Daily Current Affairs- 30 November

Author : Palak Khanna

Updated On : December 1, 2022

SHARE

Today's Current Affairs-30th November 2022

INTERNATIONAL

'Gaslighting' is Merriam-Webster's word of the year 2022

  • The US dictionary publisher Merriam-Webster announced that their 2022 word of the year is “gaslighting” or as Merriam-Webster defines it, “the act or practice of grossly misleading someone especially for one’s own advantage.” Interest in the term was up by 1,740% over the previous years according to searches of the online dictionary. The term itself came into existence 80 years ago in 1938 through gas light, Gas Light is a play written by Patrick Hamilton. Two films were made on this play in the 1940s.
  • The top definition of “gaslighting” from Merriam-Webster is a form of psychological manipulation, usually over an extended period of time, that “causes the victim to question the validity of their own thoughts, perception of reality, or memories and typically leads to confusion, loss of confidence and self-esteem, uncertainty of one’s emotional or mental stability, and a dependency on the perpetrator.”
  • The dictionary defines the term as: “The act or practice of grossly misleading someone especially for one’s own advantage.”
  • Gaslighting refers to playing with someone on a psychological level for a long period of time, so that the victim begins to doubt the validity of their own thoughts and true sense of self.

 NATIONAL

Indore Municipality To Lead With First Green Municipal Bonds For Solar Plant

  • Indore with a strong environmental record is planning to issue the nation’s first local government bond targeting individual investors, with proceeds used to fund a solar power project.
  • Indore Municipal Corp. seeks to raise as much as 2.6 billion rupees ($31.8 million) via a 10-year bond sale next month, according to Divyank Singh, chief executive officer of Indore Smart City, who is working with various stakeholders to finalize the offering. The offering from Indore, which is in the central state of Madhya Pradesh, is also set to be the country’s maiden municipal green bond designed for retail investors.
  • The issuer has mandated A.K. Capital Services Ltd. and SBI Capital Markets Ltd. as lead managers of the offering, Singh said.
  • We could have easily funded the power plant by getting money from banks or private players, but we have decided to reach out to the people because it gives a sense of belongingness,” Singh said. “The issuance is an alternative, newer financing source for the municipality and also opens doors for others to follow suit.”

Power Min launches schemes to procure 4,500 MW electricity supply for five years

  • Ministry of Power has launched a scheme for procurement of aggregate power of 4500 MW for five years under SHAKTI Policy. The Ministry said that the scheme will help states that are facing power shortage and help generation plants to increase their capacities.
  • The last date for the bid submission is 21st December. It is for the first time that bidding is being carried out under B(v) of SHAKTI scheme. PFC Consulting Limited has been designated as the nodal agency. It has invited bids for the supply of 4,500 MW electricity. The supply will commence from April next year.
  • The utilities that have shown interest for the scheme are Gujarat Urja Vikas Nigam Ltd, Maharashtra State Electricity Distribution Company Ltd, Madhya Pradesh Power Management Company Ltd, New Delhi Municipal Corporation and Tamil Nadu Generation and Distribution Corporation Ltd.

 SUMMIT'S & MOU's

Vistara To Merge With Air India Which Is Growing After Tata Takeover

  • Singapore Airlines (SIA) and Tata Sons announced that they have agreed to merge Air India and Vistara, with SIA getting a 25.1 per cent stake in the merged entity at an investment of Rs 2,058.5 crore ($250 million) in Air India as part of the transaction.
  • The 25.1 per cent stake will be in an enlarged Air India group – it will have Air India, Vistara, AirAsia India and Air India Express – and the merger of all airlines is targeted for completion by March 2024, subject to regulatory approvals. The group is already in the process of merging Air India Express and AirAsia India into one entity that will provide low-cost flight options.
  • SIA intends to fully fund this investment with its internal cash resources, which stood at S$17.5 billion as of 30 September 2022. SIA and Tata have also agreed to participate in additional capital injections, if required, to fund the growth and operations of the enlarged Air India in FY2022/23 and FY2023/24. Based on SIA’s 25.1 per cent stake post-completion, its share of any additional capital injection could be up to Rs 5,020 crore ($615 million), payable only after the completion of the merger,” SIA said in a statement.

