Current Affairs 7th May 2024
Fasten your seatbelts, news aficionados! Buckle up for a whirlwind tour of today’s most impactful headlines with Current Affairs for May 7th, 2024. Whether you crave insights into global politics or updates on scientific advancements, we’ve got you covered. We’ll dissect international conflicts, analyze groundbreaking discoveries, and explore the human stories woven into the fabric of our daily lives. So, settle in, grab your favorite beverage, and let’s embark on a journey through the ever-evolving landscape of current events.
NATIONAL AFFAIRS
1) Mindgrove Launches India’s 1st Commercial SoC For IoT Devices
On May 6, 2024, Mindgrove Technologies Private Limited, a semiconductor firm sponsored by the Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation and the IIT Madras Incubation Cell, released India’s first commercial System
on Chip (SoC), Secure Internet of Things (IoT).
It is designed for IoT devices and will most likely cost 30% less than existing chips in similar categories.
About the Secure IoT
- The Microcontroller Unit (MCU) chip has successfully completed the Multi-Project Wafer (MPW) tape-out at the 28 nanometer (nm) node.
- The Secure IoT is a high-performance microcontroller that runs at 700 Megahertz (MHz).
- The chip will allow local manufacturers to integrate an Indian SoC into their goods, decreasing device costs while maintaining high-end functionality.
- It can operate smartwatches, smart city equipment such as linked electricity, water, and gas meters, smart home devices such as smart locks, fans, and speakers, and electric vehicle (EV) battery management and control systems.
- Secure IoT offers a wide range of capabilities and is meant to be compatible with bare metal code or micro-controller Real-Time Operating System (RTOS), widening its application reach to include traffic control systems, driverless cars, medical equipment, and more.
Key Points
Mindgrove will not only sell the chip, but will also provide design knowledge to Indian enterprises in order to accelerate innovation and increase manufacturing in India.
Note that India consumes more than a billion chips each year, with Secure IoT replacing 10 to 50 million of them.
Click here to read from source
2) Indian Army & Punit Balan Group Partnered to develop India’s 1st Constitution Park in Pune
Lieutenant General Ajai Kumar Singh, General Officer-Commanding-in-Chief (GOC-in-C) of the Indian Army’s Southern Command, opened India’s first Constitution Park in Pune, Maharashtra, which was created in collaboration with the Punit Balan Group.
Constitution Park was intended to serve as both an educational and recreational environment. This attempts to spread understanding of the Constitution and foster pride in India’s democratic history.
Click here to read from source
INTERNATIONAL AFFAIRS
3) Overview of World Press Freedom Index 2024: India ranks 159th, Norway Tops
According to the 22nd edition of the World Press Freedom Index (WPFI 2024) published by Reporters Without Borders (RSF – Reporters sans frontières in French), India ranks 159th out of 180 nations with a score of 31.28.
Norway leads the 2024 index for the eighth consecutive year, followed by Denmark (2nd) and Sweden (3rd).
The remaining three slots are held by Eritrea (180th), Syria (179th), and Afghanistan (178th).
On World Press Freedom Day 2024 (3rd May 2024), the United Nations Educational, Scientific, and Cultural Organization (UNESCO) produced a paper titled “Press and Planet in Danger:safety of environmental journalists; trends, challenges, and recommendations”.
According to the research, 44 journalists covering environmental issues were slain in 15 countries between 2009 and 2023.
About the United Nations Educational, Scientific and Cultural Organization (UNESCO):
- Director-General– Audrey Azoulay
- Headquarters– Paris, France
- Establishment– 1945 (came into force in 1946)
- Members– 194 Members and 12 Associate Members
Click here to read from source
BANKING & FINANCE
4) RBI Allows Standalone Primary Dealers(SPDs) to Borrow in Foreign Currency
In exercise of its jurisdiction under Section 45W of the RBI Act, 1934, the Reserve Bank of India (RBI) issued a circular allowing Standalone Primary Dealers (SPDs) to borrow foreign currency from their parent firms or permitted organizations.
These SPDs can now use overdraft capacity in Nostro accounts solely for operational purposes.
The Reserve Bank of India (RBI) has recommended stiffer funding requirements for infrastructure projects such as roads, transportation, and ports.
