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07th October 2022




National News

Tamil Nadu CM Stalin files nomination for DMK President post

Tamil Nadu CM MK Stalin on Friday filed his nomination papers seeking to contest the election for the post of Dravida Munnetra Kazhagam (DMK) President. Stalin visited DMK headquarters, Anna Arivalayam, to submit the nomination papers in the presence of senior leaders. The election is likely to be held on Sunday. Notably, Stalin is the current President of DMK.

PM to declare Modhera as India's 1st solar-powered village on Oct 9

PM Narendra Modi will declare Gujarat's Modhera as India's first solar-powered village on October 9. The village will be the first in India to be a net renewable energy producer. Solar rooftops installed on more than 1,300 rural houses under the 'Solarisation of Modhera Sun Temple and Town’ project are expected to bring down electricity bills by 60-100%.


India's first Green Technology incubation facility opened at NIT Srinagar

India's first Green Technology incubation facility: At the National Institute of Technology (NIT) Srinagar, a technology company incubator centred on green technology (Green Technology incubation facility) called the "Greenovator Incubation Foundation" will soon open.  The Department of Science and Technology (DST) is supporting a three-year initiative known as Inclusive TBI (i-TBI) for educational institutions, idea generators, innovators, and entrepreneurs to support innovative ideas, startup initiatives, and promote self-employment and job creation through incubation.

States News

Brig. B.D. Mishra assumes additional charge as Governor of Meghalaya

New Governor of Meghalaya: At the Raj Bhavan in Shillong, Brigadier (Dr.) B.D. Mishra (Retd. ), the governor of Arunachal Pradesh, assumed the role of governor of Meghalaya. After previous Governor Satya Pal Malik's term ended because he did not receive a term extension, he has been handed the extra responsibility. The oath was delivered by Justice Harman Singh Thangkhiew, acting chief justice of Meghalaya.  Brig. B. D. Mishra recalled that he had previously visited Shillong during the conflict of 1971, therefore this was not his first time there.  The swearing-in event included participation from Speaker Metbah Lyngdoh, Home Minister Lahkmen Rymbui, Cabinet Minister Banteidor Lyngdoh, Hamletson Dohling, and other authorities.  Brig. B. D. Mishra is a combat veteran who fought for India in three significant conflicts in 1962, 1965, and 1971. On October 3, 2017, he became the official governor of Arunachal Pradesh.

UP first all-woman PAC battalions formed by Uttar Pradesh Govt

According to Chief Minister Office officials, the Uttar Pradesh government announced the creation of the first three all-female Provincial Armed Constabulary (PAC) battalions in the state.  The objective of the action is to give women control over the state's security. Additionally, by designating women beat constables, women's aid desks were established at each of the state's 1,584 police stations.


International News

Developing economies will need to put $1 tn in renewable energy: IMF

The International Monetary Fund (IMF) on Friday said the investment needs of developing countries "solely in renewable energy could reach $1 trillion a year by 2030". The IMF said this funding would ensure the net-zero target of greenhouse gas emissions is achieved by 2050. The IMF said two-thirds of global greenhouse gases are emitted by developing economies and emerging markets.

Hong Kong to offer 5 lakh free airline tickets for tourists

Hong Kong recently said that it plans to give away 5 lakh airline tickets to global visitors in order to boost its COVID-19-hit tourism industry. This was confirmed by a spokesperson from the Airport Authority Hong Kong. "Back in 2020, Airport Authority Hong Kong purchased...[the] in advance from...home-based airlines as part of a relief package," said the spokesperson.

Global economy moving towards greater uncertainty: IMF chief

International Monetary Fund (IMF) chief Kristalina Georgieva said that the global economy is moving from a world of relative predictability to one of greater uncertainty. She warned that about one-third of the world economy will experience at least two consecutive quarters of contraction. IMF in July slashed its growth forecast for this year to 3.2% and to 2.9% for 2023.


Indian crypto exchange ZebPay seeks Singapore permit, assesses UAE

India-based cryptocurrency exchange platform ZebPay has applied for a licence in Singapore and is assessing the potential of a similar step in the UAE, outgoing CEO Avinash Shekhar told Bloomberg. "The 1% transaction tax the nation imposed on crypto this year is hurting trading volumes," he said. Shekhar added that ZebPay implemented salary cuts, including 6% drop for non-management staff.

