Today's Current Affairs 27th March 2024

INTERNATIONAL

Luis Montenegro Named Portugal’s Prime Minister

• After eight years of Socialist rule in Portugal, Luis Montenegro, leader of the centre-right Democratic Alliance (AD), has been appointed as the new prime minister.
• Montenegro’s appointment marks the return of a centre-right leader to the prime minister’s office after more than eight years. 

OBITUARY

Popular Tamil Actor Lakshmi Narayanan Seshu Passes Away at 60

• Lakshmi Narayanan Seshu, a beloved figure in the Tamil entertainment industry passed away at 60. He is known as Lollu Sabha Seshu. 

APPOINTMENTS AND RESIGNATIONS

Neeraj Chopra Named Eveready’s New Brand Ambassador

• Eveready Industries India (EIIL), a leading battery brand, has announced a partnership with Neeraj Chopra, the reigning Olympic gold medalist and World no. 1 in men’s javelin throw, as its new brand ambassador. 

Indian Diplomat Abhay Thakur Appointed as Next Envoy to Myanmar

• Senior Indian diplomat Abhay Thakur has been appointed as the country’s next ambassador or top envoy to Myanmar.
• This was announced by the Ministry of External Affairs (MEA) on March 26. 

IMPORTANT DAYS

World Theatre Day 2024:

• World Theatre Day is a special day celebrated every year on March 27 to honour the art of theatre.
• The International Theatre Institute (ITI) started World Theatre Day in 1961. 

AWARDS AND RECOGNITION

Michel Talagrand Awarded the 2024 Abel Prize

• The Norwegian Academy of Science and Letters has awarded the 2024 Abel Prize to Michel Talagrand of the French National Center for Scientific Research (CNRS), Paris, France.
• Talagrand received the prestigious prize “for his groundbreaking contributions to probability theory and functional analysis, with outstanding applications in mathematical physics and statistics.”
• The common theme in Michel Talagrand’s pioneering discoveries is working with and understanding the random processes 

BANKING AND ECONOMY

S&P Global Ratings Forecasts 75 Basis Points Repo Rate Cut in India in 2024-25

• S&P Global Ratings anticipates a repo rate reduction of up to 75 basis points by the Reserve Bank of India (RBI) during the fiscal year 2024-25.
• The agency also foresees similar rate adjustments in Indonesia, New Zealand, and the Philippines. 

RBI Grants Payment Aggregator Licences to Innoviti Payments and Concerto Software

• Innoviti Payments and Concerto Software have received payment aggregator (PA) licences from the Reserve Bank of India (RBI).
• Innoviti operates the PA ‘Innoviti Link’, serving 2,500 online merchants, while Concerto Software’s gateway ‘Vegaah’ joins the league of authorized PA solutions. 

LIC: World’s Strongest Insurance Brand

• In the latest Brand Finance Insurance 100, 2024 report, Life Insurance Corporation of India (LIC) solidifies its position as the strongest insurance brand worldwide, maintaining a stable brand value of Rs 816 billion.
• With a Brand Strength Index score of 88.3 and an AAA brand.
• LIC India demonstrates remarkable performance, recording the highest first-year premium collection of Rs 39,090 crore in the fiscal year 2022-23. 

India’s Transition from Minimum Wage to Living Wage

• India aims to replace its minimum wage system with a living wage framework by 2025.
• Despite the passage of the Code on Wages in 2019, implementation remains pending.
• Stagnant national wage floors since 2017 have led to disparities in wage payments, particularly affecting the vast unorganized sector where 90% of India’s workforce is employed.