May 9, 2018

WORD OF THE DAY

PIP

The smallest price movement an exchange rate can make based on market convention, usually up to four decimal places. Therefore, the smallest change that can be made is in the fourth decimal point, which is one basis point.

Courtesy : Mint


NATIONAL NEWS

  1. Prime Minister Narendra Modi has been ranked ninth on Forbes’ 2018 list of ‘the world’s most powerful people’.
    • Chinese President Xi Jinping ranked first, followed by Russian President Vladimir Putin and US President Donald Trump at the second and third rank, respectively.
    • The only other Indian to feature on the list is Reliance Industries Chairman Mukesh Ambani at 32
  1. Union Ministry of Tribal Affairs (MoTA) is planning to expand Van Dhan Vikas Kendras in Tribal Districts across India.

 

  1. President Ram Nath Kovind has given his assent to Delhi government’s proposed Bill to amend the Minimum Wages Act.
  • As per the amended act, employers violating labour rules in Delhi will now face fine ranging from Rs 20,000- Rs 50,000 and jail term between one to three years.
  • Minimum wages for an unskilled worker in Delhi is Rs 13350 per month, for semi-skilled, it is Rs 14698 and for skilled persons is Rs 16182.

 

  1. Indian Pharmacopoeia Commission has approved modern, animal-free tests for drug manufacturers.
    • The editions of Indian Pharmacopoeia provides guidelines on tests for drugs manufactured and marketed in India
    • As per the new guidelines that will come into effect from July 1, 2018,  pyrogen test(carried out to check impurity or substance that can cause adverse side-effects) will be replaced by a bacterial endotoxin test or a monocyte activation test which can be carried out in test tubes.
    • Under pyrogen test, the drug is injected into a rabbit and the animal is closely observed for feverish symptoms.
    • As per the new guidelines, for the abnormal toxicity test, vaccine manufacturers can apply for waiver by getting a compliance certificate from the National Control Laboratory.
    • Under abnormal toxicity test, mice or guinea pigs are injected with the vaccine and then, scientists observe if there is death of any animal.

 

  1. Fifteenth Finance Commission has constituted an Advisory Council to advise and assist the commission.
    • One of the functions of advisory council will be to advise the Commission on any relevant issue or subject related to the Terms of Reference (ToR) of the Commission.
    • It will also assist in the preparation of any paper or research study

 

  1. Investment Board Nepal (IBN) has granted licence to Satluj Jala Vodyut Nigam Power Development Company to generate power from the Arun-3 Hydropower Project that is located in Nepal.
    • Satluj Jala Vodyut Nigam Power Development Company is a subsidiary of Indian government-owned Satluj Jal Vidyut Nigam Ltd
    • The company has paid Nepali Rupees 5 million as licence fee to the board. Indian government has approved investment of Rs 57.24 billion proposed by SJVN in Arun-3 Hydropower Project.

 

  1. As per International Monetary Fund (IMF’s), Asia and Pacific Regional and Economic Outlook Report , India will be the fastest growing major economy in 2018, clocking a growth rate of 7.4 per cent.

 

  1. Telecom Regulatory Authority of India (TRAI) released the draft amendment of telecommunication interconnection regulations.
  • Each carrier should provide its forecast of busy hour outgoing traffic for each PoI ( Point of Interconnection), at the interval of every six months — April 1 and October 1 — and two months from the time the rules come into effect.
  • Service provider can ask another operator for additional ports or Point of Interconection (POI), in case projected utilisation of  capacity is likely to exceed 85% over 60 day period.