Credit Suisse to buy back $3 billion debt to reassure investors

Credit Suisse on Friday said it will buy back up to 3 billion Swiss francs ($3 billion) of debt to reassure investors. The move trims the debt burden of the Switzerland-headquartered bank even as its shares touched a record low on October 3 to 3.52 Swiss francs ($3.7). The bank has lost about 60% of its market value this year.

Google to invest $690 million in Japan, open its 1st data centre in the country

Google is planning to invest $690 million in Japan through 2024, its CEO Sundar Pichai told Nikkei on Friday. Google will open a data centre in Chiba Prefecture near Tokyo in 2023, its first in Japan, for faster access to Google's services. Japan will be the third data centre location in Asia after Taiwan and Singapore.


Captain Ibrahim Traore chosen as President of Burkina Faso

President of Burkina Faso: Following Burkina Faso 's second coup in less than nine months, Captain Ibrahim Traore was named president, according to an official announcement.  At the weekend, newly-emerging competitor Captain Ibrahim Traore, who was heading a band of unhappy junior officers, overthrew Lieutenant-Colonel Paul-Henri Sandaogo Damiba, who had seized control in January, sending the poor Sahel nation into fresh upheaval.

Appointments News

Sibi George appointed India's next ambassador to Japan

Senior Diplomat Sibi George was appointed as the next Indian Ambassador to Japan. Sibi George is a 1993-batch Indian Foreign Service Officer. He is currently serving as the ambassador of India to Kuwait.  Sibi George will replace Sanjay Kumar Verma as the representative of India to Japan. The Ministry of External Affairs has informed us that Sibi George will take up the new assignments shorty.


India emerges as largest producer of sugar in world

India has emerged as the largest producer and consumer of sugar in the world and the second largest exporter. During the sugar season in India, over 5,000 lakh metric tons (LMT) of sugarcane was produced out of which about 3,574 LMT was crushed by Sugar Mills to produce about 349 LMT of Sugar. 35 LMT of Sugar is diverted to ethanol production and 359 LMT of sugar was produced in sugar mills.  During this season all records of sugarcane production, sugar production, sugar export, came to produce, cane dues paid and ethanol production were made.  In 2020-21, India made records with the highest exports of about 109.8 LMT with no financial assistance.  The sugar exports rom India earned foreign currency of about Rs 40,000 crore for the country.

Gautam Adani to invest ₹65,000 cr in Rajasthan, create 40,000 jobs

Adani Group Chairman Gautam Adani will invest ₹65,000 crore in Rajasthan over the next five to seven years and create more than 40,000 direct and indirect jobs. Adani said his group has already invested over ₹35,000 crore across multiple sectors in Rajasthan. Adani Group also achieved commercial operations of the world's largest wind-solar hybrid power plant in Rajasthan, he added.

Govt and LIC together to divest 60.72% stake in IDBI Bank

The Department of Investment and Public Asset Management on Friday invited expressions of interest (EoIs) from potential bidders for strategic divestment of specified government and LIC stakes in IDBI Bank along with transfer of management control. The government and LIC will together divest a 60.72% stake in the lender. Centre will divest a 30.48% stake while LIC will offload 30.24%.

Sevices Sector Growth Falls To 6 Months Low

Growth in India's services industry eased to a six-month low in September, led by a cooling in demand amid high inflation, a private survey showed. The S&P Global India services Purchasing Managers' Index fell to 54.3 in September from August's 57.2, lower than the Reuters poll expectation of 57.0.  However, the September reading stayed above the 50-mark separating growth from contraction for the fourteenth straight month - the longest stretch of expansion since October 2016.  Weak external demand weighed on sales of services sector, with international orders declining further in September, according to the survey. Service providers reported a further increase in their operating expenses during September, owing to higher energy, food, labour and material costs.  Hiring in the sector continued for the fourth month but fewer jobs were created compared to August.

