Current Affairs 26th|27th May 2024
This week has been a whirlwind of news, from economic milestones to international developments. In this blog post, we’ll delve into the key happenings between May 26th and 27th, 2024, keeping you informed on Current Affairs 26th|27th May 2024.
NATIONAL AFFAIRS
1) Kerala Topped Unemployment Rate; Delhi Recorded Lowest for Q4 FY24: PLFS Survey
The Ministry of Statistics and Programme Implementation (MoSPI) has issued the most recent Periodic Labour Force Survey (PLFS) for the 15-29 age group for the January-March 2024 quarter of Fiscal Year 24 (2023-24). According to PLFS, Kerala had the highest young unemployment rate among those aged 15 to 29, at 31.8% in Q4 (Jan-March) FY24.
Key Points:
In Q4 FY24, Delhi had the lowest unemployment rate among those aged 15 to 29, at 3.1%, followed by Gujarat (9%), Haryana (9.5%), and others.
- The statistics revealed that the unemployment rate for the 15-29 age group climbed from 16.5% (October-December, 2023) to 17% (January-March, 2024).
- Jammu and Kashmir (J&K) had the highest unemployment rate for women in Q4 FY24, at 48.6%.
About Ministry of Statistics and Programme Implementation (MoSPI):
- Minister of State (Independent Charge) – Rao Inderjit Singh (Constituency- Gurugram, Haryana)
- Headquarters- New Delhi, Delhi
Click here to read from source
2) MHA Constituted High-Powered Committee to Tackle Increasing Cybercrimes Originating From SE Asian Region
On May 16, 2024, the Ministry of Home Affairs (MHA) established an inter-ministerial group comprising several law enforcement and intelligence agencies to combat the growing organised cybercrime from South-East (SE) Asian nations such as Cambodia, Myanmar, and Laos PDR.
Southeast Asia accounted for 45% of cyber financial thefts in India.
About the Committee:
VSK Kaumudi, Special Secretary (Internal Security) of the Ministry of Home Affairs (MHA), chairs the high-powered committee.
The committee also includes personnel from the Reserve Bank of India (RBI), the Department of Financial Services, banks, the Financial Intelligence Unit (FIU), the Department of Telecommunications (DoT), and financial technology businesses.
The Indian Cybercrime Coordination Centre (I4C), which is part of the Cyber and Information Security Division of the Ministry of Home Affairs, has been tasked with responding to rising cybercrime and associated threats in India in a coordinated and comprehensive way.
Key Statistics about CyberCrime in India:
Approximately 3.25 lakh “mule” accounts have been blocked in the previous four months.
Note: Mule accounts are ones that are used to launder cybercrime proceeds through Know Your Customer (KYC) and other methods.
- Since July 2023, I4C has eliminated over 3000 Uniform Resource Locators (URLs), 595 mobile phone apps, 5.3 lakh SIM cards, and 80,848 IMEIs.
- In the previous several months, over Rs 7000 crore has been estimated to have been lost through cybercrime.
- Around 4600 complaints of digital arrest were filed between January and April 2024.
- Digital arrest occurs when a person impersonates a government authority.
About Indian Cybercrime Coordination Centre (I4C):
- It is an effort of the Ministry of Home Affairs, Government of India (GoI) to offer a framework and ecosystem for Law Enforcement Agencies (LEAs) to combat cybercrime in a coordinated and comprehensive way.
- The Indian Cybercrime Coordination Centre Scheme was authorized on October 5, 2018.
- It was unveiled on January 10, 2020, in New Delhi, Delhi.
- Chief Executive Officer (CEO) – Rajesh Kumar
About Ministry of Home Affairs(MHA):
- Union Minister- Amit Shah (Lok Sabha Constituency- Gandhinagar, Gujarat)
Click here to read from source
3) CDS Gen Anil Chauhan Attends ‘Ex Cyber Suraksha 2024’ For Advancing Cyber Defence Capabilities
On May 22, 2024, Chief of defense Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha 2024’, emphasizing the essential need of strengthening India’s cyber defense capabilities.
- The Defence Cyber Agency conducted the exercise in New Delhi (Delhi) from May 20th to 24th, 2024, with the goal of developing the Cyber Defence Capability of all Cyber security agencies and promoting collaboration among all stakeholders.
