Current Affairs 23rd May 2024
Welcome to your one-stop shop for catching up on the latest happenings around the world! Today, we delve into the news from May 23rd, 2024. Get ready for a whirlwind tour of global events, from economic updates to international relations and scientific advancements.
This edition of Current Affairs 23rd May 2024 will bring you the stories that mattered most on that day. So, buckle up and let’s explore the headlines that shaped the 23rd of May!
NATIONAL AFFAIRS
1) EPFO created 11.4% more formal jobs in FY24
According to the Provisional Payroll Data issued by the Employees’ Provident Fund Organisation (EPFO), Ministry of Labour and Employment, official job creation through the EPFO increased by 11.4% in 2023-24 (FY24) to 15.4 million, up from 13.85 million in FY23.
Key Points:
- Provisional payroll figures for March 2024 reveal 1.44 million net members were joined to EPFO, a decrease from 1.54 million in February 2024.
- In March 2024, 0.74 million new EPFO members joined, with 56.83% falling between the ages of 18 and 25, showing that many are first-time job searchers.
- Around 1.18 million members left and rejoined EPFO, opting to transfer their accumulations rather than petition for ultimate settlement.
- Gender-wise, 0.2 million new female members joined, for a net gain of 0.29 million, reflecting a move toward a more diverse workforce.
- Industry membership has expanded in manufacturing, marketing, information technology services, restaurants, accountancy, seafood processing, and beedi production.
- Expert services (manpower providers, contractors, and security services) contributed for around 43% of net membership growth.
Note:
EPFO has been disclosing payroll statistics from April 2018, covering the period from September 2017 onwards, including new members, leavers, and re-joined members.
Click here to read from source
INTERNATIONAL AFFAIRS
2) WEF’s Travel & Tourism Development Index 2024: India ranked 39th; USA tops
According to the World Economic Forum’s (WEF) 2nd edition of the Travel & Tourism Development Index (TTDI 2024), India ranks 39th out of 119 economies, with a TTDI score of 4.25.
The United States of America (USA) led the list with a TTDI score of 5.24, followed by Spain (5.18) and Japan (5.09) in second and third place, respectively.
India is South Asia’s largest economy and one of the lower-middle-income countries. India ranks 54th in the TTDI 2021, with a score of 4.1.
About World Economic Forum (WEF):
- President – Børge Brende
- Headquarters – Cologny, Switzerland
- Established – 1971
Click here to read from source
3) Rangelands Faces Silent Demise Threatens Food Security; Losses 50% of Rangelands: UNCCD Report
According to the United Nations Convention to Combat Desertification’s (UNCCD) research titled “Global Land Outlook Thematic Report on Rangelands and Pastoralists,” up to 50% of the world’s vast rangelands are degraded, roughly doubling prior estimates of 20% to 35%.
Key Points:
The report identifies several key symptoms of rangeland degradation that contribute to droughts, precipitation fluctuations, and biodiversity loss, including decreased soil fertility and nutrients, soil erosion, increased salinization, and soil compaction, which limits plant growth, among others.
The research listed the global regions impacted by rangelands degradation in decreasing order: Central Asia, China, Mongolia; North Africa and Near East; Sahel and West Africa; South America; East Africa, North America, Europe, South Africa, and Australia.
About United Nations Convention to Combat Desertification (UNCCD):
- Executive Secretary: Ibrahim Thiaw
- Headquarters: Bonn, Germany
- Established: 1994
Click here to read from source
4) Global Carbon Emissions Pricing Raised Record USD 104 Billion in 2023: World Bank Report
Total income from carbon taxes and Emissions Trading Systems (ETSs) in 2023 hit a record high of USD 104 billion, according to the World Bank’s 11th annual study titled “State and Trends of Carbon Pricing 2024”.
For the first time, carbon price revenues have exceeded USD 100 billion.
The entire income from carbon taxes and ETS in 2022 was around USD 95 billion.
The research also stated that price levels continue to fall short of the ambition required to meet the 2015 Paris Climate Agreement targets.
Key Findings:
- There are currently 75 carbon pricing instruments in operation throughout the world, up from 73 instruments cited in the World Bank’s previous year report (2023).
