Weekly GA Capsule 6th May to 12th May 2019
“Failure will never overtake me if my determination to succeed is strong enough.” - Og Mandino
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Weekly GA Capsule 6th May to 12th May 2019
Economy & Banking...... 16 Government & Polity...... 21 International...... 30 Sports...... 32 Appointments...... 33 Person/Event/Award...... 34 Important Days………………………………………………………………………………………………..35 Science and Technology…………………………………………………………………………………….37
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Weekly GA Capsule 6th May to 12th May 2019
Economy & Banking
1. SEBI’s ‘capital’ punishment to NSE, an unprecedented move
The Securities and Exchange Board of India (SEBI) does not have a history of acting tough against stock exchanges, which are also the first level regulators for listed companies. There have been instances in the past when processes and procedures of exchanges have been a subject of regulatory probe, but more often than not, the bourses managed to get away with a censure or warning. The capital markets watchdog ordered the NSE to disgorge money totalling Rs. 1,100 crore for not exercising proper due diligence while offering co-location services that allowed certain entities to gain access to information before others did.
Securities and Exchange Board of India (SEBI)
Founded: 12 April 1992
Sector: Securities market
Jurisdiction: India
Headquarters: Mumbai
Type: Statutory Corporation
Chairperson: Ajay Tyagi
2. CII backs FAME-II scheme despite EV makers’ red flag
The Confederation of Indian Industry (CII) has backed the Centre’s revised Faster Adoption and Manufacturing of Hybrid and Electric Vehicles or FAME-II scheme. The industry body’s support for the Rs10,000-crore scheme comes despite multiple electric two-wheeler and personal mobility manufacturers red-flagging provisions in the scheme. “The main aim of the scheme is to encourage faster adoption of electric and hybrid vehicle by way of offering upfront incentives on purchase of electric vehicles and by way of establishing a necessary charging infrastructure. The scheme will not only help in addressing the issue of rising environmental pollution in cities but will also help in India’s fuel security. Confederation of Indian Industry (CII)
President: Rakesh Bharti Mittal (2018-19)
Headquarters location: New Delhi
Founded: 1895
Members: Direct 9,000+; Indirect 300,000
Purpose: Create and sustain an environment conducive to the development of India
3. Tata Motors may drop small diesel cars
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Weekly GA Capsule 6th May to 12th May 2019 Auto major Tata Motors likely to phase out small diesel cars from its portfolio as demand is expected to slow down due to upcoming BS-VI emission norms. Tata Motors currently sells its entry-level hatchback Tiago with 1-litre diesel engine, compact sedan Tigor with 1.05-litre powertrain and older models like the Bolt and the Zest with a 1.3-litre diesel engine.
4. IndiGrid to buy Rs11,500-cr electricity transmission assets from Sterlite Power
India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT) will acquire five electricity transmission assets worth Rs11,500 crore ($1.66 billion) from Sterlite Power. This comes after KKR and GIC recently announced fund infusion into IndiGrid. As a part of the deal, KKR and GIC have invested Rs1084 crore ($157 million) and Rs980 crore ($142 million), to collectively acquire 42 per cent of IndiGrid’s outstanding units. India Grid Trust, backed by Sterlite Power Grid Ventures, was established in 2016 to own inter-State power transmission assets in India. Indi Grid will be issuing preference shares worth Rs2,514 crore to acquire the power transmission assets from Sterlite.. IndiGrid to buy Rs11,500-cr electricity transmission assets from Sterlite Power.
5. Lupin, Zydus Pharmaceuticals recall products in the US
Drug major Lupin is recalling 46,700 bottles of Morphine Sulfate extended-release tablets, used to treat severe pain, in the US market, according to a report by the US health regulator. Lupin Somerset is recalling the drug in various strengths due to “failed impurities/degradation specifications”, the latest enforcement report by the US Food and Drug Administration (USFDA) Zydus Pharmaceuticals USA Inc, a subsidiary of Zydus Cadila, is also recalling 7,668 bottles of Carvedilol Tablets, used to treat high blood pressure, in the American market.
6. Mastercard to invest $1 billion in India over five years
Mastercard on Monday announced a $1 billion investment in India over the next five years aimed at converting India into a vital node in the company’s infrastructure, and also to continue business expansion. “There is a very large presence that Mastercard has built, and now, after having seen the last five years, we are very bullish on the overall Indian economy and what the future looks like, and clearly very excited about the digital payments ecosystem and payments ecosystem in general,”
7. SFBs, RRBs
The Reserve Bank of India (RBI) has increased the eligibility cap on home loans extended by regional rural banks and small finance banks to Rs. 35 lakh in metropolitan areas and Rs. 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centres and other centres does not exceed Rs. 45 lakh and Rs. 30 lakh. All such loans will be now classified by these banks as priority sector loans. Existing family income limit of Rs. 2 lakh per annum to be eligible for loans for housing projects exclusively for construction of houses for Economically Weaker Sections (EWS) and Low Income Groups (LIG), is revised to Rs. 3 lakh per annum for EWS and Rs. 6 lakh per annum for LIG, in alignment with the income criteria specified under the Pradhan Mantri Awas Yojana.
8. HDFC Bank board to mull stock split
“HDFC Bank Ltd. has informed BSE that the Board of Directors of the Bank... would consider a proposal for sub-division of Bank’s equity shares from 1 equity share of face value of Rs. 2 each to 2 equity shares
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Weekly GA Capsule 6th May to 12th May 2019 of face value of Rs. 1 each, at their meeting to be held on May 22, 2019,” said a statement issued to the stock exchanges.
9. Can’t ensure cheaper oil for India, says US
US Secretary of Commerce Wilbur Ross has said that his country cannot ensure sale of oil to India at cheaper rates to compensate for Iranian oil, which is now almost out of bounds because of economic sanctions imposed by the Trump regime. “Oil is owned by private people. So the government cannot force people to make concessionary prices,” Ross said, when asked if the US is considering selling oil to India at a concessional rates to make up for the loss refiners may have to suffer because of inaccessibility of cheaper Iranian oil shipments.
10. Medlife acquires Bengaluru-based Myra Medicines
Health-tech platform Medlife on Monday said it has acquired Bengaluru-based medicine delivery start- up, Myra Medicines. Myra’s acquisition will enable the company to strengthen its pharma business and accrue profits, Medlife said in a statement. Medlife Founder and CEO Tushar Kumar said, “Our acquisition of Myra Medicines will be a game changer in the delivery of quality services for access to medicines“. Medlife is currently servicing over 20,000 deliveries every day across 29 states and having Myra on board will further strengthen its standing as a dependable and reliable partner for people’s health.
11. Westway Eelectronics moves South, launches in Kochi
Westway Electronics Ltd, a popular household name in North India in the consumer durable category, has entered South India, starting with Kochi. The company has appointed 30 dealers altogether. Sumit Maini, Director, Westway Electronics said that the company aims to generate a sales of rupees one crore in the first three months in Kochi and also plans to expand to Karnataka, Andhra Pradesh, Tamil Nadu, and Telengana shortly.
12. BookMyShow signs 5-year deal with Dubai’s Coca-Cola Arena
Online ticketing platform BookMyShow on Monday said it has entered into a five-year partnership with the Dubai’s Coca-Cola Arena, the city’s biggest multi-purpose indoor arena. As the founding and preferred ticketing partner for all live entertainment experiences at the Coca-Cola Arena, BookMyShow will deliver international content while being the go-to platform for tickets to all live events at the arena across UAE The landmark deal is at the core of the India-headquartered, global entertainment platform’s entry into the Middle East and is the first such global arena partnership by the company. Ashish Hemrajani, Founder and Chief Executive Officer of BookMyShow, said Middle East is a critical yet under-served market when it comes to entertainment experiences for consumers.
13. Liquidation process for ABG Shipyard commences
Debt-ridden ABG Shipyard on Monday announced commencement of the liquidation process under the Insolvency and Bankruptcy Code. “NCLT vide order dated April 25, 2019...ordered commencement of liquidation of ABG and appointed...Sundaresh Bhat as the liquidator of ABG,” debt-ridden firm said in a BSE filing. ABG Shipyard is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC, 2016) as per the NCLT orders. 5 | P a g e
Weekly GA Capsule 6th May to 12th May 2019 “An application for initiation of CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by the financial creditor, ICICI Bank Limited, in the matter of ABG Shipyard Ltd was admitted by the National Company Law Tribunal, Ahmedabad Bench vide its order dated August 01, 2017 ordering commencement of CIRP,”
14. E-filing of tax returns saw 19% growth in AY19, says Finance Ministry
The finance ministry on Monday said there was growth of 19 per cent in Income tax return(ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18). The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19. On the other hand, a total 67.4 million returns were e-filed in 2017-18 (FY18), which included 54.7 million for AY18.
15. Mirae-Naver, CDC Group and Alibaba invest $150 million in BigBasket
Mirae Asset-Naver Asia Growth Fund (“Mirae-Naver”), CDC Group and Alibaba Group has invested $150 million in online grocery firm BigBasket. This marks Mirae-Naver’s largest investment in India so far. Mirae Asset-Naver Asia Growth Fund is a joint venture between Seoul-based Mirae Financial Group and Naver Corporation, South Korea’s leading internet company. Supermarket Grocery Supplies Pvt Ltd, owner of the Bigbasket brand, will use the funds for further expansion and growth in its existing markets and its new markets by scaling up of its supply chain and for developing new reseller channels.
16. India has overly restrictive market barriers
While the U.S. is India’s largest export destination, India is only the 13th largest for the U.S. due to “overly restrictive market access barriers,”S. Commerce Secretary Wilbur Ross said on Tuesday. “India is already the world’s third largest economy, and by 2030, it will become the world’s largest consumer market because of the rapid growth of the middle class,” Mr. Ross said, while speaking at the Trade Winds conference organised in the national capital.
17. IndiGo prepares for another ‘large’ Airbus order
IndiGo is in talks with Airbus SE for another large plane order in a sign Asia’s biggest budget carrier has no intention of letting up on a blistering pace of expansion. The Indian airline, which adds an aircraft to its fleet every week, is in discussions to buy a longer-range version of the European planemaker’s newest narrow-body jet, according to Chief Executive Officer Ronojoy Dutta.
18. Porsche fined 535 million euros over diesel emission cheating
German sports car maker and Volkswagen subsidiary Porsche will pay a 535-million-euro (USD 598 million) fine over diesel vehicles that emitted more harmful pollutants than allowed, Stuttgart prosecutors said Tuesday. It is the latest in a host of fines against VW for the use of software to hide the true level of harmful emissions by diesel cars.