- It also aims to improve collaboration and integration among participants from various military and significant national organizations.
Exercise Cyber Suraksha 2024 aims to empower participants by enhancing their cyber defense skills, tactics, and capabilities, exchanging best practices, and collaborating on a unified and complete cyber defense posture.
Click here to read from source
INTERNATIONAL AFFAIRS
4) WSJ Report: Indian-Origin Nikesh Arora Became the 2nd Highest-Paid CEO in the US for 2023
According to the Wall Street Journal’s (WSJ) list of the highest-paid CEOs in the United States of America (USA) in 2023. Nikesh Arora, chairman and CEO of Palo Alto Networks, of Indian descent, became the world’s second highest-paid CEO in 2023, earning USD 151.43 million (about Rs 1,260 crore).
Hock E. Tan, President and CEO of Broadcom Inc., is the world’s highest-paid CEO, earning USD 161.83 million in 2023.
Stephen A. Schwarzman, Chairman, CEO, and Co-Founder of Blackstone, ranked third with a package worth USD 119.78 million in 2023.
Analysis of CEO Compensation:
The WSJ’s investigation evaluated 415 CEOs of S&P 500 businesses based on their overall remuneration, which includes both cash and equity rewards.
CEO remuneration increased year on year (y-o-y), with the median figure rising by more than 8% to USD 15.7 million in 2023.
The S&P 500 has grown significantly, rising about 12% since the beginning of the year and more than 26% in the last 12 months.
Top 5 Highest-Paid CEOs:
|
S.No. |
CEO | Company |
Pay Package (In USD) |
|
1 |
Hock E. Tan | Broadcom Inc. | 161.83 million |
|
2 |
Nikesh Arora | Palo Alto Networks | 151.43 million |
|
3 |
Stephen A. Schwarzman | Blackstone |
119.78 million |
| 4 | Christopher Winfrey | Charter Communications |
89.1 million |
| 5 | Will Lansing | FICO |
66.35 |
Note:
The S&P 500, formally known as the Standard & Poor’s 500 Composite Stock Price Index, is a stock index that measures the share prices of 500 of the biggest publicly traded firms in the United States.
It is an important benchmark for assessing the performance of the US stock market.
About Nikesh Arora:
He became chairman and CEO of Palo Alto Networks in June 2018.
Before that, he was President and Chief Operating Officer (COO) of SoftBank Group Corp from 2014 to 2016.
From 2004 to 2014, he worked for Google in a variety of jobs.
Highlights of the List:
In 2023, tech titans such as Elon Musk of Tesla and Sundar Pichai (Indian-born CEO of Alphabet, the holding company of Google) chose non-traditional remuneration schemes.
- Elon Musk received no disclosed salary, whereas Sundar Pichai made USD 8.80 million.
- Mark Zuckerberg of Meta earned USD 24.40 million, while 17 CEOs of Indian heritage were among the top 500 salaries in the US.
- Shantanu Narayen, Chair and CEO of Adobe, is closely behind Arora, placing 11th with a total earnings of USD 44.93 million.
He is the second highest-paid CEO of Indian heritage on the list.
Sanjay Malhotra of Micron Technology (63rd, $25.28 million), Ajei Gopal of Ansys (66th, $24.63 million), and Reshma Kewalramani of Vertex Pharmaceuticals (118th, $20.59 million) ranked third, fourth, and fifth among Indian-origin Americans, respectively.
The WSJ piece also highlighted the accomplishments of Indian-descent executives in several industries, including Arvind Krishna (IBM), Badrinarayanan Kothandaraman (Enphase Energy), and Sanjiv Lamba (Linde).
Click here to read from source
BANKING & FINANCE
5) SEBI Amends Framework for Dynamic Price Bands for Scrips in Derivatives Segment
The Securities and Exchange Board of India (SEBI) has updated its recommendations on dynamic price bands for scrips in the derivatives industry to improve management uncertainty and eliminate information disparity.