 AWARDS & RECOGNITION

Iranian film 'Nargesi' on the struggles of a person with Down's

  • Iranian film Nargesi by Director Payam Eskandari has won the ICFT-UNESCO Gandhi Medal at the 53rd edition of International Film Festival of India, given for a film that best reflects Mahatma Gandhi’s ideals of peace, tolerance and non-violence. The film is about a man with Down’s syndrome and the burden and consequences it creates in his life. Compassion and tenderness are the two qualities depicted in this award-winning film.
  • The film depicts struggles of a human being with Down’s Syndrome whose greatest wish is to find love and get married and, in that pursuit, he attempts at doing anything. It seems, however, that the present-day world offers no place for him and his love until a gift completely turns his life around. Payam Eskandari is a young Iranian director who is known for his movies ‘Nargesi’, ‘The Good, the Bad, the Corny’ (2017) and ‘Mohey’ (2016). He has also worked as an actor and writer.

Avani Lekhara wins Para Sportsperson of the Year award

  • At the Turf 2022 and India Sports Awards of Federation of Indian Chambers of Commerce & Industry (FICCI), former Ranji cricketer Sarkar Talwar was honoured with the Lifetime Achievement of the Year award. Talwar, the Director-Sports, Manav Rachna Education Institutions, is also the recipient of the Dronacharya Lifetime Award, given by the President of India. Apart from Talwar, Avani Lekhara, who won two medals at the Tokyo 2020 Paralympics, was recognized as the Para Sports Person of the Year, while Shrey Kadyan was recognized as the Special Sportsperson of the Year. Best Male Coach to R.B. Ramesh and Best Female Coach to Nonita Lal Qureshi.
  • For his contribution to sports journalism, Rakesh Rao, Deputy Editor (Sports) of The Hindu, was presented the Special Recognition Award by the Federation of Indian Chambers of Commerce and Industry (FICCI), at the FICCI India Sports Awards 2022 held at Federation House.

 RANKING

Carbon capture key for sustainable development: Niti Aayog report

  • A study report, titled ‘Carbon Capture, Utilisation, and Storage Policy Framework and its Deployment Mechanism in India’, was released. The report explores the importance of Carbon Capture, Utilisation, and Storage as an emission reduction strategy to achieve deep decarbonization from the hard-to-abate sectors. The report outlines broad level policy interventions needed across various sectors for its application.
  • India has updated its NDC targets for achieving 50% of its total installed capacity from non-fossil-based energy sources, 45% reduction in emission intensity by 2030 and taking steps towards achieving Net Zero by 2070, the role of Carbon Capture, Utilisation, and Storage (CCUS) becomes important as reduction strategy to achieve decarbonization from the hard-to abate sectors.
  • “CCUS can enable the production of clean products while still utilizing our rich endowments of coal, reducing imports and thus leading to an Atmanirbhar Indian economy.” said Suman Bery, Vice Chairman, NITI Aayog. Implementation of CCUS technology certainly be an important step to decarbonise the hard-to-abate sector.

BANKING AND ECONOMY

Tamilnad Mercantile Bank ink bancassurance pacts with Chola MS General, Max Life

  • Old private sector lender Tamilnad Mercantile Bank has entered into bancassurance partnerships with Cholamandalam MS General Insurance Company Ltd, part of the Chennai-based Murugappa Group, and Max Life Insurance Company to provide general insurance products and life insurance schemes respectively to TMB’s customers.
  • Under the tie-up, Tuticorin-based TMB’s 500-plus branches will start retailing the insurance products of both companies. The bank has inked agreement with Cholamandalam MS General Insurance Company for the purpose of marketing, distribution & selling the general insurance products.
  • “On getting listed in the Stock Exchanges, Tamilnad Mercantile Bank, is back to enrich our vision in expanding the network PAN India, with added features in the products and services,” said S.Krishnan, MD & CEO, Tamilnad Mercantile Bank Limited (TMB). This tie-up launching function, we believe, is a watershed moment for the Bank.
  • It is the selling of insurance products through banking channels. In Bancassurance a bank enters into an agreement with an Insurance company.
  • It was set up at the Nadar Bank limited in 1921 by Nadar business community of Tamilnadu. It was renamed as Tamilnad Mercantile Bank in 1962. It is a Private sector bank in India.