19. Ruias once again urge NCLAT to scrap ArcelorMittal’s bid for Essar Steel
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Weekly GA Capsule 6th May to 12th May 2019 The Ruia family has once again urged the National Company Law Appellate Tribunal (NCLT) to reject the winning bid of ArcelorMittal for Essar Steel. The fresh application, filed via Essar Steel Asia Holdings (ESAH), a majority shareholder of Essar Steel, has sought to scrap the ArcelorMittal bid on the grounds that its promoter Lakshmi Mittal has ‘suppressed vital facts’ related to connections with his brothers Pramod Mittal and Vinod Mittal, and their defaulted companies. In a petition filed before the NCLAT on Tuesday, ESAH said Mittal and ArcelorMittal India had “conspired to suppress vital facts” to make others believe that they ceased to have any business association with the former’s brothers and their companies.
20. Hindalco in consortium to promote use of aluminium cans for beverages
Hindalco Industries Ltd, Ball Beverage Packaging (India) Pvt Ltd and Can-Pack India Pvt Ltd are launching a consortium called Aluminium Beverages Can Association of India (ABCAI) with the aim of increasing the use of aluminium cans to pack beverages. ABCAI intends to partner with governments, corporates, trade bodies and consumers to spread awareness on the economic and environmental benefits of aluminium beverage packaging. It will commission studies to showcase the benefits of such beverage cans in logistics, refrigeration, water and power conservation.
21. English learning app myELSA seeks Rs5 crore in angel funding; eyes subscription model
Kolkata-based start-up Creamson Intelli Pvt Ltd, which has developed English learning app myELSA, is looking to raise funds as it seeks to explore the subscription-based model across India. myELSA uses audio-visual media and games to familiarise users with the English language. Creamson Intelli, which was founded by Sanjoy Paul, Krishanu Guha and Indranil Chakraborty in May last year, had received seed funding of around Rs1 crore. It is now looking to raise close to Rs5 crore from angel investors by September. According to Chakraborty, the app aims to provide a “blended learning solution” for schools and spoken English communication programmes. It will have integrated modules for students between classes 5 and the app is available on Google Play Store for free. 22. Merck Ltd renamed as Procter & Gamble Health Ltd
Drug firm Merck Ltd on Tuesday said it has been renamed as Procter & Gamble Health Ltd following P&G’s global acquisition of the consumer health business of Merck KGaA, Germany. “The company has received approval from the Registrar of Companies, Mumbai, Maharashtra, for change of name from Merck Ltd to Procter & Gamble Health Ltd effective May 6, 2019,” Merck said in a filing to the BSE. The company is taking necessary steps to comply with the formalities and documentation, as may be required by the stock exchanges to record the said change, it added. Procter & Gamble Health Ltd Managing Director Milind Thatte said, “Our new name reflects our new identity as part of the P&G Group and signifies the coming together of strong consumer health capabilities and cultures.
23. Jalan panel to hold at least 2 more meets before final report on RBI capital size
A high-level panel looking into appropriate capital reserves the RBI should maintain will hold at least two more meetings before finalising the report, former Reserve Bank governor Bimal Jalan, who is heading the committee, said.
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Weekly GA Capsule 6th May to 12th May 2019 The six-member Jalan panel was appointed on December 26, 2018, to review the Economic Capital Framework for the RBI. The committee was supposed to submit its report in 90 days from the first day of its meeting, which held on January 8. "At the moment, it is in the process ... We will have at least two more meetings," he said when asked whether the committee has finalised its report. The other key members of the committee include Rakesh Mohan, former deputy governor of RBI as vice-chairman, finance secretary Subhash Chandra Garg, RBI deputy governor NS Vishwanathan, and two RBI central board members, Bharat Doshi and Sudhir Mankad. The panel has been entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessment and provisions for risks, which central bank balance sheets are subject to.
24. Electronic cargo tracking system at Kolkata port does away with Customs check for Nepal-border
First, the containerised rail cargo carrying third-country imports of Nepal through the Indian ports of Kolkata and Vizag will no longer require clearance by Indian Customs authorities as both ports have introduced the electronic cargo tracking system (ECTS). The ECTS is an electronic seal that, unless tampered with, ensures free movement of the container through the international border. The system has already been introduced at Vizag port in line with a project undertaken by the Asian Development Bank (ADB) and was introduced by Kolkata port a few months ago. The electronic cargo system at Kolkata now does away with Indian Customs’ check of Nepal’s third- country imports.
25. Poor demand, fall in energy intensity choking coal
In 2018-19, the country added only a fourth of the capacity it did in 2015-16. Capacity addition for the year fell short of the target (of 7,266 MW) by a good 20 per cent. And, by all counts, this trend is likely to continue in the near future. The trend is hardly surprising. Given that existing coal-based power projects are running at less than 65 per cent of their capacity, there are bound to be few takers for new ones.
26. Barclays Bets on Electronic Trading to Boost Investment Bank
Barclays Plc is betting on a new electronic trading platform to boost returns at its investment bank just as clients are expected to increase trading via machines. The British bank is combining equities with fixed income, currencies and futures on the revamped BARX platform, according to Naseer Al-Khudairi, the firm’s markets head of global electronic trading who was hired from Credit Suisse Group AG last year. The firm has also doubled its equities team of quants over the past 18 months as it built out a new algorithmic offering for its equities operation.
27. Illegal cashew kernel imports a big worry
The Cashew Export Promotion Council of India (CEPCI) has raised serious concerns over rising illegal import of cashew kernels, saying this has hit the crisis-ridden domestic industry. CEPCI pointed out that large scale imports of low-quality, plain cashew kernels from competing countries such as Vietnam, Mozambique and Ivory Coast have led to closure of several cashew factories that provides gainful employment to more than 10 lakh workers, majority of them are women.
28. RBI relaxes norms to raise funds through ECB route
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Weekly GA Capsule 6th May to 12th May 2019 The Reserve Bank of India (RBI) has eased the external commercial borrowing norms to allow bidders under the Insolvency and Bankruptcy Code (IBC) to raise funds abroad to pay the debtor back home. However, the RBI has restricted resolution applicants from raising funds from the foreign branches of Indian banks. The move comes as a relief for bidders who can use the new funding route to acquire stressed assets under the IBC. Uday Bhansali, President (Financial Advisory), Deloitte India, said bidders, of late, have expressed interest to source funding from abroad in some of the insolvency cases, and the RBI move brings in more clarity.
29. Introduction of new pension scheme in SBI has ‘no legal effect’, rules Kerala High Court
The High Court of Kerala has declared that the introduction of Defined Contributory Pension Scheme/New Pension Scheme (NPS) in State Bank of India ‘has no legal effect’. State Banks’ Staff Union (SBSU), Kerala Circle, had argued in a petition that the introduction of the scheme for members joining service on or after August 1, 2010, took away the right to get pension based on the pension rule in vogue in SBI. Giving a brief history, A Raghavan, General Secretary, SBSU (Kerala circle), said that the ninth bipartite settlement had made the NPS applicable across the industry, excluding SBI.
30. ICRA expects better realisations for lenders under IBC in FY20
Our Bureau Rating agency ICRA said on 8 May it expects financial creditors to realise more than Rs80,000 crore in FY20 from the IBC process, against the Rs66,000 crore realised in FY19. The optimism stems from the expected conclusion of the Corporate Insolvency Resolution Processes (CIRPs) of two large accounts — Essar Steel and Bhushan Steel and Power Ltd. Both these accounts are part of the RBI’s list of 12 large defaulting companies announced in June 2017. Abhishek Dafria, Vice President and Co-Head, Corporate Ratings, ICRA, said: “The successful completion of the CIRP for these two accounts will bring closure to eight companies from the RBI’s list and could help strengthen confidence in the IBC, despite the significant delays seen in the process with most of the CIRPs lasting more than 500 days.
31. Singed by downgrades, NBFCs want rating agencies reined in.
Singed by the drastic ratings downgrades, non-banking finance companies (NBFCs), under the aegis of the Finance Industry Development Council (FIDC), are planning to approach the regulators to rein in credit rating agencies so that all of them are not tarred with the same brush. While there may be a problem with a few infrastructure and housing finance companies, the Council, which represents the interests of various asset and loan finance companies, insists that its constituents have no problems. FIDC Director General Mahesh Thakkar said where the members of his Council are concerned, there is no asset liability mismatch or short-term borrowing and unsecured loans.
32. RBI likely to cut rates again next month: IHS Markit
The Reserve Bank of India is likely to cut interest rates one more time in June before rising inflation pressures and elevated fiscal deficits leave little room for further accommodation for the rest of the year, IHS Markit said on 8th The RBI had cut interest rate by 25 basis points each in February and April to boost economic growth. In a report on the forecast for global monetary policy action and resulting economic impact, the London- based global information provider said the central bank is likely to tighten its monetary policy stance in early-to-mid 2020.
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Weekly GA Capsule 6th May to 12th May 2019
33. BharatPe launches UPI for merchants
BharatPe, a fintech start-up enabling payments for merchants through interoperable UPI QR codes, has announced its foray into merchant services with a new app. The app allows merchants to record their cash/ credit (udhar) sales customer wise, request accounts receivable from customers via SMS payment links, and keep track of accounts payable to suppliers, among other services, BharatPe said in a statement. It also serves as a networking platform for merchants to connect and collaborate with other BharatPe merchants near them to source and expand their businesses.
34. RBI withdraws circular to banks to disclose IL&FS exposure
With the National Company Law Appellate Tribunal (NCLAT) lifting the freeze on banks from declaring the accounts of debt-laden IL&FS and its group companies as non-performing, the Reserve Bank of India, on Wednesday, withdrew its April 24 circular that required them to make specific disclosures in this regard. In view of the NCLAT order dated May 2, the central bank, in a notification, said its instructions contained in the April 24 circular stand withdrawn. “In view of the NCLAT judgment, the usual income recognition and asset classification norms will now be followed by banks.
35. Goldman Sachs favours stocks in services sector amid trade war
Goldman Sachs Group Inc strategists recommended favouring stocks concentrated in the services sector rather than goods-producing industries as a way of weathering the United States (US)-China trade war. The ebb and flow of US-China trade negotiations during the past 12 months have had a more dramatic impact on the performance of goods-producing companies compared with services-providing firms, Goldman strategists led by David Kostin, wrote in a note. Last year’s trading suggests services- providing stocks will outperform goods-producing stocks as long as the trade dispute continues.
36. Farm loan waivers, income support schemes increasing risks to fiscal consolidation
The Reserve Bank of India(RBI) today said that farm loan waivers and income support schemes are increasing risks to fiscal consolidation of the states. The remarks were made during a meeting between the members of the 15th Finance Commission and the RBI senior officials, including governor Shaktikanta Das and the deputy governors, at the central bank headquarters in Mumbai. A statement from the RBI said that the central bank, in its presentation, listed out the specific factors that will drive fiscal slippages in the revised estimates of FY19, including "the Uday scheme in the past and farm loan waivers and income support schemes in the FY19 revised estimates". Terming it as "poor fiscal marksmanship", the RBI also expressed its concerns on deviation in revised estimates, stating that the budget estimates presented during the beginning of FY20 had indicated a lower fiscal deficit.