Key Points of the amended framework:
In the present scenario, cash market and futures contracts begin with a price band at 10 per cent of the previous day’s closing price, which can be altered by 5 per cent during the day if there are at least 25 trades involving 5 unique client codes (UCCs) on each side at or above 9.90 per cent.
- Each adjustment follows a 15-minute cooling-off during which trading continues within the current band.
- The price band for the scrip and all of its futures contracts on any exchange will be adjusted after a cooling off period, provided that conditions are met in either the cash market or the current month contract on any exchange.
- To address the inconsistencies, SEBI would enhance the cooling off duration to 15 minutes while decreasing the flexing percentage by 5% in a measured way.
Stock exchanges will apply the circular in a staggered way beginning June 3, 2024.
Click here to read from source
ECONOMY & BUSINESS
6) BSE: Market Capitalisation to GDP Ratio Records 15-year High of 140.2%
According to data from the Bombay Stock Exchange (BSE), India’s market capitalization to GDP ratio (mcap-to-GDP) has increased by 140.2%, a 15-year high. This is a huge rise from 95.8% at the end of March 2023.
Key Points:
On May 21, 2024, the overall market capitalization of the 4,357 businesses accessible for trading on the BSE reached Rs 414.46 trillion, or USD 5 trillion, compared to India’s GDP at current prices of Rs 296.6 trillion in FY24.
The total market capitalization of India’s top 30 listed businesses on the S&P BSE Sensex climbed to 27.2% by the end of March 2023.
About Bombay Stock Exchange (BSE):
Established in 1875, it is both India’s and Asia’s first stock exchange.
- Chief Executive Officer (CEO)– Sundararaman Ramamurthy
- Headquarters- Mumbai, Maharashtra
Click here to read from source
AWARDS & RECOGNITIONS
7) UP Rickshaw Driver Arti Won the UK’s Prestigious Royal Award In London (Current Affairs 26th|27th May 2024)
Arti (18), a rickshaw driver from Uttar Pradesh (UP), has received the coveted Amal Clooney Women’s Empowerment Award at the Prince’s Trust Awards, held in London, United Kingdom (UK), to honor the accomplishments of young people from all over the world.
She also met King Charles III at Buckingham Palace in London, UK, after obtaining the honor.
The award is granted in appreciation of her efforts to inspire other young girls via her participation in the Indian government’s Pink E-rickshaw project.
The Amal Clooney Women’s Empowerment Award is named after the prominent English Barrister Amal Clooney.
About Pink E-Rickshaw Initiative:
The Pink E-Rickshaw Initiative was created as part of the Indian government’s Mission Shakti plan.
As part of this program, female drivers were provided pink e-rickshaws with a subsidy.
Its goal is to empower women and enhance their access to income-generating opportunities across India.
It expands job options for poor women, particularly widows and single moms, by enhancing their access to secure transportation, therefore increasing mobility and independence.
Note: Arti was originally introduced to the Pink E-Rickshaw program by the Indian government in July 2023 through Project Lehar, a cooperation between Prince’s Trust International and the Aga Khan Foundation.
About Prince’s Trust International :
King Charles launched Prince’s Trust International (now King’s Trust International), which provides job, education, and entrepreneurial opportunities for young people in 20 nations.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
8) Former Cabinet Secretary Pradeep Kumar Sinha Appointed as Non-Executive Part-Time Chairman Of ICICI Bank (Current Affairs 26th|27th May 2024)
Pradeep Kumar Sinha, the former Cabinet Secretary, has been named as ICICI Bank Limited’s Non-Executive Part-time Chairman.
He will follow Girish Chandra Chaturvedi, who is slated to retire on June 30, 2024.
He will take up the job on July 1, 2024, for a three-year term, subject to RBI approval.
Note: Pradeep Kumar Sinha was also approved as an Additional Independent Director by the ICICI Bank Board of Directors for a five-year term (2024-2029) during the meeting held on February 15-17, 2024.
About Pradeep Kumar Sinha:
Pradeep Kumar Sinha was a 1977-batch Indian Administrative Service (IAS) officer from the Uttar Pradesh (UP) cadre.
He has served as a government nominee director in major public sector undertakings (PSUs) such as Oil and Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), and Gas Authority of India Limited (GAIL).
He served as India’s Cabinet Secretary from 2015 to 2019.
