Current Affairs 18th May 2024
Welcome to your one-stop shop for everything that happened on May 18th, 2024! In today’s edition of Current Affairs 18th May 2024, we’ll delve into the top news stories that dominated headlines across the globe. From international collaborations to scientific breakthroughs, get ready to be informed and engaged.
NATIONAL AFFAIRS
1) FICCI & IESA Signed MoU to Promote Electronics and Semiconductor Industry in India
The Federation of Indian Chambers of Commerce and Industry (FICCI) has signed a Memorandum of Understanding (MoU) with the India Electronics and Semiconductor Association (IESA) to foster innovation, strengthen the semiconductor and electronics industries, and strengthen supply chains.
The primary goal of this strategic collaboration between FICCI and IESA is to establish a Joint Task Force on Semiconductors and Future Critical Technologies, to hold technological consultative roundtables, and to encourage corporate connections.
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BANKING & FINANCE
2) LIC Received Approval from SEBI for Additional 3 years to meet MPS norms
Life Insurance Corporation of India (LIC) has acquired clearance from the Securities and Exchange Board of India (SEBI) for an extra three years to meet with the Minimum Public Shareholding (MPS) requirements.
SEBI allowed LIC an extra three years to reach 10% public shareholding under Rule 19(2) (b) (iv) of the Securities Contracts (Regulation) Rules, 1957, which is within five years of the date of listing.
The amended deadline for LIC is now May 16, 2027.
Key Points:
- According to SEBI rules, all listed businesses must maintain a 25% public float.
- For newly listed firms, SEBI has permitted them three years.
- Companies with a market value of more than Rs 1 trillion post-issue must attain 25% MPS within 5 years.
Background:
- Previously, under SBI guidelines, LIC was obligated to reach a 10% public ownership within two years of listing in the capital market. On May 17, 2022, LIC listed on the market bourses.
- In December 2023, the Union Finance Ministry excused LIC from complying with 25% MPS rules until 2032.
- In May 2022, the Government of India (GoI) sold its 3.5% stake in LIC’s Initial Public Offering (IPO) for Rs 21,000 crore.
Note: The Government of India currently owns 96.5% of LIC.
About Life Insurance Corporation of India (LIC):
- Chairperson: Siddhartha Mohanty
- Headquarters: Mumbai, Maharashtra
- Established: 1956
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3) PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka
PhonePe, an Indian digital payments business headquartered in Bengaluru (Karnataka), has teamed with Sri Lanka’s LankaPay, which is controlled by the Central Bank of Sri Lanka, to enable Unified Payments Interface (UPI) transactions for its Sri Lankan consumers.
PhonePe customers may now make payments in Indian rupees (INR) via LankaPay’s merchant network, with currency conversion rates applied to each transaction.
Recently, NPCI International Payments Limited (NIPL), the international branch of the National Payments Corporation of India (NPCI), collaborated with the Bank of Namibia to create a UPI-like quick payment system in Namibia.
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ECONOMY & BUSINESS
4) India’s 2024 Economic Growth Projection Revised upwards to 6.9%: UN-DESA’s WESP 2024
According to the ‘World Economic Situation and Prospects (WESP) 2024 – Mid Year Update,’ released by the United Nations Department of Economic and Social Affairs (UN-DESA), India’s GDP would grow by 6.9% in 2024. This is an increase over the UN’s January 2024 prediction of 6.2% GDP.
- India’s GDP growth estimate for 2025 stays at 6.6%.
- Strong public investment and resilient private spending underpin this expansion, despite sluggish foreign demand, which affects merchandise exports.
- The research also predicts a slowing of consumer price inflation in India from 5.6% in 2023 to 4.5% in 2024.
- This is consistent with the Reserve Bank of India’s (RBI) medium-term objective of 2% to 6%.
About United Nations Department of Economic & Social Affairs (UN-DESA):
- Under-Secretary-General for Economic and Social Affairs– Li Junhua
- Headquarters– New York, United States
- Establishment– 1948
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5) Retail inflation eases to 4.83% in April 2024, surge in Food Prices Continues
According to statistics from the Ministry of Statistics and Programme Implementation (MoSPI), the annual inflation rate based on the all-India Consumer Price Index (CPI) figure is 4.83% (Provisional) in April 2024, slightly lower than 4.85% in March 2024, despite a persistent rise in food costs. This decline is primarily due to decreasing gasoline prices.
