Daily Current Affairs January 08th 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Increases Gold Reserves by 8 Tonnes in November 2024     

• According to the World Gold Council (WGC), In November 2024, central banks globally added a total of 53 tonnes of gold to their reserves.
• The Reserve Bank of India (RBI) contributed 8 tonnes of this total.

Key Highlights :

• RBI’s Gold Holdings:With the additional 8 tonnes in November, the RBI’s total gold holdings increased to 876 tonnes.
• RBI’s year-to-date gold purchases for 2024 stand at 73 tonnes, making it the second-largest buyer of gold for the year, after Poland.
• Poland’s Gold Purchases:Poland’s National Bank (NBP) emerged as the largest buyer of gold in November 2024, adding 21 tonnes to its reserves.
• Poland’s total gold purchases for the year reached 90 tonnes, bringing its total gold holdings to 448 tonnes.
• Uzbekistan’s Gold Purchases:The Central Bank of Uzbekistan added 9 tonnes of gold to its reserves in November 2024, marking its first purchase since July.
• Uzbekistan’s year-to-date net purchases are now 11 tonnes, with total holdings reaching 382 tonnes.
• China’s Gold Purchases:The People’s Bank of China resumed its gold purchases in November 2024 after a six-month hiatus, adding 5 tonnes of gold.
• China’s year-to-date net purchases stand at 34 tonnes, with total holdings amounting to 2,264 tonnes, or 5% of its total reserves.
• Gold as a Secure Asset:Central banks, especially those from emerging markets, continued to buy gold in 2024 to secure a stable and secure asset amid global economic uncertainty.

About WGC :

• Formation : 1987
• Headquarters : London, United Kingdom
• President : Kelvin Dushnisky
• CEO : David Tait

Reserve Bank of India Issues Master Direction on Reporting Customer Credit Information   

• The Reserve Bank of India (RBI) issued a Master Direction to consolidate various instructions for banks and financial institutions regarding the reporting of credit information of their customers.
• The aim is to establish a standardised framework for reporting and dissemination of credit information and to ensure the confidentiality and security of sensitive credit data.
• Purpose of the Master Direction:The master direction aims to ensure the accuracy, security, and confidentiality of customer credit information.
• It helps in safeguarding customers’ rights regarding their credit data and establishes a framework for effective complaint resolution.

Key Highlights :

• Customer Alerts for Credit Information Report (CIR) Access:Credit Information Companies (CICs) will be required to send alerts (via SMS or email) to customers when their Credit Information Report (CIR) is accessed by specified users (SUs).
• These alerts will be sent only when the CIR enquiry reflects in the customer’s CIR.
• Data Correction Request Rejection:Credit Institutions (CIs), including banks and Non-Banking Financial Companies (NBFCs), will need to inform customers of the reasons for the rejection of their request for data correction.
• This will help customers better understand any issues in their CIR.
• Compensation for Unresolved Complaints:Customers who file complaints regarding credit information are entitled to compensation of Rs 100 per calendar day if the complaint is not resolved within 30 calendar days from the date of the initial filing with a CI or CIC.

About RBI :

• Founded : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

National Payments Corporation of India Enables Seamless Mobility for 3.2 Million Chennai MTC Commuters via RuPay

• The National Payments Corporation of India (NPCI) has partnered with Metropolitan Transport Corporation (MTC) in Chennai to integrate RuPay on-the-go, a contactless payment solution for public transit.

Key Highlights :

• Beneficiaries:Over 3.2 million daily commuters using Chennai MTC will benefit from this efficient and seamless transit system.
• Multi-Modal Ticket Payment:RuPay on-the-go enables multi-modal ticket payment across:
  • Chennai Metro
  • MTC buses
  • Chennai Metro parking facilities
• This is facilitated using a single card.
• National Common Mobility Card (NCMC) Program:RuPay on-the-go was launched under the National Common Mobility Card (NCMC) programme, which aims to simplify public transit across multiple cities in India.
• Seamless and Contactless Experience:The system offers travellers a hassle-free, contactless experience on metros and buses, using a single card marked with the RuPay contactless symbol.
• Additional Benefits of RuPay Cards:RuPay cards also facilitate smooth transactions at merchant outlets.
• The card can be linked with UPI-enabled apps, allowing users to make UPI payments through RuPay Credit Cards on UPI.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Sumitomo Mitsui Financial Group Invests ₹3,000 Crore in SMFG India Credit   

• Sumitomo Mitsui Financial Group (SMFG) infused ₹3,000 crore into SMFG India Credit Company via a rights issue.
• This infusion strengthens SMFG’s commitment to the Indian market.