- These instruments covered approximately 24% of global greenhouse gas (GHG) emissions.
- According to the research, large middle-income nations such as India, Brazil, Chile, Colombia, and Turkey have made good strides toward carbon price implementation.
- At the moment, fewer than 1% of global GHG emissions are covered by direct carbon pricing at or above the level proposed by the High-Level Commission on Carbon pricing to restrict temperature rise to less than 2°C.
- The research stated that conventional sectors such as power and industry contributed the most to carbon pricing.
It analyzes additional carbon pricing industries, including aviation, shipping, and garbage.It advises that governments adopt carbon pricing in industries such as iron and steel, aluminum, cement, and fertilizers, among others.
Carbon Price:
In 2017, the High-Level Commission on Carbon Prices found that carbon prices needed to be USD 40-80/ton of carbon dioxide equivalent (tCO2e) in 2020 and USD 50-100/tCO2e by 2030 to keep temperature rises well below 2 degrees Celsius.
- In 2024, just 7 carbon pricing devices will cover less than 1% of global GHG emissions.
- After adjusting for inflation, carbon pricing should currently range between USD 63 and 127 per ton.
About Carbon Pricing:
It is a tool that measures the external costs of GHG emissions. The public pays for agricultural damage, health care expenditures from heat waves and droughts, and property loss from flooding and sea-level rise, and it connects them to their origins through a price, generally in the form of a price on carbon dioxide (CO2) emissions.
About World Bank:
- President- Ajay Banga
- Headquarters- Washington, DC, United States of America (USA)
- Established- 1944
Click here to read from source
BANKING & FINANCE
5) SBI General Insurance Signed Bancassurance Partnership With JSFB To Increase Insurance Penetration
SBI General Insurance Company Limited, one of India’s top general insurance firms, has entered into a strategic Bancassurance Partnership arrangement with Jana Small Finance Bank (JSFB), India’s premier financial institution, to facilitate the sale of non-life insurance products.
Key Points
- According to the collaboration agreement, Jana Small Finance Bank clients will have access to a diverse variety of general insurance products from SBI General Insurance.
- These products will cover a wide range of insurance alternatives, including health, personal injury, house, auto, and travel insurance.
- In addition, it offers commercial line insurance products such as property, marine, and engineering insurance to fulfill the various needs of businesses and enterprises.
SBI General Insurance also wants to strengthen its market position by using Jana Small Finance Bank’s large customer base and branch networks in 24 states and Union Territories (UT).
What is Bancassurance?
- Bancassurance is an agreement between a bank and an insurance business that allows the insurance company to offer its products to the bank’s customer base.
- This relationship has the potential to be beneficial for both firms.
About SBI General Insurance Company Limited
Managing Director and Chief Executive Officer (MD & CEO) – Kishore Kumar Poludasu
- Headquarters – Mumbai, Maharashtra
- Establishment – 2009
- Tagline – Suraksha aur Bharosa dono
About Jana Small Finance Bank (JSFB)
Jana Small Finance Bank (JSFB) was formerly known as Janalakshmi Financial Services (JFS).
- Managing Director and Chief Executive Officer (MD & CEO) – Ajay Kanwal
- Headquarters – Bengaluru, Karnataka
- Establishment – 2008
Click here to read from source
6) VST Tillers Tractors inks MoU with Axis Bank to Offer Credit Facilities to Farmers
VST Tillers Tractors Limited (VST), a farm equipment manufacturer located in Bengaluru, Karnataka, has signed a Memorandum of Understanding (MoU) with Axis Bank Limited to provide finance solutions to farmers interested in acquiring tractors other agricultural mechanization goods.
Signatories: The MoU was signed by Antony Cherukara, CEO of VST Tillers Tractors Ltd, and Rajesh Dhage, Business Head of Farm Mechanization at Axis Bank.
Key Points:
- According to the MoU, Axis Bank will provide financial solutions to VST’s prospective consumers through its 5370 branch network.
- The partnership’s goal is to give simple access to finance facilities for farm mechanization.
- This would also allow farmers to access hassle-free, inexpensive, and flexible financing facilities to help improve the agricultural industry.
