Current Affairs 23 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 23 May 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

EPFO created 11.4% more formal jobs in FY24According to the Provisional Payroll Data, released by the Employees’ Provident Fund Organisation (EPFO), Ministry of labour and employment, formal job creation under the EPFO rose by 11.4% in 2023-24 (FY24) to 15.4 million compared to 13.85 million in FY23.
Key Points:
i.Provisional payroll data for March 2024 shows 1.44 million net members were added to EPFO, down from 1.54 million in February 2024.
ii.In March 2024, 0.74 million new members joined EPFO, with 56.83% in the 18-25 age group, indicating many are first-time job seekers.
iii.About 1.18 million members exited and rejoined EPFO, choosing to transfer their accumulations instead of applying for final settlement.
iv.Gender-wise, 0.2 million new female members joined, with a net addition of 0.29 million, indicating a shift towards a more inclusive workforce.
v.Industry-wise, there is increased membership in manufacturing, marketing, IT services, restaurants, accounting, fish processing, and beedi making.
vi.Expert services (manpower suppliers, contractors, security services) accounted for around 43% of net membership additions.
Note:
EPFO is releasing payroll data since April 2018, covering the period from September 2017 onwards, including new members, exits, and re-joining members.

INTERNATIONAL AFFAIRS

WEF’s Travel & Tourism Development Index 2024: India ranked 39th; USA tops According to the World Economic Forum (WEF)’s 2nd edition of the Travel & Tourism Development Index (TTDI 2024), India is ranked 39th among 119 economies with a TTDI score of 4.25.

• The United States of America (USA) has topped the list with a TTDI score of 5.24 followed by Spain (5.18) and Japan (5.09) at 2nd and 3rd rank respectively.
• India is ranked highest in South Asia and among the lower-middle-income economies. India was ranked 54th in TTDI 2021 with a score of 4.1.

About World Economic Forum (WEF):
President – Børge Brende
Headquarters – Cologny, Switzerland
Established – 1971
>> Read Full News

Rangelands Faces Silent Demise Threatens Food Security; Losses 50% of Rangelands: UNCCD ReportAccording to United Nations Convention to Combat Desertification’s (UNCCD) report titled “Global Land Outlook Thematic Report on Rangelands and Pastoralists” up to 50% of world’s vast rangelands are degraded and is nearly double the previous estimates that ranged from 20% to 35%.

Key Points:
i.The report highlights some key symptoms  for degradation of rangelands, which contribute to droughts, precipitation fluctuations and biodiversity loss are: decrease of soil fertility and nutrients, soil erosion, increase in salinization and soil compaction which restricts plant growth, among others.
ii.The report ranked the world regions affected by rangelands degradation in descending order:

• Central Asia, China, Mongolia; North Africa and Near East; Sahel and West Africa; South America; East Africa, North America, Europe, South Africa and Australia.

About United Nations Convention to Combat Desertification (UNCCD):
Executive Secretary: Ibrahim Thiaw
Headquarters: Bonn, Germany
Established: 1994
>> Read Full News

Global Carbon Emissions Pricing Raised Record USD 104 Billion in 2023: World Bank ReportAccording to the World Bank (WB)’s 11th annual report titled “State and Trends of Carbon Pricing 2024”, total revenues from carbon taxes and Emissions Trading Systems (ETSs) in 2023 have reached a record high of USD 104 billion.

• For the first time, the carbon pricing revenues have crossed the threshold of USD 100 billion.
• The total revenue from carbon taxes and ETS in 2022 was about USD 95 billion.
• The report also noted that the Price levels continue to fall short of the ambition needed to achieve the 2015 Paris Climate Agreement goals.

