DAILY CURRENT AFFAIRS : May 7, 2019

Dear Aspirants,

Daily Current Affairs (May 7, 2019) like many other sections is inevitable and this also helps to score in the Banking awareness, Static GK and Financial Awareness sections. Remember, Banking Awareness and Static Awareness Questions are asked from the General Awareness section. This will also help you to ride your preparations for the forthcoming exams.

NATIONAL

In a First, Gujarat Passes Landmark Bill to Let Shops & Malls Remain Open 24×7:

State Government of Gujarat put into effect the legislation that proposed to amend the ‘Gujarat Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2019’ which came into force from May 1, 2019. The bill allows shops across the state to function 24 hours.
The Act replaced the Gujarat Shops and Establishments Act, 1948 which prevented shops and other businesses from operating between 12 to 6 a.m.

IBSA Sherpas meet 2019 concluded in Cochin:

The IBSA (India, Brazil & South Africa) Sherpas’ Meeting, following the 9th IBSA Trilateral Ministerial Meeting, was held in Cochin from May 3-5, 2019.
Secretary (Economic Relations) in Ministry of External Affairs, Shri T.S. Tirumurti led the Indian delegation. Prof. Anil Sooklal, Sherpa of the Republic of South Africa, and Amb. Norberto Moretti, Sherpa of the Federative Republic of Brazil led respective delegations at the Meeting.

Commerce ministry recommends anti-dumping duty of $1,633 per tonne on Indonesian sweetener:

The Commerce Ministry has recommended an anti-dumping duty of USD 1,633.17 per tonne on Saccharin, a kind of sweetener, from Indonesia to guard domestic manufacturers from cheap imports from the Southeast Asian country.
The ministry’s investigation arm – Directorate General of Trade Remedies (DGTR) has conducted the probe of alleged dumping of this product following a complaint from Swati Petro Products Ltd.

Indian Navy decommissions frontline missile destroyer INS Ranjit:

Indian Navy’s frontline missile destroyer INS Ranjit was decommissioned at Naval Dock in Visakhapatnam on May 6. The mighty destroyer served Indian Navy for 36 years. It was decommissioned at a solemn ceremony. INS Ranjit was third of five Rajput-class destroyers made by erstwhile USSR.

Indian Navy’s submarine ‘Vela’ of Project 75 launched:

The Indian Navy has launched the Scorpene-class submarine Vela, the fourth of six underwater warships being built in India with French collaboration, with an aim to boost Indian capability to defend and secure the strategic sea lanes.
This is under Project 75 built by Mazagon Dock Ltd, Mumbai. The Scorpene-class submarine has been termed as the Kalavari Class.

INTERNATIONAL

G7 environment ministers meet to discuss climate crisis:

The G7’s (Group of Seven) Environment Ministers from Britain, Canada, France, Germany, Italy, Japan and the United States gathered for a 2-day meeting in Metz, France to discuss on steps required to handle deforestation, plastic pollution, depletion of coral reefs and ways to build pacts between the countries in order to achieve the target.

Nepali Girl Dances For 126 Hours Straight To Set New World Record:

A Nepali teenager Bandana danced continuously for 126 hours to set a Guinness World Records on ‘Longest Dancing Marathon by an Individual’, a feat previously holds by an Indian.
Bandana surpassed the record set by Kalamandalam Hemalatha, an Indian, who danced for 123 hours and 15 minutes in 2011.

BANKING & BUSINESS

RBI raises cap on home loans by SFBs, RRBs:

The Reserve Bank of India (RBI) has increased the eligibility cap on home loans extended by regional rural banks and small finance banks to Rs.35 lakh in metropolitan areas and Rs.25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centres and other centres does not exceed Rs.45 lakh and Rs.30 lakh.
In addition, the existing family income limit of Rs.2 lakh per annum to be eligible for loans for housing projects exclusively for construction of houses for Economically Weaker Sections (EWS) and Low Income Groups (LIG), is revised to Rs.3 lakh per annum for EWS and Rs.6 lakh per annum for LIG, in alignment with the income criteria specified under the Pradhan Mantri Awas Yojana.

Income tax e-filers drop by over 6.6 lakh in FY19:

In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation.
According to statistics put out on Income Tax Department’s e-filing website, income tax e-filings in FY 2018-19 was Rs.6.68 crore, down from Rs.6.74 crore in the previous fiscal. E-filers in FY 2016-17 were Rs.5.28 crore.

SBI Card raised Rs. 700 crore from banks and financial institutions to grow above industry average:

SBI Card raised Rs.700 crore from several financial institutions including its parent State Bank of India (SBI) in the second half of FY19 as it aims to grow above the industry average.