RBI introduces Internal Ombudsman Mechanism for Credit Information Companies(CICs)

To enhance the effectiveness of its grievance redressal systems, the Reserve Bank of India (RBI) has urged Credit Information Companies to designate an internal ombudsman (IO) by April 1, 2023. The Central Bank made the decision in August to include CICs in the scope of the RBI-Integrated Ombudsman Scheme 2021 in order to broaden its appeal.  Only complaints that the CIC has already reviewed but rejected in whole or in part will be handled by the IO. Direct complaints from complainants or members of the public won't be handled by it, the RBI said in a circular. The RBI claimed that the action would give clients of regulated businesses a free alternative dispute resolution method for complaints regarding CICs. "Every CIC shall appoint the internal ombudsman for a fixed term of not less than three years, but not exceeding five years" the circular said.

RBI Launches DAKSH- Reserve Bank’s Advanced Supervisory Monitoring System

The Reserve Bank Governor Shaktikanta Das launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.  In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes.

Schemes News

FinMin allows airlines to avail up to Rs 1,500 crore loan under ECLGS

The Union Finance Minister allowed airlines to avail of up to Rs 1,500 crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS). The ECLGS will help them to recover their cash flow problems. Earlier, an airline could only avail of a loan of not more than Rs 400 crore under the ECLGS.  In 2020, the Centre started to provide collateral-dree and government-guaranteed loans to businesses affected by the Covid-19 pandemic.  The Finance Minister's decision will likely benefit the financially affected airlines.  It is a positive approach for the airlines to secure their working capital and funds for operation.  The Department of Financial Services has informed that it has enhanced the maximum loan amount eligibility for airlines under the ECLGS to 100 percent of their total credit outstanding.  The modification in the policy aims to give necessary collateral-free liquidity at reasonable interest rates.  Due to the Covid-19 pandemic, the Aviation sector was affected significantly.

Sports News

Rest of India beat Saurashtra by eight wickets to win Irani Trophy

The Rest of India’s side won the Irani Cup title after beating the Ranji Trophy Champion of 2019-2020 Saurashtra by eight wickets in Rajkot. Rest of India (ROI) chased down the 105-run target, with Abhimanyu Easwaran remaining undefeated on 63 runs while adding 81 runs and Kona Bharat not out at 27.  Kuldeep Sen took most of the wickets in the first innings against Saurashtra.  ROI dominated Saurashtra from the opening day when they clean-bowled the opposing team for 98.  The eight-wicket partnership of Jaydev Unadkat and Prerak Mankad, however, Kuldeep Sen changed the game in the favor of ROI.

Awards News

Peace Nobel awarded to Ales Bialiatski, 2 human rights organisations from Russia, Ukraine

The Norwegian Nobel Committee on Friday awarded the 2022 Nobel Peace Prize to human rights advocate Ales Bialiatski from Belarus, the Russian human rights organisation Memorial and the Ukrainian human rights organisation Center for Civil Liberties. "They have for many years promoted the right to criticise power and protect the fundamental rights of citizens," the Norwegian Nobel Committee said.

Who is Ales Bialiatski, this year's Nobel Peace Prize winner?

Jailed Belarusian human rights activist Ales Bialiatski is among three winners of the Nobel Peace Prize this year. The 60-year-old is the Founder of the Viasna (Spring) Human Rights Centre, set up in 1996, which supported jailed protesters and documented the use of torture by authorities against political prisoners. President Alexander Lukashenko's regime has detained him without trial since 2020.

The SASTRA Ramanujan Prize for 2022 will be awarded to Yunqing Tang

The SASTRA Ramanujan Prize for 2022 will be awarded to Yunqing Tang Assistant Professor at the University of California, Berkeley, USA. The Award is instituted by the Shanmugha Arts, Science, Technology & Research Academy (SASTRA) in 2005.  The award includes a cash prize of $10,000 and it is presented annually to individuals aged 32 and below, who made an outstanding contribution to the field of mathematics.  Ms. Yunqing Tang’s works display a remarkable combination of sophisticated techniques in which the arithmetic and geometry of modular curves and Shimura varieties play a central role.  Tang's recent woke in collaboration with Frank Calegari and Vesselin Dimitrov on the modular equation is of great significance.  Ms. Yunqing Tang is praised as one of the deepest and most creative Mathematicians of her age.  The prize will be awarded at the International Conference on Number Theory during December 20-22, 2022 at SASTRA University.



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