The corresponding inflation rates for rural and urban areas are 5.43% and 4.11% respectively.
In April 2023, retail inflation based on the Consumer Price Index (CPI) was 4.7%.
Key Points:
- Retail Inflation: Eased to 4.83% in April 2024 from 4.85% in March 2024.
- Food Inflation: Increased to 8.70% in April 2024, up from 8.52% in March 2024.
- Cereals Inflation: Rose to 8.63%, compared to 8.37% in March 2024.
- Pulses Inflation: Dropped to 16.84% from 17.71% in March 2024.
- Vegetable Prices: Increased by 27.8% in April 2024.
- Fuel and Power Prices: Fell by 4.24%, compared to a 3.24% decline in March.
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AWARDS & RECOGNITIONS
6) Forbes’ World’s Highest-Paid Athletes 2024: Portuguese Soccer Player Ronaldo Tops
Forbes announced the World’s Highest-Paid Athletes 2024 list on May 16, 2024, which included the top 50 highest-paid athletes. Soccer player Cristiano Ronaldo (Portugal) topped the list with a total earnings of USD 260 million, including USD 200 million on the field and USD 60 million off the field.
Spanish golfer Jon Rahm ranks second with a total earnings of USD 218 million, while Argentine soccer player Lionel Messi is third with USD 135 million.
Note: The top 50 highest-paid athletes earned a total of USD 3.88 billion in the previous 12 months, before taxes and agency fees. This represents a 13% increase from the previous high of USD 3.44 billion set in 2023.
Assessment:
- For the 2024 list, Forbes calculated income from May 1, 2023 to May 1, 2024.
- On-field revenues include prize money, salary, bonuses, and, in soccer, club-based image rights deals.
- Off-field revenues include sponsorships, appearance fees, and memorabilia/licensing revenue.
Top 5 in The World’s Highest-Paid Athletes 2024:
|
Rank |
Name (Nationality) | Sport | Total Earnings (USD/Million) | On-The-Field Earnings (USD/Million) | Off-The-Field Earnings (USD/Million) |
|
1 |
Cristiano Ronaldo (Portugal ) |
Soccer | 260 | 200 | 60 |
|
2 |
Jon Rahm (Spain) |
Golf | 218 | 198 | 20 |
| 3 | Lionel Messi (Argentina) |
Soccer | 135 | 65 |
70 |
| 4 | LeBron James (United States of America) |
Basketball | 128.2 | 48.2 |
80 |
| 5 | Giannis Antetokounmpo (Greece) |
Basketball | 111 | 46 |
65 |
Points to note:
- According to Forbes, the world’s ten best-paid athletes received USD 1.38 billion before taxes and agency fees in the last 12 months, the highest amount ever.
- Lamar Jackson, a footballer from the United States, is the sole National Football League (NFL) player on the list, ranking tenth with USD 100.5 million.
- The NBA (National Basketball Association) has the most players on the list of any sport, with 19, followed by the NFL with 11 and soccer in third place with 8.
- There are no women athletes on the 2024 list. Serena Williams was the only woman among the world’s highest-paid athletes in 2023; however, she is no longer eligible because she retired in that year. There were no women on the list from 2017 to 2019.
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7) IN-SPACe honoured with Geospatial World Leadership Award at GWF 2024 (Current Affairs 18th May 2024)
The Indian National Space Promotion and Authorisation Centre (IN-SPACe), which is part of the Department of Space (DOS) of the Government of India, has won the Geospatial World Leadership Award 2024 in the “Enabling Public Policy” Category.
- The Geospatial Leadership Awards were awarded on May 14, 2024, during the Geospatial World Forum (GWF) in Rotterdam, Netherlands.
- The award recognizes IN-SPACe’s remarkable contributions to the worldwide geospatial field, which contribute to the growth and development of India’s space sector, as well as its assistance for Non-Governmental Entities (NGEs) in the space economy.
About Indian National Space Promotion and Authorization Center (IN-SPACe):
- Chairman- Pawan Kumar Goenka
- Headquarters- Ahmedabad, Gujarat
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8) Sela Tunnel of Arunachal Pradesh Recognised as India’s Highest Tunnel by International Book of Honour (Current Affairs 18th May 2024)
Arunachal Pradesh’s Sela Tunnel, an engineering wonder, has been named India’s Highest Tunnel by the International Book of Honour (IBH) in England, United Kingdom.
