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31st October 2022



National News
PM lays foundation stones for projects worth ₹8,000 cr in Guj's Tharad

PM Narendra Modi on Monday laid foundation stones of projects worth over ₹8,000 crore in Banaskantha's Tharad in Gujarat to strengthen the water supply in the district. These projects include the Kasara to Dantiwada pipeline from the main Narmada Canal, costing over ₹1,560 crore. The projects also included extension of Modhera-Moti Dau pipeline and lift irrigation scheme for 11 villages.
India to Contribute $500,000 For UN Trust Fund For Counter-Terrorism

India is going to contribute half a billion dollars to the United Nations' efforts to counter global terrorism at a time when new and emerging technologies used by terror groups are posing fresh threats to governments around the world, the foreign minister said. The announcement was made during the plenary session of the UN Security Council special meeting of the Counter-Terrorism Committee (CTC) in New Delhi.

Union Education Minister Inaugurates India's Second National Model Vedic School in Puri 

Union Education Minister Dharmendra Pradhan inaugurated India's second Rashtriya Adarsh Veda Vidyalaya (RAVV) in Puri. The Rashtriya Adarsh Veda Vidyalaya has been launched to spread knowledge of the Vedas among people. Rastriya Adarsh Veda Vidyalaya which is also called the National Model Vedic School. Maharishi Sandipani Rashtriya Ved Vidya Pratisthan is the first such school in Ujjain, Madhya Pradesh.  The curriculum of the Rashtriya Adarsh Veda Vidyalaya includes all four Vedas, Rigveda, Samaveda, Yajurveda, and Atharva.  Admissions will be based on merit in the 'Veda Bhusan' fourth (class 9), 'Veda Bhusan' fifth (class 10), 'Veda Vibhushan' first (Class 11), and 'Veda Vibhushan' second (class 12).  Four more such schools will come up at Badrinath in Uttrakhand, Sringeri in Karnataka, Dwarka in Gujarat, and Guwahati in Assam.


Inflation in Europe climbs to new record high of 10.7% in October

European Union's statistics agency, Eurostat, reported that annual inflation in the 19 countries that use the euro currency reached 10.7% in October amid increasing natural gas and electricity prices. This was the highest inflation rate since statistics began to be compiled for the eurozone in 1997. Eurostat figures showed prices for food, alcohol and tobacco as major contributor to inflation.
Norway raises military alert level in response to Ukraine war

Norwegian PM Jonas Gahr Store on Monday announced that his country's military would be put on a higher level of alertness from Tuesday in response to the war in Ukraine. "There are no indications that Russia is expanding its warfare to other countries, but the increased tensions make us more exposed to threats, intelligence operations and influence campaigns," Store added.

Appointment News

Jay Y Lee named as Executive Chairman of Samsung Electronic

Samsung Electronics Co. officially appointed Lee Jae-yong as its executive chairman, formalizing the all-encompassing leadership role he has long played at South Korea’s largest business.  The 54-year-old, Lee has been vice chairman of Samsung Electronics, the crown jewel of South Korea’s biggest business conglomerate, since 2012. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago after being incapacitated by a 2014 heart attack.

Important Points:

Samsung Founded: 13 January 1969;

Samsung Founder: Lee Byung-chul;

Samsung Headquarters: Suwon-si, South Korea.

Agreements News

Retail jewellery major Malabar becomes 1st Indian jeweller to import 25 kg gold from UAE 

Retail jewellery major Malabar Gold and Diamonds has become the first jeweller in India to import 25 kg gold under the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE.  The gold has been imported through ICICI Bank with one per cent duty rebate under the agreement. The group has effectively utilised the duty benefits of the agreement both in import and export for the first time in India. The Company has also been among the first few jewellers to receive permission to export jewellery to the UAE with tax concessions under this agreement in May 2022.  In May 2022, Malabar Gold and Diamonds became one of the first beneficiaries of India-UAE CEPA when it received permission to export jewellery from India to the UAE with tax concessions. Under the agreement, the UAE government has waived the five percent import duty into the UAE.


Govt approves 42 companies for telecom products under PLI scheme: Report

The Ministry of Communications has reportedly authorised 42 companies for telecom and networking products under the production-linked incentive (PLI) scheme. The companies include global firms like Samsung, Nokia, Jabil, and Flextronics and Indian firms like HFCL, ITI, and VVDN. These firms have committed a total investment of over ₹4,115 crore, which is likely to generate over 44,000 extra jobs.

SEBI bans Mehul Choksi from capital market for 10 years, imposes ₹5-crore fine

The Securities and Exchange Board of India (SEBI) on Monday barred fugitive businessman Mehul Choksi from the securities markets for 10 years. It also imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems. Choksi has been directed to pay the penalty within 45 days.

