19th-20th May, 2024

1. Disaster management platform launched in Assam
2. Pakistan conducted a successful launch of the indigenously developed “Fatah-II”
3. France declares a state of emergency in New Caledonia
4. Indian Computer Scientist, Prafulla Dhariwal led the OpenAI’s project to develop GPT-4o
5. HDFC Bank raises $500 million from IFC for on lending to women borrowers
6. ChatGPT-4o Integrates with Google Drive
7. Govt cuts windfall tax on petroleum crude
8. More Ultra-Rich Are Worth Over $100 Billion Than Ever Before: Bloomberg Billionaires Index
9. UN ups India’s CY24 growth forecast
10. Astronomers spot a giant planet that is as light as cotton candy
11. Researchers have discovered an extinct branch of Nile River – the Ahramat Branch
12. May 17: The International Day Against Homophobia, Transphobia, and Biphobia (IDAHOBIT)
13. 18 May: International Museum Day
14. May 18: World AIDS Vaccine Day
15. May 18: 50 years since India’s first nuclear test
16. Australia and Uzbekistan awarded 2026 and 2029 hosting rights to AFC Women’s Asian Cup
17. Puma signs multi-year deal with AFI to become kit sponsor of Indian athletics
18. Thailand Open 2024 badminton: Chirag Shetty-Satwiksairaj Rankireddy won the title
19. IndiaFirst Life Insurance Appointment of Rushabh Gandhi as its New MD and CEO
20. Sanjiv Puri assumes Presidency of CII for 2024-25
21. Narayanan Vaghul, architect and Bhisma Pitamah of modern banking in India passed away
22. ‘Ice cream man of India’ Raghunandan Kamath passed away

State News

1. Disaster management platform launched in Assam
   • What: Assam recently launched the Disaster Reporting and Information Management System (DRIMS).
   • Why: This digital platform facilitates online reporting of damage incurred during various disasters.
   • Tell me moire:
     • Developed by: Assam government in collaboration with UNICEF
     • It also tracks damage to crops and loss of livestock, expediting post-disaster restoration efforts.
       Source: Economic Times

International News

1. Pakistan conducted a successful launch of the indigenously developed “Fatah-II”
   • What: Pakistan recently conducted a successful training launch of the Fatah-II guided multi-launch rocket system.
   • Tell me more:
     • This system has a range of up to 400 kilometers and is designed for high-precision engagement of targets.
     • The Fatah-II rocket system enhances Pakistan’s capability to conduct deep strike missions with surgical precision, making it a valuable addition to their conventional strike package
     • Pakistan successfully conducted a flight test of indigenously developed Fatah-I, guided MLRS in 2021. Fatah has a maximum range of 140 Km.
       Source: Economic Times

2. France declares a state of emergency in New Caledonia
   • What: France’s government has declared a state of emergency in it’s semi-autonomous territory, New Caledonia.
   • Why: Recently the Protests erupted over a proposed amendment to the French Constitution that would affect voting rules in New Caledonia.
     • The new voting rules in New Caledonia allow French citizens who have lived in the territory for at least 10 years to participate in provincial elections. This change has been highly controversial.
     • The unrest resulted in four deaths, hundreds of injuries, and damage to property.
     • In response, France declared a state of emergency and deployed troops to restore order.

3. Indian Computer Scientist, Prafulla Dhariwal led the OpenAI’s project to develop GPT-4o
   • What: Indian prodigy Prafulla Dhariwal, an Indian computer scientist, played a crucial role in the successful launch of OpenAI’s latest flagship AI model, GPT-4o.
   • GPT-4o is OpenAI’s first natively fully multimodal AI, combining text and images, and represents a significant advancement in generative models.
     Source: MoneyControl

Banking and Economy

1. HDFC Bank raises $500 million from IFC for on lending to women borrowers
   • What: HDFC Bank secured USD 500 million from the International Finance Corporation (IFC) to support underserved women borrowers in rural and semi-urban areas.
   • Why: This funding aims to empower women by promoting financial inclusion, income generation, and socio-economic growth.
   • Tell me more:
     • The funds will be used to provide microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) under HDFC’s Sustainable Livelihoods Initiative (SLI).
       • SLI is HDFC Bank’s business line for microfinance lending to women.
         Source: HDFC Bank

