Excellence by Saikat Sir: Daily Current Affairs November 10 2023

Daily Current Affairs November 10 2023 | Latest News

CURRENT AFFAIRS : BANKING & FINANCE

SBI Expands Dollar Bond Issue to $1 Billion in Response to Declining US Yields

The State Bank of India (SBI) has increased its dollar bond issue size to $1 billion from $750 million, with plans to secure the funds in the first week of December.
SBI is making its second foray into international markets this financial year, with $750 million underwritten by global banks and an additional $250 million available through a green shoe option arranged by banks such as HSBC and JP Morgan.
The bonds issued by SBI will be benchmarked against 5-year US Treasury bonds, likely priced at a spread of approximately 120 basis points above the benchmark, with a tenor of 5 years.
Taking advantage of the recent decline in US bond yields, SBI’s move coincides with expectations of the Federal Reserve signalling an end to its monetary tightening cycle.

Key Highlights :

The 5-year US Treasury rate is currently at 4.55%, providing context for SBI’s pricing strategy.
These funds are being raised under SBI’s $10-billion medium-term note programme.
The proceeds will be used for various purposes, including lending, and refinancing existing overseas debt.
SBI currently has $800 million worth of instruments maturing in early 2024.
Also, Canara Bank raised $500 million from the overseas market, with HSBC as the lead arranger and bookrunner.
This loan comprised two facilities, a $200 million tranche with a tenor of three years and a $300 million tranche with a tenor of three years.
The borrowing was offered at a rate of 125 basis points over the secured overnight financing rate (SOFR).

CURRENT AFFAIRS: NATIONAL NEWS

Fifth India-US 2 plus 2 Ministerial Dialogue to be held in New Delhi

The fifth India-US 2 plus 2 Ministerial Dialogue will be held in New Delhi.
Raksha Mantri Rajnath Singh and External Affairs Minister Dr. S. Jaishankar will welcome US Secretary of State Antony Blinken and Secretary of Defence Lloyd Austin III for the Dialogue.
The 2 plus 2 will enable a high-level review of progress being made in cross-cutting aspects of defence and security cooperation, technology value chain collaborations and people-to-people ties.
The External Affairs Ministry Stated that the Ministers will take the opportunity to take forward the futuristic roadmap for the India-US partnership as envisioned by Prime Minister Narendra Modi and US President Joe Biden, in their discussions in June and September this year.
Both sides will also take stock of contemporary regional issues and exchange views about shared priorities for augmenting cooperation in multilateral platforms, and through frameworks such as Quad.
Raksha Mantri and External Affairs Minister are also scheduled to have bilateral meetings with their US counterparts.
This will mark a continuity of Ministerial Dialogue and reaffirm the India-US Comprehensive Global Strategic partnership.

IIT-Madras campus inaugurated in Zanzibar, first for an IIT abroad

An IIT-Madras campus was inaugurated in Zanzibar, becoming the first campus of an IIT to be opened abroad.
The new campus was inaugurated by Dr Hussein Ali Mwinyi, President of Zanzibar, in a ceremony also attended by Tanzanian and Indian officials, as well as academics.
Zanzibar is an archipelago in the Indian Ocean off the coast of Tanzania, and is a semi-autonomous province of Tanzania.
The pioneering venture is part of the central government’s initiative to project India’s education system onto the global stage.
The campus is located in Bweleo district, a short distance from Zanzibar Town.
There are plans for another, permanent campus to be built jointly by the governments of India and Zanzibar.

Key Highlights

IIT-Madras Zanzibar will offer programmes in Data Science and Artificial Intelligence at the Bachelor’s and Master’s levels, with an inaugural batch comprising students from Zanzibar, mainland Tanzania, Nepal, and India.
Of the students in the first batch, 40 per cent are women.
Indian Institute of Technology (IIT) Madras Zanzibar will have 50% Indian students and the rest from various African countries including Zanzibar, Tanzania Mainland, and Nepal.
Preeti Aghalayam, dean of the School of Engineering and Science, and director-in-charge of the Zanzibar campus.