Key Findings:
i.At present, there are 75 carbon pricing instruments in operation worldwide, increased by 2 instruments compared to 73 instruments mentioned by World Bank in its last year report (2023).
ii.These instruments covered around 24% of global Green House Gas(GHG) emissions.
iii.As per the report, Large Middle-Income countries including India, Brazil, Chile, Colombia and Türkiye have made positive progress towards carbon pricing implementation.
iv.At present, less than 1% of global GHG emissions are covered by direct carbon price at or above the range cover recommended by the High-Level Commission on carbon prices to limit temperature rise below 2 degree Celsius.
v.The report mentioned that traditional sectors like power and industry contributed maximum in carbon pricing.

• It considers new sectors for carbon pricing which are: aviation, shipping and waste.

vi.It suggests the governments to consider carbon pricing for sectors such as: iron and steel, aluminum, cement, fertilizers, among others.
Carbon Price:
i.In 2017, the High-Level Commission on Carbon Prices concluded that carbon prices needed to be USD 40-80/ton of carbon dioxide equivalent (tCO2e) in 2020 and reach USD 50-100/tCO2e by 2030 to be on track to limit temperature rises to well below 2 degree Celsius.
ii.In 2024, only 7 carbon pricing instruments, covering less than 1% of global GHG emissions.
iii.Adjusted for inflation, the carbon prices should now be in USD 63 to 127 per ton.
About Carbon Pricing:
It is an instrument that captures the external costs of GHG emissions. It is paid by public for damage to crops, health care costs from heat waves and droughts, and loss of property from flooding and sea-level rise and ties them to their sources through a price, usually in the form of a price on the carbon dioxide (CO2) emitted.
About World Bank:
President- Ajay Banga
Headquarters- Washington, DC, United States of America (USA)
Established- 1944

BANKING & FINANCE

SBI General Insurance Signed Bancassurance Partnership With JSFB To Increase Insurance PenetrationSBI General Insurance Company Limited, one of the India’s leading General Insurance companies, has signed a strategic Bancassurance Partnership agreement with Jana Small Finance Bank (JSFB), a leading financial institution in India, to facilitate the distribution of non-life insurance products.
Key Points
i.Under the partnership agreement, Jana Small Finance Bank customers will get access to a wide range of general insurance products from SBI General Insurance.
ii.These products will include a broad range of insurance options, such as health, personal injury, home, motor and travel insurance.
iii.In addition, it also provides commercial line insurance products such as property, marine, and engineering insurance to meet the diversified demands of businesses and enterprises.
iv.SBI General Insurance also intends to increase its market position by leveraging Jana Small Finance Bank’s extensive customer base through its branch networks across 24 states and Union Territories (UT).
What is Bancassurance?
i.Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base.
 ii.This partnership arrangement can be profitable for both companies.
About SBI General Insurance Company Limited
Managing Director and Chief Executive Officer (MD & CEO) – Kishore Kumar Poludasu
Headquarters – Mumbai, Maharashtra
Establishment – 2009
Tagline – Suraksha aur Bharosa dono
About Jana Small Finance Bank (JSFB)
Jana Small Finance Bank (JSFB) was formerly known as Janalakshmi Financial Services (JFS).
Managing Director and Chief Executive Officer (MD & CEO) – Ajay Kanwal
Headquarters – Bengaluru, Karnataka
Establishment – 2008

VST Tillers Tractors inks MoU with Axis Bank to Offer Credit Facilities to FarmersBengaluru(Karnataka) based VST Tillers Tractors Limited (VST), a farm equipment manufacturer, has signed a Memorandum of Understanding (MoU) with Axis Bank Limited to provide financial solutions for farmers purchasing tractors and farm mechanization products.
Signatories: The MoU was signed by Antony Cherukara, Chief Executive Officer(CEO) of VST Tillers Tractors Ltd and Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank.
Key Points:
i.Under the MoU, Axis Bank will offer financial solutions through its 5370 branches to VST’s prospective customers.
ii.The partnership aims to provide easy access to credit facility for adapting farm mechanization.
iii.This will also enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector.
iv.Axis Bank will offer flexible repayment options, swift sanctions, and special EMI (Equated Monthly Installments) benefits to encourage farm mechanization.
About VST Tillers Tractors Limited (VST):
CEO– Antony Cherukara
Establishment– 1967
Headquarters– Bengaluru, Karnataka
About Axis Bank Limited:
Managing Director (MD) & CEO– Amitabh Chaudhry
Headquarters– Mumbai, Maharashtra
Started Operations – 1994
Tagline– Badhti Ka Naam Zindagi