37. DBS Bank moves NCLT as it wants greater slice from Patanjali’s offer for Ruchi Soya
Singaporean lender DBS Bank on Wednesday moved the NCLT seeking a higher payout from the Rs4,350-crore offer of Patanjali to take over the crippled edible oil firm Ruchi Soya.
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Weekly GA Capsule 6th May to 12th May 2019 An NCLT Bench comprising judges VP Singh and Ravikumar Duraisamy asked Ruchi Soya and DBS, which holds the first charge for the plant and the machinery of the indebted company, to file their detailed submissions by May 10. Making its case for a re-look at the payout for financial creditors, DBS said, “If the company had gone for liquidation we would have got Rs217 crore, which is 90 per cent of the dues. But the Committee of Creditors has taken everyone equally and because of that we will get only ₹118 crore from the deal,” DBS informed the tribunal.
37. Toyota, Honda pledge to cut cost and free up cash for new tech
Two top Japanese automakers said they planned to tighten their belts in the years ahead to free up cash to develop electric cars and ride-sharing services, underscoring the hard task ahead as traditional automakers face a rapidly changing industry. Toyota Motor Corp, the country’s top automaker, said that higher costs to develop new technologies like connected cars was ramping up pressure to generate savings wherever possible, while Honda Motor Co said it would strip down its vehicle line-up to cut production costs.
38. Flipkart’s grocery store in Mumbai
Flipkart, an e-commerce marketplace, said on 8 may that it has launched ‘Flipkart Supermart’, its online grocery store, in Mumbai. The platform’s groceries portfolio currently sells staples, FMCG and dairy products, with a private label offering that also offers staples. Currently, Flipkart delivers in 91 pincodes in Mumbai. With the launch of Supermart in Western India, Flipkart expects to collaborate with farmers, producer organisations and local MSMEs to create a sustainable ecosystem, add jobs to the economy and bring a superior experience to customers, a press statement from the company said. Flipkart Supermart is live in Bengaluru, Chennai, Hyderabad and Delhi.
39. Vodafone’s merger with TPG Telecom blocked by Australian regulators
A planned $7.7 billion merger of Vodafone Group Plc’s struggling Australian business with TPG Telecom Ltd. was blocked by the regulator in a bungled announcement published early that sent stocks tumbling. “The proposal would substantially lessen competition for mobile-phone services in an already concentrated market,” the Australian Competition and Consumer Commission said in a statement on Wednesday. “TPG is Australia’s best -- and probably the last -- chance to gain a new cellular network operator,” Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims said in the statement.
40. Home buyers have no say in choice of GST rate: FinMin
A home buyer cannot decide which GST rate will be applicable on the amount remaining on an under- construction flat. A lowered duty was made applicable on April 1. Builders have time till Friday, May 10, to exercise a one-time option of sticking to the old rate or going for the new one. The Finance Ministry has come out with Frequently Asked Questions (FAQs) on the new GST slabs for the real estate sector with clarification on 41 issues. To a question on whether it is the buyer or builder who chooses between new and old tax rates, the Ministry has clarified that it is the builder who can exercise the option to pay tax on construction of apartments at the old rate of 12 per cent. This can be opted for by May 10 at the latest.
41. India to press for export of more products as Commerce Secretary meets Chinese delegates
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Weekly GA Capsule 6th May to 12th May 2019
India’s trade deficit with China has been bridged by about $9.5 billion in FY19 to $53.5 billion, but New Delhi wants deeper cuts this year. Pushing for more action from the Chinese side to increase imports of agricultural commodities and certain other goods from India, Commerce Ministry officials will meet representatives from the General Administration of Customs of China (GACC) on 9th may in New Delhi to discuss ways to raise exports and close the bilateral trade gap further.
42. Bank credit grows 13.2% in FY19
Bank credit grew by 13.2% in financial year 2018-19 as compared to 10.3% in the previous financial year, mainly aided by loans to services and retail sector. Deposit growth also gained momentum, growing by 10% as compared to 6.7% a year ago. “We have to be a bit careful while looking at this data because a bump-up has happened in the month of March. If you see, up to February, credit growth was not that strong,” said Madan Sabnavis, chief economist, CARE Ratings. Banks typically tend to push for more loan disbursement and also try to get more deposits ahead of the end of a financial year to shore up their balance sheet and meet year-end targets.
43. RIL arm buys out Hamleys for £68 million
Reliance Brands, a subsidiary of Reliance Industries Ltd. (RIL), has signed a definitive agreement with C Banner International, a Hong Kong-listed company, to acquire 100% shares of centuries-old British toy retailer Hamleys for £68 million. Darshan Mehta, president and CEO, Reliance Brands, said, “The 250-year old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experience in brick and motor retailing become the new global norm. The worldwide acquisition places Reliance in the frontline of global retail.”
44.Major relief for FPIs from Mauritius, Singapore claiming DTAA treaty benefit
In a major relief for foreign portfolio investors (FPIs) coming via Mauritius or Singapore, the Bombay High Court has quashed an order by the Mumbai office of the Income-Tax Department that had denied any treaty benefits under the ‘grandfathering clause’ to investors, and withheld Rs800-crore of capital gains made from the selling of shares of an NBFC as tax deducted at source (TDS). The High Court said that the theory of ‘colourable device’ is to be established by the Income-Tax Department at the time of assessment and if, prima facie, the transaction satisfies the Double Taxation Avoidance Agreement (DTAA) with Mauritius, then the TDS should not be withheld.
45. India signs protocol for export of chilli meal to China
India and China on 9th may signed a protocol for the export of Indian chilli meal to China. This is the fourth protocol signed between the two nations over the past year allowing the export of farm commodities from India. Commerce Secretary Anup Wadhawan and General Administration of Customs of China (GACC) Vice- Minister Li Guo, who signed the protocol at a meeting here, also discussed issues related to India’s pending request for the clearance of more farm products for the Chinese market.
46. NBFCs feel sting as Mutual Funds cut exposure
India’s biggest investors in shadow bank debt are getting cold feet, spelling more trouble for the hard- hit sector.
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Weekly GA Capsule 6th May to 12th May 2019 Mutual fund investments in commercial paper and bonds that mature within 90 days dropped to Rs3.24 lakh crore ($46.4 billion) at the end of March, the lowest in six quarters, data from the securities regulator show. The fallout from shock defaults last year by IL&FS Group continues to make it more difficult and costlier for companies in the sector, particularly weaker players, to access funding.
47. India Ratings downgrades Yes Bank with negative outlook
Days after Icra downgraded Yes Bank, India Ratings has also lowered the lender’s long-term ratings on concerns of some of its loan exposure turning into bad loans. India Ratings has downgraded the bank’s long-term rating to ‘IND AA-’ with negative outlook, while reaffirming short-term rating, Yes Bank said Icra downgraded the long-term ratings of the lender. Accordingly, six instruments with a total borrowing of over Rs 33,000 crore were also downgraded. Yes Bank had also reported its maiden loss of over Rs 1,506 crore in the March 2019 quarter, driven by a near 10-fold spike in provisions.
48. HCL Tech overtakes Wipro to become third-largest IT services firm in India
HCL Technologies (HCLT) on 9 may surpassed Wipro to become the third-largest IT services firm in India in 2018-19, making the first change in the pecking order of the country’s $170-billion IT outsourcing industry in the last seven years. The Noida-based IT services firm announced its revenues touched $8.63 billion in the last financial year, a rise of 10 per cent over the previous financial year.
49. HCL Tech overtakes Wipro to become third-largest IT services firm in India
HCL Technologies (HCLT) on 9 may surpassed Wipro to become the third-largest IT services firm in India in 2018-19, making the first change in the pecking order of the country’s $170-billion IT outsourcing industry in the last seven years. The Noida-based IT services firm announced its revenues touched $8.63 billion in the last financial year, a rise of 10 per cent over the previous financial year.
50. SoftBank's operating profit jumps on OYO and Uber valuation gains
SoftBank, which is one of the biggest start-up investors in the country, observed its operating profit for the year ended March raised by valuation gains from its investments in companies such as Indian hotel chain OYO and ride-hailing giant Uber. The Japanese conglomerate’s full-year operating profit climbed 80.5 per cent due to the rising valuations of its tech investments. Its operating profit was 2.4 trillion yen ($21.84 billion) in the financial year ended March.
51. Flipkart completes a year with Walmart, launches 'Supermart' in Mumbai
It has been a year since India witnessed the largest M&A deal in its history. Walmart Inc. on May 9 last year had announced it is buying 77 per cent stake in Flipkart for about $16 billion at a valuation of $21 billion. On may9, Flipkart celebrated its one-year anniversary of being part of the global retail giant. However, a lot has changed in one year. Sachin Bansal and Binny Bansal, who started the company in 2007, have both exited the firm. Close on the heels of Binny’s exit, Ananth Narayanan, the top boss of Flipkart’s branded fashion platform Myntra Jabong, also exited the firm.
52. Finance Commission to 'reconcile data', come up with own conclusion 13 | P a g e
Weekly GA Capsule 6th May to 12th May 2019
The 15th Finance Commission would reconcile data from various public sources to come up with its own conclusion of a reliable economic data, the commission's chairman N K Singh told reporters at the Reserve Bank of India (RBI) headquarters on 9 may. The commission members were in Mumbai to meet the RBI governor and senior officials, as well as economists and bankers. “In the next two days, some of us are staying back for data reconciliation, between the CAG (comptroller and auditor general), the RBI and the data which we got from finance ministry sources. So as far as we are concerned, we will try to come to a conclusion about what we would consider a reliable data in public domain,” said Singh. However, he hastened to clarify that such reconciliation has no relations whatsoever about the methodology or computation of that.
53. India will be first nation to test FB's digital currency
The inner workings of Facebook’s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Those people said that its product, which Bloomberg earlier reported will be a type of cryptocurrency, could be announced as soon as next quarter. Launched last May, Facebook’s blockchain unit now counts 50 employees. Facebook declined to comment on the team organisation or its plans. According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the US dollar or a basket of currencies, making it less prone to swings in price. The first country that will test the currency will be India, a region that is particularly appealing for Facebook because it still has room to expand. The product could allow users to transfer money for remittances via WhatsApp through stablecoin.
54. PE/VC investments rose 79% in April
Riding on back of large deals, private equity and venture capital (PE/VC) investments in India rose 79 per cent to $4.4 billion in April, compared with the same month a year ago.
The exits during the reporting period stood at $1.6 billion, on par with that of comparable period last year. Open market exits in April were highest since November 2017 in value terms, according to report by EY.
