Current Affairs | Daily GK Updates : 10th May 2019
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Current Affairs (National)
♦ TAFE, PCRA ink pact
- Tractor maker TAFE and Petroleum Conservation Research Association (PCRA), signed an MoU to jointly conduct agriculture workshops by involving TAFE’s extensive dealership network in spreading awareness and sensitising farmers on the advantages of maintenance and upkeep of their tractors, thereby helping them maximise their productivity and profitability, according to a statement.
- This joint CSR effort by TAFE and PCRA is aimed at helping the farmers to minimise costs through conservation, recycling and use of alternate energy.
♦ CBIC organises meeting of Regional Heads of Customs Administration of Asia Pacific Region of the World Customs Organisation (WCO) in Kochi
- Central Board of Indirect Taxes and Customs (CBIC) is organising a meeting of the Regional Heads of Customs Administration of Asia Pacific Region of the World Customs Organisation (WCO) in Kochi from 08th to 10th May, 2019. India is hosting this meeting in its capacity as Vice Chair of the Asia Pacific region that it assumed on 1st July, 2018 for a two-year period.
- The meeting will take stock of the progress being made in carrying forward the programmes and initiatives of WCO to promote, facilitate and secure the cross-border trade in the region and the capacity building and technical assistance required to achieve this goal.
- This meeting is being chaired by Mr. Pranab Kumar Das, Chairman, CBIC. Reflecting the importance of the meeting, Customs delegations from more than twenty countries of the Asia Pacific region are participating, along with senior officials of the WCO and its regional bodies, i.e.
- Regional Office for Capacity Building (ROCB) and Regional Intelligence Liaoning Office (RILO).
Banking and Finance
♦ Bank credit grows 13.2% in FY19
- Bank credit grew by 13.2% in financial year 2018-19 as compared to 10.3% in the previous financial year, mainly aided by loans to services and retail sector.
- Deposit growth also gained momentum, growing by 10% as compared to 6.7% a year ago.
- “We have to be a bit careful while looking at this data because a bump-up has happened in the month of March. If you see, up to February, credit growth was not that strong,” said Madan Sabnavis, chief economist, CARE Ratings.
- Banks typically tend to push for more loan disbursement and also try to get more deposits ahead of the end of a financial year to shore up their balance sheet and meet year-end targets.
♦ Mukesh Ambani’s RIL buys out British toy-maker Hamleys for £68 million
- Reliance Brands, a subsidiary of Reliance Industries Ltd. (RIL), has signed a definitive agreement with C Banner International, a Hong Kong-listed company, to acquire 100% shares of centuries-old British toy retailer Hamleys for £68 million.
- Darshan Mehta, president and CEO, Reliance Brands, said, “Over the last few years we have built a very significant and profitable business in toy retailing under th Hamleys brand in India. The 250-year old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experience in brick and motor retailing become the new global norm. The worldwide acquisition of new iconic Hamleys brand and business places Reliance in the frontline of global retail. Personally, it is a long cherished dream come true.”
♦ HCL Tech overtakes Wipro to become third-largest IT services firm in India
- HCL Technologies (HCLT) on Thursday surpassed Wipro to become the third-largest IT services firm in India in 2018-19, making the first change in the pecking order of the country’s $170-billion IT outsourcing industry in the last seven years.
- The Noida-based IT services firm announced its revenues touched $8.63 billion in the last financial year, a rise of 10 per cent over the previous financial year.
- In constant currency terms, the rise was 11.8 per cent.
- Wipro, in comparison, posted IT services revenues of $8.12 billion, up 3.8 per cent over the preceding financial year.
♦ Former SC Judge K S Radhakrishnan Appointed Member Of Commonwealth Secretariat Arbitral Tribunal, London
- K S Radhakrishnan, former Supreme Court Judge, has been appointed as a member of the Commonwealth Secretariat Arbitral Tribunal, London. He will render his services as a member of the Tribunal for a period of four years from 1st of June, 2019 to 31st of May, 2023. Justice (Retd.) K S Radhakrishnan served as the Chief Justice of the Gujarat and Jammu & Kashmir High Courts before his term in Supreme Court from 2009-2014.
♦ Indian Army to commemorate 2019 as ‘Year of next of kin’
- The Indian Army is commemorating this year as the ‘Year of Next of Kin’ and plans to reach out to the next of kin of battle casualties, ex-servicemen and serving soldiers to inform them of entitled financial benefits, welfare schemes and help resolve pension related problems.
- The issue gains importance in light of most next of kin of deceased soldiers being unaware of the financial benefits that are entitled to them. Incorrect and incomplete documentation is a common problem for most of the next of kin, which aggravates their plight.
- The army also faces a huge challenge in reaching the target population due to being spread across India, mostly in rural areas and places affected with either insurgency or having minimal army presence. The army says that the problem becomes worse due to complications arising out of different policy provisions and its varied interpretations and non-digitised personal records.
♦ Fifth United Nations Global Road Safety Week will be held from 6-12 May 2019
- Requested by the United Nations General Assembly, the Fifth United Nations Global Road Safety Week will be held from 6-12 May 2019. This Week will focus on leadership for road safety. It is widely acknowledged that stronger leadership for road safety is needed to achieve the Global Goals.
- Theme- ‘Leadership for Road Safety’
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