Thomas Cook India Introduced TCPay For International Money Transfers
Mumbai(Maharashtra) based Thomas Cook (India) Limited (TCIL) has introduced the ‘TCPay’, a new digital service designed to simplify the international money transfers.
i.TCPay offers 24×7 access, paperless transfers, user-friendly digital interface across Thomas Cook’s digital tools like FXNOW (B2C (business to consumer) app), Portal, and Call Center for assistance.
ii.This digital platform has also been coupled with Thomas Cook’s Video Know Your Customer (KYC) process to empower customers with paperless transfers.
iii.This will ensure smooth and seamless outward remittances for individuals and businesses.
Note: TCIL, established in 1881, is one of the leading omnichannel travel companies in India.
MD & CEO – Mahesh Iyer

ECONOMY & BUSINESS

Logistics Startup Porter’s becomes India’s 3rd Unicorn in 2024Bengaluru(Karnataka)-based logistics services platform, Porter has become 3rd Unicorn of India in 2024, with valuation of around USD 1 billion.

• Porter became unicorn after completing a fresh internal round, where individuals bought shares from the employee stock ownership plan (ESOP) pool at a valuation of USD 1 billion.

Note:
i.So far, Ola’s Artificial Intelligence (AI) startup Krutrim and Fintech-focussed Software as a Service (SaaS) firm Perfios are the other two Indian startups that emerged as Unicorn in 2024.
ii.A unicorn is a term used to describe privately owned startups or companies whose valuation is more than USD 1 billion.
Key Points:
i.Around 15-20 individuals bought shares worth Rs 25 crore in Porter during the fresh round.
ii.During the internal round, Porter doubled its valuation from the USD 500 million commanded during its 2021 fundraise.
Note: Porter, established in 2014, has raised around USD 150 million from prominent investors like, Tiger Global, Peak XV Partners, Lightrock, and the Mahindra Group.
Additional info:
i.Porter reported an operating revenue of Rs 1753.5 Crore in the financial year 2022-23 (FY23)
ii.In the January-March quarter of 2023, Porter sold shares from its ESOP pool worth Rs 7-8 crore to friends and family, at a valuation of USD 700 million.
iii.In the first quarter of 2024, Indian tech startup ecosystem received more than USD 1.6 billion in total funding.
About Porter Company:
It is one of the leading logistics companies which offer wide range of intra-city and inter-city services.
Co-Founders- Pranav Goel, Utam Digga and Vikas Choudhary
Headquarters- Bengaluru, Karnataka
Established- 2014

AWARDS & RECOGNITIONS

German Author Jenny Erpenbeck and Translator Michael Hofmann Won International Booker Prize 2024 for ‘Kairos’German author Jenny Erpenback and translator Michael Hofmann have been named the winner of the International Booker Prize 2024 for the book ‘Kairos’. The announcement was made by Eleanor Wachtel, Chair of the 2024 judges, at a ceremony sponsored by Maison Valentino at Tate Modern in London, the United Kingdom (UK).

• Jenny Erpenbeck became the 1st German writer to win the Prize, and Michael Hofmann became the 1st male translator to win since the Prize launched in its current form in 2016.
• Kairos became the 1st book translated from German to English to win the International Booker Prize.

>> Read Full News

APPOINTMENTS & RESIGNATIONS

To Lam Named as the New President of VietnamOn 22nd May 2024, the 15th National Assembly of Viet Nam has elected General To Lam as the New President of the Socialist Republic of Viet Nam for the 2021-2026 tenure.

