD) is joining hands with Bharat Sanchar Nigam Limited (BSNL) for sending extreme weather warnings.
  12. Eight Naxal hit districts of Chattisgarh are to be developed by the government with the help of TATA Trust.
    • It is to provide technical and human resource assistance to the special development programme launched by the NITI Aayog.
    • The 8 worst hit districts are: Bijapur, Kanker, Bastar, Rajnandgaon, Dantewada, Kondagaon, Narayanpur, Sukma.
  13. Solar Energy Corporation of India (SECI) was named as the Nodal Agency to set up 2.5 GW Wind-Solar hybrid Project by the Ministry of New and Renewable Energy.
    • The objective is to build the Hybrid Projects with the Transparent Bidding Process.
  14. Indian Crude steel production seems to be on course to finally cross the 100 million tonnes mark this fiscal year
  15. The survey, State of Aadhaar Report 2017-18 done by international research firm IDinsight covering 13,669 household members in 21 districts of the three states between November 2017 and February 2018, noted that only 45-67% of account holders in these states continue to use Aadhaar
    • Despite growing access to bank accounts among Indian adults, the survey found only a subset of accounts were actively in use—6% in Andhra Pradesh, 58.1% in West Bengal, and 44.9% in Rajasthan
  16. Air India Express and IndiGo have been placed second and fifth respectively, in the ranking of the cheapest airlines in the world in providing international connectivity.


 

INTERNATIONAL NEWS

  1. 108th session of UNWTO Executive Council held in San Sebastian, Spain.
  2. Qatar announced that it was banning products from United Arab Emirates (UAE), Saudi Arabia, Bahrain and Egypt
    • It is to protect safety of consumers in the state of Qatar and to stop trafficking of goods

 

DOWNLOAD CURRENT AFFAIRS FOR MAY 28, 2018 AS PDF 

 


BANKING AND ECONOMY

  1. Reserve Bank of India (RBI) has instructed the Rupee Co-op Bank of Pune to continue its banking services keeping the limitations in mind for three months till August 2018.
  2. Securities and Exchange Board of India (SEBI) allowed foreign investors in Gujarat International Finance Tech (GIFT) City to have the so-called ‘omnibus trade structure’ to ease compliance and access
    • This will help foreign investors escape direct registration and go through authorized brokers.
    • Foreign portfolio investors (FPIs) such as Citibank and JPMorgan can now trade on GIFT situated exchanges—namely INX and NSE IFSC—through authorized brokers.
    • The broker will not have to upfront declare the identity of these foreign investors but will need to provide the beneficiary information to the regulator in case of suspicious transactions
    • Omnibus account structures are present in all major offshore exchanges such as Singapore and Dubai. India was an outlier which insisted on direct registration. Lack of structure was preventing foreign investors from trading at GIFT City.
    • It may end up boosting volumes and flows at GIFT City, which is seeing a modest average daily turnover of $360 million.
    • It may help bring liquidity onshore which used to be fragmented or divided with offshore exchanges such as SGX, which has lenient structures
    • Implications – The broker will buy the securities on behalf of his clients and purchases will be under the broker’s name. The details of actual investors will remain anonymous till such time regulators suspect irregularities and thus can be prone to misuse.

 

APPOINTMENTS

  1. Former Pakistan Chief Justice Nasirul Mulk was appointed as the interim Prime Minister of the country
  2. Uber promoted its India head Amit Jain as regional general manager for Asia Pacific region (APAC).
  3. Sudha Balakrishnan has been named the first Chief Financial Officer (CFO) of the Reserve Bank of India (RBI)
    • She will be the 12th executive director of RBI.
  4. Ali Jahangir Siddiqui will take charge as the Pakistan’s Ambassador to US.
  5. Ibrahima Kassory Fofana took Charge as the Prime Minister of Guinea

 

SPORTS

  1. Australian Formula One racer Daniel Ricciardo handed Red Bull a victory in their 250th race in the Formula One at Monaco Grand Prix
  2. Chennai Super Kings defeated Sunrisers Hyderabad to lift the trophy of 11th edition of Indian Premier League (IPL) 2018 to clinch their third IPL Title.
S. NoAwardWinner (Team)
1.Man of the Match (Final)Shane Watson (CSK)
2.Orange Cap (Most Runs)Kane Williamson (SRH)
3.Purple Cap (Most Wickets)Andrew Tye (KXIP)
4.Emerging PlayerRishabh Pant (DD)
5.Stylish PlayerRishabh Pant (DD)
6.Perfect CatchTrent Boult (DD)
7.Super StrikerSunil Narine (KKR)
8.Valuable PlayerSunil Narine (KKR)
9.Fairplay AwardMumbai Indians

 

 

MISCELLANEOUS

  1. Veteran Actor, Producer of Telugu film Madala Ranga Rao Passes away.
    • He was popularly known as “Red Star”.
    • His  famous works are‘Yuvatharam Kadilindhi’, ‘Yerra Mallelu’, ‘Praja Shakthi’
    • He received the prestigious Golden Nandi award from the then Andhra Pradesh government for his film ‘Yuvatharam Kadilindhi’