24th May, 2024

1. European Council gives final approval to the rules on Artificial Intelligence (AI)
2. The International Financial Services Centers Authority (IFSCA) has constituted an expert committee.
3. Google is building out the first undersea fiber optic cable linking Africa with Australia.
4. The Global Cities Index Report is an annual report which is released by Oxford Economic Global
5. IAF Chief Inaugurates First-Ever EMRS in Karnataka
6. A seminar-cum-exhibition on ‘Historical Patterns of Indian Strategic Culture’ was held at the National Museum in New Delhi, under the aegis of ‘Project Udbhav’.
7. Recently the Defense Cyber Agency under the Ministry of Defense has organized an cyber security exercise titled, “Exercise Cyber Suraksha”.
8. The International Day to End Obstetric Fistula
9. World Turtle Day
10. Klaus Schwab, the founder of the World Economic Forum (WEF), as stepped down from the executive leadership after spending 40 years at the top of the organization.
11. Fred Roos, the casting director turned producer passed away recently.
12. Polish composer Jan A.P. Kaczmarek, who won a 2005 Oscar for the musical score of Finding Neverland, passed away.
13. Sovereign AI embodies a nation’s ability to independently develop, deploy, and govern AI technologies.

International News

1. European Council gives final approval to the rules on Artificial Intelligence (AI)
   • What: The European Council has given its approval to the world’s first comprehensive rules on artificial intelligence (AI), known as the Artificial Intelligence Act.
   • Tell me more (Key highlights of the legislation):
     • Risk-Based Approach: The AI act follows a risk-based approach, meaning that the stricter the rules depend on the level of risk an AI system poses to society.
     • Defines 4 levels of risk for AI systems
       • Unacceptable risk (completely Prohibited activities): These AI systems are banned due to their potential to cause serious harm or violate fundamental rights.
       • High-risk (activities which require assessment and monitoring): These systems require strict regulations and oversight because they can significantly impact people’s safety, livelihoods, or rights.
       • Specific Transparency risk (activities which Require Information and transparency obligations): These AI systems pose some potential risks, but they are generally manageable. Transparency is crucial for ensuring responsible use.
       • Minimal risk (activities which require no specific regulations): These AI systems pose negligible risks and require minimal to no regulations.
     • Tackling racial and gender bias: High-risk systems need to be trained with sufficiently representative datasets to minimize risk of biases.
       Source: Business Insider

Banking and Economy

1. IFSCA forms an Expert Committee to promote GIFT IFSC as a Global Commodity Trading Hub
   • What: The International Financial Services Centers Authority (IFSCA) has constituted an expert committee.
   • Why: To position Gujarat International Finance Tec-City- International Financial Services Centre (GIFT-IFSC) as a “Global Commodity Trading Hub”.
     • A global commodity trading hub is a central marketplace where commodities are bought and sold. These hubs play a crucial role in global trade by providing efficient platforms for trading various raw materials and intermediate goods.
   • Tell me more:
     • Committee Chairman: Rajeev Kher, Former Secretary, Ministry of Commerce and Industry
     • No. of members in committee: 23 (including Chairman)
     • The IFSCA has laid out the following Terms of Reference (TOR) for the Expert Committee:
       • The committee will recommend steps to promote GIFT-IFSC as a Global Commodity Trading Hub by analyzing how key global commodity trading centers operate.
       • It will develop legal, regulatory, and policy frameworks and incentive structures that will help to promote GIFT-IFSC as a Global Commodity Trading Hub.
         Source: IFSCA
2. Google builds first undersea fiber optic cable
   • What: Google is building out the first undersea fiber optic cable linking Africa with Australia.
   • Why: The project aims to enhance internet connectivity in one of the least-connected parts of the world, directly linking Africa with Australia.
   • The cable is named as Umoja.
   • The new line will start in Kenya and travel over land through Uganda, Rwanda, Congo, Zambia, Zimbabwe and South Africa before crossing the ocean to Australia.
     Source: The Times of India