India set to open Seattle consulate, 7 years after it was announced

After seven years of announcement, India is set to open a new consulate in Seattle in the US.
Prakash Gupta will be the Consulate-General at the mission in Seattle.
He is currently serving as a joint secretary at the UNP (United Nations Political) Division at the Ministry of External Affairs (MEA).
In 2016, India announced the opening of a consulate in Seattle in the US.
The United States has also started the process of opening two new consulates in Bengaluru and Ahmedabad.
US consulates are currently present in Chennai, Hyderabad, Kolkata, and Mumbai.
Amazon, Microsoft, Boeing and other big tech companies are located in Greater Seattle.
The Seattle-Tacoma-Bellevue metropolitan area is home to the sixth-largest Indian-American population in the U.S.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Bhutan’s King Jigme Khesar Namgyel Wangchuck Holds Meeting with Prime Minister Narendra Modi in New Delhi

Bhutan’s King Jigme Khesar Namgyel Wangchuck visited India and held a bilateral meeting with Prime Minister Narendra Modi in Delhi.
The meeting is of significant geostrategic importance, considering the growing concerns about China’s efforts to strengthen its ties with Bhutan.
India and Bhutan agreed to upgrade border and immigration posts to enhance security and ease of movement across their shared border.
Both countries discussed new routes for regional connectivity, which can promote economic and trade ties in the region.
An agreement was reached to explore the development of a second rail link, approximately 18 km long, connecting Samtse in Bhutan with Banarhat in West Bengal, India.
Bhutan is planning to build an international airport in Gelephu, as part of the Sarpang district’s Special Economic Zone, which can boost connectivity and economic development.
India agreed to facilitate the transportation of Bhutanese trade items from Haldibari in West Bengal to Chilahati in Bangladesh, potentially expanding Bhutan’s trade opportunities.
Both sides committed to strengthening trade infrastructure, including the upgrade of an existing land customs station at Dadgiri to a modernized “Integrated Check Post” (ICP), streamlining trade processes and enhancing efficiency.

About Bhutan :

Capital : Thimphu
Currency : Ngultrum (Nu)

CURRENT AFFAIRS : STATE NEWS

J&K police becomes 1st in India to use GPS tracker anklets for terror-accused on bail

In a first, Jammu and Kashmir Police have introduced GPS tracker anklets to monitor the terror-accused people on bail in the union territory.
With this, the J&K police department became the first in India to be using GPS tracker anklets.
The GPS tracker anklet is a wearable device affixed around the ankle of the person to be monitored and track their movement.
The device is already being used in the United States of America (USA), United Kingdom (UK), South Africa, Australia and New Zealand to track the movement of accused persons on bail, parole and house arrest and accordingly de-congests prisons to a large extent.
State Investigation Agency officials of the J-K Police have introduced the GPS tracker anklet for monitoring of bail-out terror accused.
The introduction of GPS tracker anklets follows a directive from a Special NIA Court in Jammu, emphasizing the legal significance and endorsement of such technological solutions in law enforcement.

About J&K :

Lieutenant Governor : Manoj Sinha
Capitals : Srinagar, Jammu

CURRENT AFFAIRS: BUSINESS NEWS

Ashok Leyland delivers India’s first LNG-powered haulage truck – AVTR 1922

Ashok Leyland, the flagship company of the Hinduja Group and India’s leading commercial vehicle manufacturer, commenced the delivery of India’s first liquefied natural gas-powered haulage truck, AVTR 1922, to Mahanagar Gas in Hosur.
This is a significant step from Ashok Leyland towards a sustainable and eco-friendly future for the Indian transportation industry.
With this, Ashok Leyland becomes the first Indian Original Equipment Manufacturer (OEM) to unveil an in-house LNG engine compliant with BS VI Stage II emission standards.
The AVTR 1922, powered by Liquefied Natural Gas (LNG), is built on the AVTR platform and shares a high degree of commonality with Ashok Leyland’s existing diesel truck range.

Royal Enfield Himalayan 450 To Be Launched In India

Royal Enfield has revealed the launch date for the new Himalayan 450 and it is set for 24 November at the Motoverse 2023 in Goa.
That’s just a few weeks away from now but the official specifications have already been out for a few days now.
There are three variants of the new Royal Enfield Himalayan 450 – Base, Pass, and Summit.
The base trim comes with a Kaza Brown shade, while the Pass model gets Slate Himalayan Salt and Slate Poppy Blue options.