- To encourage agricultural mechanization, Axis Bank will provide flexible repayment alternatives, rapid penalties, and unique EMI (Equated Monthly Installments) perks.
About VST Tillers Tractors Limited (VST):
- CEO– Antony Cherukara
- Establishment– 1967
- Headquarters– Bengaluru, Karnataka
About Axis Bank Limited:
- Managing Director (MD) & CEO– Amitabh Chaudhry
- Headquarters– Mumbai, Maharashtra
- Started Operations – 1994
- Tagline– Badhti Ka Naam Zindagi
Click here to read from source
7) Thomas Cook India Introduced TCPay For International Money Transfers (Current Affairs 23rd May 2024)
Thomas Cook (India) Limited (TCIL), located in Mumbai, Maharashtra, has created ‘TCPay’, a new digital solution meant to facilitate international money transactions.
TCPay provides 24/7 access, paperless transfers, and a user-friendly digital interface throughout Thomas Cook’s digital tools, including FXNOW (B2C app), Portal, and Call Center for help.
This digital platform has also been integrated with Thomas Cook’s Video Know Your Customer (KYC) procedure to provide clients with paperless transfers. This would ensure that outward remittances are easy and seamless for both individuals and corporations.
TCIL, founded in 1881, is a prominent omnichannel travel company in India.
- MD & CEO – Mahesh Iyer
Click here to read from source
ECONOMY & BUSINESS
8) Logistics Startup Porter’s becomes India’s 3rd Unicorn in 2024 (Current Affairs 23rd May 2024)
Porter, a logistics services platform located in Bengaluru (Karnataka), has been named India’s third unicorn for 2024, with a valuation of about USD 1 billion.
Porter became a unicorn after completing a new internal round in which individuals purchased shares from the employee stock ownership plan (ESOP) pool for a $1 billion valuation.
Note:
- So far, Ola’s Artificial Intelligence (AI) business Krutrim and Fintech-focused Software as a Service (SaaS) firm Perfios are the only two Indian firms that have emerged as Unicorns in 2024.
- A unicorn is a word used to designate privately held businesses or enterprises with a valuation of more than $1 billion.
Key points:
- During the current round, around 15-20 people purchased Porter shares for Rs 25 crore.
- During the internal round, Porter’s valuation increased from USD 500 million in its 2021 financing.
Porter, founded in 2014, has raised around USD 150 million from renowned investors like Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group.
Additional info:
- Porter recorded an operational revenue of Rs 1753.5 crores in the fiscal year 2022-23 (FY23).
- In the January-March quarter of 2023, Porter sold shares from its ESOP pool to friends and family for Rs 7-8 crore, valued at USD 700 million.
- In the first quarter of 2024, the Indian technology startup ecosystem garnered more than USD 1.6 billion in investment.
About Porter Company:
It is one of the top logistics organizations, providing a wide variety of intra- and inter-city services.
- Co-Founders- Pranav Goel, Utam Digga and Vikas Choudhary
- Headquarters- Bengaluru, Karnataka
- Established- 2014
Click here to read from source
Click here to read: Current Affairs 22nd May 2024
AWARDS & RECOGNITIONS
9) German Author Jenny Erpenbeck and Translator Michael Hofmann Won International Booker Prize 2024 for ‘Kairos’ (Current Affairs 23rd May 2024)
Jenny Erpenback, a German novelist, and translator Michael Hofmann have won the International Booker Prize 2024 for their work ‘Kairos’. Eleanor Wachtel, Chair of the 2024 judges, made the announcement during a Maison Valentino-sponsored ceremony at Tate Modern in London, United Kingdom.
Jenny Erpenbeck became the first German writer to win the Prize, while Michael Hofmann became the first male translator to win since the Prize was established in its current form in 2016.
Kairos becam the first novel translated from German into English to receive the International Booker Prize.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
10) To Lam Named as the New President of Vietnam (Current Affairs 23rd May 2024)
On May 22, 2024, the 15th National Assembly of Vietnam elected General To Lam as the next President of the Socialist Republic of Vietnam for the period 2021-2026.
