Current Affairs 8th May 2024
Welcome to your one-stop shop for staying informed on today’s news! This blog post dives into the key happenings for Current Affairs 8th May 2024. From global health awareness days to national celebrations, we’ll cover the important stories you need to know. So, buckle up and get ready to explore the day’s current events!
INTERNATIONAL AFFAIRS
1) Nepal set to Introduce new Rs 100 Note Featuring Disputed Territories
The Nepalese government plans to release a new Rs 100 currency note displaying a map of the contested border areas of Lipulekh, Limpiyadhura, and Kalapani in Uttarakhand’s crucial northwest trijunction with India, Nepal, and China.
- During a meeting on April 25th and May 2nd, 2024, the Nepal Cabinet agreed re-designing the Rs 100 banknote and replacing the existing map displayed in the backdrop.
- Nepal revised its political map in 2020 by modifying its Constitution to include three strategically vital areas: Lipulekh, Kalapani, and Limpiyadhura.
India described this as a “unilateral act” and “untenable” the “artificial enlargement” of Nepal’s territorial claims, and Nepal contends that these lands were illegitimately taken by India during the 1962 border conflict with China.
Nepal shares a border of more than 1,850 kilometers with five Indian states: Sikkim, West Bengal, Bihar, Uttar Pradesh, and Uttarakhand.
Background:
- Nepal has asserted its claim under the Sugauli Treaty of 1816. The treaty states that the regions east of the Kali (Mahakali) river, including Limpiyadhura, Kalapani, and Lipulekh, belong to Nepal.
- The East India Company and Nepal’s Guru Gajraj Mishra signed the Treaty ending the Anglo-Nepalese War of 1814-16.
However, India claims that the Sugauli Treaty was nullified by the 1950 Treaty of Peace and Friendship between India and Nepal.
Click here to read from source
BANKING & FINANCE
2) ADB & Citi Signed MRPA to Support SME & Boost Trade Through Supply Chain Financing
The Asian Development Bank (ADB) and Citigroup Inc. (Citi), an American multinational investment bank, have signed a Master Risk Participation Agreement (MRPA) to improve access to supply chain financing for small and medium-sized enterprises (SMEs) and support over USD 100 million in additional annual trade across Asia-Pacific.
The MRPA inked between ADB’s Trade and Supply Chain financing Program (TSCFP) and Citibank North America will allow SMEs in Asia to access Citi’s supply chain financing solutions through ADB’s TSCFP.
Key Points:
- TSCFP, which is guaranteed by ADB’s AAA credit rating, offers loans and guarantees to over 200 partner banks, stimulating trade and encouraging growth, and has supported over USD 57 billion in trade since 2009.
- The ADB-Citi cooperation integrates Citi’s network with ADB’s footprint in Asia-Pacific, hence increasing development effect in trade and supply chain finance.
Since 2009, ADB and Citi have enabled USD 6.2 billion in trade, improving SMEs’ access to credit and increasing regional resilience.
What is MRPA?
It is a legal agreement between a lender and a participant that establishes their duties and obligations. In this arrangement, the lender sells a share of the loan to the participant, who profits from the lending structure. This permits institutions to transfer risk while maintaining relationships to the business firms involved.
About Asian Development Bank (ADB):
- President– Masatsugu Asakawa
- Headquarters– Mandaluyong City, Metro Manila, Philippines
- Establishment– 1966
- Members – 68 members (49 from the region)
About Citi Group (Citi):
- Chief Executive Officer(CEO)– Jane Fraser
- Headquarters– New York, The United States of America(USA)
Click here to read from source
3) India and Ghana Agrees to Operationalise UPI on GHIPSS in 6 months
India and Ghana have agreed to operationalize the National Payments Corporation of India (NPCI)’s Unified Payment Interface (UPI) on Ghana Interbank Payment and Settlement Systems (GHIPSS) within six months.
The integration of India and Ghana’s payment systems enables consumers in both countries to move funds instantly and at a reasonable cost.
This was considered at the fourth session of the India-Ghana Joint Trade Committee (JTC), which took place in Accra, Ghana, from May 2nd to 3rd, 2024.
Points to note:
The integration of Indian and Ghanaian instant payment systems will be the next step in India’s extension of UPI operations, which are also accessible in France, the United Arab Emirates (UAE), Sri Lanka, and Mauritius.
India and Ghana have also explored the possibility of signing a memorandum of understanding (MoU) on Digital Transformation Solutions, establishing a Local Currency Settlement System (LCSS), and taking use of the African Continental Free Trade Agreement’s potential.