About Royal Enfield

Royal Enfield is an Indian multinational motorcycle manufacturing company headquartered in Gurgaon.
The company operates manufacturing plants in Chennai in India.
CEO: B. Govindarajan.

CURRENT AFFAIRS: MOUS AND AGREEMENT

6th India-Australia Joint Working Group Meeting on Cooperation in Water Resources Held

The 6th India-Australia Joint Working Group Meeting on Water Cooperation between the Ministry of Jal Shakti, Government of India and the Department of Climate Change, Energy and Water, Government of Australia was held.
The event brought together representatives from both Indian and Australian Governments for a productive discussion on enhancing cooperation in the water sector and charting the way forward with respect to various ongoing and proposed activities.
The Indian side was led by Mr. Anand Mohan, Joint Secretary (RD&PP), Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti while the Australian side was led by Mr. Matthew Dadswell, Head of Water Policy Division, Department of Climate Change, Energy, Environment and the Water (DCCEEW), Australia.

Key Highlights

The opening remarks by both the Co-chairs focused on the rich history of the India-Australia Cooperation Programme in water sector and also emphasized on taking forward the cooperation through active engagement in various technical and policy activities intended for addressing challenges in the sector.
Further, both the Indian and the Australian sides noted with satisfaction the progress achieved so far, against the implementation plan including technical exchanges and execution of demonstrative projects leading to institutional capacity building for meeting the challenges of water sector.
Presentations were held on various ongoing activities (Tier-1) and proposed activities (Tier-2) which included Integration of MyWell App with NWIC, Australia-India Water Security Initiative (AIWASI), India Young Water Professional Programme, Water Accounting in Practice and Application, Basin Planning Co-design Workshop, Aquawatch Australia, Village Groundwater Cooperatives and in situ remediation of inland salinity.
Subsequently, based on the presentations and the discussions held, the India-Australia Work plan for 2024-25 w.r.t Tier-1, Tier-2 and Tier-3 activities were finalized and agreed upon by both sides. The meeting ended with concluding remarks from both the Co-Chairs.
A Memorandum of Understanding (MoU) between India and Australia was signed on 10th November, 2009 and renewed on 5th September, 2014.
Subsequently, a fresh MoU was signed between the Government of India and Government of Australia on 20th May, 2020 effective for a period of five years for Cooperation in the field of Water Resources Management.

REC signs MoU with RailTel, to Finance Infrastructure Projects in Telecom, IT and Railway Signalling

REC Limited signed an MoU with RailTel to extend financial assistance upto Rs. 30,000 Crore for Infrastructure Projects to be executed by RailTel in the next 5 years.
These projects encompass a wide range of areas, including Data Center products and services, Telecom & IT products and services, Railways and metro projects, and the KAVACH Train Collision Prevention System.
Additionally, the MoU extends to the possibility of financing overseas ventures related to High-Speed Rail, metro, IT network, and the Upgradation of Railway Network, as part of bilateral country discussions and Infrastructure Projects in Southeast Asia and Eastern Africa where RailTel is currently focusing.
Shri T.S.C Bosh, Executive Director (Infra & Logistics), REC and Shri Jasmeet Singh Marwah, Company Secretary, RailTel signed the MoU in the presence of Shri Vivek Kumar Dewangan, CMD, REC; Shri Sanjai Kumar, CMD, RailTel; Shri Ajoy Choudhary, Director (Finance), REC; Shri V K Singh, Director (Projects), REC; Shri Manoj Tandon, Director (Project) RailTel; Shri Anshul Gupta, Advisor, RailTel and other senior officials from REC and RailTel.
Post the MoU Signing, they also discussed opportunities for collaboration in detail and agreed upon exploring new areas viz, Renewable Energy, Smart Metering and other projects where RailTel and REC (through its wholly owned subsidiary RECPDCL) can join hands.

About REC

REC Limited, a Maharatna CPSE established in 1969, under Ministry of Power, provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising of Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4,74,275 Crore.