Key Highlights :

• Funds Allocation:Of the ₹3,000 crore, ₹300 crore was allocated to SMFG India Home Finance, a wholly-owned subsidiary of SMFG India Credit.
• Growth in Assets:SMFG India Credit Company reported assets worth ₹49,800 crore under management by September 30, 2024, reflecting a 25% increase from the previous year.
• Previous Infusion:In April 2024, SMFG had infused ₹1,300 crore into the company, marking the highest-ever fund infusion in a single year.
• SMFG’s Global Presence:SMFG, based in Tokyo, is classified as one of the global systemically important banks and is among the largest global banking and financial services groups.

About SMFG :

• Founded : December 2, 2002
• Headquarters : Tokyo, Japan
• Chairman : Takeshi Kunibe
• CEO : Toru Nakashima

SBI Life Spell Bee Season 14 concludes with an exciting Grand Finale in Kolkata, in collaboration with Mirchi, India’s premier spelling competition     

• SBI Life Spell Bee Season in association with Mirchi, India’s most prestigious spelling competition, concluded its 14th season with a thrilling Grand Finale in Kolkata.
• The competition crowned Chaya M.V. from Presidency School, Bangalore its national champion.

Key Highlights :

• The National Champion of SBI Life Spell Bee Season 14 was awarded the prestigious grand prize of INR 1,00,000/– along with an all-expenses-paid expedition to Disneyland, Hong Kong, accompanied by their parents.
• The theme for this year’s competition was ‘Be Spellbound’, which highlights the significance of words and spellings in shaping the expression of today’s youth.
• The theme reflects SBI Life’s commitment to providing growth opportunities for India’s young population.

About SBI Life Insurance:

• Founded : March 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Mr. Amit Jhigran
• It is a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif.

Ministry of Finance’s New Tax Rule Enables Buyers to Bypass Tax Deduction on Purchases from IFSC Sellers Starting January 1, 2025   

• The Ministry of Finance’s new tax rule, effective from January 1, 2025, allows buyers to avoid tax deduction on purchases made from sellers operating within International Financial Services Centres (IFSC).

Key Highlights :

• Simplification of Tax Deduction Process:The rule simplifies the tax deduction process for buyers, provided they follow specific guidelines.
• Sellers must submit a declaration detailing the previous years for which they are claiming tax deductions, in the prescribed format and verified as per government guidelines.
• Buyers’ Obligation:Once buyers receive the tax declaration from sellers, they are not required to deduct tax on payments made to them.
• Objective of the Rule:The new regulation aims to simplify the tax process for businesses within the IFSC, easing their operations and transactions.
• Government’s Goal:By exempting buyers from tax deductions, the government seeks to reduce the administrative burden on businesses and enhance the ease of doing business within the IFSC.
• Economic Impact:This move is expected to attract more businesses and investments to the IFSC, contributing to the overall growth of the Indian economy.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi Inaugurates Major Railway Infrastructure Projects Across India

• Prime Minister Shri Narendra Modi inaugurated and laid the foundation stone of various railway projects, via video conferencing.
• The Prime Minister inaugurated the new Jammu Railway Division.
• He also laid the foundation stone of Rayagada Railway Division Building of East Coast Railway and inaugurated the Charlapalli New Terminal Station in Telangana.
• Jammu Railway Division: Aimed at boosting connectivity in Jammu and Kashmir.
• Rayagada Railway Division Building: Part of the East Coast Railway to strengthen infrastructure in Odisha.
• Charlapalli New Terminal Station: Located in Telangana, with state-of-the-art facilities and environmental sustainability.
• Focus on Indian Railways Development:
  PM Modi outlined four key areas for railway modernization:
  • Modern infrastructure: Almost 100% railway electrification achieved.
  • Enhanced passenger facilities: New terminals and upgraded stations.
  • Nationwide connectivity: Rail access extended to remote regions.
  • Job creation and industrial support: Employment opportunities and raw material demand fueled by railway projects.
• Jammu and Kashmir Milestones:
  • Udhampur-Srinagar-Baramulla Rail Line: Pioneering connectivity across the region.
  • Chenab Bridge: The world’s highest railway arch bridge.
  • Anji Khad Bridge: India’s first cable-based railway bridge.
    These projects are set to promote tourism, economic growth, and regional integration.
• Odisha’s Infrastructure Boost:
  • Over ₹70,000 crore worth of railway projects underway.
  • Seven Gati Shakti cargo terminals to boost trade and industry.
  • Rayagada Railway Division to enhance connectivity and socio-economic development, particularly in tribal regions.
• Telangana’s New Terminal:
  • Charlapalli Terminal: Built at ₹413 crore with modern amenities, including solar-powered operations, lifts, and escalators.
  • Connected to the Outer Ring Road, easing congestion in Secunderabad, Hyderabad, and Kacheguda stations.
• India’s Infrastructure Revolution:
  • Airports increased from 74 in 2014 to over 150 today.
  • Metro network expanded from 5 cities to 21 cities.
  • Expressways and waterways also witnessing significant growth.