Fintech firm PayVEDA raises $11.5 mn in Series A round from SphitiCap

Noida-based fintech startup PayVEDA has raised $11.5 million in its Series A funding round from SphitiCap, an early-stage sector-agnostic fund. Founded in 2019, PayVEDA said that its potential IPO was one of the reasons to be included in SphitiCap's investment portfolio. It added that from over five crore monthly transactions, it saw a gross transaction volume of ₹7,000 crore.

Bharti Airtel's profit grows 89% in Q2 at ₹2,145.2 crore

Bharti Airtel released its second-quarter earnings, reporting an 89% growth in consolidated net profit at ₹2,145.2 crore against ₹1,134 crore reported a year back. Its total revenue grew 22% from ₹28,326.4 crore to ₹34,526.8 crore. Its India average revenue per user (ARPU) per month stood at ₹190 during the quarter, showing a 3.6% sequential growth.

L&T Construction receives orders worth ₹1,000-₹2,500 crore in Saudi Arabia

Larsen & Toubro's power transmission & distribution business has received several engineering, procurement and construction orders worth ₹1,000-₹2,500 crore in the current quarter to establish transmission lines and substations in Saudi Arabia. According to L&T's regulatory filing, the project includes over 400KM of 380kV overhead transmission lines and a new 230kV gas-insulated substation.

RBI imposes ₹5 lakh fine on LIC Housing Finance for violating norms

The Reserve Bank of India (RBI) imposed a fine of ₹5 lakh on LIC Housing Finance for not complying with provisions of the National Housing Bank. A ₹1.76 crore fine was also imposed on Vakrangee Ltd by the central bank. RBI clarified the penalties were not intended to pronounce the validity of transactions or agreements entered into with its customers.


RIL Becomes First Indian Company to Post Earnings Call On Metaverse 

Reliance Industries Limited (RIL) posted the proceedings of its Q2 FY 2022-23 earnings call on the metaverse. This is the first time in the history of corporate India that a company has used metaverse to engage with its stakeholders.  The RIL metaverse was produced in partnership with GMetri, a no-code metaverse creation platform. One doesn't need to wear an AR/VR headgear to access it. Using it, analysts across the world tracking the company can toggle with slides and graphics placed on different screens as per the multiple buckets in the presentation of the results. They can also download the RIL Q2 22-23 media release and the transcript of the media and analyst call in PDF formats.

RBI Revokes Authorisation Certificate of Chennai-Based GI Technology 

The Reserve Bank has revoked certificate of authorisation of Chennai-based GI Technology Private Limited over governance concerns in the company. The company is in business of issuance and operation of prepaid payment instruments.  Governance concerns and non-compliance with regulatory requirements" are the reasons for revocation of Certificate of Authorisation (CoA), the central bank said in a statement. Following the revocation of the CoA, GI Technology cannot transact the business of issuance and operation of prepaid payment instruments, it said.

Ranks and Reports News

BPCL recognised as country's most sustainable oil & gas company

Bharat Petroleum Corporation Limited (BPCL), 'Maharatna' and a Fortune Global 500 Company has once again achieved the No.1 rank in the Indian oil and gas sector for its sustainability performance in the 2022 edition of the S&P Dow Jones Sustainability Indices (DJSI) Corporate Sustainability Assessment (CSA) rankings.  This is the 3rd consecutive year that BPCL is at the top of the DJSI Indices in India having achieved a score of 65 percentage points, against an industry average score of 31 which is far better than last year's score of 59 against an industry average score of 39 on DJSI platform.

Important points:

Bharat Petroleum Corporation Limited Chairman: Arun Kumar Singh;

Bharat Petroleum Corporation Limited Headquarters: Mumbai;

Bharat Petroleum Corporation Limited Founded: 1952.

Sports News

India defeats Australia to win third Sultan of Johor Cup

Indian junior men’s hockey team defeated Australia to win the Sultan of Johor Cup 2022 in a shootout 5-4 after a 1-1 draw at the Taman Daya Hockey Stadium in Johor Bahru, Malaysia.  This is the third time India has won the Sultan of Johor Cup. India scored the first goal with Sudeep Chirmako’s field goal in the 14th minute. However, Australia came back in the second quarter as Jack Holland equalised with India.  The Indians have won the age group tournament twice in 2013 and 2014 and finished second best four times in 2012, 2015, 2018 and the last edition of the event in 2019. The tournament was not held in 2020 and 2021 because of the COVID-19 pandemic.