About RailTel

RailTel, a “Mini Ratna (Category-I)” Central Public Sector Enterprise under the Ministry of Railways, is one of the largest neutral telecom infrastructure & ICT Solutions & Services providers in the country, owning a Pan-India optic fiber network covering several towns & cities and rural areas of the country. Along with a strong a reliable network of 61000+ RKM of Optic fibre, RailTel has two MeitY empaneled tier III data centers as well. RailTel offers a bundle of services like, MPLS VPN, Telepresence, leased line, Tower Co-location, Data center services, Project management, IT & ICT consultancy etc.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Euclid Mission: A Crucial Endeavor in ESA’s Cosmic Vision Programme Exploring the Universe’s Origin and Laws

Euclid is a crucial component of the European Space Agency’s (ESA) Cosmic Vision programme, designed to explore the universe’s origin, components, and fundamental laws.
The primary objective of the Euclid mission is to delve into the “dark side” of the universe, with a specific emphasis on investigating dark matter and dark energy.

About Euclid :

Euclid was successfully launched on July 1, 2023 from Cape Canaveral in Florida using a SpaceX Falcon 9 rocket, marking a significant milestone in space exploration.
The mission is named after the ancient Greek mathematician Euclid of Alexandria, who pioneered the subject of geometry around 300 BC.
Euclid aims to create a comprehensive 3D map of the universe, incorporating time as the third dimension, by observing billions of galaxies across more than a third of the sky, reaching up to 10 billion light-years.
The mission seeks to unveil the impact of dark energy on the stretching and separation of matter throughout cosmic time.
The Euclid spacecraft stands at approximately 7 metres tall and has a diameter of 3.7 metres, comprising two major components: the service module and the payload module.
The payload module comprises a 2-m-diameter telescope and two scientific instruments: a visible-wavelength camera (the VISible instrument, VIS) and a near-infrared camera/spectrometer (the Near-Infrared Spectrometer and Photometer, NISP).
Euclid’s operational orbit is a halo around the Sun-Earth Lagrange Point 2 (L2), positioned at an average distance of 5 million km beyond Earth’s orbit.
The nominal mission duration is 6 years, with the potential for extension, limited by the availability of cold gas used for propulsion

What is Dark Energy?

Dark energy is the name given to the mysterious force that’s causing the rate of expansion of our universe to accelerate over time rather than to slow down.
It is now thought to make up 68% of everything in the universe.
It does not interact with electromagnetic forces and, therefore, cannot be observed directly.

Intel partners with EMS and ODMs to boost laptop manufacturing in India

Intel, an American technology company, has partnered with 8 Indian Electronics Manufacturing Services (EMS) companies and Original Design Manufacturers (ODMs) to enhance laptop manufacturing in India.
This collaboration demonstrates Intel’s commitment to the Indian electronics market.
The 8 Indian companies collaborating with Intel for laptop manufacturing in India include Bhagwati Products, Dixon Technologies India, Kaynes Technology India, Optiemus Electronics, Panache Digilife, Smile Electronics, Syrma SGS Technology, and VVDN Technologies.
Some of these companies are venturing into laptop manufacturing for the first time, indicating the growth of the local manufacturing ecosystem.

Key Highlights :

Under this collaboration, Intel shares its expertise to facilitate the production of complete entry-level laptops in India, which included utilising state-of-the-art assembly lines, setting up a quality control process for components, and even benchmarking of finished products.
Intel also provided support to ODMs spanning both Semi Knocked Down (SKD) and Completely Knocked Down (CKD) processes.
Intel will be hosting the India Tech Ecosystem Summit later in November, which will bring together a vast number of local manufacturers to showcase a much larger portfolio of devices being made in India.

About Intel :

Established : July 18, 1968
Headquarters : Santa Clara, California, United States
Intel Corporation is an American multinational corporation and technology company.

CURRENT AFFAIRS : OBITUARIES

SBI’s former chairman DN Ghosh Passed away

State Bank of India’s (SBI) former chairman DN Ghosh Passed away at the age of 95.

About DN Ghosh :

Ghosh was the 12th chairman of the bank from May 13, 1985 to May 12, 1989.
He was a bureaucrat, banker, professor and corporate leader.
It was during his time at the State Bank of India, the drive towards the computerisation of branches started.
State Bank of India was also rated by the International rating agency S&P Global rating for the first time during his tenure as the Chairman.
His own memoir, ‘No Regrets’, is a huge contribution, especially to India’s economic history.
He served as the chairman of Peerless General Finance and Investments for over 10 years from 1996 to 2006 and steered the company through turbulence.
He was also the founder and first chairman of the ICRA Limited.