Sebi forms a high-level panel to review corporate takeover rules

  • Capital markets regulator Sebi has set up a high-level panel to review the takeover norms in a move to simplify and strengthen the current rules by adopting appropriate global practices. Also, the regulator will assess the current rules in the light of past judicial pronouncements and various informal guidelines issued by the capital markets regulator.
  • The 20-member committee will be chaired by former Chief Justice of Punjab and Haryana High Court, Shiavax Jal Vazifdar. Apart from Vazifdar, other members of the panel include Sundareswaran S Managing Director (MD) at Morgan Stanley Financial Advisors; Rajendra Kanoongo, Joint MD of Mark Corporate Advisors; K Srinivas MD of Saffron Capital Advisors, Ankur Verma, Senior Vice President at Tata Sons and Dolphy Dsouza Partner at E&Y.
  • In addition, Sudhir Kumar Jha, head of legal at HDFC Ltd and Sunil Sanghai, founder and CEO, NovaaOne Capital are part of the committee. Jha and Sanghai are also representatives of Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (FICCI) respectively.

 RBI to launch retail digital rupee pilot on 1 December

  • The Reserve Bank of India (RBI) announced a trial for retail digital rupee (e ₹-R) beginning 1 December, with four banks in as many cities participating in the pilot programme, a month after testing the wholesale central bank digital currency (CBDC).
  • RBI said the pilot would cover select locations in a closed user group (CUG) comprising participating customers and merchants. While it has identified eight banks for gradual participation in the pilot, the first phase will begin with four: State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.
  • The remaining four—Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank—will subsequently join the trial, it said.
  • While the retail CBDC would initially cover Mumbai, New Delhi, Bengaluru and Bhubaneswar, the trials will be later extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
  • The e ₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.

 

 

Daily Current Affairs- 30 November

Author : Palak Khanna

December 1, 2022

SHARE

Today's Current Affairs-30th November 2022

INTERNATIONAL

'Gaslighting' is Merriam-Webster's word of the year 2022

  • The US dictionary publisher Merriam-Webster announced that their 2022 word of the year is “gaslighting” or as Merriam-Webster defines it, “the act or practice of grossly misleading someone especially for one’s own advantage.” Interest in the term was up by 1,740% over the previous years according to searches of the online dictionary. The term itself came into existence 80 years ago in 1938 through gas light, Gas Light is a play written by Patrick Hamilton. Two films were made on this play in the 1940s.
  • The top definition of “gaslighting” from Merriam-Webster is a form of psychological manipulation, usually over an extended period of time, that “causes the victim to question the validity of their own thoughts, perception of reality, or memories and typically leads to confusion, loss of confidence and self-esteem, uncertainty of one’s emotional or mental stability, and a dependency on the perpetrator.”
  • The dictionary defines the term as: “The act or practice of grossly misleading someone especially for one’s own advantage.”
  • Gaslighting refers to playing with someone on a psychological level for a long period of time, so that the victim begins to doubt the validity of their own thoughts and true sense of self.

 NATIONAL

Indore Municipality To Lead With First Green Municipal Bonds For Solar Plant

  • Indore with a strong environmental record is planning to issue the nation’s first local government bond targeting individual investors, with proceeds used to fund a solar power project.
  • Indore Municipal Corp. seeks to raise as much as 2.6 billion rupees ($31.8 million) via a 10-year bond sale next month, according to Divyank Singh, chief executive officer of Indore Smart City, who is working with various stakeholders to finalize the offering. The offering from Indore, which is in the central state of Madhya Pradesh, is also set to be the country’s maiden municipal green bond designed for retail investors.
  • The issuer has mandated A.K. Capital Services Ltd. and SBI Capital Markets Ltd. as lead managers of the offering, Singh said.
  • We could have easily funded the power plant by getting money from banks or private players, but we have decided to reach out to the people because it gives a sense of belongingness,” Singh said. “The issuance is an alternative, newer financing source for the municipality and also opens doors for others to follow suit.”