According to the new guidelines, lenders must set aside 5% of the money they lend as general provisions for all current and new loans.
About Reserve Bank of India(RBI):
- Governor: Shaktikanta Das
- Headquarters: Mumbai, Maharashtra
- Established: 1 April, 1935
Click here to read from source
5) IFSCA Permits Foreign Portfolio Investors(FPIs) to Issue Derivative Instruments with Indian Securities
The International Financial Services Centres Authority (IFSCA) has granted permission to IFSC Banking Units registered as Foreign Portfolio Investors (FPIs) with the Security Exchange Board of India (SEBI) to issue derivative instruments with Indian securities as underlying assets in the Gujarat International Finance Tec-City-International Financial Services Centre.
The IFSC Authority issued the circular in execution of its powers under Section 12 of the IFSCA Act, 2019. Its primary goal is to create and regulate financial products, services, and Financial Institutions (FIs) in the IFSC.
Offshore derivative instruments (ODIs), also known as participatory notes (P-notes).
Key Points:
- The IFSC Authority allowed non-bank businesses registered with SEBI as FPIs to issue Derivative Instruments (DIs) with Indian securities as underlying assets under GIFT-IFSC.
- Entity issuing DIs must comply with SEBI and IFSCA’s regulations for the issuance of offshore derivatives instruments (ODIs).
- The qualifying entity must transmit the appropriate information to the Clearing Corporation in GIFT-IFSC in the approved format by the 10th of each month.
Background:
- During the Union Budget address (2023-24), Union Minister of Finance and Corporate Affairs Nirmala Sitharaman stated that Offshore Derivatives Instruments (ODIs) issued through the GIFT-IFSC will be regarded as genuine contracts.
- The Government of India (GoI) amended Section 18A of the Securities Contracts (Regulation) Act, 1956 to accept contracts in derivatives regulated by IFSCA and issued in IFSC by FPIs as lawful and effective.
About International Financial Services Centres Authority (IFSCA):
It serves as the single regulator for the creation and regulation of financial goods, financial services, and financial institutions, including India’s GIFT International Financial Services Centre. It was founded under the International Financial Services Authority (IFSCA) Act of 2019.
- Chairman: K. Rajaraman
- Headquarters: GIFT City, Gandhinagar, Gujarat
- Established: 2020
Click here to read from source
6) REC Limited Receives NOC from RBI to Establish Wholly-owned Subsidiary in IFSC, GIFT City
On May 3, 2024, REC Limited (formerly Rural Electrification Corporation Limited) received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI) to establish a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat.
The subsidiary will conduct permitted operations as a Finance Company in GIFT City.
The subsidiary will help REC Limited to grow its global footprint. It will function as an offshore platform for obtaining competitive financing.
The subsidiary will foster closer partnership with foreign investors, giving REC more access to new financing choices.
Note that REC is a ‘Maharatna’ enterprise under the Ministry of Power. It is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), a Public Financial Institution (PFI), and an Infrastructure Financing Company.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
7) Former Minister José Raúl Mulino Elected as President of the Republic of Panama (Current Affairs 7th May 2024)
On May 5, 2024, José Raúl Mulino (64), former Minister of Public Security, was chosen as the new President of the Republic of Panama. He won the 2024 presidential election with 34% of the total vote.
On July 1, 2024, he will assume office as head of state and government for a single five-year term.
He will succeed Laurentino Cortizo Cohen, who has served as Panama’s President since 2019.
Points to note:
He ran in the presidential election for the Achieving Goals and Alliance parties.
The Supreme Court of Panama approved his attempt to replace former President Ricardo Martinelli, who was disqualified from running owing to a money laundering conviction.
Over 77% of the 3 million eligible voters cast their ballots in the 2024 election.
About José Raúl Mulino.
- José Raúl Mulino was Minister of Government and Justice from 2009 to 2010 and Minister of Public Security from 2010 to 2014 under President Ricardo Martinelli.
- He has previously served as Deputy Minister and Minister of Foreign Affairs.