LCCS would enable cross-border transactions between India and Ghana in their respective native currencies, decreasing dependency on third-party currencies such as the US dollar.
About 4th India-Ghana JTC:
The fourth India-Ghana JTC was co-chaired by Michael Okyere-Baafi, Deputy Minister for Trade and Industry, Republic of Ghana, and Shri Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, India.
A seven-member team from India, led by Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India (GoI), was joined by a business delegation led by the Confederation of Indian Industry.
The Indian delegation included members from the Geological Survey of India (GSI), the Export-Import Bank of India (EXIM Bank), and the Indian Pharmacopoeia Commission.
Note that India is Ghana’s third-largest investor.Bilateral trade between India and Ghana was USD 2.87 billion in 2022-23.
About Ghana
- President – Nana Akufo-Addo
- Capital – Accra
- Currency – Ghanaian Cedi (GHS)
Click here to read from source
4) Mirae AMF Launched Nifty Mid Small-Cap 400 Momentum Quality 100 ETF
On May 6, 2024, Mirae Asset Mutual Fund (AMF) launched Mirae Asset Nifty MidSmallCap400 Momentum Quality 100 Exchange Traded Fund (ETF), India’s first mutual fund scheme comprising 50 Mid-Cap and 50 Small-Cap companies.
The scheme’s New Fund Offer (NFO) will be available for subscription between May 6th and May 17th, 2024.
The program will reopen for continuous sale and buyback on May 23, 2024.
About the Mirae Asset Nifty MidSmallCap400 Momentum Quality 100 ETF:
Type: An open-ended strategy that replicates and tracks the Nifty Midsmallcap400 Momentum Quality 100 Total Return Index (TRI).
Benchmark index: Nifty Midsmallcap400 Momentum Quality 100 Total Return Index.
Investment Goal: To provide returns before expenditures that are consistent with the performance of the Nifty Mid Small-Cap 400 Momentum Quality 100 TRI, subject to tracking error.
The minimum investment is Rs 5000, followed by multiples of Rs 1 thereafter.
Fund Managers: Ekta Gala from ICICI Prudential Asset Management Company, and Vishal Singh from National Stock Exchange (NSE) Indices Limited.
They will administer the scheme and invest 95-100% in securities and 0-5% in money market/debt securities, instruments, and/or debt/liquid domestic mutual fund schemes.
There will be no exit load imposed on redemptions made by major investors directly with the fund house. It will also be applicable to investors who have made trades on the exchange.
The scheme does not provide any investing plans or options. The scheme’s creation unit size would be two lakh units.
About Mirae Asset Investment Managers India Private Limited:
- Chief Executive Officer(CEO)- Swarup AnandMohanty
- Headquarters– Mumbai, Maharashtra
Click here to read from source
5) Infibeam’s CCAvenue Partners with Shivalik SFB to Boost Merchant Access
CCAvenue, a flagship payment brand of Gandhinagar (Gujarat)-based fintech startup Infibeam Avenues Ltd (IAL), is poised to collaborate with Shivalik Small Finance Bank (SFB) to empower merchants by providing them with access to Shivalik SFB’s large customer base.
Infibeam’s strategic relationship merges Shivalik SFB’s Internet banking service with CCAvenue’s payment platform.
Shivalik SFB account customers may make frictionless payments on CCAvenue-powered websites, which improves their online purchasing experience.
Note:
- CCAvenue was the first payment gateway player in India to process Central Bank Digital Currency (CBDC) or Digital Rupee transactions for online retail retailers.
- Shivalik, created in 1998, was the first SFB in India to shift from an urban cooperative bank.
Click here to read from source
ECONOMY & BUSINESS
6) Ind-Ra Raises India’s GDP Growth Forecast for FY25 to 7.1% from 6.5%
On May 6, 2024, The India Ratings and Research (Ind-Ra) Private Limited, a fully owned subsidiary of the Fitch Group, increased India’s GDP growth prediction for fiscal year 2024-2025 (FY25) to 7.1% from 6.5%.
The latest prognosis marginally exceeds the Reserve Bank of India’s (RBI) 7.0% expectation.
Ind-Ra forecasts better growth than the RBI for the first and fourth quarters of FY25, but lower growth for the second and third quarters.
Factors :
The increase in GDP forecast is led by various factors like:
Government capital expenditure (capex)
Corporate and banking sector balance sheets
New private corporate capital expenditure cycle.
Key Points
As a result of global headwinds, the Indian economy is facing issues such as uneven consumption demand and exports.
Ind-Ra anticipates private final consumption expenditure (PFCE) to increase by 7.0% year on year in FY25, reaching a three-year high.