• He has been serving as a member of Politburo and Minister of Public Security since 2016.
• He takes over from Vice President Vo Thi Anh Xua, who has been serving as the Interim President since 21st March 2024 following the resignation of President Vo Van Thuong on 20th March 2024.

Note: On 18th May 2024, The Party Central Committee agreed to recommend General To Lam, as president for the remaining term of office that expires in May 2026.
About To Lam:
i.He holds the rank of four-star General in the People’s Public Security Forces of Vietnam.
ii.He served as a member of the Central Committee of the Communist Party of Vietnam for 11th and 12th tenures and He also served as a Politburo member of the 12th tenure.
iii.He also served as the Deputy to the National Assembly of the 14th tenure.
iv.He served as the Deputy Minister of Public Security of Vietnam from 2010 to 2016 and he became Minister of Public Security in April 2016.
Other Appointments:
i.Tran Thanh Man, vice chairman of Viet Nam’s National Assembly, has been named as the Chairman of the National Assembly.
ii.He succeeded Vuong Dinh Hue, who resigned from the post on April 26 2024.
About Vietnam
Prime Minister – Pham Minh Chinh
Capital – Hanoi
Currency – Vietnamese dong

RBI Approved the Appointment of Pradeep Natarajan as Whole Time Director of IDFC First Bank
The Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as whole time Executive Director of IDFC First Bank Limited for a period of 3 years.

• The appointment will come effective after the approval of the shareholders of bank.

About Pradeep Natarajan:
i.At present, he is working as the head of retail banking at IDFC First Bank. He has been associated with the bank since 2018.
ii.Before working with IDFC Bank, he has worked in various capacities with some of the prestigious banks and financial companies such as: Standard Chartered Bank, Religare MacquarieWealth Management, Dell India, among others.
iii.He was the President of consumption finance, marketing and digital initiatives at Capital First Limited.

ACQUISITIONS & MERGERS

IDFC First Bank Gets Shareholders Approval To Merge With IDFC Limited
Shareholders and Non-Convertible Debenture (NCD) holders of IDFC First Bank Limited have approved the scheme of merger of IDFC Limited with IDFC First Bank.  
i.On May 17 2024, National Company Law Tribunal (NCLT) convened a meeting to consider and approve the composite scheme of amalgamation for IDFC FIRST Bank.

• The meeting focused on amalgamation of IDFC Financial Holding Company into and with IDFC Limited, and IDFC Limited into and with the IDFC First Bank.

ii.Under the merger scheme, IDFC shareholders will receive 155 shares for every 100 shares held in the bank. IDFC Limited and IDFC First Bank shares have a face value of Rs10 each.
iii.The scheme received a majority, with 99.99% of the NCD Holders representing more than three-fourths in value voting in favor.
Background:
i.The boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank had approved the merger in July 2023.
ii.In December 2023, Reserve Bank of India (RBI) approved the reverse  merger of IDFC Limited with its subsidiary IDFC First Bank.

SPORTS

India Finishes Third, Kazakhstan Tops the Medal Tally of the Elorda Cup Astana 2024India finishes third in the medal tally with a total of 12 medals (2 Gold , 2 Silver & 8 Bronze) in the 3rd edition Elorda Cup Astana 2024 (International Boxing Tournament) held in Astana, Kazakhstan from 12th to 19th May 2024. The two-time world champion Nikhat Zareen and Minakshi bagged gold medal.

• Kazakhstan Topped the medal tally with a total of 52 medals (14 Gold, 13 silver & 25 Bronze) and China at the second position with 7 medals (5 Gold, 1 silver & 1 Bronze) .