2. ChatGPT-4o Integrates with Google Drive
   • What: OpenAI’s ChatGPT-4o has integrated with both Google Drive and Microsoft OneDrive.
   • Why: To enhance document editing and analysis capabilities.
   • Tell me more:
     • ChatGPT-4o can now directly analyze and edit various file types from Google Drive and OneDrive, including Excel, Word, PowerPoint, Sheets, and Docs.
     • Users no longer need to manually download files from their cloud storage before using them in ChatGPT.
       Source: Times Now
3. Govt cuts windfall tax on petroleum crude
   • What: India has cut the windfall tax on petroleum crude to Rs 5,700 ($68.34) per metric tonne from Rs 8,400 with effect from May 16.
   • The windfall tax rates are reviewed every two weeks based on the average oil prices over the previous 2 weeks.
   • The tax is levied in the form of Special Additional Excise Duty (SAED).
   • The SAED on the export of diesel, petrol, and jet fuel (ATF) remains at zero.
     Source: Business Standard

Report and Indices

1. More Ultra-Rich Are Worth Over $100 Billion Than Ever Before: Bloomberg Billionaires Index
   • What: According to the Bloomberg Billionaires Index, the world’s super-rich club now has 15 members. This the highest number ever recorded
     • Super rich are those people whose net worth is more than US$100 Billion.
   • Tell me more:
     • Their combined net worth has surged 13% this year, reaching a staggering $2.2 trillion.
     • Notably, this group holds nearly a quarter of the wealth of the world’s 500 richest people.
     • Bettencourt Meyers became the first super rich woman, after shares of the luxury cosmetics brand (L’oreal) increased. She was placed 14th on the index.

Source: Bloomberg

GDP Forecasts

1. UN ups India’s CY24 growth forecast
   • What: The United Nations (UN) has revised upwards India’s growth forecast for 2024 by 70 basis points to 6.9 per cent, from 6.2 per cent estimated in January this year.
   • Why: The growth has been mainly driven by strong public investment and resilient private consumption.
   • Tell me more:
     • For CY2025, the growth forecast is unchanged at 6.6 per cent.
     • Global growth for 2024: Increased to 2.7 per cent from 2.4 per cent projected earlier
       and revised the 2025 numbers by 10 basis points to 2.8 per cent from 2.7 percent.
       • The upward revisions reflect improved prospects in the US and several large developing economies, notably India and Brazil.
         Source: FirstPost

Science and Technology

1. Astronomers spot a giant planet that is as light as cotton candy
   • What: Researchers have discovered a “super fluffy” exoplanet named as “WASP-193b”.
   • Why the planet is so much light”: The size of exoplanet is 50% larger than Jupiter and its weighs only 1/10th of Jupiter. Therefore, it has cotton candy-like density.
     • An exoplanet is any planet beyond our solar system
   • Discovered by: Astronauts of MIT university
   • The exoplanet was found beyond solar system i.e. 1200 light years away from Earth.
   • Now, WASP-193b is the 2nd lightest exoplanet after the “Kepler-51d”, a Neptune like density.
     Source: MIT
2. Researchers have discovered an extinct branch of Nile River – the Ahramat Branch
   • What: Scientists have recently found evidence of a long-buried branch of the Nile River named the Ahramat Branch, that once flowed alongside the pyramids in Egypt.
   • This discovery could potentially solve the mystery of how the ancient Egyptians transported the massive stone blocks to build these iconic monuments.

Source: CNN

Important Days

1. May 17: The International Day Against Homophobia, Transphobia, and Biphobia (IDAHOBIT)
   • What: The International Day Against Homophobia, Transphobia, and Biphobia (IDAHOBIT) is annually observed across the globe on 17 May
   • Why: To commemorate the day on which the World Health Organization (WHO) decided to declassify homosexuality as a mental disorder.
   • The theme of IDAHOBIT 2024 is “No One Left Behind: equality, freedom and justice for all”
     Source: UN

2. 18 May: International Museum Day
   • What: International Museum Day (IMD) is annually observed across the globe on 18 May.
   • The 2024 theme of IMD is, “Museums for Education and Research.
   • Organized by: International Council of Museums (ICOM):
     Source: ICOM

3. May 18: World AIDS Vaccine Day
   • What: World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day (HVAD), is annually observed across the globe on 18th May.
     Source: CNBC TV18

4. May 18: 50 years since India’s first nuclear test
   • What: On May 18, 1974, India conducted its landmark first nuclear tests in Pokhran, Rajasthan, as part of the ‘Smiling Buddha’ operation.
   • The code name “Smiling Buddha” was chosen because the test occurred on the same day as Buddha Jayanti, the birth date of Gautam Buddha.
     Source: Indian Express