55. India not obliged to be compliant with UPOV: Experts to Minister
A section of agricultural scientists, activists and farmer leaders has alleged that there is an undesirable attempt to align India’s Protection of Plant Varieties and Farmers’ Rights (PPR&FRA) 2001 with the International Union for the Protection of Plant Varieties (UPOV), even though the country has no legal obligation to do so. In a letter written to Union Agriculture Minister Radhamohan Singh and PPR&FR Authority Chairperson KV Prabhu, they strongly opposed the move and said: “We note with deep concern the idea to align PPV&FR Act, 2001, with the international law on the subject, implying compliance with UPOV. We emphasise that India is not a member of UPOV and is under no legal obligation to be compliant with UPOV.”
56. State Bank of India says two bids received for Jet Airways
State Bank of India (SBI) said on 10th may that it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going.
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Weekly GA Capsule 6th May to 12th May 2019
57. SBI reduces MCLR by 5 basis points
State Bank of India (SBI) has reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points across all tenors with effect from May 10. With this move, SBI has cut its MCLR twice by 5 bps each after the Reserve Bank of India cut its policy repo rate by 25 basis points, from 6.25 per cent to 6 per cent, in early April. Following the MCLR cut, SBI’s benchmark one-year MCLR has come down from 8.50 per cent to 8.45 per cent. “As a result, interest rates on all loans linked to the MCLR stand reduced by 5 bps.This is the second rate-cut in one month. After the April monetary policy review, the MCLR was reduced by 5 bps,” SBI said in a statement. With today’s MCLR cut, the reduction in the home loan rates since April 10 till date is 15 bps.
58. WTO dispute settlement body to be in focus at mini-ministerial meet
A deadlock in the World Trade Organization’s (WTO’s) dispute settlement body, and the move by richer nations to deny developing ones access to certain trade benefits will be the focus of the upcoming mini- ministerial, the government says. However, increasing protectionism and outright challenges to the multilateral trade rules regime form the backbone of the talks, set to be held in New Delhi on May 13-14. The current situation has given rise to demands from various quarters to reform the WTO.
59. Nokia unveils budget smartphone
HMD Global, which sells Nokia brand of mobile phones, is planning to take on the Chinese smartphone majors in the Rs. 7,000 to Rs. 14,000 price band with the launch of its latest budget smartphone, said a senior official. “This is an attractive and competitive segment with top positions occupied by Xiaomi and Vivo,” said Sridhar T.S., general manager, sales, south and west, HMD Global. “The global market for such phones is estimated to be about 45 crore units and is owned by one-third of the population,” Mr. Sridhar told the media.
60. CCI probes Google for unfair practices
The Competition Commission of India (CCI) has started a probe against Google for alleged anti- competitive practices with respect to its popular Android platform for mobile phones, an official said on Friday. The fair trade watchdog has been looking into the matter for sometime, especially after a European Commission ruling last year. The official said the regulator had started investigation into alleged abuse of Android platform and the issues are similar to those dealt with by the European Commission. A majority of smartphones in India are powered by the Android platform. Other mobile platforms include iOS (Apple), among others.
61. Panasonic bets on housing demand to boost modular kitchen business
After launching its premium modular kitchen business in Bengaluru, electrical products maker Panasonic Life Solutions India on Friday announced the opening of its first premium L-Class Modular Kitchen franchise store at Ahmedabad. The company looks to strengthen its position in India's Rs 4,800-crore modular kitchen market, which is part of the Rs 9,100-crore overall kitchen market in the country. Betting big on the fast growing housing demand in metro cities, along with tier 1 and 2 cities, Panasonic is eyeing 5 per cent market share in the next three years.
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Weekly GA Capsule 6th May to 12th May 2019
62. ISB inks pact with Pittsburgh varsity
Indian School of Business (ISB) has entered into a five-year MoU with the University of Pittsburgh in the US. Apart from facilitating collaboration in a range of academic research and projects, the MoU is expected to boost ISB’s plan to take up major healthcare research aimed at taking ideas/innovation from laboratory to marketplace (or to patient), Rajendra Srivastava, Dean, ISB told newspersons after signing the MoU here on 10th
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Weekly GA Capsule 6th May to 12th May 2019
Government & Polity
1. Indian Navy launches fourth Scorpene class submarine
The fourth of Indian Navy’s stealth Scorpene class Submarines of Project 75 was launched today at the Kanhoji Angre Wet Basin of Mazagon Dock Limited at Mumbai in Maharashtra.
The submarine has been named ‘Vela’ after an earlier submarine, which was the lead submarine, of the erstwhile Vela class, the second batch of the Foxtrot class submarines acquired from erstwhile USSR.
The steel cutting for this submarine commenced in July 2009. The submarine has completed joining of all its sections.
2. Polling begins for 51 LS seats in 5th phase
Polling is underway for the fifth phase of Lok Sabha elections in 51 constituencies spread over seven states, amidst tight security.
Voting, which began at 7 this morning, will conclude at 6 in the evening.
Early voters to cast their votes include Union Ministers Rajnath Singh in Lucknow and Rajyavardhan Rathore in Jaipur (Rural) constituencies.
3. PM announces Rs 1000 cr assistance for cyclone-hit Odisha
Prime Minister Shri Narendra Modi has said that Central Govt will provide manpower, machine, material and money for restoration work in cyclone FANI affected areas in Odisha. Visiting the cyclone-affected areas today in Odisha, Prime Minister said that 1000 crore rupees financial assistance will be given to Odisha. Before the cyclone, 381 crore rupees assistance in advance was declared by the Prime Minister. After an areal survey of the cyclone-affected areas today Prime Minister said that whatever will be required for restoration and rehabilitation work, Center will not hesitate to provide it as assistance.
4 India, US agree to strengthen economic co-operation.
India and the United States have agreed to strengthen economic co-operation and bilateral trade by ensuring greater collaboration amongst stakeholders, including government, businesses and entrepreneurs. A bilateral trade meeting was held between the two countries in New Delhi on 6th May . Commerce and Industry Minister Suresh Prabhu and US Secretary of Commerce Wilbur Ross co-chaired the meeting. An official release said, both leaders appreciated the strong, robust and growing bilateral ties across the entire spectrum of trade and commerce. Both sides also expressed satisfaction over last year's progress, with bilateral trade in Goods and Services registering a growth of 12.6 per cent.
5. CBSE class 10 results announced; 13 students are joint toppers
Central Board of Secondary Education, CBSE has announced the results for Class 10 examinations. Of the 17.6 lakh students who appeared in CBSE's Class 10 examination, 91.1 per cent have passed. 13 students share the top position with 499 out of 500 marks. Girls have done better than boys by 2.31 per cent.
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Weekly GA Capsule 6th May to 12th May 2019
Trivandrum has performed the best region wise with 99.85 pass percentage, followed by Chennai and Ajmer. The CBSE will be providing Class X digital academic documents such as mark sheets, migration certificate and pass certificate through its academic repository ‘Parinam Manjusha’, which is integrated with DigiLocker.
6. INS Ranjit decommissioned at Visakhapatnam
INS Ranjit, a Rajput class destroyer was decommissioned at a solemn grand ceremony at Naval Dockyard today at Visakhapatnam. The Decommissioning Ceremony was graced by 16 officers and 10 sailors from the commissioning crew and 23 erstwhile Commanding Officers. The ship commissioned on 15 September 1983 by Captain Vishnu Bhagwat in erstwhile USSR has rendered yeoman service to the nation for 36 years. The ship since her commissioning has sailed for 2190 days covering a distance of over 7,43,000 nautical miles. The ship has been at the forefront of major naval operations and has the distinction of serving on both Eastern and Western seaboards. Apart from various naval operations like Op Talwar and various multinational exercises, the ship has also been a flag bearer of the Indian Navys benign role by participating in relief operations post Tsunami in 2004 and Hud-hud on 2014.
7. Blue roti for lunch, purple noodles for dinner
Fancy eating breads of different hues, say blue, purple or black? These coloured breads, which pack more health benefits than those made with your ‘normal’ amber wheat, may come to your neighbourhood departmental store sooner than later. The choice may not necessarily be limited to bread — you may see ‘colourful’ biscuits, semolina or noodles similar to the purple ones popular in Singapore. Agricultural biotechnologists led by Monika Garg at the National Agri-Food Biotechnology Institute (NABI) in Mohali have not only developed these coloured wheat varieties, but also transferred the technology to various companies. A few companies with whom this Department of Biotechnology lab has signed agreements are already growing them.
8. Why India struggles to cope with droughts
Parts of Andhra Pradesh and Rajasthan have faced four droughts in the last four years while more than 20 districts in Karnataka reeled under a drought for three years during this period. At the same Maharashtra, Uttar Pradesh, Chhattisgarh, Madhya Pradesh and Odisha faced two droughts. According to the Ministry of Agriculture the frequent droughts in the last four years not only affected the kharif and rabi crop but also destroyed kharif supplementary crops in these States. Parts of Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh and Jharkhand reeling under drought are also extremely vulnerable to climate change on account of not being well irrigated.
9. NIOS, NHMPH ink MoU in Mumbai
The National Institute of Open Schooling Ministry of Human Resources Development and National Health Mission of Public Health Department of Government of Maharashtra signed a Memorandum of Understanding in Mumbai on Tuesday. According to a press release, the MOU focused at offering Vocational programmes to the Health Service Providers of Providers of National Health Mission (NHM) through National Institute of Open Schooling. It added that the aim is to impart uniform structured and quality training to Multipurpose Health Workers Class Ill Male Health Workers and Community Health Workers followed by their assessment evaluation and certification. 18 | P a g e
Weekly GA Capsule 6th May to 12th May 2019
10. Two Indians among 115 UN personnel staff honoured for sacrifice in line of duty
An Indian police officer Jitender Kumar deployed to the UN mission in Congo and a consultant Shikha Garg with the UN development programme, killed in the Ethiopian Airlines plane crash, are among 115 UN peacekeepers and staff honoured by the global organisation for their sacrifice. They lost their lives in the service of peace between January 2018 and March 2019. UN Secretary General Antonio Guterres, along with top UN officials and Peacekeeping personnel paid tribute to 115 peacekeepers from 43 different nations, who sacrificed their lives in the line of duty at the solemn ceremony yesterday
11. Govt reduces NEET-PG cut-offs by 6 percentile for 2019-20
The government has decided to reduce the qualifying marks for NEET-PG for 2019-20 by six percentile. An official statement said, general category candidates with a minimum mark of 44 percentile, persons with disabilities category with a minimum of 39 percentile and SC/ST and OBC category candidates with 34 percentile will become eligible for admission to postgraduate medical courses. The statement said, all states and Union Territories were requested to make necessary arrangements for allowing students as per revised qualifying marks in any further rounds of counselling this year.
12. finalisation of Assam NRC: Supreme Court
The Supreme Court on 8th may made it clear that the court will not extend the July 31 deadline for finalisation of the National Register of Citizens (NRC) in Assam. A bench comprising Chief Justice Ranjan Gogoi and Justice R F Nariman also gave a free hand to Assam NRC coordinator, Prateek Hajela dealing with claims and objections of persons against wrong exclusion or inclusion of citizens in the NRC. The direction came after Hajela informed the bench that many persons, who had objected to the inclusion of certain individuals in the draft NRC are not coming forward before panels which are dealing with such complaints. The final draft of NRC was released on July 30, 2018. The list incorporates names of 2.89 crore people out of 3.29 crore applicants. The names of 40.07 lakh people have been left out.