 

  1. India and Guatemala have signed pact for strengthening diplomatic cooperation through Respective Foreign Service Institutes in educational field.
  2. India is the fourth most powerful nation in the Asia-Pacific region and has been pegged as ‘giant of the future’ according to the inaugural Asia Power Index published by Sydney’s Lowy Institute, among the 25 nations.
  • US – First
  • China – Second
  • Japan – Third
  • Russia – Fifth

 

  1. The Pension Fund Regulatory and Development Authority (PFRDA) increased the equity allocation in the NPS from 50% to 75%
    • NPS is a market-linked product that allows you the choice of four funds: government securities fund; fixed income instruments other than government securities fund; equities fund and alternative investment fund.
    • There’s a 5% cap on alternative investments and 50% cap on equity investments
    • Going forward, the cap on equity allocation will increase to 75% bringing the active choice option

 

  1. Recently, government has decided to increase the validity of WHO’s Good Manufacturing Practices(GMP) certification to 3 years from existing two years
    • It is for companies exporting pharma products to other countries.
    • The move is expected to boost pharma exports and aims to promote ease of doing business.

 

  1. India launched auction for 9th city gas distribution (CGD) licensing round offering permits for selling compressed and piped natural gas (CNG and PNG).
    • A floor tariff of Rs 30 for city gas and Rs 2 per kg for CNG has been set to prevent bidders from quoting unviable low tariffs.
    • Petroleum and Natural Gas Regulatory Board (PNGRB), which organised a road show to promote the auction, expects that this round will attract investment to the tune of Rs 70000 crore.

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INTERNATIONAL NEWS

  1. US-based retail giant Walmart has confirmed that it will buy 77% stake in India’s largest e-commerce startup Flipkart for $16 billion.
    • Walmart bought the stake in Flipkart for 16 billion dollars.
    • The acquisition, which is the largest e-commerce deal in the world, will value the home-grown start-up at a reported amount of $20.8 billion.

 

  1. The National Aeronautics and Space Administration (NASA)signed a space act agreement with Uber Technologies to explore concepts and technologies related to Urban Air Mobility (UAM) for future air transportation such as flying cars in populated areas.

 

  1. UN Secretary-General Antonio Guterres announced to hold a climate summit in September 2019 in New York to review the commitments of the 2015 Paris Agreement on Climate Change.
    • In March 2018, Guterres appointed former New York Mayor Michael Bloomberg as his Special Envoy for Climate Action who was tasked to support the United Nations (UN) in its climate strategy and in organising the 2019 summit.

 

  1. Donald Trump announced US withdrawal from the 2015 landmark nuclear deal with
    • The historic nuclear deal was reached in Vienna in July 2015 between Iran and the P5(the five permanent members of the UN Security Council) along with Germany and the European Union.
    • P5 Members – China, France, Russia, UK and US.

 

  1. The 2018 World Robot Conference will be held in Beijing from 15th to 19th August 2018.

 

  1. China successfully launched Gaofen-5, a hyper-spectral imaging satellite, as part of the country’s high- resolution Earth observation project.
    • Developed and produced by China Aerospace Science and Technology Corporation
  2. Takeda Pharmaceutical Co. has reached an agreement to buy Shire Plc for $62 billion
    • It will transform Takeda into a top drug-maker in the business of rare diseases
  3. Dun and Bradstreet (D&B) conducts CFO Optimism Index
    • The survey reveals how optimistic the CFOs are with respect to the overall financial health of their respective firms, the business risk environment and the macro economic scenario of the country.

 

APPOINTMENTS

  1. Facebook has announced that the company’s Vice President of Product Chris Daniels will be taking over WhatsApp after Co-founder Jan Koum announced his departure, recently.
  2. Carlos Alvarado was sworn in as the new President of Costa Rica
  3. Government gave one year extension to Cabinet Secretary Pradeep Kumar Sinha till June 2019.

 

 

AWARDS

  1. Nisha Bhalla, a holistic coach and consultant from Mumbai was felicitated with Excellent Woman of Excellence Award at the recently concluded Annual Women Economic Forum (WEF) 2018 Awards.

 

IMPORTANT DAYS

  1. On May 7th, “The World Athletics Day” was observed all over the world

 

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