From 2019 to 2021, he worked as a Principal Advisor to Prime Minister Narendra Modi (PM).
He also served as an Additional Independent Director for Bharti Airtel Limited from 2022 to May 14, 2024.
About ICICI Bank Limited:
- Managing Director and Chief Executive Officer (MD & CEO) – Sandeep Bakhshi
- Headquarters – Mumbai, Maharashtra
- Established – 1994
- Tagline – Hum Hai Na, Khayal Apka
Click here to read from source
Click here to read: Current Affairs 25th May 2024
9) Shahid Afridi Joins Yuvraj Singh, Chris Gayle As Tournament Ambassador For ICC Men’s T20 World Cup 2024 (Current Affairs 26th|27th May 2024)
Shahid Afridi, a Pakistani cricketer, has been chosen Tournament Ambassador for the International Cricket Council’s (ICC) Men’s T20 World Cup 2024, which will be held in the United States of America (USA) and the West Indies from June 1 to 29, 2024.
He joins Chris Gayle, Yuvraj Singh, and Usain Bolt on the roster of ambassadors.
Shahid Afridi got the Player of the Match award when Pakistan defeated Sri Lanka in the final of the 2009 T20 World Cup in London, United Kingdom (UK).
He was also named Player of the Tournament at the first T20 World Cup, which took place in South Africa in 2007.
Click here to read from source
SCIENCE & TECHNOLOGY
10) IAF Conducted Night Vision Goggles-aided Landing of C-130J Aircraft in Eastern Sector (Current Affairs 26th|27th May 2024)
The Indian Air Force (IAF)’s C-130J Super Hercules tactical transport aircraft successfully completed a Night Vision Goggles (NVG)-aided landing at the Kargil airstrip, Advanced Landing Ground (ALG) in the Eastern sector (near the Line of Control (LoC) with Pakistan).
For the first time, the IAF used NVG to land an aircraft. Lockheed Martin built the C-130J.
This will allow the IAF to carry out safer and more effective missions in low-light settings. Thus, it will improve the IAF’s capacity to undertake nighttime operations.
Note:
- Kargil ALG is a limited airstrip with a unidirectional approach surrounded by difficult terrain, located at a height of about 10,000 feet.
- This is the only airfield in the region, making it important in the event of an emergency.
- The IAF’s C-130J is a medium-sized, all-weather transport aircraft capable of both inter-theatre and intra-theatre airlift operations.
Click here to read from source
SPORTS
11) Asian Relay Championships 2024 – Indian mixed 4x400m team wins gold and men’s and women’s 4x400m teams win silver medals (Current Affairs 26th|27th May 2024)
India’s mixed 4×400 relay team won gold at the Asian Relay Championships 2024, setting a national record. The men’s and women’s 4×400 relay teams received silver medals.
The inaugural Asian Relay Championship took place in Bangkok, Thailand, from May 20 to May 21, 2024.
Key Highlights of the Championship:
Mixed Relay Team:
- The Indian team of Muhammed Ajmal, Jyothika Sri Dandi, Amoj Jacob, and Subha Venkatesan won the gold medal, crossing the finish line in 3 minutes, 14.12 seconds.
- Sri Lanka won the silver medal in 3m:17.00s, while Vietnam finished third in 3m:18.45s.
Men’s Relay Team:
The men’s team, consisting of Muhammed Anas Yahiya, T Santosh Kumar, Mijo Chacko Kurian, and Arokia Rajiv, recorded 3m:05.76s and won the silver medal, trailing Sri Lanka (3m:04.48s) for gold and Vietnam (3m:07.37s) for bronze.
Women’s Relay Team:
- Vithya Ramraj, MR Poovamma, Rupal, and Prachi Choudhary clinched the silver medal, clocking 3 minutes 33.55 seconds in the relay.
- The Vietnamese team (3m:30.81s) won the gold medal, while the Japanese team (3m:35.45s) took the bronze.
Note: The Indian men’s and women’s relay teams have qualified for the Paris Olympics in 2024.
About Asian Relay Championship 2024:
- The inaugural Asian Relay Championships were held in Bangkok, Thailand, on May 20 and 21, 2024.