13. PM Modi second most followed politician globally
Prime Minister Narendra Modi has become the second most-followed politician in the world with a social media audience of 110,912,648 million on platforms including Facebook, Twitter, and Instagram, a study by online visibility management and content marketing SaaS platform SEMrush said. The most-followed politician globally was former US President Barack Obama, who has 182,710,777 followers on his Facebook, Instagram, and Twitter accounts. With almost 110 million followers worldwide, Modi has overtaken US President Donald Trump who has 96 million followers globally. Congress party President Rahul Gandhi has accumulated 12 million followers from Facebook, Instagram and Twitter
14. India re-elected as Observer to ‘Arctic Council’
India has been re-elected as an observer to inter-governmental forum Arctic Council. The Arctic Council promotes cooperation, coordination and interaction among Arctic states on common issues, particularly on sustainable development and environmental protection.
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Weekly GA Capsule 6th May to 12th May 2019 In a tweet, Secretary in Ministry of Earth Sciences M Rajeevan said, at the 11th Arctic Council ministerial meeting at Rovaniemi, Finland and India re-elected as Observer of the Arctic Council. He said, India is committed to do more contributions in the Arctic Council. India successfully got the Observer status in 2013 during the Kiruna Ministerial meeting held in Sweden. India has its Arctic research station ‘Himadri’ in Svalbard, Norway since 2008. Located at the International Arctic Research base, the research station was set up by India's National Centre for Polar and Ocean Research, an institute under the Ministry of Earth Sciences. The station works on the mass balance of glaciers, studies the effect of the global warming on the water bodies, and observes the formation of clouds and precipitation.
15. Navy joins exercises in South China Sea
Navy ships INS Kolkata and Shakti carried out Group Sail with the naval ships of Japan, the Philippines and the U.S. in the South China Sea (SCS) from May 3-9. “The ships undertook various exercises en route which included formation manoeuvring, under way replenishment runs, cross-deck flying and exchange of sea riders,” the Navy said in a statement.
16. SC Collegium recommends Justices Gavai, Surya Kant for elevation
The Supreme Court Collegium has recommended the names of Justices BR Gavai and Surya Kant to the Centre for their elevation as apex court judges. It has also rejected government’s objections and reiterated its recommendation to elevate Justices Aniruddha Bose and AS Bopanna to the apex court, observing that nothing adverse has been found regarding their competence, conduct or integrity. Justice Gavai is presently a judge of the Bombay High Court and Justice Kant is the incumbent Chief Justice of the Himachal Pradesh High Court.
17. SC strikes down 16% SEBC quota for medical seats
In a major blow to the Maharashtra Government, the Supreme Court on Thursday upheld the verdict of the Nagpur Bench of the Bombay High Court, cancelling the 16% Socially and Economically Backward Classes (SEBC) reservation for postgraduate medical seats in Maharashtra. Late on 9may, the State CET Cell issued the schedule of the revised round of admission process, mop up rounds I and II, and institutional level round for private unaided, minority, medical and dental colleges in the State. The State Common Entrance Test (CET) cell said they would issue a fresh seat matrix soon, the Maratha community students will now be treated as open category candidates.
18. India’s FTAs have hurt its domestic petrochem sector, says FICCI report
Most of the free trade agreements (FTAs) signed by India have not benefited the domestic chemicals and petrochemicals industry, according to a white paper brought out by the Federation of Indian Chambers of Commerce & Industry and consultancy Mott MacDonald. “The petrochemical industry in India is subjected to certain structural disadvantages which inhibit its competitiveness. Factors like high cost of capital and lack of adequate infrastructure place domestic petrochemical manufacturers at a significant disadvantage compared to their counterparts elsewhere,” the report said.
19. Air quality emergency meeting deteriorates, CPCB holds
Delhi’s air quality deteriorated to ‘severe’ due to a dust storm in North-West India which led to a sudden spike in the pollution level in the national capital, the Centre-run SAFAR said.
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Weekly GA Capsule 6th May to 12th May 2019 The System of Air Quality and Weather Forecasting and Research (SAFAR) recorded the city’s air quality index (AQI) at 408 which falls in severe category, while the Central Pollution Control Board showed the AQI in very poor category at 347. An AQI between 0 and 50 is considered ‘good’, 51 and 100 ‘satisfactory’, 101 and 200 ‘moderate’, 201 and 300 ‘poor’, 301 and 400 ‘very poor’, and 401 and 500 ‘severe.
21. SC/ST promotion: SC upholds validity of K'taka law
The Supreme Court on 10th may upheld Karnataka government's 2018 law, which provided for reservation in promotion and seniority to SC and ST employees.
The apex court's verdict came on a batch of petitions challenging the validity of the Karnataka Extension of Consequential Seniority to Government Servants Promoted on the Basis of Reservation (to the Posts in the Civil Services of the State) Act 2018.
A bench of Justices U U Lalit and D Y Chandrachud said that providing the reservation would not affect the efficiency of administration, was not at odds with the principle of meritocracy.
22. SC refuses to regularise 4 lakh contractual teachers of Bihar
Supreme Court has refused to regularise the services of nearly four lakh contractual teachers of Bihar and set aside the Patna High Court ruling that they were eligible to get equal pay for equal work. A bench of Justices Abhay Manohar Sapre and U U Lalit allowed the plea of the Bihar government challenging the October 31, 2017 high court order and declined to treat contractual teachers at par with regular educators. The apex court said, Bihar government is justified in having two different streams or cadres for teachers and there has been no violation of the rights of contractual teachers nor has there been any discrimination against them.
23. Initial estimate pegs Fani crop damage at Rs. 150 crore
The initial estimate of Cyclone Fani’s damage to standing crops in Odisha has been pegged at Rs. 150 crore, but the State Agriculture Department warns that the destruction of storage facilities and harvested crops stored in the open could further spike the losses. According to the latest situation report, poultry casualties had hit 34.52 lakh, and more than 53 lakh birds were affected. Initial calculations of compensation to be paid for poultry and livestock losses are about Rs. 10 crore, according to Vishal Gagan, Secretary of the State’s Fisheries and Animal Resources Development Department.
24. Apple's wait bears fruit with sub-continent's biggest store in Mumbai
Two of Apple’s three re-seller locations in Worli (Mumbai) may have shut shop recently, but iPhone owners and future buyers need not fret. The firm is set to unveil a 4,500 square foot location at the premium Palladium Mall in the next couple of months — it’s biggest store in the subcontinent, say those familiar with the developments The store falls under the large format Apple Premium Reseller (APR) category. While Apple has been planning the launch of self-owned mega stores in the past, those have been slow to take off because of ambiguity surrounding regulations.
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Weekly GA Capsule 6th May to 12th May 2019
International News
1. Sri Lanka expels 200 Islamic clerics after Easter attacks
Sri Lanka has expelled over 600 foreign nationals, including around 200 Islamic clerics, since the Easter suicide bombings blamed on a local jihadi group, a minister told AFP Sunday. Home Affairs Minister Vajira Abeywardena said the clerics had entered the country legally, but amid a security crackdown after the attacks were found to have overstayed their visas, for which fines were imposed and they were expelled from the island.
2. Sri Lanka lifts temporary ban on social media platforms
Temporary ban on several social media platforms has been lifted. The ban was imposed following a tense situation in Negombo last night which led to overnight police curfew. The curfew was lifted this morning as the situation in the area was brought under control. Police said, the situation was a result of a personal dispute between two groups. Several houses and vehicles were damaged as minority Muslims became the target of attacks. There were tensions after the Easter day attacks when one of the churches in the area was the target.
3. North Macedonia votes in presidential runoff
North Macedonians are voting in a presidential run-off . The ruling party's Stevo Pendarovski and his opponent Gordana Siljanovska-Davkova, finished in a near dead heat in the first round last month. Turnout figures will be as important as who takes the lead, with 40 per cent of the electorate needed to vote to validate the poll. If it sinks below 40 per cent, the entire poll will be annulled.
4. Mali President names new government
In Mali, the president has named a new government after its predecessor resigned last month. President Ibrahim Boubacar Keita announced the new executive of 37 members under Prime Minister Boubou Cisse. He was appointed on April 22 to oversee the formation of a broad-based government. Last week, Cisse signed a pact with opposition and majority party representatives declaring their willingness to set up a politically-inclusive new government. Cisse's predecessor and his entire cabinet resigned on April 18 following the massacre of 160 members of the Fulani herding community on March 23.
5. China slams US naval ships sailing through disputed South China Sea
China protested over two US warships sailing near islands in the disputed South China Sea. Chinese officials said that it violates its sovereignty. The US guided-missile destroyers 'Preble' and 'Chung Hoon' travelled within 12 nautical miles of Gaven and Johnson Reefs in the Spratly Islands, which Beijing calls Nansha. Chinese Foreign Ministry spokesman Geng Shuang told media that its navy identified the US vessels and asked them to leave.
6. US accuses China of backtracking on trade commitments
China backtracked on substantial commitments it made during trade talks with the United States, prompting President Donald Trump to impose additional tariffs on Chinese goods slated to go into effect. 22 | P a g e
Weekly GA Capsule 6th May to 12th May 2019 The swift deterioration in negotiations between the world's two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war.
7. 7.2-magnitude quake rocks Papua New Guinea
A powerful 7.2-magnitude earthquake rocked Papua New Guinea early this morning. The quake struck at a depth of 127 kilometres about 30 kilometres from the town of Bulolo according to the US Geological Survey. It was felt in the capital Port Moresby about 250 kilometres away.
8. U.S. to propose hike in H-1B application fee
The U.S. plans to hike the H-1B visa application fee to increase funding for the expansion of an apprentice programme, Labour Secretary Alexander Acosta has told American lawmakers, a move that would impose additional financial burden on Indian IT companies. Testifying before a Congressional committee on the annual budget of the Department of Labor for the fiscal year 2020 beginning October 1, 2019, he said that the Labour Department has also made changes to the H-1B application forms to ensure greater transparency and better protect American workers from employers seeking to misuse the programme.
9. US firm Apolis to set up Global Delivery Centre in Kerala
A leading US-based ERP and e-commerce company Apolis is setting up its Global Delivery Centre (GDC) at Technopark, in Thiruvananthapuram in Kerala. The firm has taken up 6,000 square feet space and a lease agreement was signed between Apolis President Ranjith Varma and CEO Technopark, Hrishikesh Nair, in the presence of Sivaprasad Pillai, Vice-President India Operations & Offshore Delivery, Apolis, a release here said. With the addition of the facility here, Apolis is all set to double its current global workforce of 500 by 2020. In India, the company had set up operations in 2003 in Gurgaon and Delhi and later expanded to Hyderabad and Chennai.