CURRENT AFFAIRS: IMPORTANT DAYS

World Usability Day 10th November

World Usability Day 2023 is observed on the 10th of November 2023.
The theme for this year’s World Usability Day is Collaboration & cooperation and how that fits into the world of UX.
The User Experience Professional Association established World Usability Day in the year November 2005.
The Association initially comprised of 50 members and it was started in the year 1991.
The Association grew to serve a community of more than 2400 professionals around the world by promoting User Experience Concepts, conducting International Conference and publishing a Journal called “Journal of Usability Studies (JUS), publishing User Experience Magazine, and 59 local chapters in 30 countries”.

World Science Day for Peace and Development: 10th November

World Science Day for Peace and Development 2023 is observed on the 10th of November 2023.
In 2023, World Science Day focuses on “Building Trust in Science.”
The first World Conference on Science was held in 1999 and was coordinated by UNESCO and the International Council for Science.
The gathering was held in Hungary, where various delegations concurred on the importance of educating the public about science.
It was agreed upon by everybody that science should have a special day or week.
In order to advance scientific literacy, conference attendees created an action plan.
The Science Agenda – Framework for Action was the name of this strategy.
The Executive Body of UNESCO endorsed Science Day for Peace and Development a year later.
To establish a strong relationship between science and society, actions were initiated in 2001.
People were regularly informed of the most recent advances in science and technology.
In a similar vein, experts have stepped up to educate the public on the environmental issues facing our world and the best ways to live more sustainably. World Science Day for Peace and Development was first observed in 2002.
Under the direction and support of UNESCO, several non-governmental organizations (NGOs), governmental organizations, research institutes, and educational institutions, including schools, colleges, and universities, gathered to commemorate this day.

Daily CA One- Liner: November 10

The State Bank of India (SBI) has increased its dollar bond issue size to $1 billion from $750 million, with plans to secure the funds in the first week of December.
PhonePe, a fintech firm owned by Walmart, achieves a significant milestone with over 500 million registered users on its platform.
India’s first 50-year Government Security (G-Sec) was fully subscribed in an auction held.
NPCI Bharat BillPay Ltd. (NBBL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), has launched a new set of services under the business-to-business (B2B) payments category.
The fifth India-US 2 plus 2 Ministerial Dialogue will be held in New Delhi.
An IIT-Madras campus was inaugurated in Zanzibar, becoming the first campus of an IIT to be opened abroad
After seven years of announcement, India is set to open a new consulate in Seattle in the US
Ashok Leyland, the flagship company of the Hinduja Group and India’s leading commercial vehicle manufacturer, commenced the delivery of India’s first liquefied natural gas-powered haulage truck, AVTR 1922, to Mahanagar Gas in Hosur.
Royal Enfield has revealed the launch date for the new Himalayan 450 and it is set for 24 November at the Motoverse 2023 in Goa.
The 6th India-Australia Joint Working Group Meeting on Water Cooperation between the Ministry of Jal Shakti, Government of India and the Department of Climate Change, Energy and Water, Government of Australia was held.
REC Limited signed an MoU with RailTel to extend financial assistance upto Rs. 30,000 Crore for Infrastructure Projects to be executed by RailTel in the next 5 years.
Bhutan’s King Jigme Khesar Namgyel Wangchuck visited India and held a bilateral meeting with Prime Minister Narendra Modi in Delhi.
In a first, Jammu and Kashmir Police have introduced GPS tracker anklets to monitor the terror-accused people on bail in the union territory.
Euclid is a crucial component of the European Space Agency’s (ESA) Cosmic Vision programme, designed to explore the universe’s origin, components, and fundamental laws.
Intel, an American technology company, has partnered with 8 Indian Electronics Manufacturing Services (EMS) companies and Original Design Manufacturers (ODMs) to enhance laptop manufacturing in India.
State Bank of India’s (SBI) former chairman DN Ghosh Passed away at the age of 95.
World Usability Day 2023 is observed on the 10th of November 2023.
World Science Day for Peace and Development 2023 is observed on the 10th of November 2023

Excellence by Saikat Sir

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