DAILY CURRENT AFFAIRS : May 9, 2019

Dear Aspirants,

Daily Current Affairs (May 9, 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

TAFE Signs MoU with Petroleum Conservation Research Association to Aid Efficient Energy Utilization in Agriculture:

Petroleum Conservation Research Association (PCRA), Ministry of Petroleum & Natural Gas, Government of India and World’s Third Largest Tractor manufacturer by volumes and TAFE (Tractors and Farm Equipment Limited) signed a MoU to aid conservation of resources across the country.
This collaboration between the premier government body PCRA and tractor major TAFE, was inked at New Delhi by Mr. Alok Tripathi (IAS), Executive Director – PCRA, and Mr. T R Kesavan, President and COO – Product Strategy & Corporate Relations, TAFE.
This engagement will further include joint outreach events and knowledge sharing modules for farmers curated by PCRA through TAFE’s ‘JFarm Services’ App.

158th birth anniversary of Tagore being celebrated:

The 158th birth anniversary of Rabindra Nath Tagore is being celebrated all over West Bengal.
The West Bengal Government has organised a special musical programme in Kolkata this afternoon to pay tributes to Gurudev Tagore. The day is also being observed in Santineketan.

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, Kerala.
This meeting is being chaired by Mr. Pranab Kumar Das, Chairman, CBIC.
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.

Chhattisgarh cops deploy first ever anti-Naxal women’s commando unit:

The Chhattisgarh police for the first time has inducted women commandos in the District Reserve Guard, its frontline anti-Naxal force.
The specially raised squad christened ‘Danteshwari Ladake’, or fighters of Goddess Danteshwari, was inducted in the state’s Naxal-hit Dantewada district. Comprising 30 women led by Deputy Superintendent of Police (DSP) Dineshwari Nand.

INTERNATIONAL

India re-elected as observer to Arctic Council:

At the 11th Arctic Council Ministerial Meeting at Rovaniemi with Vani Rao Ambassador, Finland. India re-elected as Observer of the Arctic Council. India committed to do more contributions in the Arctic Council (sic), M. Rajeevan, Secretary, Ministry of Earth Sciences said.
Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the United States are members of the Arctic Council. Since year 2008, India has its Arctic research station, termed as ‘Himadri’ in Svalbard, Norway.

Commerce ministry organises interaction to boost India-Africa trade ties:

A two-day interaction was organised by the Commerce Ministry and Indian High Commissions and embassies of eleven African countries to strengthen the India-Africa trade ties.
The interaction was arranged over Digital Video Conference (DVC) over two days with the Indian business community in Africa.
The ministry of commerce stated that India’s trade with Africa during 2017-18 was $ 62.69 billion, which measured at 8.15% of India’s total trade with the world.

India-US trade in goods and services registers 12.6% growth in 2018:

Bilateral trade between India and the United States in goods and services grew 12.6 per cent from USD 126 billion in 2017 to USD 142 billion in 2018.
The Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, along with the US Secretary of Commerce, Wilbur Ross, co-chaired the meeting.
Both countries have started many initiatives to boost trade and deepen economic cooperation including the private sector led US-India SME (Small and Medium-sized Enterprise) Forum.

BANKING & BUSINESS

Meeting of the 15th Finance Commission with the Reserve Bank of India:

The 15th Finance Commission headed by Chairman, Shri N.K. Singh held a detailed meeting with the Governor and Deputy Governors of RBI in Mumbai.
Key issues raised by RBI Governor, Shri Shaktikanta Das and Finance Commission Chairman, Shri N.K. Singh were discussed in detail at the meeting. These issues included the following:
The necessity of setting up State Finance Commissions for respective State Governments. 2. Public Sector Borrowing Requirements. 3. Need for Expenditure Codes, especially given that expenditure norms vary from state to state. Role of States in Growth and Inflation, for instance, role of states in Ease of doing Business.

Airtel to merge broadband satellite business with Hughes India unit:

Bharti Airtel has decided to merge its broadband satellite, or VSAT, business with that of market leader Hughes Communications India, to create a stronger no. 1 in the space, in a bid to increase scale, improve operational efficiencies and target new customers in areas such as in-flight connectivity.
After a merger, Hughes Communication will own 67% share of new entity and the remaining 33% will own by Bharti Airtel.