10. Southeast Asian stocks tumble amid US-China trade tensions
Domestic stocks cracked around one per cent in line with global sell-offs, amid renewed fears that trade negotiations between the US and China are on the verge of collapse. The Sensex at the Bombay Stock Exchange declined 363 points to close at 38,600. The Nifty at the National Stock fell 114 points to settle at 11,598.
11. India may be spared GSP withdrawal pain till elections are over
The US has indicated that it will not withdraw the Generalised System of Preferences (GSP) scheme offering duty free access to over 3,000 Indian products till the ongoing general elections in India are over and a new government is in place. US Commerce Secretary Wilbur Ross, in his meeting with Commerce Minister Suresh Prabhu, also expressed concerns over the “unstable’’ e-commerce policy of the government, which was adversely affecting US companies that have invested in India
12. Pompeo slams China, Russia
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Weekly GA Capsule 6th May to 12th May 2019 The U.S. on Monday said it planned to beef up its Arctic presence to keep Russia and China’s “aggressive behaviour” in check in the resource-rich region. “The region has become an arena of global power and competition” owing to vast reserves of oil, gas, minerals and fish stocks, U.S. Secretary of State Mike Pompeo warned in a speech in Rovaniemi, Finland. Speaking on the eve of a meeting of the Arctic Council, Mr. Pompeo said, “China’s pattern of aggressive behaviour elsewhere will inform how it treats the Arctic,” Pompeo warned against scenarios whereby nations become ensnared by debt and corruption, of low- quality investments, militarisation and uncontrolled exploitation of natural resources, all of which he said were potential effects of allowing rising Chinese influence.
13. Iran to reduce nuclear commitments
Iran will reduce some of its commitments to the nuclear deal in response to the United States’ decision to withdrew from the 2015 multilateral deal known as the Joint Comprehensive Plan of Action (JCPOA), state news agency IRNA said on Tuesday. “This will be communicated to the Ambassadors of the five countries” still party to the deal — Britain, China, France, Germany and Russia — at a meeting on Wednesday with Iranian Deputy Foreign Minister Seyed Abbas Araghchi, IRNA reported. President Hassan Rouhani is also set to send a letter to the five countries’ heads of state in order to “clearly emphasise how much Iran has commanded patience regarding the JCPOA,” Iran will reduce some of its commitments to the nuclear deal in response to the United States’ decision to withdrew from the 2015 multilateral deal known as the Joint Comprehensive Plan of Action (JCPOA), state news agency IRNA said on Tuesday. “This will be communicated to the Ambassadors of the five countries” still party to the deal — Britain, China, France, Germany and Russia — at a meeting on Wednesday with Iranian Deputy Foreign Minister Seyed Abbas Araghchi, IRNA reported. President Hassan Rouhani is also set to send a letter to the five countries’ heads of state in order to “clearly emphasise how much Iran has commanded patience regarding the JCPOA,”
14. Google promises a smarter and smaller AI assistant
Google CEO Sundar Pichai kicked off the company’s annual developer conference on Tuesday with updates to artificially intelligent voice assistant. It will get a series of updates this year, including one that lets it book rental cars and movie tickets. The Assistant will be shrunk down so that it can work directly on a phone, eliminating the need to communicate with cloud servers to understand some commands. 15. France pushes for UNSC expansion, supports permanent seats to 4 nations including India India and nations like Germany, Brazil and Japan are “absolutely needed” as permanent members of a reformed and enlarged UN Security Council to better reflect contemporary realities and the addition of these key members to the UN high-table is among France’s “strategic” priorities, the French envoy to the UN has said. “In terms of policy, France and Germany have strong policy which is to work together to enlarge the Security Council and to succeed in terms of the negotiations that should lead to the enlargement of the Security Council that we consider absolutely needed to better reflect the world as it is. There is no question about it, France’s Permanent Representative to the UN Francois Delattre told reporters here last week.
15. France pushes for UNSC expansion, supports permanent seats to 4 nations including India
India and nations like Germany, Brazil and Japan are “absolutely needed” as permanent members of a reformed and enlarged UN Security Council to better reflect contemporary realities and the addition 24 | P a g e
Weekly GA Capsule 6th May to 12th May 2019 of these key members to the UN high-table is among France’s “strategic” priorities, the French envoy to the UN has said. “In terms of policy, France and Germany have strong policy which is to work together to enlarge the Security Council and to succeed in terms of the negotiations that should lead to the enlargement of the Security Council that we consider absolutely needed to better reflect the world as it is. There is no question about it, France’s Permanent Representative to the UN Francois Delattre told reporters here last week.
16. Lagarde warns US-China trade tensions pose risk to world economy
International Monetary Fund Managing Director Christine Lagarde issued a fresh warning about the threat US-China trade tensions pose for the world economy and said it may take time for the two nations to resolve their issues. The comments came two days after tweets by U.S. President Donald Trump warning of new tariffs on China, marking an escalation of hostilities. The U.S. also accused China of retracting on commitments made during the negotiations
17. United Arab Emirates releases Qatari naval vessel
The United Arab Emirates has released a Qatari naval vessel and the four military personnel who were on board when it was seized last week. According to a statement from the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) the four personnels have been identified as the First Lieutenant Mohammed Hassem Al Heil and Lance Corporal Saeed Nasser Al Marri, both Qatari nationals, Lance Corporal Mohammed Riyad Al Beltaji, a Palestinian national, and Private Fayez Talkoum, an Indian national. The vessel, flying the Qatari flag, had entered UAE territorial waters on 30th April 2019, the statement noted.
18. Madhesi Party, Naya Shakti Party merged to form new political outfit named Samajwadi Party
In Nepal, Madhesi Party and Naya Shakti Party has merged to form a new political outfit named Samajwadi Party-Nepal. The Madhesi party was led by Deputy Prime Minister Upendra Yadav while former Prime Minister Baburam Bhattarai led Naya Shakti Party. Bhattarai said the new party would be based in the Terai-Madhes region in the southern plains. According to the agreement of merger, Bhattarai will chair the Samajwadi Party-Nepal's federal council, while Yadav, who is also the Health Minister, chair the central committee.
19. Maldives affirms strong defence cooperation with Sri Lanka and other countries
The Maldives has said it will strengthen defence cooperation with Sri Lanka and other countries in the region to tackle global terrorism. This was stated by Maldivian foreign minister Abdulla Shaheed when he met Sri Lanka's Prime Minister Ranil Wickremesinghe last evening during his two-day visit to Colombo. The Minister's comments assume significance as a few Maldivian nationals were arrested after Easter Sunday attacks in Sri Lanka. The Sri Lankan Prime Minister said that many Maldivians were living in Colombo and added that some extremists are continuing with terror activities while consolidating their security among the residents.
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Weekly GA Capsule 6th May to 12th May 2019 The Prime Minister emphasized that it is important for the two countries to share the specialist knowledge on the matter to curb the situation. Mr. Wickremsinghe said the revolutionary upsurge of the Muslim youth is a trend in both Sri Lanka and the Maldives.
20. UK PM Theresa May wins reprieve from Tories after difficult talks with Labour
Theresa May earned a stay of execution from her Conservative Party after a key panel of lawmakers kept the rules on leadership challenges unchanged, as talks with the opposition Labour Party to find a compromise on Brexit gained new life. “The UK Prime Minister agreed to meet with the executive of the so-called 1922 Committee of Tory Members of Parliament next week to discuss her future,” its chairman, Graham Brady, told reporters late on 8th.
21. India and Turkey vowed to strengthen economic relations with the aim of reaching 10 bill
India and Turkey vowed to strengthen economic relations with the aim of reaching 10 billion US dollars bilateral trade by 2020. Turkey's Deputy Foreign Minister Sedat Onal, who is on a three-day visit to India since May 7, held talks with Gitesh A Sarma, Secretary (West) under the institutional mechanism of foreign office consultations on 8th Ministry of External Affairs (MEA) said in a statement that Deputy Foreign Minister Onal and Secretary (West) held cordial discussions on various aspects of bilateral ties including examining opportunities for enhancing trade and investment relations. It added that other aspects such as enhanced cultural interaction, tourism, people-to-people contacts were also discussed.
22. Trump imposes sanctions on Iran's iron, steel, aluminium and copper sectors
US President Donald Trump has imposed sanctions on Iran's iron, steel, aluminium and copper sectors. The move is aimed at stopping Tehran from acquiring a nuclear weapon and intercontinental ballistic missiles. A year after he withdrew from the Iran nuclear deal and began the process of reimposing sanctions on Tehran, Mr Trump with his new move has now imposed sanctions on Iran's top three exports - oil, petrochemicals and metals. The White House said, the US will aggressively enforce its sanctions, and those who continue to engage in a sanctionable activity involving Iran will face severe consequences.
23. Iran’s President announces partial withdrawal from nuclear deal
Iran’s President Hassan Rouhani in a televised address on 8th may has announced that it will partially withdraw from some of the commitments made under the 2015 International Nuclear Deal. The announcement came after the US unilaterally decided last year to pull out of this commitment completely. The United States has also announced to cancel waivers to countries, including India, who have been purchasing oil from Iran. Iranian state media says the country will stop curbing its stocks of enriched uranium and the heavy water needed by certain types of the reactor to ensure that nuclear fission can take place. Iran said the action was being taken because the European Union and others did not have the power to resist US pressure. Iran's Supreme National Security Council said the measure was necessary to secure its rights and bring back the balance after Washington exit the agreement a year ago on May 8, 2018.
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Weekly GA Capsule 6th May to 12th May 2019
24. Barclays, Citi, HSBC and four other banks face fines for forex rigging
Barclays, Citigroup , HSBC, JPMorgan and three other banks are set to be fined by EU antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter The other three lenders are Royal Bank of Scotland, UBS and a small Japanese bank, the people said. The banks will see a 10 per cent cut in their fines for admitting wrongdoing. In contrast, Credit Suisse, which has previously said it did not find any evidence of misconduct, is fighting the EU antitrust charge. It is not clear if the European Commission will be able to finalise the case in time to levy a fine against the bank.
25. CBIC organises meeting of WCO’s Asia Pacific Region
Central Board of Indirect Taxes and Customs (CBIC) has organised a 2-Day meeting of the Regional Heads of Customs Administration of Asia Pacific Region of the World Customs Organisation (WCO) in Kochi. This meeting was chaired by Mr Pranab Kumar Das, Chairman, CBIC. The meeting took stock of the progress being made in carrying forward the programmes and initiatives of WCO to promote, facilitate and secure the cross-border trade in the region and the capacity building and technical assistance required to achieve this goal.
26. Japan to test bullet train capable of hitting 400 kmph speed
Japan is pushing the limits of rail travel as it begins testing the fastest-ever shinkansen bullet train, capable of speeds of as much as 400 kilometers (249 miles) per hour. Called the Alfa-X, the train is scheduled to go into service in 2030. Rail company JR East plans to operate it at 360 kilometers per hour. That would make it 10 kph faster than Chinas Fuxing Hao, which links Beijing and Shanghai and has the same top speed.