This distinction highlights the Border Road Organisation’s (BRO) success in constructing the tunnel at a height of 13,000 feet as part of Project VARTAK, with construction carried out by Patel Engineering Limited.
The Sela Tunnel is the world’s longest bi-lane tunnel, running from Tezpur, Assam, to Tawang in Arunachal Pradesh’s West Kameng district.
Points to Note:
The 2.598-kilometer-long Sela Tunnel on the Tezpur-Tawang Road provides year-round connection to the crucial Tawang Region.
Tawang is 448 kilometers northwest of Itanagar (the capital of Arunachal Pradesh) and near the Chinese border in the northeast.
Key Features:
- The tunnel, which cost Rs 825 crore to build, provides all-weather connection along the National Highway (NH)-13 route to Tawang via Sela Pass on the Balipara-Chariduar-Tawang road.
- It improves the Armed Forces’ preparedness and promotes socioeconomic development in the border zone.
- It was built utilizing the Austrian Tunnelling Method and meets the highest safety requirements.
- The project includes two tunnels and a linking road.
- Tunnel 1 is a 980-meter-long single-tube tunnel, while Tunnel 2 is a 1,555-meter-long twin-tube tunnel.
- Tunnel 2 is divided into two tubes: one for routine traffic and one for emergency usage.
- The connector road linking these tunnels is 1,200 meters long.
Background:
On March 9, 2024, Prime Minister Narendra Modi virtually launched the Sela Tunnel project as part of the Viksit Bharat Viksit North East initiative in Itanagar, Arunachal Pradesh.
International Book of Honour (IBH):
IBH, founded in England, is a visionary movement committed to recognising great achievements in a variety of fields, showcasing extraordinary individuals and communities throughout the world.
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APPOINTMENTS & RESIGNATIONS
9) Former Union Minister Kapil Sibal Elected as President of Supreme Court Bar Association (Current Affairs 18th May 2024)
Kapil Sibal, a senior lawyer and former Union Minister of Law and Justice, has been chosen President of the Supreme Court Bar Association (SCBA) for a fourth time.
Kapil Sibal won the election with 1,066 votes, beating veteran attorney Pradeep Kumar Rai, who received 689 votes.
Sibal would succeed senior attorney Adish C. Aggarwala.
Other appointments: Rachna Srivastava, a senior attorney, has been chosen Vice President, and Vikrant Yadav, a lawyer, has been appointed Secretary of the SCBA.
About Kapil Sibal
Kapil Sibal was born on August 8, 1948 in Jalandhar, Punjab.
Sibal, a senior leader of the Indian National Congress (INC), was appointed senior advocate in 1983.
He formerly served in several ministries, including the Ministry of Science and Technology, the Ministry of Human Resource Development, and the Ministry of Communication and Information Technology.
Kapil Sibal also served as India’s Additional Solicitor General from 1989 to 1990.
He served as President of the SCBA three times (1995-96, 1997-98, and 2001-2002).
About Supreme Court Bar Association (SCBA)
The Supreme Court Bar Association has been in the forefront of the effort to defend, maintain, and consolidate constitutional ideals like as democracy, the rule of law, and judicial independence.
At its meeting on May 4, 1951, the Bar Association’s Executive Committee, which included legal luminaries such as M. C. Setalvad, C. K. Daphtary, and K. M. Munshi, expressed profound concern over the first amendment to the Constitution.
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Click here to read: Current Affairs 17th May 2024
10) Andrej Plenkovic Appointed as PM-Designate of Croatia for 3rd Term (Current Affairs 18th May 2024)
On May 17, 2024, Andrej Plenkovic (54), the incumbent Croatian Prime Minister (PM) and President of the Croatian Democratic Union (HDZ) party, was selected as the Republic of Croatia’s PM-designate for the third consecutive term.
He has served as Croatia’s Prime Minister since October 19, 2016.
2024 Election result:
- The HDZ party won 61 seats, while the Homeland Movement (DP) gained 14.
- A centre-left coalition led by the Social Democrats (SDP) finished second with 42 seats.
- With the support of the DP and national minority lawmakers, the coalition government gained a 78-seat majority in the new 151-seat parliament.
About Andrej Plenkovic:
- Andrej Plenkovic began his career as a diplomat at Croatia’s Ministry of Foreign Affairs in 1994.