Power Min launches schemes to procure 4,500 MW electricity supply for five years

  • Ministry of Power has launched a scheme for procurement of aggregate power of 4500 MW for five years under SHAKTI Policy. The Ministry said that the scheme will help states that are facing power shortage and help generation plants to increase their capacities.
  • The last date for the bid submission is 21st December. It is for the first time that bidding is being carried out under B(v) of SHAKTI scheme. PFC Consulting Limited has been designated as the nodal agency. It has invited bids for the supply of 4,500 MW electricity. The supply will commence from April next year.
  • The utilities that have shown interest for the scheme are Gujarat Urja Vikas Nigam Ltd, Maharashtra State Electricity Distribution Company Ltd, Madhya Pradesh Power Management Company Ltd, New Delhi Municipal Corporation and Tamil Nadu Generation and Distribution Corporation Ltd.

 SUMMIT'S & MOU's

Vistara To Merge With Air India Which Is Growing After Tata Takeover

  • Singapore Airlines (SIA) and Tata Sons announced that they have agreed to merge Air India and Vistara, with SIA getting a 25.1 per cent stake in the merged entity at an investment of Rs 2,058.5 crore ($250 million) in Air India as part of the transaction.
  • The 25.1 per cent stake will be in an enlarged Air India group – it will have Air India, Vistara, AirAsia India and Air India Express – and the merger of all airlines is targeted for completion by March 2024, subject to regulatory approvals. The group is already in the process of merging Air India Express and AirAsia India into one entity that will provide low-cost flight options.
  • SIA intends to fully fund this investment with its internal cash resources, which stood at S$17.5 billion as of 30 September 2022. SIA and Tata have also agreed to participate in additional capital injections, if required, to fund the growth and operations of the enlarged Air India in FY2022/23 and FY2023/24. Based on SIA’s 25.1 per cent stake post-completion, its share of any additional capital injection could be up to Rs 5,020 crore ($615 million), payable only after the completion of the merger,” SIA said in a statement.

 AWARDS & RECOGNITION

Iranian film 'Nargesi' on the struggles of a person with Down's

  • Iranian film Nargesi by Director Payam Eskandari has won the ICFT-UNESCO Gandhi Medal at the 53rd edition of International Film Festival of India, given for a film that best reflects Mahatma Gandhi’s ideals of peace, tolerance and non-violence. The film is about a man with Down’s syndrome and the burden and consequences it creates in his life. Compassion and tenderness are the two qualities depicted in this award-winning film.
  • The film depicts struggles of a human being with Down’s Syndrome whose greatest wish is to find love and get married and, in that pursuit, he attempts at doing anything. It seems, however, that the present-day world offers no place for him and his love until a gift completely turns his life around. Payam Eskandari is a young Iranian director who is known for his movies ‘Nargesi’, ‘The Good, the Bad, the Corny’ (2017) and ‘Mohey’ (2016). He has also worked as an actor and writer.

Avani Lekhara wins Para Sportsperson of the Year award

  • At the Turf 2022 and India Sports Awards of Federation of Indian Chambers of Commerce & Industry (FICCI), former Ranji cricketer Sarkar Talwar was honoured with the Lifetime Achievement of the Year award. Talwar, the Director-Sports, Manav Rachna Education Institutions, is also the recipient of the Dronacharya Lifetime Award, given by the President of India. Apart from Talwar, Avani Lekhara, who won two medals at the Tokyo 2020 Paralympics, was recognized as the Para Sports Person of the Year, while Shrey Kadyan was recognized as the Special Sportsperson of the Year. Best Male Coach to R.B. Ramesh and Best Female Coach to Nonita Lal Qureshi.
  • For his contribution to sports journalism, Rakesh Rao, Deputy Editor (Sports) of The Hindu, was presented the Special Recognition Award by the Federation of Indian Chambers of Commerce and Industry (FICCI), at the FICCI India Sports Awards 2022 held at Federation House.