Report and Indices

1. OXFORD ECONOMICS GLOBAL CITIES INDEX 2024 released
   • What: The Global Cities Index Report is an annual report which is released by Oxford Economic Global.
   • Why: The index has been developed to provide a holistic assessment of the 1,000 largest cities located in 163 countries.
   • Tell me more:
     • Parameters of assessment:

• Bottom five cities

• Top 5 cities

• Category wise ranking
  • The Economics category, New York is ranked 1st with a score of 100
  • Human capital category: London
  • Quality of life: Grenoble, France
  • Environment category: Suva (Fiji)
  • Governance category: Auckland, Christchurch and Wellington of New Zealand topped the Governance category with a score of 100.
• India related assessment
  • In total 91 Indian cities were included in the list

Source: Oxford

Defence News

1. IAF Chief Inaugurates First-Ever EMRS in Karnataka
   • What: Air Chief Marshal Vivek Ram Chaudhari, the Chief of the Air Staff (CAS) of the Indian Air Force (IAF) has inaugurated the first-ever Emergency Medical Response System (EMRS) at Command Hospital Air Force (CHAF) in Bengaluru, Karnataka.
   • Why: This system aims to provide timely response by a team of medical and paramedical professionals who are experiencing an emergency anywhere in India.
     • It is a 24/7 telephone medical helpline.
       Source: PIB
2. Seminar on Indian Strategic Culture Held at National Museum as Part of ‘Project Udbhav’
   • What: A seminar-cum-exhibition on ‘Historical Patterns of Indian Strategic Culture’ was held at the National Museum in New Delhi, under the aegis of ‘Project Udbhav’.
   • A book titled “Alha Udal – Ballad Rendition of Western Uttar Pradesh‘ was also released.
     Source: ANI

3. Exercise Cyber Suraksha – 2024
   • What: Recently the Defense Cyber Agency under the Ministry of Defense has organized an cyber security exercise titled, “Exercise Cyber Suraksha”.
   • Why: The primary goal of Exercise Cyber Suraksha – 2024 is to enhance the cyber defense skills of all cybersecurity organizations in India.
     Source: PIB

Important Days

1. International Day to End Obstetric Fistula 2024
   • What: The International Day to End Obstetric Fistula was observed on May 23, 2024.
   • Why: This day aims to raise awareness about obstetric fistula, a childbirth-related injury.
   • The theme for 2024: Breaking the Cycle: Preventing Fistula Worldwide
     Source: UN

2. May 23: World Turtle Day
   • What: World Turtle Day is annually observed across the globe on 23 May to celebrate and protect turtles and tortoises.
     Source: The Quint

Appointment

1. World Economic Forum founder Schwab to retire from leadership role
   • What: Klaus Schwab, the founder of the World Economic Forum (WEF), as stepped down from the executive leadership after spending 40 years at the top of the organization.
   • Why: The move marks the culmination of the WEF’s transformation, transitioning from a “founder-managed organization” to one where a president and managing board assume full executive responsibility.
   • Tell me more:
     • Transition: Schwab will “transition from executive chairman to chairman of the board of trustees of WEF.”
       • This shift will take place before the next edition of the annual WEF meeting in January 2025.
         Source: CNBC

Miscellaneous

1. Fred Roos, Oscar-Winning Producer of ‘The Godfather Part II, passed away
   • What: Fred Roos, the casting director turned producer passed away recently.
   • He has won the Oscar for the movie “The Godfather: Part II”
     Source: Pinkvilla
2. Oscar-winning composer of Finding Neverland, Jan AP Kaczmarek passed away
   • What: Polish composer Jan A.P. Kaczmarek, who won a 2005 Oscar for the musical score of Finding Neverland, passed away.
     Source: Indian Express
3. Sovereign Artificial Intelligence (AI)
   • Sovereign AI embodies a nation’s ability to independently develop, deploy, and govern AI technologies.
   • It aims at bolstering a nation’s ability to protect and advance its interests through the strategic use of AI.
   • It is based on digital sovereignty framework: Digital sovereignty refers to ability to have control over own digital technologies.

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