Since 2016, he has served as a Politburo member and Minister of Public Security.
He succeeds Vice President Vo Thi Anh Xua, who has served as Interim President since March 21, 2024, following President Vo Van Thuong’s resignation on March 20th.
Note: On May 18, 2024, the Party Central Committee voted to endorse General To Lam as president for the remaining term of office, which expires in May 2026.
About To Lam:
- He is a four-star general in the People’s Public Security Forces of Vietnam.
- He was a member of the Communist Party of Vietnam’s Central Committee throughout the 11th and 12th tenures, as well as a Politburo member during the 12th tenure.
- During his 14th term in the National Assembly, he also served as a Deputy.
- From 2010 to 2016, he was Vietnam’s Deputy Minister of Public Security before being appointed Minister of Public Security in April 2016.
Other Appointments:
- Tran Thanh Man, deputy chairman of Vietnam’s National Assembly, has been appointed Chairman of the National Assembly.
- He replaced Vuong Dinh Hue, who resigned from the position on April 26, 2024.
About Vietnam
- Prime Minister – Pham Minh Chinh
- Capital – Hanoi
- Currency – Vietnamese dong
Click here to read from source
11) RBI Approved the Appointment of Pradeep Natarajan as Whole Time Director of IDFC First Bank (Current Affairs 23rd May 2024)
The Reserve Bank of India (RBI) has accepted Pradeep Natarajan’s nomination as the full-time Executive Director of IDFC First Bank Limited for three years.
The appointment will become effective if the bank’s shareholders approve it.
About Pradeep Natarajan:
- Currently, he serves as the chief of retail banking at IDFC First Bank. He has worked at the bank since 2018.
- Prior to joining IDFC Bank, he worked in a variety of positions for major banks and financial institutions like Standard Chartered Bank, Religare Macquarie Wealth Management, and Dell India.
- He was Capital First Limited’s President of Consumer Finance, Marketing, and Digital Initiatives.
Click here to read from source
ACQUISITIONS & MERGERS
12) IDFC First Bank Gets Shareholders Approval To Merge With IDFC Limited (Current Affairs 23rd May 2024)
IDFC First Bank Limited’s shareholders and Non-Convertible Debenture (NCD) holders have accepted the merger proposal between IDFC Limited and IDFC First Bank.
On May 17, 2024, the National Company Law Tribunal (NCLT) held a meeting to review and accept IDFC FIRST Bank’s composite plan of merger.
IDFC First Bank Limited’s shareholders and Non-Convertible Debenture (NCD) holders have approved the merger plan between IDFC Limited and IDFC First Bank.
On May 17, 2024, the National Company Law Tribunal (NCLT) met to assess and approve IDFC FIRST Bank’s composite merger proposal.
Background:
- In July 2023, the boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank all authorized the merger.
- In December 2023, the Reserve Bank of India (RBI) authorized the reverse merger of IDFC Limited and its subsidiary IDFC First Bank.
Click here to read from source
SPORTS
13) India Finishes Third, Kazakhstan Tops the Medal Tally of the Elorda Cup Astana 2024 (Current Affairs 23rd May 2024)
India ranks third in the medal count with 12 medals (2 gold, 2 silver, and 8 bronze) at the 3rd edition Elorda Cup Astana 2024 (International Boxing Tournament) held in Astana, Kazakhstan from May 12 to 19, 2024. Nikhat Zareen, a two-time world champion, and Minakshi won gold medals.
Kazakhstan won the most medals with 52 (14 gold, 13 silver, and 25 bronze), while China came in second with 7 (5 gold, 1 silver, and 1 bronze).
Key Highlights:
Minakshi (Women’s (W)48 kg) defeated Uzbekistan’s Rahmonova Saidahon to earn India its first gold medal of the competition, while Nikhat Zareen (W 52 kg) upset Kazakhstan’s Zhazira Urakbayeva to win gold.
Anamika (W 50kg) and Manisha (W 60kg) got silver medals after losing finals against China’s Wu Yu and Kazakhstan’s Viktoriya Grafeeva, respectively.