About Panama:
- Capital: Panama City
- President elect: Jose Raul Mulino
- Currency: Panamanian Balboa(PAB)
Click here to read from source
8) Rakesh Singh Appointed as CEO of Paytm Money (Current Affairs 7th May 2024)
Paytm Money Ltd, a wholly-owned subsidiary of One97 Communications Limited situated in Bengaluru (Karnataka), will name Rakesh Singh as its next CEO in April 2024. He was hired following the resignation of Varun Sridhar, Paytm Money’s CEO since 2020.
Rakesh Singh formerly served as CEO of broking services at PayU-backed Fisdom, a bargain brokerage business, for more than 5 years.
He has also worked for financial services organizations such as Standard Chartered, HDFC Securities, and ICICI Bank.
Additional info:
- Paytm Services Pvt Ltd (PSPL) has named Varun Sridhar as its new CEO.
- Bhavesh Gupta, One 97 Communications Ltd’s President and Chief Operating Officer (COO), has resigned for personal reasons.
Click here to read from source
Click here to read: Current Affairs 5th & 6th May 2024
ACQUISITIONS & MERGERS
9) Carlyle Group Sells 2% Stake in Yes Bank for Rs 1,441 crore (Current Affairs 7th May 2024)
Carlyle Group Inc., through its subsidiary CA Basque Investments, sold a 2% share in Mumbai-based Yes Bank Limited for Rs 1,441 crore in an open market deal. The shares were sold in a bulk transaction on the National Stock Exchange.
Note:
Carlyle Group is an international private equity business headquartered in Washington, DC, United States of America (USA).
CA Basque Investments is a special-purpose vehicle registered in the Republic of Mauritius.
Key Points
According to the records, CA Basque Investments sold 59.40 crore shares, representing a 1.98 percent holding in Yes Bank.
The shares were sold at an average price of Rs 24.27 each.
Following the sale, the Carlyle Group’s stake in Yes Bank fell to 7.13% from 9.11%.
Additional info
- Goldman Sachs (Singapore) Private Limited-Offshore Derivative Instruments (ODI) bought more than 36.92 crore shares, gaining a 1.23% stake in Yes Bank.
- The shares were purchased at an average cost of Rs 24.26 per, bringing the total deal value to Rs 895.78 crore.
- Previously, the Carlyle Group sold a 1.3% interest to Yes Bank for around Rs 1,057 crore in February 2024.
Click here to read from source
SCIENCE & TECHNOLOGY
10) IAF Received 2nd C-295 Transport Aircraft from Airbus Defence and Space (Current Affairs 7th May 2024)
Airbus Defence and Space S.A. of Spain delivered the Indian Air Force’s (IAF) second C-295 transport aircraft. C-295 aircraft will replace Avro Hawker Siddeley HS-748 aircraft, which have been in service with the IAF since 1960.
Note: The first C-295 cargo aircraft was formally integrated into the IAF in September 2023.
About C-295:
It has a lifting capability of 9 tons and can transport up to 71 troops or paratroopers at a maximum speed of 480 kilometers per hour.
The aircraft’s back ramp door allows for fast reaction and para-dropping of personnel and cargo.
It is capable of operating from Advanced Landing Grounds (ALGs) as well as unprepared runways.
C-295 has a flying endurance of up to 11 hours and can perform multi-role missions such as disaster relief and marine patrol under any weather conditions.
It also has a radar warning receiver (RWR), a Missile Approach Warning System (MAWS), and a laser warning system.
Background:
In September 2021, the Ministry of Defence (MoD), Government of India (GoI) inked a Rs 21,935 crore agreement with Airbus Defence and Space S.A., Spain, to purchase 56 C-295 transport aircraft to replace the IAF’s Avro fleet.
The deal dictates that Airbus will produce 16 aircraft at their Seville, Spain factory. Subsequently, collaborating with Airbus Defence and Space, Tata Advanced Systems Limited (TASL), the Tata Group’s strategic arm for aerospace and defense, will manufacture the remaining 40 C-295 aircraft at their C-295 Fine Assembly Line (FAL) facility in Vadodara, Gujarat.
In September 2021, the Ministry of Defence (MoD), Government of India (GoI) inked a Rs 21,935 crore agreement with Airbus Defence and Space S.A., Spain, to purchase 56 C-295 transport aircraft to replace the IAF’s Avro fleet.
