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Daily Current Affairs 13th June 2024 Daily GK Update
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National News
CCI approves acquisition of certain equity stake of TVS Certified Private Limited by Mitsubishi Corporation
- The Competition Commission of India (CCI) has approved Mitsubishi Corporation’s acquisition of a certain equity stake of TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited.
- The Proposed Combination relates to Mitsubishi Corporation (Acquirer) acquiring an equity stake in TVS Certified Private Limited (Target 1) and TVS Vehicle Mobility Solution Private Limited (Target 2).
- The Acquirer is a global integrated business enterprise that develops and operates businesses with offices and subsidiaries in 90 countries and regions and around 1,700 group companies around the world and operate across industries including natural gas, industrial materials, petroleum & chemicals, mineral resources and industrial infrastructure.
Wipro launches Lab45 AI platform to boost efficiency across biz functions
- Wipro has launched its Lab45 artificial intelligence (AI) platform, which leverages generative AI (GenAI), machine learning (ML), and deep learning technologies to help companies increase efficiencies, transform business functions, and enable industry-specific solutions.
- Lab45 is Wipro’s innovation lab, and the Lab45 AI platform is available to all Wipro employees and clients.
- The Lab45 AI platform runs on a software-as-a-service (SaaS) model and supports various state-of-the-art large language models (LLMs) from leading providers as well as custom deep-learning and other models.
- The platform allows for seamless integration of language and visual processing for generating images from text prompts, as well as the ability to index, parse, and summarise content.
TCS ranks 46, Infosys at 74 in Kantar’s most valuable brand report
- IT bellwether Tata Consultancy Services (TCS) is the most valuable Indian brand, ranked 46th globally, followed by Infosys at number 74, according to Kantar BrandZ Most Valuable Global Brands report.
- TCS’ brand value grew by 7% in a year to $44.79 billion, the report said.
- The brand value of Infosys, which found itself among the 100 most valuable brands in the world for the third consecutive year, is pegged at $24.68 billion.
- TCS is ranked 16th in the top 20 business technology and services platforms, and Infosys at 20th.
- Kantar BrandZ recognition is a strong validation of the client trust that Infosys has earned, and the relevance of its capabilities – especially in domains like enterprise AI where emerging technologies like generative AI and foundational technologies like cloud continue to evolve by the day.
Industrial production declines to a three-month low of 5% in April
- The Index of Industrial Production (IIP) in India slowed to 5 per cent in April, a three-month low, as against 5.4 per cent in March, according to Ministry of Statistics and Programme Implementation (MoSPI).
- The IIP growth rate was recorded at 4.6 per cent in April 2023.
- The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.
- As per the data, the growth rates of the three sectors in April 2024, Mining, Manufacturing and Electricity stood ate 6.7 percent, 3.9 percent and 10.2 percent year-on-year respectively.
- The core sector makes up 40.27% of the Index of Industrial Production (IIP), making it a lead indicator of industrial activity.
Previous Months data for IIP
- November 2023 – 2.5%
- December 2023 – 4.4%
- January 2024 – 4.2%
- February 2024 – 5.6%
- March 2024 – 5.4%
Retail inflation eases to 12-month low of 4.75% in May
- India’s retail inflation eased to the lowest in a year at 4.75 percent in May 2024, data released by the statistics and programme implementation ministry.
- The Consumer Price Index (CPI) inflation in April was at 4.83 percent.
- The headline rate for last month is the lowest after May 2023 when it came in at 4.31 percent and has now been under the 5 percent-mark for three consecutive months starting March 2024.
- Core inflation, which excludes volatile components such as food and fuel, is now at an all-time low of 2.97 percent, reflecting some demand imbalances and gaps in the economy.
Previous Months CPI-based Retail inflation
- December 2023 – 5.69%
- January 2024 – 5.10%
- February 2024 – 5.09%
- March 2024 –4.85%
- April 2024 – 4.83%
International News
TCS ranks 46, Infosys at 74 in Kantar’s most valuable brand report
- Kantar has released its ‘BrandZ 2024 most valuable global brands’ report. The report included a list of the top 100 brands in the world based on their overall brand valuation.
- A total of four Indian brands made the list in 2024 with a cumulative brand value of over $130 billion.