27. NASA to crash spacecraft into asteroid in 2022
NASA will launch a spacecraft that will collide with an asteroid in 2022 to demonstrate a planetary defense technique, the US space agency said. The Double Asteroid Redirection Test (DART) will get one chance to hit its target, a small moonlet in the binary asteroid system Didymos. The asteroid poses no threat to Earth, NASA said in a statement. Measuring the change in how the smaller asteroid orbits about the larger asteroid in a binary system is much easier than observing the change in a single asteroid's orbit around the Sun. Work is ramping up at the Johns Hopkins Applied Physics Laboratory in Laurel, Maryland, and other locations across the US, as the mission heads toward its summer 2021 launch and attempts to pull off a feat so far seen only in science fiction films.
28. US hikes tariffs as China talks are poised for second day
The United States (US) hiked tariffs on more than $200 billion in goods from China on Friday in the most dramatic step yet of Donald Trumps push to extract trade concessions, deepening a conflict that has roiled financial markets and cast a shadow over the global economy. China immediately said in a statement it is forced to retaliate, but did not specify how. The move came after discussions between Xi Jinping’s top trade envoy and his US counterparts in Washington made little progress on may9, with the mood around them downbeat, according to people familiar with the talks.
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Weekly GA Capsule 6th May to 12th May 2019
29. Vice President Embarks On 4-Day Official Visit To Vietnam
Vice President of India Venkaiah Naidu embarked on a four-day official visit to Vietnam to participate in 16th United Nations Day of Vesak. The visit is scheduled to enhance India’s comprehensive strategic partnership with the Southeast Asian nation. During the visit, VP will deliver the keynote address at the inaugural session of the event themed as “Buddhist Approach to Global Leadership and Shared Responsibilities for Sustainable Societies.”
30. Australian Flight Carrier, Qantas Operated World’s First Zero-waste Flight
The Australian flight carrier, Qantas has operated the world’s first zero-waste commercial flight from Sydney to Adelaide which disposed of all waste through compost, reuse or recycle. The Australian airline Qantas has planned to eliminate 100 million single-use plastics by the end of 2020 and also to reduce 75% of airline’s waste by the end of 2021.
31. Short-term issues shouldn’t be allowed to hurt India-US trade relations: US official
Short-term issues such as those involving e-commerce policy, data localisation, high tariffs and price barriers on medical devices threaten to “slow down” trade relations between India and the US, according to Ian Steff, Acting Assistant Secretary of Commerce and Director General of the US and Foreign Commerce Service for the US Department of Commerce. “These challenges are surmountable,” he said here on Friday, adding that relations between the two countries can be taken to the “next level”. Steff is part of US Secretary of Commerce Wilbur Ross’s delegation to India, which also includes over 100 American companies
32. Trump orders tariff hike on remaining Chinese imports
US President Donald Trump ordered a tariff hike on almost all remaining imports from China . This comes less than 24 hours after Washington raised tariffs on approximately 200 billion US dollars of Chinese goods. The US President ordered the process of raising tariffs on essentially all remaining imports from China, valued at approximately 300 billion dollars, to begin. President Trump had said that US and Chinese negotiators held two days of "candid and constructive" trade talks and discussions will continue. Meanwhile, China's top trade negotiator Liu He said in Washington that trade talks with the US will continue in Beijing. He, however, warned that there will be no concessions on important principles.
33. Sri Lanka orders mosques to clamp down on extremists
The Sri Lankan government on 10 may ordered mosques to clamp down on extremists and to submit copies of sermons in new fallout from the Easter suicide bombings that left 258 dead. The Ministry of Muslim Religious and Cultural Affairs said mosques must not be used for radicalising congregations. “In view of the prevailing situation in the country, the Ministry directs all trustees of mosques not to engage in or permit any gathering to promote or propagate hatred or extremism in any form,” the Ministry said. It said all mosques must submit copies of sermons given within their premises.
34. India, Vietnam vow to build a peaceful, prosperous Indo-pacific region
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Weekly GA Capsule 6th May to 12th May 2019 India and Vietnam on May 10, 2019 yet again highlighted the importance of building a peaceful Indo- pacific region, based on the respect for national sovereignty and international law. This was reiterated during high-level delegation talks between Vice President M Venkaiah Naidu and his Vietnamese counterpart Dang Thi Ngoc Thinh, held in Vietnam’s capital city Hanoi. The two leaders, while discussing a range of cooperation areas, expressed hope that the concerned nations in the Indo-pacific region are able to come to a consensus on a code of conduct in the South China Sea. The nations also agreed to strengthen their bilateral cooperation further in many fields including security and defence.
35. Ireland declares climate emergency
Ireland on May 9, 2019 became the second nation in the world after Britain to declare a climate emergency. The Irish Parliament accepted an amendment to a parliamentary report declaring the emergency without a vote. The parliamentary report also called upon the parliament to examine how the Irish government can improve its response to the issue of biodiversity loss. The decision was hailed by environmental campaigners who called it as historic. The British Parliament became the world’s first to declare a climate emergency by passing the largely symbolic motion on May 1, 2019. The move followed 11 days of street protests in London by the Extinction Rebellion environmental campaign group. The environmental group’s ultimate aim is to slash global greenhouse gas emissions to zero by 2025 and to biodiversity loss.
36. Slowdown Blues: Industrial output reaches 21-month low in March, contracts 0.1%
India's industrial production contracted by 0.1 per cent in March this year, the lowest in 21 months, mainly due to manufacturing sector slowdown, official data showed Friday. Factory output, as measured in terms of the Index of Industrial Production (IIP), had grown by 5.3 per cent in March 2018, according to data released by the Central Statistics Office (CSO). IIP's previous low was recorded in June 2017, when output shrank by 0.3 per cent. On annual basis, IIP growth slowed to three-year low of 3.6 per cent in the 2018-19 fiscal as against 4.4 per cent in the previous fiscal
38. Bezos unveils lunar lander that will take astronauts to the moon by 2024
Billionaire entrepreneur Jeff Bezos unveiled on 9may a mockup of a lunar lander being built by his Blue Origin rocket company and touted his moon goals in a strategy aimed at capitalizing on the Trump administration's renewed push to establish a lunar outpost in just five years. The world's richest man and Amazon.com Inc's chief executive waved an arm and a black drape behind him dropped to reveal the two-story-tall mockup of the unmanned lander dubbed Blue Moon during an hour-long presentation at Washington's convention center, just several blocks from the White House. The lander will be able to deliver payloads to the lunar surface, deploy up to four smaller rovers and shoot out satellites to orbit the moon, Bezos told the audience, which included NASA officials and potential Blue Moon customers.
39. U.S. FDA warns of faulty pacemaker batteries
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Weekly GA Capsule 6th May to 12th May 2019 Following the U.S. Food and Drug Administration (FDA) alert about batteries in certain Medtronic implantable pacemakers draining more quickly than expected, patients in India using the device claim that they are yet to be alerted about the issue. The problem with the batteries in certain pacemakers has resulted in at least one death and one injury, the FDA confirmed. The FDA said the affected Medtronic implantable pacemaker and CRT-P device models include Azure, Astra, Percepta, Serena and Solara. Some 2,66,700 devices have been distributed worldwide, with 1,31,889 in the U.S., according to the company and the FDA.
39. Facebook sues S. Korea data analytics firm
Facebook is suing South Korean data analytics firm Rankwave to make sure it isn’t breaking the leading social network’s rules, the U.S. company said on Friday. A lawsuit was filed against Rankwave in a California State court in Silicon Valley to enforce terms the company agreed to in order to operate apps on the social network, according to director of platform and litigation, Jessica Romero. Facebook suspended apps and accounts associated with Rankwave, and asked the court to order Rankwave to abide by its rules for applications, according to Ms. Romero
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Weekly GA Capsule 6th May to 12th May 2019
Sports
1. Apurvi and Anjum, world’s best, look ahead to get better
They are the first two Indian shooters to win the quota for the Olympic Games in Tokyo 2020. With the quota places belonging to the country and not to the individual shooters who win them, the onus is on Apurvi Chandela and Anjum Moudgil to stay ahead of the rest to ensure their entry for the Olympics. However, the two have stepped up their shooting so much, that they not only top the list in the country, but are the No. 1 and 2 in the World in women’s air rifle.
2. Indian boxers win six medals at 36th Feliks Stamm International Boxing
Indian boxers finished with a rich haul of six medals, including two gold at the 36th Feliks Stamm International Boxing Tournament in Warsaw, Poland on Sunday. Gaurav Solanki and Manish Kaushik bagged one gold each. Indian boxers also clinched a silver and three bronze. The 22-year-old Solanki out-punched England's William Cawley 5-0 in 52 kilogram on his way to the coveted yellow metal. In 60 kilogram weight category, Kaushik beat Morocco's Mohamed Hamout 4-1. However, there was some disappointment for the Indian contingent on the final day of the European tournament as Mohammed Hussamuddin had to be content with yet another second-place finish following a 1-4 defeat to Russia's Mukhammad Shekhov.
3. Anmol-Esha pair wins bronze
Anmol Jain and Esha Singh won the mixed air pistol team bronze medal in the Grand Prix of Liberation international shooting competition The India-A team, which topped qualification with 776 out of 800, lost the race for better medals by 2.5 points to the Austrian and Italian teams. The other Indian team of Deepak Sharma and Annu Raj Singh also made the final, shot in the old format with the top five teams, but ended up fifth. Former world champion in women’s rifle prone event, Tejaswini Sawant shot 617.1 and placed 26th.
4. Roger Federer climbs to third in men's rankings
Former world number one Roger Federer has returned to third in the ATP Men's rankings released today, replacing Alexander Zverev after the reigning champion was knocked out of the Munich Open at the quarter-finals stage. Federer, who has won a record 20 Grand Slams, is making his return to clay at the Madrid Open this week after three years' absence. Novak Djokovic remains first ahead of Rafael Nadal to mark the Serb's 250th week as world number one, a record only bettered on four occasions in the past. Japan's Naomi Osaka remained at top of WTA Women's rankings, ahead of Czech Petra Kvitova and Romanian Simona Halep.
5. Archery World Cup Stage II: Ankita Bhakat, Preeti, Vakilraj Dindor & Gurwinder Singh advan
India's Ankita Bhakat, Preeti, Vakilraj Dindor and Gurwinder Singh advanced to the third round in their events at the Archery World Cup Stage II in Shanghai today. 31 | P a g e
Weekly GA Capsule 6th May to 12th May 2019 The lowest ranked Indian in the qualification, Gurwinder created an upset of sorts in the men's compound event when he eliminated his teammate Lovejot Singh by a slender two-point margin. He will take on Danie Oosthuizen of Australia in the third round. 2017 Youth World Championship bronze medalist Ankita defeated Elena Osipova of Russia to set up a third round clash against 10th seed Xiaoqing Long of China in the women's recurve individual event. Her teammated Preeti also remained in the medal hunt, ousting teammate Sangeeta in second round. Preeti will take on Naomi Folkard of Great Britain. In the men's recurve individual event, Vakilraj ousted higher ranked Denis Gankin of Kazakhstan to advance to the third round where he will take on Matthew Requa of USA.
