Current Affairs

17 October, 2021

International

IMF releases ‘Global Financial Stability Report 2021’ – analyses ‘Cryptoization’

The International Monetary Fund (IMF) released the ‘Global Financial Stability Report-2021’, that discusses the adaptation of cryptocurrencies in emerging markets, the report mainly discusses ‘Cryptoization’. The IMF names the potential of macro-financial risks due to asset and currency substitution as ‘cryptoization’.

Challenges in Crypto-ecosystem:

No reliable method for estimating flow of crypto assets across countries. Inefficient Payment systems & Unethical macroeconomic policies leading to Cryptoization. Risk of Investor protection for crypto-assets.

Note – India ranks 2nd in the ‘Global Crypto Adoption Index 2021’, which was topped by Vietnam
India’s daily Crypto trading volume peaks between $300 -$500 million, with establishment of over 300 new blockchain companies in 2021

About International Monetary Fund (IMF):
MD – Kristalina Georgieva
Establishment – 1944
Headquarters – Washington, D.C., USA
Member Countries – 190

GHI 2021: India Slips to 101st Rank out of 116 Countries; behind Pakistan, Bangladesh, Nepal

India ranked 101 out of 116 countries in the Global Hunger Index (GHI) 2021 with a score of 27.5. India is behind its neighbours Pakistan (92), Bangladesh (76) and Nepal (76).The GHI 2021 report was prepared jointly by Irish aid agency Concern Worldwide and German organisation WeltHungerHilfe.India ranked 94 in 2020 out of 107 countries (with a score of 27.2) and in 2019 India ranked 102 out of 117 countries.In 2021, with a GHI score of 27.5, India’s level of hunger is described as ‘serious’.

India’s GHI Scores and Change Since 2000:

2000 2006 2012 2021 % Change since 2000
38.8 37.4 28.8 27.5 29.1
The level of hunger in India was described as ‘alarming’ with its GHI score decreasing from 38.8 in 2000 to the range of 28.8 – 27.5 between 2012 and 2021.
About Welthungerhilfe:
Establishment – 1962
Headquarters – Bonn, Germany
Chair of the Board – Marlehn Thieme
Patron – Frank-Walter Steinmeier (President of Germany)

National

Govt launches India’s 1st ‘One Health’ Consortium for Surveillance of Bacterial, Viral Infections

The Department of Biotechnology (DBT) launched India’s 1st ‘One Health’ consortium to carry out surveillance of important bacterial, viral and parasitic infections of zoonotic as well as transboundary pathogens. It will consist of 27 organizations led by DBT-National Institute of Animal Biotechnology (NIAB), Hyderabad (Telangana). It was launched by Dr Renu Swarup, Secretary, Department of Biotechnology through video conferencing. It will also look into the use of existing diagnostic tests and the development of additional methodologies to understand the spread of emerging diseases.

India signs MoU with Russia for Di-ammonium Phosphate Fertilizer Supply

India signed a long term Memorandum of Understanding (MoU) with Russia for DAP (Di-Ammonium Phosphate) fertilizer supply. The reason behind this agreement is to stabilize the prices of DAP and to reduce dependence on countries like Jordan, Morocco, and China.

Only 25 CPSEs tagged as ‘excellent’ in the Performance Assessment by DPE

i.In accordance with the performance review conducted by the department of public enterprises (DPE) for 2019-2020, only 25 of the 144 Central Public Sector Enterprises (CPSEs) have been tagged as ‘excellent’.
ii.This figure is down by 10 from 35 as compared to 2018-2019 mainly due to depreciation of the rupee, stricter assessment and drop in net profits.
iii.Among other categories, 28 units are categorized as poor, 18 as very good, 66 as good; and 30 as fair.
About Department of Public Enterprises (DPE):
In July 2021, DPE became part of the Ministry of Finance. Earlier it came under the aegis of the Ministry of heavy industries.

Economy

Vested Finance Partnered with SBM Bank to Facilitate Forex Transfer

Vested Finance, a platform for investing in foreign stocks for Indians has partnered with SBM Bank, the Indian subsidiary of State Bank of Mauritius and launched a new solution named ‘Vested Direct’ for facilitating forex transfers at low costs.Using Vested Direct Investors could open a free-of-cost, no-minimum-balance savings account with SBM Bank funds.

About Vested Finance:
Headquarters – San Francisco, California, USA
CEO – Viram Shah

ADB Expanded 2019–2030 Climate Finance Ambition to $100 Billion

Asian Development Bank (ADB) increased its ambition to deliver climate financing to its Developing Member Countries (DMCs) from 2019–2030 by $20 billion to $100 billion.

Objective: To support DMCs that are facing challenges under COVID-19 and the climate crisis.

