Current Affairs Daily Digest – July 04′ 2017

  1. Carrie lam sworn in as first female chief executive of Hong kong

China’s President Xi Jinping has inaugurated the new Hong Kong administration led by Carrie Lam Cheng Yuet-ngor, the first woman to lead the city. The CE (Chief Executive) of Hong Kong is the head and representative of the Hong Kong and also head of the Government of Hong Kong. Carrie Lam took her oath to office before Chines President Xi Jinping on the occasion marking 20th anniversary of Hong Kong’s return to China from Britain.

She is fifth CE of Hong Kong since it became part of China in 1997.Prior to getting electing as CE, she was the Chief Secretary for Administration of Hong Kong SAR Government (from 2012 to 2017), the senior most rank of principal officials of Hong Kong.

  1. AFSPA in nagaland extended for six months

Entire Nagaland has been declared as “disturbed area” for six more months under the Armed Forces (Special Powers) Act, which empowers security forces to conduct operations anywhere without any prior notice.

 “Now, therefore, in exercise of the powers conferred by Section 3 of the Armed Forces (Special Powers) Act, 1958, the central government hereby declares that whole of the said state to be a ‘disturbed area’ for a period of six months with effect from 30th June, 2017 for the purpose of that Ac.

  1. President Mukherjee approves ordinance allowing kambala in karnataka

President Pranab Mukherjee has approved the promulgation of the Prevention of Cruelty to Animals (Karnataka Amendment) Ordinance, 2017, making it possible for kambala – a traditiional buffalo race – to be conducted. Kambala races are organised in the Dakshin Kannada and Udupi districts of coastal Karnataka.

Along with jallikattu, the sport was banned by the Supreme Court in 2014 based on a petition filed by various animal rights organisations. The Government passed a Bill to exempt Kambala and bullock-cart racing from the ambit of the Prevention of Cruelty to Animals Act, 1960.

  1. Nandan nilekani, Helion’s sanjeev Aggarwal launch $100-million fund fundamentum

Aadhaar architect Nandan Nilekani and Helion Venture’s Sanjeev Aggarwal have launched an investment fund called Fundamentum wyith a corpus of $100 million to back startups looking for growth capital. The corpus may be extended to $200 million if the fund sees more opportunities. The fund, which has so far closed $50 million, will see one-third of the corpus coming from Nilekani and Aggarwal.

Fundamentum has already brought on board six entrepreneurs who will also invest in the fund. The platform will focus on consumer Internet and software-as-a-service (SAAS) companies and make an investment from $10 million to $25 million in these companies.

  1. India scores well on FSB reform report card to G20

The Financial Stability Board (FSB), an international body for global financial system, has placed India in the league of countries that are ‘compliant or largely compliant’ on implementation of priority area reforms.

Ahead of the G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB submitted its status report on progress in financial regulatory reforms in various jurisdictions, including India.

The country includes Argentina, Australia, Brazil, Canada, China, Hong Kong, Indonesia, Japan, Mexico, South Korea, Russia, Singapore, South Africa, Switzerland, Turkey and the United States of America.

  1. Narendra modi’s visit to Israel

Narendra Modi will become the first Indian prime minister to visit Israel, when he arrives on July 7, 2017. India and Israel have had diplomatic relations for 25 years, but it has always been a balancing act given India’s sizeable Muslim population.

Mr Modi, who recently said India and the Jewish state share a “deep and centuries-old” connection, is expected to agree military and cyber security deals. The two countries have been working closely together for years on counter-terrorism, defence, agriculture and the water and energy sectors.

  1. TERI ranked among world’s top think tanks

An international body which focuses on climate policies has ranked The Energy Resources Institute (TERI) among the top think tanks in the world. TERI was ranked number two by the International Center for Climate Governance (ICCG), an internationally-renowned body whose activities focus on the design of climate policy and related governance issues.

The New Delhi-based think tank was ranked under the category ‘2016 Top Climate Think Tanks in the Rest of the World–Absolute Global Rankings’ during ICCG’s 23rd annual conference of the European Association of Environmental and Resource Economists (EAERE) in Athens in Greece

  1. ICICI Bank terminates joint venture agreement with Fairfax

ICICI Bank has said the joint venture agreement between it and Fairfax Financial Holdings Ltd has been terminated ahead of the IPO of ICICI Lombard General Insurance Company — a JV between the two entities. The agreement is executed for the protection of the parties in the event of non-completion of the proposed IPO on or before a mutually agreed date.

  1. ADB sign 220 million dollar loan to improve connectivity on state highways of Rajasthan

The Asian Development Bank (ADB) and the Government of India has signed a USD 220 million loan deal for improving connectivity as well as transport efficiency and safety on the State Highways in Rajasthan. A 500 million dollar for Rajasthan State Highways Investment Program, approved by ADB Board in May this year.

It will improve about one thousand kilometres of State Highways and major district roads. The Asian Development Bank started in 1960 as a financial institution to improve economic growth and cooperation in one of the poorest regions in the world.

  1. Reliance Jio launches world’s longest submarine cable system

Reliance Jio on 29 June 2017 announced the launch of the Asia-Africa-Europe (AAE-1) submarine cable system. AAE-1 is claimed to be the world’s longest 100Gbps technology-based submarine system.

The cable will stretch from Marseille in France to Hong Kong, covering 25000 km. It will have 21 cable landings across Asia and Europe. The project is a combination of leading telecom service providers from Europe, the Middle East and Asia.

It will feature diversified Points of Presence (PoP) in Asia (Hong Kong and Singapore) with three onward connectivity options in Europe (France, Italy and Greece).


Read Current Affairs Daily Digest For June 2017