Sports

1. Australia and Uzbekistan awarded 2026 and 2029 hosting rights to AFC Women’s Asian Cup
   • What: Australia and Uzbekistan have been confirmed as the hosts of the 2026 and 2029 editions of the Asian Football Confederation (AFC) Women’s Asian Cup, respectively.
   • Tell me more:
     • The recommendation of AFC Women’s Football Committee was ratified during the 3rd AFC Executive Committee meeting held in Bangkok, Thailand.
     • The meeting was held on the eve of the 34th AFC Congress.
     • Australia, the co-host of FIFA (Fédération Internationale De Football Association) Women’s World Cup 2023, is set to host the AFC Women’s Asian Cup for a 2nd time. Australia has previously hosted the AFC Women’s Asian Cup in 2006.
     • Uzbekistan will become the first Central Asian nation to organize the AFC Women’s Asian Cup. Uzbekistan was the host country of the AFC Under 20(U20) Women’s Asian Cup 2024, held in March 2024.
       Source: AFC
2. Puma signs multi-year deal with AFI to become kit sponsor of Indian athletics
   • What: PUMA India has become the official kit sponsor of the Athletics Federation of India (AFI)
   • Tell me more:
     • As part of this partnership, PUMA will exclusively supply high-quality performance kits to every athlete under AFI, representing India in track & field events at both domestic and international tournaments.
     • Notably, this is the first time Indian athletes will have access to world-class speed suits that PUMA supplies globally to other athletes.
     • PUMA will provide kits to 400 athletes under this partnership.
     • Note: Kitting under this partnership does not include Olympics, Asian Games and Commonwealth Games.
       Source: FirstPost
3. Thailand Open 2024 badminton: Chirag Shetty-Satwiksairaj Rankireddy won the title
   • What: Satwiksairaj Rankireddy and Chirag Shetty clinched the Thailand Open 2024 badminton men’s doubles title with a win over the People’s Republic of China’s Chen Bo Yang and Liu Yi in the final.
     • Satwik and Chirag had previously won their first Thailand Open crown in 2019
   • Tell me more:
     • Venue: Nimibutr Stadium in Bangkok, Thailand.
     • Tournament was a part of: BWF World Tour Super 500 series.
       Source: Olympics

Appointment

1. IndiaFirst Life Insurance Appointment of Rushabh Gandhi as its New MD and CEO
   • What: The Board of IndiaFirst Life Insurance Company Limited has approved the appointment of Rushabh Gandhi as its new Managing Director (MD) and Chief Executive Officer (CEO) for a period of 5 years, with effect from (w.e.f) 1st July, 2024 or the date of regulatory approvals, whichever is earlier.
   • The appointment will come effective only after the final approval of Insurance Regulatory and Development Authority of India (IRDAI).
   • Tell me more:
     • At present, Rushabh Gandhi is serving as the Deputy CEO of IndiaFirst Life Insurance.
     • He will succeed R.M. Vishakha who is currently serving as MD and CEO of the company. Her term will expire on 30th June 2024.
       Source: Business Standard
2. Sanjiv Puri assumes Presidency of CII for 2024-25
   • What: Sanjiv Puri, the Chairman and Managing Director of ITC Limited, has been appointed as the President of the Confederation of Indian Industry (CII) for the term 2024-25.
     • He succeeds R Dinesh, the Chairman of TVS Supply Chain Solutions.
   • Tell me more (Other appointments)
     • President-Designate of CII: Rajiv Memani for the 2024-25 term.
       • The President Designate is the individual who will assume the role of President in the subsequent term.
     • Vice President: R Mukundan
     • Director General: Mr. Chandrajit Banerjee
       Source: CII

Miscellaneous

1. Narayanan Vaghul, architect and Bhisma Pitamah of modern banking in India passed away
   • What: Narayanan Vaghul, renowned banker and former Chairman of ICICI Bank passed away.
   • Tell me more:
     • He was awarded the Padma Bhushan in the year 2010, in recognition of his contributions to trade and industry.
     • His achievements:
       • He has been instrumental in mentoring several powerhouses of banking talent and actively groomed more women CEOs in banking.
       • Under his leadership, ICICI transformed from a development bank to the second largest commercial bank of the country.
       • Appointed as chairman and managing director (CMD) of Bank of India, becoming the youngest chairman of a bank at 44 years of age.
       • He introduced the concept of ‘Financial SuperMarkets’ to the country.
       • Financial supermarkets streamline banking operations by offering a wide range of financial products and services under one roof.

2. ‘Ice cream man of India’ Raghunandan Kamath passed away
   • What: Raghunandan Kamath, known as the Ice Cream Man of India, passed away.
   • He has founded Naturals Ice Cream in 1984.
   • His innovative approach included using real fruits in ice creams, which was a rarity at the time.
     Source: Indian Express

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