SBI Cards and Payment Services Pvt. Ltd (SBI Card) raised Rs.100 crore from ICICI Securities Primary Dealership Ltd, Rs.250 crore from State Bank of India and Rs.50 crore each from Canara Bank and Axis Bank by issuing NCDs (Non-Convertible Debentures) at 9.15% coupon.

Yes Bank slips three spots to 10th on most valuable lender rankings:

Private lender YES Bank Ltd has slipped three notches to 10th spot, in terms of market valuation, for the first time, as its shares slumped over 30% in the last four sessions after the bank reported a surprise net loss in its March quarter earnings.
YES Bank is now the 10th most valued bank from seventh earlier, slipping below market valuation of state-run lenders – Bank of Baroda and Punjab National Bank.
HDFC Bank Ltd is the most valued Indian bank with a market cap of Rs.6.34 trillion, followed by State Bank of India and Kotak Mahindra Bank with market cap of Rs.2.76 trillion and 2.68 trillion, respectively.

Microsoft Unveils Its Own Blockchain-Based Service:

Microsoft has unveiled fully-managed Azure Blockchain Service that would simplify the formation, management and governance so that businesses can focus on workflow logic and application development. Instead of supporting cryptocurrency transactions, Azure Blockchain Service will let businesses develop their applications on its Cloud-based platform.
Microsoft has also announced a partnership with J.P. Morgan to make “Quorum” (an enterprise-focused version of open-sourced platform Ethereum) the first ledger available in Azure Blockchain Service.

RANKINGS/REPORTS BY VARIOUS ORGANISATIONS

FAME-II plan stands to reduce 64% energy needs and 37% carbon needs by 2030: CII Report

The government’s FAME-II plan for electric mobility stands to reduce 64% of the anticipated road-based energy demand by 2030 and 37% of carbon emissions by then, according to CII.
The government had earlier this year notified the second phase of its scheme for the Faster Adoption and Manufacture of (hybrid and) Electric Vehicles in India (FAME India) which sought to boost the adoption of electric and hybrid vehicles in the country. The tentative aim is to have 30% electric vehicles by 2030.

APPOINTMENTS

Panama election: Cortizo wins unexpectedly close race

Centre-left candidate Laurentino Cortizo has been declared the winner of Panama’s 6th presidential election. Cortizo (with 33% of the votes) closest rival was Romulo Roux (with 31% votes). Romulo was from the former President Ricardo Martinelli’s right wing Democratic Change Party.

Stevo Pendarovski wins North Macedonia’s presidential election:

Stevo Pendarovski, supported by the ruling Social Democrats (SDSM), has won the North Macedonian presidency in a run-off vote.

AWARDS & HONOURS

Israel honours 1971 war hero Lt Gen JFR Jacob with a plaque on Ammunition Hill Wall of Honour:

Israel honoured Lt. Gen. (retd) Jack Farj Rafael (JFR) Jacob, who negotiated the historic surrender of Pakistani troops in Dhaka after the 1971 Bangladesh’s liberation war, with a plaque on the Wall of Honour at the Ammunition Hill, Jerusalem.

Indian-origin journalist conferred with V K Krishna Menon award:

G D ‘Robert’ Govender, an Indian-origin journalist in South Africa, has been honoured in the UK with 2019 V K Krishna Menon award for his outstanding contribution as a pioneer of decolonised journalism.

Trump awards highest US civilian honour to Tiger Woods:

US President Donald Trump bestowed Tiger Woods with the Presidential Medal of Freedom, the nation’s highest civilian honour, describing the golfer as “one of the greatest athletes in the history of sports.”

Order of St George Award presented to Sri Sri Ravi Shankar:

Sri Sri Ravi Shankar, the founder of the Art of Living, was presented with this year’s ‘Order of St. George’ Award instituted as part of the annual festival at the Puthuppally St. George Orthodox Church or Puthupally Pally.

SPORTS

Saurav Ghosal, Joshna Chinappa crowned Asian Squash Championship 2019:

Saurav Ghosal (men’s title) and Joshna Chinappa (women’s title) rewrote India’s squash history when the duo emerged champions in the Asian Individual Squash Championship in Kuala Lumpur, Malaysia.

Shooting: Anmol-Esha pair wins bronze

Anmol Jain and Esha Singh won the mixed air pistol team bronze medal in the Grand Prix of Liberation International Shooting Competition in Czech Republic.

OBITUARY

Veteran CPI leader and former MP Duti Krushna Panda died at 97

Duti Krushna Panda (97), the veteran CPI leader and former Lok Sabha member, has passed away in Bhubaneswar, Odisha.
Panda was state secretary and president of CPI and AITUC, respectively. He was also the president of Ganjam district sugar growers’ association.

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