Capital spending continues to sustain investment demand, with Gross Fixed Capital Formation (GFCF) expected to grow 8.5% year on year in FY25.
It anticipates goods and services exports to rise by 6.6% year on year and imports to grow by 8.8% year on year in FY25, compared to 1.5% and 10.9%, respectively, in FY24.
The services, industrial, and agricultural sectors are predicted to increase at 7.8%, 7.0%, and 3.6%, respectively.
It forecasts average retail and wholesale inflation of 4.6% and 2.9%, respectively, in FY25.
Ind-Ra expects the Indian rupee to average 85.10/USD in FY25, representing a 2.8% devaluation that includes possible risks from global commodity pricing and supply chain disruptions.
Click here to read from source
7) TSSEZL & Hygenco Signed MoU to Set up Green Ammonia & Green Hydrogen Project in Odisha (Current Affairs 8th May 2024)
Tata Steel Special Economic Zone Limited (TSSEZL) and HHP Five Private Limited (Hygenco) have signed a Memorandum of Understanding (MoU) to build a green hydrogen and ammonia project at TSSEZL’s Gopalpur Industrial Park (GIP) in Ganjam, Odisha.
According to the MoU, Hygenco would purchase land in Ganjam district to develop its green hydrogen, green ammonia, and derivatives facility.
Hygenco plans to generate 1 million tonnes of green hydrogen per year (MTPA) in stages, with the first phase set to begin in December 2026.
The green ammonia generated would be exported through the existing Gopalpur port facility, while the utility corridor construction is intended to improve logistics and pipeline connections for the project.
This transaction is part of Hygenco’s creation of a local market for clean fuel, in which the company will invest USD 2.5 billion over three years.
Click here to read from source
APPOINTMENTS & RESIGNATIONS
8) UNICEF India appoints Kareena Kapoor Khan as its National Ambassador; Appoints its first-4 Youth Advocates (Current Affairs 8th May 2024)
On May 4, 2024, UNICEF (United Nations Children’s Fund) India appointed Bollywood actress Kareena Kapoor Khan as its National Celebrity Ambassador. In this capacity, she will campaign for children’s rights to early development, health, education, and gender equality.
UNICEF India has also announced Gauranshi Sharma, Nahid, Vinisha, and Kartik as new youth activists for children’s rights.
About UNICEF (United Nations Children’s Fund) India:
- UNICEF Representative to India– Cynthia McCaffrey
- Headquarters– New Delhi, Delhi
Click here to read from source
Click here to read: Current Affairs 7th April 2024
SCIENCE & TECHNOLOGY
9) ISRO Successfully Conducted 1st Ignition Test on Semi-Cryogenic PITA at Mahendragiri (Current Affairs 8th May 2024)
On May 2, 2024, the Indian Space Research Organisation (ISRO) successfully completed the first ignition test on the Semi Cryogenic Pre-Burner Ignition Test Article (PITA) at the Semi Cryo Integrated Engine Test Facility (SIET) at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu (TN).
Its successful ignition represents a significant milestone in ISRO’s semi-cryogenic propulsion system research.
Background:
ISRO is developing a 2,000 kN (kilonewton) thrust semi-cryogenic engine that uses a LOX (Liquid Oxygen)Kerosene propellant mixture to improve the payload capabilities of the Launch Vehicle Mark 3 (LVM3) rocket and future launch vehicles such as the Next Generation Launch Vehicle (NGLV).
- The PITA, or the whole engine power head system minus the turbopumps, was developed as part of the engine development.
- The Liquid Propulsion Systems Centre (LPSC) leads the development of semi-cryogenic propulsion systems, with assistance from other ISRO launch vehicle centres.
- The propulsion modules are assembled and tested at the IPRC at Mahendragiri.
About Test:
- A Start Fuel Ampule produced by the Vikram Sarabhai Space Centre (VSSC) is used to ignite the semi-cryogenic engine. It contains a mixture of Triethyle Alumnide and Triethyle Boron.
- It is being employed for the first time in ISRO’s 2000 kN semi-cryogenic engine.
- To characterize the injector, Elemental Level Ignition Tests were performed at VSSC’s Propulsion Research Laboratory Division (PRLD) facility.
Additional info:
- The engine powerhead test piece and completely integrated engine will then undergo development testing.
- A semi-cryo stage capable of loading 120 tons of propellant is also being developed.
About LVM3:
- LVM3, also known as the Geosynchronous Satellite Launch Vehicle Mark 3 (GSLV Mk III), is a three-stage launch vehicle designed by ISRO with a lift-off mass of 640 tonnes.
