Current Affairs Quiz 18th and 19th May 2024 Quiz

Exp. Nayara Energy to invest ₹600 crore in two Ethanol Plants

Nayara Energy, a private downstream company, is planning to invest Rs 600 crore for setting up ethanol manufacturing plants in the country.

The move is in line with the government’s target of 20% ethanol blending for FY26.

The company plans to set up two ethanol manufacturing plants, each with a production capacity of 200 kiloliters per day (KLPD), in Andhra Pradesh and Madhya Pradesh.

The company also aims to increase the number of ethanol plants to with a combined production capacity of approximately 1,000 KLPD with a focus on value enhancement in retail operations and ensuring the reliability of the ethanol blending program in the future.  

Exp. Venezuela becomes first country to lose all Glaciers

Venezuela is the first modern country to lose all of its glaciers, which is a huge change in the environment.

New research shows that the Humboldt glacier in the Andes, which used to be very big, has shrunk to less than 2 hectares, which means it is no longer a glacier but an ice field.

The Sierra Nevada de Mérida Mountain range in Venezuela used to have six glaciers. As of 2011, five of these glaciers had melted away, leaving only the Humboldt glacier.

Professionals thought Humboldt would last for another ten years, but new tests show it has melted much more quickly than expected.

About Humboldt Glacier

• In northwest Greenland, the Humboldt Glacier is the longest and biggest tidewater glacier in the Northern Hemisphere. It is about 110 kilometres long. Within the Kane Basin, this glacier flows from the Greenland Ice Sheet.
• Satellite data shows that it has been receding a lot over the past few years, which shows that climate change is having an effect.

About Venezuela

• Capital- Caracas
• Currency- Venezuelan bolívar
• President- Nicolás Maduro
• Official language- Spanish
• Continent- South America

Exp. UN revises India’s 2024 growth forecast to 6.9%

The United Nations (UN) has revised India’s growth projections for 2024 and expects the economy to grow by 6.9% for FY24.

According to the UN’s World Economic Situation and Prospects (WESP) report, India’s economy is now forecast to grow by 6.9% in 2024. This is an increase from the earlier projection of 6.2% made in January.

The report also predicts a growth rate of 6.6% for 2025, which remains unchanged from the previous forecast.

In addition to the growth projection, the UN report mentions a slowdown in consumer price inflation from 5.6% in 2023 to 4.5% in 2024.

This expected decrease aligns with the Reserve Bank of India’s (RBI’s) target range of 2-6%.

The world economy is now forecast to grow by 2.7% in 2024 and 2.8% in 2025, reflecting better outlooks in the United States, Brazil, India, and Russia.

Updated GDP List

• UN – 6.9% (FY24), 6.6% (FY25)
• Moody’s – 6.6% (FY25)
• India Ratings – 7.1% (FY25)
• OECD – 6.6%(FY25), 6.6%(FY26)
• Fitch Rating –7% (FY25)
• SBI – 8% (FY25)
• World Bank – 6.6% (FY25), 6.5% (FY26)
• NCAER – over 7% (FY25)

Exp. Ronaldo tops Forbes’ list of highest-paid athletes again

Portugal’s Cristiano Ronaldo topped Forbes’ list of highest-paid athletes for the fourth time in his career while Spanish golfer Jon Rahm moved up to second following his sensational switch to Saudi-backed LIV Golf.

Ronaldo became the world’s highest-paid athlete after his move to Saudi Arabian side Al-Nassr and Forbes said the 39-year-old’s estimated total earnings were in the region of $260 million, an all-time high for a soccer player.

His on-field earnings amounted to $200 million while his off-field earnings were $60 million thanks to sponsorship deals where brands make use of his 629 million Instagram followers.

Third on the list is record eight-times Ballon d’Or winner Lionel Messi, who made a lucrative switch to Major League Soccer side Inter Miami, helping the Argentine World Cup winner earn $135 million. The 36-year-old has earned $65 million in on-field earnings but $70 million off it thanks to deals with major sponsors such as Adidas and Apple.

Los Angeles Lakers forward LeBron James is fourth at $128.2 million and although the 39-year-old.