 RANKING

Carbon capture key for sustainable development: Niti Aayog report

  • A study report, titled ‘Carbon Capture, Utilisation, and Storage Policy Framework and its Deployment Mechanism in India’, was released. The report explores the importance of Carbon Capture, Utilisation, and Storage as an emission reduction strategy to achieve deep decarbonization from the hard-to-abate sectors. The report outlines broad level policy interventions needed across various sectors for its application.
  • India has updated its NDC targets for achieving 50% of its total installed capacity from non-fossil-based energy sources, 45% reduction in emission intensity by 2030 and taking steps towards achieving Net Zero by 2070, the role of Carbon Capture, Utilisation, and Storage (CCUS) becomes important as reduction strategy to achieve decarbonization from the hard-to abate sectors.
  • “CCUS can enable the production of clean products while still utilizing our rich endowments of coal, reducing imports and thus leading to an Atmanirbhar Indian economy.” said Suman Bery, Vice Chairman, NITI Aayog. Implementation of CCUS technology certainly be an important step to decarbonise the hard-to-abate sector.

BANKING AND ECONOMY

Tamilnad Mercantile Bank ink bancassurance pacts with Chola MS General, Max Life

  • Old private sector lender Tamilnad Mercantile Bank has entered into bancassurance partnerships with Cholamandalam MS General Insurance Company Ltd, part of the Chennai-based Murugappa Group, and Max Life Insurance Company to provide general insurance products and life insurance schemes respectively to TMB’s customers.
  • Under the tie-up, Tuticorin-based TMB’s 500-plus branches will start retailing the insurance products of both companies. The bank has inked agreement with Cholamandalam MS General Insurance Company for the purpose of marketing, distribution & selling the general insurance products.
  • “On getting listed in the Stock Exchanges, Tamilnad Mercantile Bank, is back to enrich our vision in expanding the network PAN India, with added features in the products and services,” said S.Krishnan, MD & CEO, Tamilnad Mercantile Bank Limited (TMB). This tie-up launching function, we believe, is a watershed moment for the Bank.
  • It is the selling of insurance products through banking channels. In Bancassurance a bank enters into an agreement with an Insurance company.
  • It was set up at the Nadar Bank limited in 1921 by Nadar business community of Tamilnadu. It was renamed as Tamilnad Mercantile Bank in 1962. It is a Private sector bank in India.

Sebi forms a high-level panel to review corporate takeover rules

  • Capital markets regulator Sebi has set up a high-level panel to review the takeover norms in a move to simplify and strengthen the current rules by adopting appropriate global practices. Also, the regulator will assess the current rules in the light of past judicial pronouncements and various informal guidelines issued by the capital markets regulator.
  • The 20-member committee will be chaired by former Chief Justice of Punjab and Haryana High Court, Shiavax Jal Vazifdar. Apart from Vazifdar, other members of the panel include Sundareswaran S Managing Director (MD) at Morgan Stanley Financial Advisors; Rajendra Kanoongo, Joint MD of Mark Corporate Advisors; K Srinivas MD of Saffron Capital Advisors, Ankur Verma, Senior Vice President at Tata Sons and Dolphy Dsouza Partner at E&Y.
  • In addition, Sudhir Kumar Jha, head of legal at HDFC Ltd and Sunil Sanghai, founder and CEO, NovaaOne Capital are part of the committee. Jha and Sanghai are also representatives of Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (FICCI) respectively.

 RBI to launch retail digital rupee pilot on 1 December

  • The Reserve Bank of India (RBI) announced a trial for retail digital rupee (e ₹-R) beginning 1 December, with four banks in as many cities participating in the pilot programme, a month after testing the wholesale central bank digital currency (CBDC).
  • RBI said the pilot would cover select locations in a closed user group (CUG) comprising participating customers and merchants. While it has identified eight banks for gradual participation in the pilot, the first phase will begin with four: State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.
  • The remaining four—Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank—will subsequently join the trial, it said.
  • While the retail CBDC would initially cover Mumbai, New Delhi, Bengaluru and Bhubaneswar, the trials will be later extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
  • The e ₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.

 

 

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