- In 1995, he was appointed head of the Deputy Minister of Foreign Affairs’ office.
- He also served as Deputy Head of Croatia’s Mission to the European Union (EU) from 2002 to 2005, and as Deputy Ambassador to France from 2005 to 2010.
- He was a member of the Croatian Parliament from 2011 to 2013, and the European Parliament from 2013 to 2016.
- He has been the President of the HDZ since July 17, 2016, and has led the party to three successive electoral triumphs in 2016, 2020, and 2024.
About Republic of Croatia :
- President- Zoran Milanovic
- Capital- Zagreb
- Currency- Euro (EUR)
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11) Junta Leader Mahamat Déby Elected as President of Republic of Chad (Current Affairs 18th May 2024)
Mahamat Idriss Déby Itno has been elected President of the Republic of Chad. He has been Chad’s head of state since April 2021.
Mahamat Idriss Déby Itno, son of Chad’s late President Idriss Déby, stood for the Patriotic Salvation Movement Party (MPS).
He won Chad’s 2024 presidential election with 61% of the vote.
Background:
Chad’s presidential elections were held on May 6, 2024. This followed a constitutional referendum held on December 17, 2023, following the death of President Idriss Déby in 2021.
About Mahamat Idriss Déby:
- In April 2021. Lt Gen Mahamat Idriss Déby Itno has been proclaimed Chad’s next leader after his father, Idriss Déby, was assassinated by rebels.
- He has been Chairman of Chad’s Transitional Military Council (de facto President).
- In October 2022, he was named Chad’s transition president for a non-renewable two-year term pending elections.
About the Republic of Chad
- Prime Minister – Succès Masra
- Capital – N’Djamena
- Currency – Central African CFA franc
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ACQUISITIONS & MERGERS
12) Warburg Pincus Acquires Shriram Housing Finance for Rs 4,630 Crore (Current Affairs 18th May 2024)
Shriram Finance Ltd (SFL), situated in Chennai, Tamil Nadu, has authorized the sale of its housing-finance subsidiary, Shriram Housing Finance Ltd (SHFL), to Warburg Pincus, a New York-based equity company, for Rs 4,630 crore.
The acquisition comprises SHFL’s stock and convertible securities and is subject to regulatory approval.
As part of the agreement, Valiant Partners LP, Mauritius, a minority shareholder in SHFL, and SFL will sell their entire ownership investment to Warburg Pincus.
Warburg Pincus would purchase the shareholding through its affiliate Mango Crest Investments and invest Rs 1,000 crore in stock.
Key Points:
- This is Warburg’s largest merger and acquisition (M&A) transaction in the home finance industry, as well as its largest acquisition in India.
- SHFL’s current management team, led by Managing Director and Chief Executive Officer (CEO) Ravi Subramanian, will continue to oversee the company, and SHFL will function as a separate corporation.
- SFL owns 84.82% of SHFL, with the remaining shares held by Mauritius-based Valiant Partners LP.
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SPORTS
13) Neeraj Chopra Wins Gold Medal in 27th National Federation Senior Athletics Competition 2024 (Current Affairs 18th May 2024)
Neeraj Chopra, the 2020 Tokyo Olympics gold champion, won the gold medal in the men’s javelin with an 82.27 meter (m) throw at the 27th National Federation Senior Athletics Competition 2024. The competition was held in the Kalinga Stadium in Bhubaneswar, Orissa.
Neeraj Chopra from Haryana has not participated in an event in India in three years. He last participated in the Federation Cup in 2021, when he won gold with an 87.80-meter throw.
DP Manu of Karnataka won the silver medal with an 82.06-meter throw, while Uttam Balasaheb Patil of Maharashtra earned the bronze medal with 78.39 meters.
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OBITUARY
14) Former Gujarat Governor & Veteran Congress Leader Kamla Beniwal Passed Away (Current Affairs 18th May 2024)
Dr Kamla Beniwal, a renowned Congress politician and former Gujarat governor, died at the age of 97 at a private hospital in Jaipur, Rajasthan. She was born on January 12, 1927, in Jhunjhunu, Rajasthan.
About Kamla Beniwal:
- At the age of 15, she joined the Indian National Congress (INC) and took part in the Quit India Movement of 1942.
- She started her political career in 1954 and was elected to the Legislative Assembly (MLA) seven times.
- At the age of 27, she became Rajasthan’s first women minister.