Exp. IFC extends $500 million financing to HDFC Bank to ramp up microloans

International Finance Corporation (IFC) has provided $500 million loan to HDFC Bank for extending microloans to “underserved women” in rural and semi-urban India.

It would use IFC’s financing for on-lending as microloans to self-help groups (SHGs) and joint liability groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI).

IFC aims to promote greater inclusiveness of underserved women borrowers by showing the viability of scaling up microlending to this segment.

About World Bank

• Founded – 1944
• Headquarters – Washington DC
• President – Ajay Banga
• MD & CFO – Anshula Kant
• Chief Economist – Indermit Gill
• Executive Director – Rajesh Khullar
• Member Countries -189
• World Bank Group – 5 (IBRD, IDA, IFC, MIGA and ICSID)

1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

Exp. Japan’s Mizuho hires Sanjay Nayar as advisor for Mizuho Bank India

Mizuho Financial Group has hired private equity veteran Sanjay Nayar as an external senior advisor for Mizuho Bank India (Mizuho).

It is Japan’s third-largest lender with $2 trillion in assets.

Nayar, who started his career as a banker at Citibank, served as the CEO of Citigroup’s Indian and South Asian operations and was a member of Citigroup’s management committee and Asia executive operating committee.  

Exp. RBI approves appointment of Pradeep Natarajan as IDFC FIRST Bank

The Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank for three years.

IDFC FIRST Bank had reported a net profit of Rs 724 crore for the fourth quarter ended March 2024.

The bank’s gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023.

About IDFC First Bank

• Founded – October 2015
• Headquarters – Mumbai
• MD & CEO – V. Vaidyanathan

Recent Appointment in Banking & Insurance Sector

• ED of RBI – R Lakshmi Kanth Rao
• Chairman of HDFC Life – Keki Mistry
• Head of Key Relations Group in SBI General Insurance – Jaya Tripathi
• CEO of Paytm Money – Rakesh Singh
• MD & CEO of Ujjivan Small Finance Bank – Sanjeev Nautiyal (replace Ittira Davis; for 3 years) effect from 1 July 2024
• Executive Director of Ujjivan SFB – Carol Furtado (3 years)

Exp. A.Y.V. Krishna & N. Venu Gopal appointed as Additional Directors in CBI

Senior IPS officers A.Y.V. Krishna and N. Venu Gopal have been appointed as additional directors in the Central Bureau of Investigation (CBI).

Krishna, a 1995-batch Indian Police Service (IPS) officer of Assam-Meghalaya cadre, is currently working as Inspector General in the Central Reserve Police Force (CRPF).

He has been inducted as the additional director of CBI for a tenure up to August 6, 2028.

Krishna’s batchmate Venu Gopal (Himachal Pradesh cadre) is presently working as joint director in the CBI.

He has been appointed as additional director, CBI for a tenure up to May 24, 2027.

Recent Appointment in Defence Sector

• Chief of Personnel (CoP) of Indian Navy – Vice Admiral Sanjay Bhalla
• DG of National Security Guard (NSG) – Nalin Prabhat (replace Daljit Singh Chaudhary)
• Special Director in the Intelligence Bureau (IB) – Sapna Tewari
• Chief of Naval Staff – Dinesh Kumar Tripathi (replace R. Hari Kumar)
• Joint Director in CBI – Anurag Kumar
• Inspector General in SPG – Love Kumar

Exp. Nandini dairy to sponsor for Scotland for T20 World Cup

Scotland cricket team has unveiled its new ICC T20 World Cup jersey with Karnataka Milk Federation’s (KMF) Nandini logo.

The Nandini logo is featured in the leading arm of the jersey in both English and Kannada. The jersey was launched in Edinburgh by members of the playing squad.

The Nandini brand, which is a household name in Karnataka, is sponsoring Scotland and Ireland teams in the forthcoming T20 World Cup.

The tournament is set to begin from June 2 in the West Indies and the USA.

The sponsorship amount is around Rs 2.5 crore per team. Further, the KMF is also launching Nandini Splash, a whey-based energy drink in the US during the tournament.