- Starting on July 26, 2024, the 2024 Summer Olympics in Paris will allow Asian athletes to potentially qualify.
Click here to read from source
12) IOC Launched “Let’s Move India” Campaign to inspire people to celebrate Athletes at Paris Olympics (Current Affairs 26th|27th May 2024)
The International Olympic Committee (IOC), in collaboration with the Reliance Foundation and the Abhinav Bindra Foundation, has launched the “Let’s Move India” campaign, which invites everyone to celebrate the joy of movement and athletes competing in the 2024 Olympic Games in Paris, France.
People from throughout the country will be encouraged to participate in the campaign via a digital challenge on social media.
The idea was announced on Viacom18’s JioCinema, which is the official media rights holder for the Olympic Games Paris 2024 in India.
The Reliance Foundation and the Abhinav Bindra Foundation coordinate regional school programs for young people, celebrating International Olympic Day 2024.
About International Olympic Committee (IOC):
- President– Thomas Bach
- Headquarters– Lausanne, Switzerland
- Established in– 1894
Click here to read from source
IMPORTANT DAYS
13) First-Ever UN World Football Day – 25 May 2024 (Current Affairs 26th|27th May 2024)
On May 25, 2024, people around the globe celebrated the first-ever United Nations (UN) World Football Day. This historic event, marking football’s worldwide reach and significance, highlighted its impact on various fields such as trade, peace, and diplomacy. Moreover, the commemoration underscored the sport’s ability to bridge cultural divides, foster international cooperation, and promote global unity.
World Football Day honors football’s unique capacity to foster global collaboration and connection.
On May 25, 2024, we celebrate the 100th anniversary of the 1924 Olympic Football Tournament, which took place in Paris, France. As we look back on this historic event, it’s essential to remember the significance of that tournament in shaping the future of Olympic football.
Notably, Paris provided the stage for unforgettable moments and remarkable athletes who left an indelible mark on the sport. Consequently, this anniversary not only honors the past but also inspires future generations to appreciate the rich heritage of Olympic football.
Background:
- On May 7, 2024, the United Nations General Assembly (UNGA) enacted Resolution A/RES/78/281, designating May 25th as World Football Day.
- Bahrain, Libya, and Tajikistan introduced the resolution, and consequently, 170 states at the UNGA unanimously accepted it.
About Fédération Internationale de Football Association (FIFA)
- Secretary General– Fatma Samba Diouf Samoura
- President– Gianni Infantino
- Headquarters– Zürich, Switzerland
- Established on– 21st May 1904
Click here to read from source
14) International Day of Missing Children 2024 – May 25 (Current Affairs 26th|27th May 2024)
Background:
In 1983, then-US President Ronald Reagan declared May 25th “National Missing Children’s Day” in the United States.
International recognition:
- Authorities designated May 25th as the inaugural International Missing Children’s Day in 2001, garnering significant global attention.
- The Global Missing Children’s Network (GMCN), Missing Children Europe, ICMEC, and the European Commission collaboratively constructed it.
Click here to read from source
15) World Thyroid Day 2024 – May 25 (Current Affairs 26th|27th May 2024)
Every year on May 25th, people worldwide celebrate World Thyroid Day (WTD) to raise awareness about the crucial role of the thyroid gland, an essential endocrine (hormone-producing) organ, and to educate the public about thyroid diseases and their symptoms.
Moreover, WTD kicks off International Thyroid Awareness Week (ITAW) (May 25-31, 2024), which Thyroid Federation International, a global non-profit network of patient groups, actively supports.
The ITAW-WTD 2024 subject is “Non-Communicable Diseases (NCDs)”.
People utilize Blue Paisley Ribbons as a symbol of thyroid awareness. Furthermore, these ribbons serve to raise awareness and support for thyroid health.
Background:
- In March 2008, the European Thyroid Association (ETA) declared the first “European Thyroid Day” on May 25, 2008.
- In 2008, the ETA and ATA spearheaded a campaign, consequently founding WTD, thereby highlighting the incidence of thyroid illnesses.
About European Thyroid Association (ETA):
- President– Laura Fugazzola (Italy)
- Headquarters– Altdorf, Germany
Click here to read from source
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