Akanksha Vyavahare creates three new national records at Khelo India weightlifting meet

Akanksha Vyavahare, who is a Maharashtra-based weightlifter has created three new national records in the 40kg weight category at the Khelo India National Ranking Women's Weightlifting Tournament. Akanksha Vyavahare was also a part of the Target Olympics Podium Scheme and created records in snatch, clean and jerk, and total.  The Khelo India program has been introduced to revive the sports culture in India at the grass-root level by building a strong framework for all sports played in India and establishing India as a great sporting nation. Prime Minister Narendra Modi inaugurated Khelo India Youth Games on 31st January 2018.

FIFA World Cup: Spain U-17 women retain title

Defending champion Spain beat Colombia 1-0 to win the 2022 U-17 Women’s World Cup at the D. Y. Patil Stadium in Navi Mumbai. Nigeria stood at the third spot.  The winner came in the 82nd minute when the ball deflected off Colombian right-back Ana Guzman and went into goal. It was the result of sustained pressure put by Spain as the game headed towards full time.

Important Days

World Cities Day is observed on 31 October

World Cities Day brings Urban October to an end on 31st October each year and was first celebrated in 2014. As with World Habitat Day, a global observance is held in a different city each year and the day focuses on a specific theme. A different city hosts the event each year. This year’s global observance is planned in Shanghai, China under the theme "Act Local to Go Global."  On December 27, 2013, the United Nations General Assembly (UNGA) established World Cities Day through a resolution. The first celebration took place on October 31, 2014. The second United Nations Conference on Human Settlements in 1976 influenced the UNGA’s decision to establish World Cities Day.

World Thrift Day observed on 31st October

World Thrift Day is celebrated every year on October 31, across the world. World Thrift Day, also often called World Savings Day. However, India does this a day earlier, marking it on October 30 every year. The day is significant as it is an occasion to generate awareness about the concept of saving money in a bank (so as to enrich the money supply in the country) instead of keeping it locked away at home.  This year, the theme of World Thrift Day is “Saving prepares you for the future", closely linked with last year’s theme that focused on the importance of savings.

Nation celebrates 113th Birth anniversary of Homi Jehangir Bhabha

113th Birth anniversary of Indian nuclear physicist Homi Jehangir Bhabha who is also known as the father of the Indian nuclear program. He was born on 30 October 1909 in Bombay, Bombay Presidency, British India (now Mumbai, Maharashtra, India).  His invaluable contributions to the field of science continue to inspire generations of young minds in the country. Homi J Bhabha was born into a prominent wealthy Parsi family. In 1942, Bhabha was awarded the Adams Prize and Padma Bhushan in 1954.  In 1951 and 1953–1956, Bhabha was also nominated for the Nobel Prize for Physics.

Rashtriya Ekta Diwas or National Unity Day 2022: All you need to know

The National Unity Day or Rashtriya Ekta Diwas is celebrated every year on October 31st to commemorate the birth anniversary of India's first Home Minister, Sardar Vallabhbhai Patel. This year will mark the 147th birth anniversary of Sardar Vallabhbhai Patel, who is also known as the Iron Man of India.  The Rashtriya Ekta Diwas or National Unity Day was introduced by the Indian government in 2014 to pay tribute to Sardar Vallabhbhai Patel on his birth anniversary for his extraordinary work in keeping India united. The first Rashtriya Ekta Diwas event was inaugurated by Prime Minister Narendra Modi who flagged of a program, 'Run for Unity' in New Delhi in 2014.

Miscellaneous News

UNESCO: Mawmluh Cave in Meghalaya first Indian Geoheritage Site

The International Union of Geological Sciences (IUGS), one of the largest scientific organisations of UNESCO, has recognised the Mawmluh Cave, located in the East Khasi Hills district of Meghalaya, as one of the first 100 IUGS geological heritage sites.  The full list will be presented at the IUGS’s 60th-anniversary event, which will take place in Zumaia, Spain. The announcement of the 100 geological heritage sites is expected to kick start an endeavour to designate geological sites from around the world that are iconic, and recognised by all geoscience communities for their impact in understanding the Earth and its history.  With a length of 7.2kms, Mawmluh Cave is the fourth longest cave in the Indian subcontinent.  The cave is a long maze with many openings and is decorated with stalactites, stalagmites, columns, drapes and moon milk.  Set at an altitude of 4503 m, the cave is known for its stalagmite formations.  Another prime feature of the cave is the pool inside the cave that is formed from five different rivers that pass through the cave.

Important Points:

International Union of Geological Sciences Founded: 1961;

International Union of Geological Sciences Motto: Earth Science for the Global Community;

International Union of Geological Sciences Parent organization: International Science Council (ISC);

International Union of Geological Sciences Headquarters: Founded in Paris, France, secretariat in Beijing, China;

International Science Council Headquarters: Paris, France;

International Science Council Founded: 4 July 2018;

International Science Council President: Peter Gluckman.  (31102022)


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