Managing Director of KMF – M K Jagadish

Exp. World’s first 6G device launched in Japan

A Japanese consortium recently introduced the prototype of the world’s first high-speed 6G device, which is claimed to transfer data at lighting speed.

As per reports, the purported device can transmit data at a whopping 100 gigabits per second (Gbps) and can cover more than 300 feet.  The device is 20x faster than the ongoing 5G technology.

With the use of the 100 gigahertz (GHz), the prototype of 6G device can reach speeds of 100 Gbps indoors and the 300 GHz band enables the device to offer 100 gigahertz (GHz) outdoors.

In comparison, the 5G technology has a theoretical maximum speed of 10 Gbps. However, real-world speeds are much lower around 200 megabits per second (Mbps) for T-Mobile users in the US.

The reason 5G provides such low speeds is because of the higher frequency bands. While higher frequencies can mean faster speeds, they limit the distance the signal can travel and reduce its penetration strength.

Meanwhile, the 6G uses more higher frequency bands than 5G. That means it would be difficult for 6G devices to receive the necessary frequencies for faster downloads.

The company tested the speed at a distance of over 328 feet (100 meters). The 6G signals can be affected by the walls and even rain.

Exp. 18 May – International Museum Day

International Museum Day is celebrated annually on May 18.

Objective – To raise awareness about the importance of museums in cultural exchange, the enrichment of cultures, and the development of mutual understanding, cooperation, and peace among peoples.

Theme 2024 – Museums for Education and Research

Established during the ICOM General Assembly in 1977 in Moscow, Russia, International Museum Day aimed to create an annual event that would unite museums and raise global awareness about their activities.

It bore the message that museums are essential for cultural exchange, mutual understanding, peace, and cooperation among individuals.

Exp. 18 May 2024 – Armed Forces Day

Armed Forces Day is celebrated every year on the third Saturday of every May. This year celebrated on 18 May.

The best way to celebrate Armed Forces Day is by recognizing an armed forces service member and pay your respect.

On August 31, 1949, Secretary of Defense Louis Johnson announced that Armed Forces Day will be celebrated every year.

President Harry S. Truman was the first person to propose the idea of celebrating a holiday to honour the services provided by the military forces of the country.

On May 20, 1950, Armed Forces Day was celebrated for the first time with parades, air shows and open houses.

In 1962, President John F Kennedy announced Armed Forces Day as an official holiday.

Exp. 18 May – World AIDS Vaccine Day

World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on May 18.

Objective – To raise awareness about the ongoing fight against HIV/AIDS and the importance of developing a vaccine.

The day marks the anniversary of a 1997 speech by US President Bill Clinton highlighting the importance of an HIV vaccine.

What Is AIDS?

• AIDS is Acquired Immunodeficiency Syndrome, a serious condition which is caused by the Human Immunodeficiency Virus (HIV).
• This virus attacks the body’s immune system targeting CD4 cells which are crucial in fighting infections and diseases.
• AIDS is diagnosed when a person with HIV has a severely compromised immune system indicated by a low CD4 cell count. It can become life-threatening when left untreated.

Causes And Symptoms

• HIV could transmit through blood, semen, vaginal secretions, anal fluids and breast milk.
• The virus can be transmitted through unprotected sexual intercourse and sharing needles or syringes contaminated with HIV-infected blood.
• It can also be transmitted from an HIV-infected mother to a child during pregnancy, childbirth or breastfeeding.
• The symptoms include fever, joint pain, chills, muscle pain, sore throat, enlarged glands, sweating (particularly at night), red rashes on the body, and fatigue.

Exp. Padma Shri awardee Malti Joshi passed away

Noted storyteller and Padma Shri awardee Malti Joshi passed away at the age of 90 years.

Malti Joshi was known for her work in Hindi and Marathi language. She was awarded Padam Shri in 2018.

Several of Joshi’s stories were adapted for television by Doordarshan, and she made appearances in television shows such as ‘Saat Phere,’ produced by Jaya Bachchan, and ‘Kirdaar,’ produced by Gulzar.

Her stories were translated into multiple languages, including Marathi, Urdu, Bengali, Tamil, Telugu, Punjabi, Malayalam, Kannada, English, Russian, and Japanese, expanding her reach and influence across diverse audiences.