- Tata Consultancy Services (TCS) came in as the 46th most valuable global brand in 2024 at a valuation of $44 billion (approx). HDFC Bank came in at 47th with a brand value of around $43 billion.
- Airtel came in as the 73rd most valuable brand at a $25 billion (approx) valuation. Following Airtel was Infosys in the 74th spot with a brand value of around $24 billion.
- Apple this year, reached new heights. The giant’s brand value increased 15 percent, securing its position for the third consecutive as the world’s most valuable brand.
- Furthermore, the report showed that Apple became the first brand in history to surpass $1 trillion in total brand valuation.
- Digital brands too saw great year-on-year growth for 2024. Instagram, Facebook, Google Cloud and Uber particularly performed well. NVIDIA, a new entrant in Kantar’s global top 10 for 2024. Additionally, NVIDIA is also 2024’s top riser, as per Kantar, with 178 percent YoY brand value growth.
- Kantar’s 2024 top 100 saw nine newcomers, including Lululemon at 92 and ADP, which is also 2024’s highest ranked newcomer at 44. Four brands returned to the top 100 list after hiatus – Dell Technologies, Aldi, Pinduoduo and HSBC.
- The report showed that 2024 marked the first time that the top 10 is worth as much in brand value as the other 90 top ranked brands combined. Apple, Google, Microsoft, Amazon and McDonald’s ranked as the top, holding onto their previous positions. Oracle made it debut in the top 10 coming in at the 9th position and Facebook made a return, coming in at the 8th position.
Global Gender Gap Index 2024: India at 129th; topped by Iceland
- India slipped two places on the World Economic Forum’s Global Gender Gap index to 129th place as Iceland retained its top position in the rankings.
- In South Asia, India was ranked fifth after Bangladesh, Nepal, Sri Lanka and Bhutan while Pakistan was ranked last.
- In the world, Sudan was ranked last on the index of 146 countries while Pakistan fell three places to 145th.
- India was among the economies with the lowest levels of economic parity, with Bangladesh, Sudan, Iran, Pakistan, and Morocco as all of them registered less than 30 per cent gender parity in estimated earned income.
- India showed the best gender parity in terms of enrolment in secondary education and ranked 65th globally on political empowerment of women.
- Iceland was followed by Finland, Norway, New Zealand and Sweden in the top five. The U.K. was ranked 14th, while the USA was at 43rd place.
Recent index
- WEF’s Travel & Tourism Development Index 2024 – India at 39th; topped by USA
- World Press Freedom Index 2024 – Norway (1st), Denmark (2nd), Sweeden (3rd), India (159th); Syria (179th), Eritrea (180th)
- World Cybercrime Index: India at 10th; topped by Russia followed by Ukraine
- Henley Passport Index 2024 – India at 85th; topped by Germany, Italy, Japan, Singapore, and Spain, France
- Corruption perception index 2023 – India ranked 93rd; topped by Denmark
Banking and Financial
HDFC Bank raises FD rates by 20 basis points
- The largest private sector lender HDFC Bank has hiked retail fixed deposit rates by upto 20 bps across various buckets with effect from June 10.
- The move comes even if the Reserve Bank of India decided to keep the policy repo rate unchanged in the June review of monetary policy.
- The highest interest rate offered by HDFC Bank is for the 18 months to less than 21 months category where the rate is 7.25 per cent.
- The bank offers 7.10 per cent for 15 to 18 months category. In the one year to 15 months bucket, HDFC Bank will offer 6.60 per cent. Senior citizens will get 50 bps more than the rate offered to others.
About HDFC Bank
- Founded – August 1994
- Founder – Hasmukhbhai Parekh
- Headquarters – Mumbai, Maharashtra
- MD & CEO – Sashidhar Jagdishan
- Chairman – Atanu Chakraborty
- Tagline – We understand your world
Bank of India takes 6% stake in CCIL IFSC
- The Bank of India has acquired a 125 per cent stake in the incorporated Clearing Corporation of India Ltd. (IFSC) listed in the GIFT SEZ in Gujarat.
- The acquisition of a 6.125 per cent stake in CCIL IFSC for ₹6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider.
- Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City. The entity will act as a clearing house and system operator at GIFT City.