About Nikhat Zareen:
- Nikhathas won gold medals in the World Championships in 2022 and 2023.
- She has also won a gold medal in the Commonwealth Games 2022 in Birmingham, United Kingdom.
Results:
|
Category |
Winner |
|
Gold |
Minakshi (48kg); Nikhat Zareen (52kg) |
|
Silver |
Anamika (50kg) and Manisha (60kg) |
|
Bronze |
Men- Yaiphaba Singh Soibam (48kg), Abhishek Yadav (67kg), Vishal (86kg) and Gaurav Chauhan (92+kg) Women – Sonu (63kg), Manju Bamboriya (66kg), Shalakha Singh Sansanwal (70kg) and Monika (81+kg) |
About Elorda Cup:
- From May 12 to 19, 2024, the Department of Physical Culture and Sports of Astana City and the Kazakhstan Boxing Federation will host the Elorda Cup, an international boxing event.
- Kazakhstan, China, India, Japan, Uzbekistan, Iran, Azerbaijan, Kyrgyzstan, and Morocco are among the countries that took part in the Elorda Cup in 2024.
Click here to read from source
14) Magnus Carlsen Won the Casablanca Chess Tournament 2024; Anand Secured 3rd Position (Current Affairs 23rd May 2024)
Magnus Carlsen, a five-time world champion and world number one chess player, won the inaugural Casablanca Chess Variant Tournament 2024, which took place on May 18th and 19th, 2024 at Mahkama du Pacha in Casablanca, Morocco.
Magnus Carlsen from Norway finished the four-player event with 4.5 points after six rounds.
The competition included four notable players representing four continents:
- Vishwanathan Anand (Asia), Bassem Amin (Africa), Hikaru Nakamura (America), and Magnus Carlsen (Europe).
- Hikaru Nakamura of the United States of America (U.S.A.) took second place with 3.5 points.
- Vishwanathan Anand, a five-time world champion and Indian chess player, finished third with three points.
Click here to read from source
IMPORTANT DAYS
15) International Day for Biological Diversity 2024 – May 22 (Current Affairs 23rd May 2024)
The United Nations (UN) International Day for Biological variety (IDB) is commemorated every year on May 22nd to raise knowledge and awareness of biodiversity concerns, as well as to encourage biological variety conservation worldwide.
The theme for IDB 2024 is “Be a Part of the Plan”.
Background:
- The United Nations General Assembly (UNGA) issued Resolution A/RES/49/119 in 1995, designating December 29 as International Day for Biological Diversity.
- In 2001, the United Nations General Assembly enacted Resolution A/RES/55/201, designating May 22nd as International Day for Biological Diversity.
- The first-ever International Day for Biological Diversity was commemorated on May 22, 2002.
Why May 22?
The day marks the approval of the Convention on Biological Diversity (CBD) language in 1992.
About Secretariat of the Convention on Biological Diversity (SCBD):
- Acting Executive Secretary– David Cooper
- Headquarters– Montreal, Canada
Click here to read from source
16) International Day for Women in Maritime 2024- May 18 (Current Affairs 23rd May 2024)
The International Day for Women in Maritime (IDWIM) is commemorated yearly on May 18 across the world to honor and honour women’s contributions to the maritime industry, as well as to promote women’s recruitment, retention, and long-term employment in the sector.
The International Maritime Organization (IMO) of the United Nations (UN) launched the yearly IDWIM event.
IDWIM’s 2024 theme is “Safe Horizons: Women Shaping the Future of Maritime Safety.”
Ms. Despina Panayiotou Theodosiou (Cyprus) received the inaugural IMO Gender Equality Award 2024 during a ceremony.
Background:
- In 2021, the IMO Assembly approved a resolution (A.1170(32)) designating May 18 as International Day for Women in Maritime.
- The first-ever International Day for Women in Maritime was commemorated on May 18, 2022.
About International Maritime Organization (IMO):
- Secretary-General- Arsenio Dominguez Velasco (Panama)
- Headquarters– London, UK
The IMO Convention came into effect in 1958. The name was originally Inter-Governmental Maritime Consultative Organization (IMCO), but it was changed to IMO in 1982.
Click here to read from source
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