Standard Life sells 1.78% in HDFC Life Insurance:

Standard Life has successfully divested 1.78 per cent of its stake in HDFC Life Insurance to raise Rs 1,404 crore.
The divestment was done through Offer For Sale (OFS) route and the issue managed to sail through successfully with both Qualified Institutional Investors (QIBs) and retail investor quotas seeing full subscriptions.
The sale is being undertaken by the seller Standard Life (Mauritius Holdings) to achieve the minimum public shareholding in the company as per Securities and Exchange Board of India (SEBI) regulations.

Max Life Insurance to Mark 6th of Every Month as Protection Day:

Max Life Insurance Co Ltd has notified that it will commemorate the 6th day of each month as ‘Protection Day’. The objective of this initiative was to raise awareness on financial protection.
The decision came in line with the Company’s launch of Max Life India Protection Quotient survey conducted in collaboration with Kantar IMRB. It denoted that the extent to which the Indians feel protected from financial uncertainties is extremely low, and that level was as 35.

Discom debt to swing back to pre-UDAY level of Rs.2.6 lakh crore in FY20: CRISIL

The external debt of state-owned electricity distribution companies (discoms) is set to increase to pre-UDAY levels of Rs.2.6 lakh crore by the end of this fiscal, a note by credit ratings agency CRISIL.
CRISIL’S report is based on an analysis of discoms in 15 states that account for 85% of the aggregate losses.
After UDAY had been implemented, aggregate discom debt had fallen from Rs.2.7 lakh crore in September 2015 to Rs.1.9 lakh crore in FY16 and Rs.1.5 lakh crore in FY17. This downward trajectory is now expected to reverse, moving up to Rs.2.28 lakh crore in FY19 and Rs.2.64 lakh crore in FY20.

India has one of the world’s top 10 airports:

Rajiv Gandhi International Airport, India (HYD) has been ranked in 8th position in the Top 10 Best Airports of 2019. The list is topped by Hamad International Airport, Qatar (DOH).
And in the top 10 best airlines of 2019 is topped by Qatar Airways (84% on-time performance).
The New Jersey hub ranked as the worst US airport in the 2019 annual ratings from AirHelp, an organization that specializes in air traveler rights and seeks compensation in cases of delays or cancellations.

APPOINTMENTS

India’s Jagjit Pavadia re-elected to International Narcotics Control Board:

India’s Jagjit Pavadia was re-elected to the International Narcotics Control Board (INCB) for another term.
She posted the highest number of votes at 44. Ms Pavadia has been a member of the INCB since 2015 and her current term is set to expire in 2020.

Visa appoints Sujatha V Kumar as Head of Marketing for India and South Asia:

Visa announced the appointment of Sujatha V Kumar as Head of Marketing for India and South Asia.
She will be driving overall marketing strategy and execution including consumer, retail and digital marketing initiatives for India and the emerging markets of Sri Lanka, Bangladesh, Nepal and the Maldives.

Bajaj Auto ED Rakesh Sharma elected as IMMA Vice-President:

Bajaj Auto Executive Director Rakesh Sharma has been elected as Vice-President of Geneva-based International Motorcycle Manufacturers Association (IMMA) during the annual general meeting of IMMA at Yogyakarta, Indonesia.

AWARDS & HONOURS

Two Indians among 115 UN personnel staff honoured for sacrifice in line of duty:

Indian police officer Jitender Kumar deployed to the UN mission in Congo and a consultant Shikha Garg with the UN development programme, killed in the Ethiopian Airlines plane crash, are among 115 UN peacekeepers and staff honoured by the global organisation for their sacrifice. They lost their lives in the service of peace between January 2018 and March 2019.

IMPORTANT EVENTS OF THE DAY

Victory Day on Soviet Union: May 9th

Victory Day is a holiday that commemorates the surrender of Nazi Germany in 1945. It was first inaugurated in the republics of the Soviet Union, following the signing of the German Instrument of Surrender late in the evening on 8 May 1945. So, it was observed on May 9th every year.

OBITUARY

Renowned economist Baidyanath Mishra dies:

Renowned economist Baidyanath Mishra died of old-age related problems at his residence in Bhubaneswar, Odisha. He was 99. Mishra was the chairman of State Planning Board from 1985 to 1990.

Dr NR Madhava Menon, father of modern legal education in India, passes away:

Professor Dr. NR Madhava Menon, a towering personality in modern Indian legal education, passed away at a private hospital in Thiruvananthapuram. He was 84. He is also called as Father of Modern Legal Education in India.

Renowned Bengali TV and film actor Mrinal Mukherjee no more:

Veteran film and TV actor Mrinal Mukherjee died at a city hospital, family sources. He was 74. Mukherjee, who was suffering from cancer besides liver problems.