FIU imposes over Rs 1.66 crore fine on Axis Bank for failing to detect fraud NSG account
- The Financial Intelligence Unit (FIU) has fined Axis Bank over Rs 1.66 crore for failure to detect and report suspicious transactions involving a fraudulent account created in the name of the NSG counter-terrorist force.
- The agency’s order under the PMLA found Axis Bank employees complicit in a large-scale fraud.
- The federal agency has issued an order on June 3 under Section 13 of the Prevention of Money Laundering Act (PMLA) that empowers its Director to impose a monetary penalty on a reporting entity (like Axis Bank) if the agency finds that its designated director on the board or any of its employees failed to comply with the obligations mandated under the said law.
About Financial Intelligence Unit (FIU)
- The FIU, under the Union Finance Ministry, is an agency entrusted with implementing certain sections of the anti-money laundering law like the Enforcement Directorate (ED).
- It (FIU) conducts examination of steps taken to check money laundering and other financial frauds, by banks and other financial institutions designated as ‘reporting entities’ under the PMLA, in the financial channels of the country.
Appointment
TDP Chief Chandrababu Naidu takes oath as Andhra Pradesh CM
- The Telugu Desam Party (TDP) National president N. Chandrababu Naidu was sworn in as Chief Minister of Andhra Pradesh for the second consecutive term.
- Governor S. Abdul Nazeer administered the oath of office to Mr. Naidu at Kesarapalle close to Gannavaram near Vijayawada.
- This is the fourth time that Naidu will be serving as Chief Minister in his more than four decades of political career. He served as Chief Minister of combined Andhra Pradesh twice, and this is the second time in Residual Andhra Pradesh.
- Except for 11 Assembly seats won by the ruling YSR Congress Party (YSRCP), the NDA bagged the remaining seats out of the total 1 75 Assembly constituencies in the State.
About Andhra Pradesh
- Capital – Amaravati
- Chief Minister – N Chandrababu Naidu
- Governor – Abdul Nazeer
- Legislative Assembly Seat – 175
2025 to be International Year of Quantum Science and Technology: UN
- The United Nations General Assembly has declared 2025 the International Year of Quantum Science and Technology.
- The 193-member United Nations General Assembly passed a resolution to this effect on 7 June 2024. Earlier, the United Nations had declared 2025 as the International Year of Cooperatives, International Year of Peace and Trust and International Year of Glacier Preservation.
- The United Nations wants to increase public awareness about the importance of quantum science, encourage young people to study it and bolster support for using it to address current challenges.
- 2024 is being observed as the International Year of Camelids. (Bactrian camels, Dromedary camels, Llamas, Alpacas, Guanaco, and Vicuana are considered camelid animals.)
Pema Khandu become Arunachal CM for third straight term
- Pema Khandu has become the chief minister of Arunachal Pradesh for the third term in a row.
- He became CM for the first time in 2016.
- The BJP returned to power in Arunachal Pradesh for the third time in a row, winning 46 seats in the 60-member assembly.
About Arunachal Pradesh
- Capital – Itanagar
- Chief Minister – Pema Khandu
- Governor – LG (Retd) Kaiwalya Trivikram Parnaik
- Legislative Assembly Seat – 60
Sports
World Athletics signs 5-year broadcasting services deal with Tata Communications
- World Athletics has signed five-year global broadcasting deal with Tata Communications, making the Indian telecom major a key partner for marquee events starting with the Tokyo World Championships.
- The agreement aims to enhance innovation and audience engagement.
- Tata Communications will be the host broadcaster for World Athletics Series events, delivering immersive coverage and custom live content across continents.
Important day
13 June – International Albinism Awareness Day
- International Albinism Awareness Day is observed on 13 June every year.
- Objective – To raise awareness about albinism, a rare, genetically inherited condition that causes a lack of pigmentation in the skin, resulting in uncharacteristically light hair, skin, and eyes.
- Theme 2024 – 10 years of IAAD: A decade of collective progress.
- Albinism is a significant public health concern, affecting an estimated one in every 20,000 people worldwide.
- In some countries, the majority of people with albinism succumb to skin cancer between the ages of 30 and 40. Regular health checks, sunscreen, sunglasses, and sun-protective clothing can easily prevent this cancer. However, in many low-income countries, these facilities may not be available.
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