Current Affairs: 09 October 2018 – Daily News Update

Current Affairs: 09 October 2018 – Daily News Update

1. Interpol chief resigns amid detention in China

The International Criminal Police Organization (Interpol) received the resignation of its Chinese president Meng Hongwei, who was missing since over a week.

  • Senior Vice-President of Interpol’s Executive Committee, Kim Jong Yang of South Korea, will be instated as the acting president.
  • The General Assembly Session, to be held in Dubai from November 18 to 21 will elect a new president for the remaining two years of the president’s term.
  • This comes in the wake of an announcement from China that Meng had been held in the country and was being probed for his alleged involvement in unspecified criminal activities.




2. 4 day long India International Science Festival (IISF-2018) concludes in Lucknow

The four day long mega science expo, India International Science Festival (IISF) concluded in Lucknow.

  • IISF-2018 witnessed a footfall of more than 10 lakh people and more than 22 thousand registrations, the highest in its four year history making it the largest festival of its kind in Asia.
  • IISF which was inaugurated by the President of India Shri Ram Nath Kovind , saw a confluence of Scientists, researchers, students, farmers and people from a wide spectrum discussing, debating, and witnessing how science and technology is shaping New India.
  • IISF-2018 with its focal theme “Science for Transformation” had more than23 special events in its 4th edition. The fifth edition of the science festival will be held in eastern India.


3. Karnataka Govt launches ‘Unnati’ Scheme


The Karnataka Department of Social Welfare has launched Unnati, a scheme to foster entrepreneurs working on rural and social impact technologies from SC/ST background.

  • As part of the scheme, the department will invest up to Rs 20 crore to create end-to-end support infrastructure for start-ups and entrepreneurs from a marginalised background.
  • The first stream of Unnati is technology innovation.




4. IMF retains India FY19 growth outlook at 7.3%

The International Monetary Fund (IMF) has retained its India growth forecast for the current year but it will remain the fastest-growing major economy.

  • In its latest World Economic Outlook, the IMF said India will grow 7.3% in FY19 and 7.4% in FY20.
  • It had in January forecast FY20 growth at 7.5%. China is forecast to grow 6.6% and 6.2% in 2018 and 2019, respectively. The Indian economy grew 6.7% in FY18.


5. Flipkart partners Bajaj Allianz to offer insurance for mobile phones


Flipkart, a leading e-commerce player, has tied up with Bajaj Allianz General Insurance to offer customised insurance to leading mobile brands being sold on the e-commerce major’s platform.

  • This marks decade-old Flipkart’s foray into insurance after it secured a corporate agent licence from the insurance regulator, IRDAI.
  • The insurance will be available from October 10 when Flipkart’s Big Billion Days (TBBD) begins.


6. NHB decides to increase the Refinance Limit to Rs.30,000 crore for the Current Year


Keeping in view the current scenario, National Housing Bank (NHB has decided to increase the Refinance limit to Rs.30,000 crore.

  • Now, eligible Housing Finance Companies & Other entities will have increased availability of funds.
  • National Housing Bank had set an inital limit to sanction Rs. 24,000 crore this year (July 2018-June 2019) towards refinancing eligible institutions.
  • Till date, Rs.8835 crore has been sanctioned.  This refinancing is a credit flow to Housing Finance Companies & other Institutions.
  • National Housing Bank (NHB) is the Principal Agency to promote Housing Finance Institutions, currently 97 in number, and to provide financial support to eligible institutions.
  • As a regulator, National Housing Bank regularly monitors the liquidity position of Housing Finance Companies.




7. Nobel Prize in economics awarded to William Nordhaus and Paul Romer

American economists William Nordhaus and Paul Romer have been awarded the Economics Nobel Prize 2018 for their work on understanding how economies can grow sustainably.

  • Nordhaus, a professor at Yale University, is best known for his work on climate economics.
  • Romer, of NYU’s Stern School of Business, is a proponent of a theory that examines how the world can achieve sustainable growth.
  • It is also known as The Sveriges Riksbank Prize and was established in 1968.


8. ESIC wins ‘ISSA GOOD Practice Award, Asia & the Pacific 2018’


The Employees’ State Insurance Corporation (ESIC) has won the ‘ISSA Good Practice Award’ for Administrative Solution for Coverage Extension at the “Regional Social Security Forum for Asia and the Pacific” held at Kuala Lumpur, Malaysia recently.

  • The award recognizes the measures taken by ESIC for extension of coverage-SPREE (Scheme for Promoting Registration of Employers and Employees), reduced rate of contribution rates for 24 months in newly implemented areas and raising the wage limit for coverage under the ESI Act, etc.
  • The Regional Social Security Forum for Asia and the Pacific is a triennial Forum, which is the most important social security event in the Region

Current Affairs: 09 October 2018 – Daily News Update