6. Arpinder to train under Yaich
With the World Championships to be held in four months and the Olympics in 14 months, Asian Games gold medallist triple jumper Arpinder Singh is thankful that he finally has some clarity going into these mega events. Without any concrete response from the TOPS authorities about his plan to train under American coach Jeremy Fischer in Chula Vista, Arpinder was left confused. However, the JSW-backed athlete got a boost when he trained for a few days under Antony Yaich, the chief athletics coach at the Inspire Institute of Sport (IIS) here.
7. Federer notches up his 1200th career win
Roger Federer saved two match-points to defeat Gael Monfils and reach the Madrid Open quarterfinals on Thursday but women’s World No.1 and top seed Naomi Osaka was dumped out in a last-eight shock. Federer, playing only his second match of a 2019 comeback to clay after three years away, needed two hours to defeat French showman Monfils 6-0, 4-6, 7-6(3) and record his 1,200th career win. Osaka fell for the second time in two months to Federer’s Swiss compatriot Belinda Bencic, exiting 3- 6, 6-2, 7-5. The men’s top seed Novak Djokovic, however, motored into the last eight as he hammered Jeremy Chardy 6-1, 7-6(2).
8. Tushar Mane leads India’s medal sweep
Youth Olympics silver medallistShahuTushar Mane led a clean sweep of the junior men’s air rifle medals for India in the international shooting competition here.
After qualifying with a modest score of 623.2, Tushar won the gold with an impressive total of 251.4. RudrankkshPatil who lost the gold by 2.8 points, pipped the World junior champion Hriday Hazarika by 0.6 point for the silver. In the 25-metre sports pistol, Annu Raj Singh won the women’s bronze, while AbhidnyaPatil won the junior women’s silver, after having qualified on top with 576.
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Weekly GA Capsule 6th May to 12th May 2019
Appointments
1. Pakistan appoints ex-IMF official as new SBP governor
Reza Baqir, an economist working for the International Monetary Fund (IMF) has been appointed as the Governor of the State Bank of Pakistan (SBP), as the cash-strapped country seeks to finalise a multi-billion dollar bailout package from the global lender.
2. Karnataka Bank appoints COO, CBO
Karnataka Bank Limited has promoted two of its General Managers, Balachandra YV and Gokuldas Pai, as Chief Operating Officer (COO) and Chief Business Officer (CBO), respectively. A press release said that Balachandra is a postgraduate in Commerce, a fellow member of Institute of Company Secretaries of India (ICSI) and a Certified Associate of Indian Institute of Banking and Finance (CAIIB). On promotion to the cadre of Chief General Manager (CGM), Balachandra will be the COO and will be overall in-charge of departments of Treasury and Accounts, Credit Monitoring., Legal and Recovery, IT and MIS, and HR and IR.
3. UN appoints actress Dia Mirza, Alibaba’s Jack Ma as new 'SDG Advocates'
Indian actress Dia Mirza and Alibaba co-founder Jack Ma have been appointed by UN Secretary- General Antonio Guterres as the new advocates for the UN’s ambitious Sustainable Development Goals (SDGs). They will be among the new class of 'SDG Advocates', which includes 17 influential public figures including Queen Mathilde of Belgium, Qatari Emir’s wife Sheikha Moza bint Nasser, British screenwriter Richard Curtis, Nobel Laureate Nadia Murad, American economist Jeffrey Sachs anBesides appointing a new class of SDG advocates, the UN Secretary-General has appointed some members of the previous class of SDG Advocates as SDG Advocate Alumni. The members include Crown Princess Victoria of Sweden, Nobel Laureate Leymah Gbowee of Liberia and Nobel Laureate and Founder of Grameen Bank Muhammad Yunus of Bangladesh.
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Weekly GA Capsule 6th May to 12th May 2019
Person/events/Awards
1. Neelakanta Rao Jagdale passes away
Popular sports administrator Neelakanta Rao Jagdale passed away here after an illness. He was 66. Jagdale was the chairman of the Karnataka Swimming Association (KSA), and the president of the Basavanagudi Aquatic Centre (BAC). He had also served as vice-president of the Karnataka Olympics Association (KOA).
2. Deborah Dugan named first woman president-CEO of Recording Academy
Deborah Dugan has created history by becoming the first woman to head Recording Academy, Grammys announced. The former (RED) CEO will take on the mantle of as Academy president and CEO from Neil Portnow, the institution confirmed Wednesday. According to Billboard, Dugan, who currently serves as co-chair of the award-winning storytelling nonprofit The Moth, will assume the post on August 1.
3. ITC’s YC Deveshwar passes away
ITC’s longest serving chief, YC Deveshwar, passed away this morning. He was 72. YCD, as he was popularly called, was instrumental in the company’s diversification bid. It was under his leadership that ITC diversified from a cigarette major to other non-cigarette sectors that include FMCG, hotels, paperboards, agri and so on. His tenure saw over 50-fold rise in market capitalisation of the company to nearly Rs3,00,000 crore. Hospitality was very close to his heart. During his two-decade-long stewardship, ITC’s hotel network grew from merely 12 to over 100 properties, operated under four major brands — ITC, Welcom, Fortune and Welcom Heritage.
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Weekly GA Capsule 6th May to 12th May 2019
Important Dates
1. World Red Cross: 08 May
World Red Cross is celebrated on May 08 every year to pay tribute to the people participated in the event as well as remembering their contribution to helping people in need. This is basically an annual celebration of the principles of the International Red Cross and Red Crescent Movement. This day is celebrated on this day because it marks the birth anniversary of Henry Dunant, founder of the Red Cross and International Committee of the Red Cross (ICRC). All branches of Red Corss society has celebrated this day and spread message among masses about peace and harmony. Red Cross also request people to join them to help the people who suffer from any Food Shortage, Natural Calamities, War as well as Diseases of the Epidemic. Several blood donation camps have been organised across country and world. Theme: The theme for World Red Cross and Red Crescent Day 2019 is “love”.
2. National Technology Day 2019 | Observed every year on May 11
National Technology Day acts as a reminder of India’s technological advancements. Notably, on this day, India successfully tested Shakti-I nuclear missile at the Indian Army's Pokhran Test Range in Rajasthan in 1998. The operation was led by late President Dr APJ Abdul Kalam and was called Operation Shakti or Pokhran-II. Following this, Prime Minister Atal Bihari Vajpayee announced India as a nuclear state, making it sixth country in the world that has joined the nations “nuclear club” and the first country that was not party to the Non-Proliferation of Nuclear Weapons Treaty (NPT). The NPT is a global treaty signed by the UK, Russia, China, France and the US which has the objectives to prevent the increase of nuclear weapons and attain nuclear disarmament. In a way, National Technology Day highlights the importance of science in daily life and encourages youngsters to embrace it as a career option.
3. International Nurses Day (IND)-12 May
All around the world, 12 May is the day to celebrate the irreplaceable contribution nursing makes to the world’s health and wellbeing and to commemorate the birth of Florence Nightingale, the founder of modern nursing. The International Council of Nurses (ICN) has celebrated this day since 1965. ICN is leading the celebrations with online International Nurses Day (IND) resources and information, which this year have the theme ‘Nurses: A Voice to Lead, Health for All.’
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Weekly GA Capsule 6th May to 12th May 2019
Science and Technology
1. High resolution rice maps for NE may help boost production
Mapping and monitoring of paddy cultivation areas is essential for making effective targeting strategies for the spread of new technologies, sustainable crop management and diversification options among rice growing farmers. Recently scientists have developed high resolution seasonal maps for Northeast India and Bangladesh to study cloud-prone rice paddy cultivation regions in South Asia. Large scale paddy mapping at medium or high spatial resolution is rare, primarily due to limited availability of cloud-free optical imagery. The rice paddy maps, which are freely distributed by International Rice Research Institute, Philippines are of coarse spatial resolution and more than nearly seven years old.
2. High resolution rice maps for NE may help boost production
Mapping and monitoring of paddy cultivation areas is essential for making effective targeting strategies for the spread of new technologies, sustainable crop management and diversification options among rice growing farmers. Recently scientists have developed high resolution seasonal maps for Northeast India and Bangladesh to study cloud-prone rice paddy cultivation regions in South Asia. Large scale paddy mapping at medium or high spatial resolution is rare, primarily due to limited availability of cloud-free optical imagery. The rice paddy maps, which are freely distributed by International Rice Research Institute, Philippines are of coarse spatial resolution and more than nearly seven years old.
3. Indian scientists discover how serotonin helps brain cells cope with stress
Serotonin is a chemical that relays information from one part of the brain to another, and is known to play a key role in a number of functions ranging from sleep to social behaviour. Now Indian scientists have discovered that serotonin boosts energy production in brain cells and helps them survive under stress. This new knowledge can potentially be used to develop anti-stress drugs in future. The study by scientists at the Mumbai-based Tata Institute of Fundamental Research (TIFR) has found that the neurotransmitter boosts the number of mitochondria in brain cells.
4. KUFOS researchers discover new snakehead fish species in Kerala’s subterranean waters
Researchers at Kerala University of Fisheries and Ocean Studies (KUFOS) have discovered a new species of “snakehead fish” lurking in the subterranean waters of Kerala. The bizarre fish has been scientifically named Aenigmachanna Gollum (Gollum Snakehead- common name) after ‘Gollum’, a character from the ‘The Lord of the Rings’, a creature that went underground and during its subterranean life changed its morphological features. The fish is not only a new species, but also a remarkable new genus of the snakehead family channidae (which is currently represented by two other genera, Channa in Asia, and Parachanna in Africa), said Rajeev Raghavan, Asst Professor at the Dept of Fisheries Resource Management, Kufos.
5. Chandrayaan-2 will carry 14 payloads from India
Chandrayaan-2, the lunar lander mission planned to be launched during July 9-16, will have 14 Indian payloads or study devices, a mission update of the Indian Space Research Organisation (ISRO) has said.
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Weekly GA Capsule 6th May to 12th May 2019 The 3,800-kg spacecraft includes an orbiter which will circle the moon at 100 km; a five-legged lander called Vikram that will descend on the moon on or around September 6; and a robotic rover, Pragyan, that will probe the lunar terrain around it. ISRO said all three modules will carry payloads but did not specify them or their objective. The orbiter alone will have eight payloads or instruments. The lander will carry four while the rover will be equipped with two instruments. “All the modules are getting ready for the Chandrayaan-2 launch,” a recent update had said, mentioning only 13 payloads.
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