Background: In 2018, ADB committed to making its own climate financing of around $80 billion by 2030 and also to ensure at least 75 percent of the total number of its operations support climate action. The current announcement increased this financing commitment.ADB forecasts the overall climate financing from its own resources in 2019–2021 to reach about $17 billion.

About Asian Development Bank (ADB):

Establishment– 1966
Headquarters– Manila, Philippines
President – Masatsugu Asakawa
Managing Director General– Woochong Um
Members– 68 members (49 – Asia & Pacific, 19 – outside)

Sports

Indian Shooters win 43 medals at ISSF Junior World Championship

The 2021 International Shooting Sport Federation (ISSF) Junior World Championship Rifle/Pistol/Shotgun was held at Lima in Peru. The Indian shooters claimed a historic win with 43 medals to stand atop in the medal table. These included 17 Gold, 16 Silver and 10 Bronze medals. The USA finished second on the medal table with 21 medals including six gold, eight silver and six bronze.

Ireland’s Amy Hunter becomes youngest batter to hit ODI hundred

Ireland’s Amy Hunter hit 121 not out on her 16th birthday against Zimbabwe, making her the youngest batter to score an ODI century in either men’s or women’s cricket. The Belfast batter – who was playing in only her fourth ODI – broke the record previously held by India’s Mithali Raj, scorer of a century against Ireland in 1999 when she was 16 years 205 days.

Miscellaneous

Indian-American astronaut Raja Chari to command Crew-3 mission of NASA-SpaceX

An Indian-American astronaut is part of NASA-SpaceX’s third mission to the International Space Station (ISS). The mission is set to be start on October 30th from Kennedy Space Center in Florida, USA.

Bharti Group-backed OneWeb Launched 36 Satellites from Vostochny Cosmodrome, Russia

OneWeb, the Low Earth Orbit (LEO) satellite communications company owned by the UK Government and Bharti Global has launched 36 satellites by Arianespace from the Vostochny Cosmodrome, Russia. With this successful launch and contact with the 36 satellites, the total number of in-orbit constellations of OneWeb has become 358 satellites, more than half of its entire 648 LEO satellite fleet, which will deliver high-speed, low-latency global connectivity. OneWeb is now over halfway to deliver global service in 2022.

About the launch:
i.The satellites were separated from the rocket in 9 batches over a period of 3 hours 52 minutes.
ii.The signal acquisition on all 36 satellites is also confirmed.
Note:
With this launch, OneWeb will start its service demonstrations which will showcase the hardware and capabilities across an array of applications.
Demo centres:
OneWeb has opened demo centres at its headquarters in London, and at the Westcott Venture Park Innovation Centre in Buckinghamshire as well as in the United States of America (USA), in Talkeetna, Alaska, and Germantown, Maryland.
OneWeb partnership with Galaxy Broadband:
OneWeb has partnered with Galaxy Broadband, a Canadian distribution partner, to deliver OneWeb’s high-speed, low-latency communications services across Canada and the wider Arctic Region.
About OneWeb:
Chairman– Sunil Bharti Mittal
CEO– Neil Masterson
Headquarters– London, United Kingdom(UK)

Navrang Saini gets additional charge as IBBI Chairperson

The Central Government gave Navrang Saini, Whole Time Member, Insolvency and Bankruptcy Board of India (IBBI), an additional charge as the Chairperson of IBBI. He has been appointed for a period of three months or till the joining of a new incumbent to the post or until further orders, whichever is earlier He will succeed S. Sahoo who retired on September 30, 2021 after a five-year tenure on.
About IBBI:
Established in 2016, it is a key institution in implementing the Insolvency and Bankruptcy Code (IBC),
Headquarter– New Delhi

WHO’s DG Bestows “WHO Director-General’s Award” Posthumously on Henrietta Lacks in Geneva

The Director General (DG) of World Health Organization (WHO), Dr Tedros Adhanom Ghebreyesus honoured the late, Henrietta Lacks with a ‘WHO Director-General’s award’, for recognizing her world-changing legacy, who died of cervical cancer, 70 years ago, on 4 October, 1951.
About HeLa cells
i.The researchers named the tissues of Henrietta Lacks as “HeLa cells”, which became a popular word in the medical world.
ii.Her cells became the first “immortal” cell line, and have allowed for incalculable scientific breakthroughs such as the human papillomavirus (HPV) vaccine.
iii.These cancer cells taken from her body became a research substance for scientists globally, and it was after research on those sample cells that the medical world developed vaccines for dangerous diseases such as polio, cancer, drugs for HIV and COVID-19 research.
About World Health Organization (WHO)
Headquarters: Geneva, Switzerland
Founded: 7 April 1948
Director General: Tedros Adhanom Ghebreyesus

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Daily Current Affairs | 20th January 2022

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