- It can launch 4000 kg spacecraft to Geosynchronous Transfer Orbit (GTO) at a reasonable cost.
- Its strong cryogenic stage allows it to deposit big payloads in Low Earth Orbit (LEO) at 600 km height.
About Indian Space Research Organisation (ISRO):
- Chairman– Sreedhara Panicker Somanath
- Headquarters– Bengaluru, Karnataka
- Established in 1969
Click here to read from source
10) Indian Army & IAF to Jointly Deploy MQ-9B Predator Drones at Gorakhpur & Sarsawa Air Bases in UP (Current Affairs 8th May 2024)
The Indian Air Force (IAF) and the Indian Army intend to jointly deploy MQ-9B Predator drones manufactured in the United States (USA) at air bases in Gorakhpur and Sarsawa, Uttar Pradesh (UP), to improve surveillance capabilities along the Line of Actual Control (LAC) with China from Ladakh to Arunachal Pradesh.
About MQ-9B Predator drone:
- The i.MQ-9B, produced by General Atomics Aeronautical in the United States, comes in two variants: Sky Guardian and Sea Guardian.
- It is a Remotely Piloted Aircraft System (RPAS) designed for offensive missions, reconnaissance, surveillance, and intelligence gathering.
Tri-Services Deal with the U.S.:
- The drone agreement, estimated at over USD 4 billion, is being handled at the tri-service level, with the Indian Navy leading negotiations with the American side.
- The Indian Navy is acquiring 31 MQ-9B drones, 15 of which will be used to cover the marine zone.
- The IAF and Army will each get iii.8 drones to cover vital areas of interest along the LAC, with backup from current capabilities.
- The contract includes the transfer of technology for some equipment to Indian firms.
Deployment Strategy and Capabilities:
- MQ-9B drones require a large runway length for takeoff and landing, which is provided from the IAF.
- These fighter-sized drones can fly for more than 36 hours, reach heights of over 40,000 feet, and carry Hellfire air-to-ground missiles and smart bombs.
- These drones have been extensively used to monitor anti-piracy activities.
Surveillance Range - They operate from Naval Headquarters (NHQ) and provide clear insight into activities up to 3,000 kilometres from Indian coasts.
Click here to read from source
SPORTS
11) Lando Norris marks his first victory in F1 career after winning Miami Grand Prix 2024 (Current Affairs 8th May 2024)
McLaren’s Lando Norris won his maiden Formula One race by defeating world champion Max Verstappen in the Miami Grand Prix (GP) 2024, which took place on May 5, 2024 at the Miami International Autodrome track in Miami, United States.
This was a long-awaited victory for the champion, who had been on the podium 15 times without winning and placed second eight times in 110 grand prix (as of May 5, 2024).
Key Highlights:
- Red Bull’s Max Verstappen finished second in the race, followed by Ferrari’s Charles Leclerc in third.
- Norris is the first driver since Carlos Sainz Jr. to defeat Verstappen in the 2024 season (Australian Grand Prix).
About Lando Norris:
- Lando Norris, representing the United Kingdom, is currently competing in Formula One for McLaren.
- He was named as a McLaren driver in 2018 and made his Formula One debut in 2019.
- He won his first Formula One race, the Miami Grand Prix in 2024, and finished third in the 2020 Austrian Grand Prix.
Results:
|
Position |
Rider | Team |
|
1 |
Lando Norris (United Kingdom) | McLaren |
| 2 | Max Verstappen (Netherlands) |
Red Bull |
| 3 | Charles Leclerc (Monaco) |
Ferrari |
About Miami Grand Prix 2024:
The 2024 Miami Grand Prix (formally known as Formula 1 Crypto.com Miami Grand Prix) is a Formula One motor race that will take place on May 5, 2024, at the Miami International Autodrome in Miami Gardens, Florida.
- This was the sixth round of the 2024 Formula One World Championship.
- The Formula 1 Crypto.com Miami Grand Prix was staged for the first time in the 2022 season.
Click here to read from source
OBITUARY
12) Frank A. Shrontz, chairman emeritus & Former CEO of Boeing Co. Passed Away (Current Affairs 8th May 2024)
Frank Anderson Shrontz, the Chairman Emeritus of The Boeing Company, a worldwide aircraft company headquartered in the United States of America (USA), died at the age of 92. He was born in 1931 and reared in Boise, Idaho, United States.
From 1986 to 1996, Frank Shrontz was Boeing Co.’s CEO. In January 1988, he was also appointed as chairman of the board. On February 1, 1997, he retired and became Chairman Emeritus of the Boeing Company.