Key Highlights:
i.Minakshi (Women’s (W)48 kg) defeated Uzbekistan’s Rahmonova Saidahon to give India its first gold medal of the competition, while Nikhat Zareen (W 52 kg) defeated Zhazira Urakbayeva of Kazakhstan to win a gold medal.
ii.Meanwhile, Anamika (W 50kg) and Manisha (W 60kg) received silver medals after losing in the finals against China’s Wu Yu and Kazakhstan’s Viktoriya Grafeeva, respectively.
About Nikhat Zareen:
i.Nikhathas won world championship gold medals in 2022 and 2023.
ii.Besides, she has also bagged a gold medal in the Commonwealth Games 2022 in Birmingham, United Kingdom.
Results:

About Elorda Cup:
i.The Elorda Cup is an international boxing tournament organised by the Department of Physical Culture and Sports of Astana City and the Kazakhstan Boxing Federation from 12th to 19th May 2024.
ii.Countries that participated in Elorda Cup 2024 are Kazakhstan, China, India, Japan, Uzbekistan, Iran, Azerbaijan, Kyrgyzstan, and Morocco.

Magnus Carlsen Won the Casablanca Chess Tournament 2024; Anand Secured 3rd Position
Five-time World Champion & World No. 1 Chess player Magnus Carlsen won the inaugural Casablanca Chess Variant Tournament 2024 that was held on 18th-19th May, 2024 at Mahkama du Pacha in Casablanca, Morocco.

• Magnus Carlsen from Norway, finished the 4-player event with 4.5 points from 6 rounds.
• The tournament featured 4 distinguished players who represented 4 different continents i.e. Vishwanathan Anand (Asia), Bassem Amin (Africa), Hikaru Nakamura (America) and Magnus Carlsen (Europe).
• Hikaru Nakamura from United States of America (U.S.A.) secured 2nd position with 3.5 points.
• 5-time World Champion and Indian Chess Player, Vishwanathan Anand secured the 3rd position with 3 points.

IMPORTANT DAYS

International Day for Biological Diversity 2024 – May 22 The United Nations (UN) International Day for Biological Diversity(IDB) is annually observed across the globe on 22nd May to increase understanding and awareness of biodiversity issues and to promote the conservation of biological diversity.

• The theme of IDB 2024 is “Be part of the Plan”.

Background:
In 1995, the UN General Assembly (UNGA) adopted the resolution A/RES/49/119, proclaiming 29 December, as International Day for Biological Diversity.
ii.In 2001, the UNGA adopted the resolution A/RES/55/201 and proclaimed the 22nd May of every year as the International Day for Biological Diversity.
iii.The first ever International Day for Biological Diversity was observed on 22nd May 2002
Why May 22?
The date commemorates the adoption of the text of the Convention on Biological Diversity (CBD) in 1992.
About Secretariat of the Convention on Biological Diversity (SCBD):
Acting Executive Secretary– David Cooper
Headquarters– Montreal, Canada
>> Read Full News

International Day for Women in Maritime 2024- May 18The International Day for Women in Maritime (IDWIM) is annually observed across the globe on 18 May to celebrate and honour the contributions of women in the maritime industry and promote women’s recruitment, retention, and sustained employment in the sector.

• The annual event of IDWIM is initiated by the International Maritime Organization (IMO) of the United Nations (UN).
• The 2024 theme of IDWIM is, “Safe Horizons: Women Shaping the Future of Maritime Safety.”
• IMO has presented the inaugural IMO Gender Equality Award 2024 to Ms. Despina Panayiotou Theodosiou (Cyprus), during an event.

Background:
i.In 2021, the IMO Assembly at its 32nd session, adopted the resolution (A.1170(32)),  proclaiming 18 May every year as the International Day for Women in Maritime.
ii.The 1st ever International Day for Women in Maritime was observed on 18 May 2022.
About International Maritime Organization (IMO):
Secretary-General- Arsenio Dominguez Velasco (Panama)
Headquarters– London, UK
The IMO Convention entered into force in 1958. The original name was the Inter-Governmental Maritime Consultative Organization (IMCO), but the name was changed in 1982 to IMO.
>> Read Full News

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