Current Affairs: 03 November 2018 – Daily News Update

Current Affairs: 03 November 2018 – Daily News Update

1. India Pavilion Inaugurated at Videocittà 2018 in Rome Film Festival

India was partner country at Videocitta 2018, an event focussing on Virtual Reality, Video gaming, Animation, Film Making, etc. was organized along with Rome Film Festival and Mercato Internazionale dell’ Audiovisivo (MIA) (the International Audio Visual Market).

  • India’s participation at Videocitta 2018, Rome was organized by Ministry of Information & Broadcasting and coordinated on Ministry’s behalf by FICCI.
  • India Pavilion at Videocitta 2018 showcased Indian films’ heritage, ease of film shooting in India, promoted film shooting locations in India, International Film Festival of India, Indian Cinema from different regions, Audio Visual Co Production between India and Italy.


2. PM launches historic Support and Outreach Initiative for MSME sector

The Prime Minister, Shri Narendra Modi, launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector.

  • As part of this programme, the Prime Minister unveiled12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country.
  • The Prime Minister said that the 12 decisions that he is announcing today, will mark a new chapter for the MSME sector. Noting that MSMEs are one of the principal employment generators in India, the Prime Minister recalled the glorious Indian traditions of small scale industry, including Ludhiana’s hosiery, and Varanasi’s sarees.
  • The Prime Minister said that the success of economic reforms launched by the Union Government, can be gauged from the rise in India’s “Ease of Doing Business Rankings,” from 142 to 77 in four years.
  • As the first announcement, the Prime Minister announced the launch of the 59 minute loan portal to enable easy access to credit for MSMEs. He said that loans uptoRs. 1 crore can be granted in-principle approval through this portal, in just 59 minutes.
  • He said a link to this portal will be made available through the GST portal. The Prime Minister asserted that in New India, no one should be compelled to visit a bank branch repeatedly.

3. Naval Commanders’ Conference concludes

The second edition of this years’ bi-annual Naval Commanders’ Conference concluded after three days of fruitful deliberations.

  • The Hon’ble RM addressed Naval Commanders and complimented all personnel of the Indian Navy for maintaining a high operational tempo and ensuring maritime security of the country.
  • The Hon’ble RM reiterated the need for the nation to be strong at sea and the Navy to be ready and vigilant to counter any challenge in the maritime domain.


4. India and Japan signs a Loan Agreement worth Rs. 1817 crore

A Loan Agreement worth of Rs. 1817 crore approximately was signed between India and Japan for the construction of Turga Pumped Storage (I).

  • The objective of the Project is to strengthen the capability to respond to fluctuation in supply and demand of power and to improve stability of the power supply.
  • India and Japan have had a long and fruitful history of bilateral development cooperation since 1958.In the last few years, the economic cooperation between India and Japan has steadily progressed.
  • This further consolidates and strengthens the Strategic and Global Partnership between India and Japan.


5. Bank of Maharashtra to reinstate CEO, ED

The board of directors of Bank of Maharashtra decided to restore / reinstate the functional responsibilities of RP Marathe, Managing Director and CEO, and RK Gupta, Executive Director, with immediate effect.

  • This move is possibly an indication that these two top executives, who were taken into custody by the Pune police for the bank’s Rs 96.52-crore exposure to DSK Developers, have got a clean chit from the authorities.
  • Earlier, the board, in its meeting held on June 29, had divested these two top executives of all their functional responsibilities.

6. Atul Goel takes over as MD, CEO of UCO Bank

Atul Kumar Goel has assumed charge as Managing Director and CEO of UCO Bank.

  • Prior to this assignment, he was executive director of Union Bank of India.
  • Goel takes over from R K Takkar who completed his three-year tenure on November 1, 2018.


7. Doha to host World Corporate Games

World Corporate Games 2019 will be held for the first time in the Middle East in Doha, organisers of the Games announced.

  • The 23rd edition is held under the patronage of Prime Minister and Interior Minster H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani and will bring together the local, regional and international business sporting community.
  • It will be the first time that the World Corporate Games, established nearly 30 years ago, incorporate eSports and mindsports.

8. Azhar Ali announces retirement from ODIs

Senior Pakistan batsman Azhar Ali announced his retirement from limited overs cricket in order to concentrate fully on Test cricket.

  • A prolific player in the longest format, the 33-year-old played the last of his 53 ODIs against New Zealand in January, earlier this year.

Current Affairs: 03 November 2018 – Daily News Update

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