He also co-owns the Seattle Mariners, a Major League Baseball franchise.
Shrontz received the Oxford Cup, Beta Theta Pi’s highest award for professional excellence, in 1999.
Click here to read from source
IMPORTANT DAYS
13) World Portuguese Language Day 2024 – May 5 (Current Affairs 8th May 2024)
World Portuguese Language Day is held yearly on May 5th across the world to increase awareness of the Portuguese language, one of the most widely spoken languages in the Indo-European family, as well as its significance in and contribution to the preservation and diffusion of human civilization.
Background:
On July 20, 2009, the Council of Ministers of the Community of Portuguese-Speaking Countries (CPLP – Comunidade dos Países de Língua Portuguesa) approved a resolution designating May 5th as the annual Day of the Portuguese Language and Culture.
In 2019, the 40th session of UNESCO’s General Conference declared May 5th each year as “World Portuguese Language Day”.
UNESCO marked the first World Portuguese Language Day on May 5, 2020.
About United Nations Educational, Scientific and Cultural Organisation (UNESCO):
- Director-General– Audrey Azoulay
- Headquarters– Paris, France
UNESCO’s Constitution was ratified in London (United Kingdom) in 1945 and went into effect in 1946.
Click here to read from source
14) African World Heritage Day 2024 – May 5 (Current Affairs 8th May 2024)
On May 5th, people around the world mark African World History Day (AWHD) to celebrate African culture and history. This day aims to raise awareness of the importance of preserving and promoting African heritage, while also highlighting the challenges faced by the African continent.
Coincidentally, the ninth edition of African World Heritage Day will also be observed on this date in 2024.
- The topic of AWHD 2024 is “Safeguarding Africa’s Heritage through Education”.
- The United Nations Educational, Scientific, and Cultural Organization (UNESCO) coordinates AWHD in partnership with the African World Heritage Fund (AWHF) and other organizations.
Background:
- During the 38th Session of the General Conference of UNESCO, held from November 3rd to 19th, 2015, UNESCO adopted a resolution designating May 5th of each year as African World Heritage Day.
- The first African World Heritage Day was commemorated on May 5, 2016.
Click here to read from source
15) International No Diet Day 2024 – May 6 (Current Affairs 8th May 2024)
On May 6th, the world celebrates International No Diet Day (INDD) by actively promoting body positivity, self-acceptance, and the acceptance of all body shapes and sizes. Simultaneously, INDD raises awareness about the hazards of severe dieting.
International No Diet Day’s emblem is a light blue ribbon.
The topic of INDD 2024 is “Embrace Yourself: Reject Diet Culture, Love You”.
Background:
- Mary Evans Young, a British feminist and Diet Breakers director, founded International No Diet Day in 1992.
- The inaugural No Diet Day took place on May 5, 1992, at Hyde Park, London, United Kingdom (UK).
- In order to avoid clashes with Cinco de Mayo festivities, authorities subsequently decided to reschedule the date to May 6, 1993.
Click here to read from source
16) World Cartoonist Day 2024 – May 5 (Current Affairs 8th May 2024)
Every year, on May 5th, we celebrate and honor cartoonists throughout the world, recognizing their contributions to society through World Cartoonist Day.
The Day also attempts to promote and support the cartoon industry while acknowledging cartoons’ tremendous effect on culture, comedy, and social criticism.
History:
- Richard Felton Outcault (1863-1928), an American comic strip creator, developed the first commercially successful newspaper comic strip, Hogan’s Alley.
- It starred Mickey Dugan, also known as the Yellow Kid, which Outcault illustrated for the New York World from May 5, 1895 to October 4, 1896.
- The Yellow Kid, a bald, snaggle-toothed youngster wearing an enormous yellow nightshirt, was an Irish slum hooligan.
Background:
The National Cartoonist Society (NCS) launched World Cartoonist Day in 1990 to raise awareness of cartooning’s importance in society.
Formation of the NCS:
- In 1943, cartoonists Gus Edson, Otto Soglow, Clarence D. Russell, and Bob Dunn entertained troops in hospitals with miniature comic exhibitions.
- Encouraged by the favorable reception of their performances, the group subsequently broadened their efforts to include military facilities.
In 1946, a group of professional cartoonists convened in the Berkshire Hotel’s Barbary Room in midtown Manhattan, New York (United States of America (USA)) to form NCS (then named “The Cartoonists Society”).
About National Cartoonist Society (NCS):
- President– Karen Evans
- Headquarters– Florida, USA
Click here to read from source
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