Airbus Defence and Space S.A.:
- Chief Executive Officer(CEO): Michael Schoellhorn
- Established: 2014
About Indian Air Force(IAF):
- Chief of the Air Staff(CAS): Vivek Ram Chaudhari
- Headquarters: New Delhi, Delhi
- Founded: 1932
Click here to read from source
SPORTS
11) China defeats Indonesia to win BWF Thomas and Uber Cup 2024 Finals (Current Affairs 7th May 2024)
The People’s Republic of China’s men’s team won the 33rd edition of the Badminton World Federation (BWF) Thomas Cup 2024, defeating the Indonesian men’s team 3-1.
This is China’s eleventh Thomas Cup triumph. The BWF 2024 Championship was held in Chengdu, China, from April 29th to May 5th, 2024.
China’s women’s team won the 30th edition of the Badminton World Federation (BWF) Uber Cup 2024 by defeating Indonesia 3-0.
About the Badminton World Federation (BWF):
- President – Poul-Erik Høyer Larsen
- Headquarters – Kuala Lumpur, Malaysia
- Established – 1934
Click here to read from source
IMPORTANT DAYS
12) World Laughter Day 2024 – May 5 (Current Affairs 7th May 2024)
Every year, on the first Sunday of May, the world comes together to celebrate World Laughter Day. This day aims to raise awareness about the importance of laughter. Not only is laughter a universal language that unites people across borders, but it also boasts numerous health benefits.
The Day’s goal is to promote world peace and harmony via laughing.
World Laughter Day 2024 takes place on May 5, 2024.
It took place on May 7, 2023.
We are marking World Laughter Day 2025 on May 4, 2025. Get ready to laugh out loud!
The theme for World Laughter Day 2024 is, “Laughter Unites Us All.”
Click here to read from source
13) International Day of the Midwife 2024 – May 5 (Current Affairs 7th May 2024)
Every year on May 5th, the world comes together to celebrate International Day of the Midwife (IDM). This day serves not only to recognize midwives’ vital contributions as healthcare professionals but also to acknowledge their immense impact on women’s health globally.
IDM also celebrates the role of midwives, highlighting the significance of educating, training, regulating, and licensing midwives to improve the quality of care and reduce maternal and newborn mortality.
The 2024 theme of International Day of the Midwife is, “Midwives: A Vital Climate Solution.”
Background:
- The concept for marking International Day of the Midwife originated during the 1987 ICM meeting in the Netherlands.
- International Day of the Midwife was first commemorated on May 5, 1991, and has since spread to more than 50 countries throughout the world.
About International Confederation of Midwives (ICM):
- President– Sandra Oyarzo Torres
- Headquarters– The Hague, The Netherlands
Click here to read from source
14) World Hand Hygiene Day 2024 – May 5 (Current Affairs 7th May 2024)
Every year on May 5th, the world unites to celebrate World Hand Hygiene Day. This occasion serves as a powerful reminder to actively seek out knowledge and understanding of proper hand hygiene practices. By learning when and how to clean our hands effectively, we can significantly reduce the spread of a wide range of infectious diseases.
The World Health Organization (WHO) leads the yearly commemoration of World Health Day.
The subject of WHHD 2024 is “Promoting knowledge and capacity building of health and care workers through innovative and impactful training and education, on infection prevention and control, including hand hygiene.”
WHHD 2024’s tagline is, “Why is sharing knowledge about hand hygiene still so important?” Because it helps to prevent the spread of hazardous pathogens in healthcare.
Click here to read from source
STATE NEWS
15) MHA grants NoC to Rename 8 Railway Stations in UP (Current Affairs 7th May 2024)
The Ministry of Home Affairs (MHA) has issued a No Objection Certificate (NOC) to modify the names of eight railway stations in Amethi, Uttar Pradesh. The Uttar Pradesh government suggested renaming railway stations.
The proposed name changes are as follows
- Fursatganj railway station to Tapeshwarnath Dham
- Kasimpur Halt to Jais City
- Jais to Guru Gorakhnath Dham
- Bani to Swami Paramhans
- Misrauli as Maa Kalikan Dham
- Nihalgarh to Maharaja Bijli Pasi
- Akbarganj to Maa Ahorwa Bhawani Dham
- Warisganj to Amar Shaheed Bhale Sultan
The Railway CRIS will shortly update the renamed railway stations.
Click here to read from source
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