- She was a member of the All India Congress Committee (AICC), joint secretary of the Pradesh Congress Committee (PCC), and president of the Rajasthan Mahila Congress.
- She was the Governor of Tripura from October 2009 until November 2009. She was the first female governor of a state in Northeast India.
- She has also served as Governor of Gujarat (2009–2014) and Mizoram (July–August 2014), as well as Deputy Chief Minister of Rajasthan.
- Beniwal received the ‘Tamra Patra Award’ from India’s then-Prime Minister Indira Gandhi.
Tamra Patra is a bronze plaque presented by the Indian government to live independence warriors to commemorate their efforts to India’s liberation movement.
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IMPORTANT DAYS
15) World Telecommunication and Information Society Day 2024 – May 17 (Current Affairs 18th May 2024)
The United Nations (UN) World Telecommunication and Information Society Day (WTISD) is commemorated annually on May 17th throughout the world to increase awareness of the advantages of the Internet and other information and communication technologies.
WTISD 2024 was held under the subject “Digital Innovation for Sustainable Development.”
Background:
- World Telecommunications Day has been observed yearly on May 17 since 1969.
- In November 2005, the World Summit on the Information Society (WSIS) asked the United Nations General Assembly (UNGA) to establish May 17 as World Information Society Day.
- In March 2006, the United Nations General Assembly enacted Resolution A/RES/60/252, which established World Information Society Day on May 17th.
- In November 2006, the ITU Plenipotentiary Conference in Antalya, Turkey, resolved to commemorate both events on May 17 as WTISD.
About International Telecommunication Union (ITU):
- Secretary-General– Doreen Bogdan-Martin
- Established in– 1865
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16) World Hypertension Day 2024 – May 17 (Current Affairs 18th May 2024)
The World Health Organization (WHO) recognizes World Hypertension Day (WHD) on May 17 each year to raise awareness of hypertension, commonly known as high blood pressure (BP), and to encourage worldwide action to combat it.
WHD’s 2024 theme is “Measure Your Blood Pressure Accurately, Control It, and Live Longer.”
On World Hypertension Day 2024, the WHL recognized the WHL 2024 Excellence Award Winners for their contributions to worldwide hypertension prevention and management.
Background:
WHD, an important global initiative initiated by the World Hypertension League (WHL), a non-profit, non-governmental organization (NGO) committed to the prevention and treatment of hypertension worldwide.
WHL saw the first WHD on May 14, 2005. Since 2006, the WHL has designated May 17 as ‘World Hypertension Day’.
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17) Endangered Species Day 2024 – May 17 (Current Affairs 18th May 2024)
Endangered Species Day (ESD) is marked yearly on the third Friday of May across the world to raise awareness of endangered species, which are animals or plants that are thought to be on the verge of extinction.
ESD 2024 was detected on May 17, 2024. This is the 19th annual celebration of the day.
ESD 2023 was observed on May 19, 2023, while ESD 2025 will be commemorated on May 16, 2025.
The theme for ESD 2024 is “Celebrate Saving Species”.
Background:
- David Robinson and the Endangered Species Coalition launched Endangered Species Day, a global day of action, in 2006.
- The Endangered Species Day was initially established by the US Senate in 2006.
- The first ESD was held on May 11, 2006.
Significance:
ESD 2024 follows a year-long commemoration of the 50th anniversary of the Endangered Species Act (ESA) of 1973, a United States (US) Federal legislation that protects endangered animals and plants from extinction.
About Endangered Species:
- Endangered species are creatures (plants or animals) that face extinction owing to reasons such as habitat loss, pollution, climate change, overhunting, or competition from invading species.
- The International Union for Conservation of Nature (IUCN) labels animals as endangered.
- A species is categorized as Endangered (EN) if it fits any of the criteria A through E, indicating a high risk of extinction in the wild.
Key Facts:
- The IUCN Red List currently includes more than 157,100 species. More than 44,000 species are under threat of extinction. That still represents 28% of all examined species.
- In 1972, the Indian Parliament created the Wildlife (Protection) Act to safeguard the country’s wildlife, which includes wild animals, birds, and plants, from destruction.
- Endangered species in India include the Bengal Tiger, Asiatic Lion, Snow Leopard, One-horned Rhinoceros, Amentotaxus assamica (Plant), and Actinodaphne lawsonii Gamble (Plant).
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