PM Modi’s Vision for Development:

• The Prime Minister emphasized the mantra of ‘Sabka Saath, Sabka Vikas’, ensuring inclusive growth through infrastructure projects. He highlighted the role of Gati-Shakti University in developing specialized railway skills and reiterated the government’s commitment to creating a Viksit Bharat (Developed India).
• Attendees:
  Key dignitaries included Union Ministers, Governors, Chief Ministers of Jammu & Kashmir, Odisha, and Telangana, and officials from the Railways Ministry.

Background:

• The newly inaugurated projects cater to regional aspirations, enhance connectivity, and align with India’s broader infrastructure goals.
• These developments mark a significant step towards strengthening the socio-economic fabric of India while promoting sustainable infrastructure.

Aero India 2025 to be held in Bengaluru:

• The 15th edition of Aero India, Asia’s largest aerospace and defence exhibition, will take place from February 10 to 14, 2025, at the Air Force Station, Yelahanka, Bengaluru, Karnataka.
• With the theme “The Runway to a Billion Opportunities”, the event aims to enhance partnerships between Indian and global firms, accelerate indigenization in the defence sector, and showcase cutting-edge technologies.

Key Highlights of Aero India 2025

Event Details

• Dates: February 10–14, 2025
• Venue: Air Force Station, Yelahanka, Bengaluru
• Theme: “The Runway to a Billion Opportunities”

Key Attractions

• Air Displays & Exhibitions:
  • Aerobatic performances showcasing advanced aerospace platforms.
  • Static displays of military and defence equipment.
• India Pavilion:
  • Spotlighting indigenous manufacturing under Make-in-India.
  • Featuring cutting-edge technologies and innovations ready for the global stage.
• iDEX Pavilion:
  • Showcasing start-up innovations in defence and aerospace.

Special Events

1. Defence Ministers’ Conclave
   • Theme: “BRIDGE – Building Resilience through International Defence and Global Engagement”.
   • Focus: Strengthening global defence ties and fostering mutual prosperity.
2. CEOs’ Round-Table
   • A platform for collaboration between global Original Equipment Manufacturers (OEMs) and Indian firms.
3. Manthan Start-up Event
   • Promoting Indian start-ups and showcasing innovative products and technologies.

Aero India’s Legacy

• Established in 1996, Aero India has grown into a globally acclaimed aerospace event.
• The 2023 edition witnessed:
  • Over 7 lakh visitors from 98 countries.
  • Participation by 809 exhibitors.
  • MoUs and agreements worth ₹75,000 crore.

Union Home Minister to Launch BHARATPOL Portal: A Leap in Law Enforcement Collaboration

• Union Home Minister and Minister of Cooperation, Amit Shah, is set to launch the BHARATPOL portal, developed by the Central Bureau of Investigation (CBI).
• The event will take place at Bharat Mandapam in New Delhi.
• The portal promises to enhance real-time information sharing among law enforcement agencies (LEAs) across India and internationally, enabling quicker responses to transnational crimes.

Key Highlights of the BHARATPOL Portal Launch

Portal Features

• Purpose: To streamline communication and facilitate international police assistance for criminal investigations.
• Management: CBI will manage the portal as the National Central Bureau (NCB-New Delhi) for INTERPOL in India.
• Collaboration: It will improve coordination between central, state, and union territory law enforcement agencies.

Enhanced Crime Response

• International Requests: The portal will centralize and expedite requests related to criminal investigations, such as Red Notices and other INTERPOL notices.
• Target Areas: Focus on combating cybercrime, financial fraud, human trafficking, and organized crime.

Transformation of Police Operations

• Digital Solutions: Replaces outdated communication methods (letters, emails, faxes) with faster, digital communication for CBI and INTERPOL Liaison Officers (ILOs) and Unit Officers (UOs).
• Field-level Impact: The portal will be a transformative tool for local police, improving their ability to address complex security challenges.

Police Medal Presentation

• During the launch event, Amit Shah will present Police Medals to 35 CBI officers for their distinguished service and excellence in criminal investigations.

Attendance

• Senior officials from the Ministry of Home Affairs, Ministry of External Affairs, and the Central Vigilance Commission will be present at the launch event.

Drone Technology Lab and Centre of Excellence Launched at DCR, Puttur

• The Directorate of Cashew Research (DCR) in Puttur, Dakshina Kannada, has recently launched a Drone Technology Lab and a Centre of Excellence for Profiling and Bioactive Components.
• These initiatives aim to foster innovation in cashew research and promote sustainable agricultural practices.

Key Highlights:

Drone Technology Lab:

• The lab is designed to drive innovation in Unmanned Aerial Vehicle (UAV) applications, particularly for plantation crops.
• It is equipped with advanced drone systems and data processing tools, providing a platform for smart farming and research into sustainable agricultural practices.
• The lab aims to enable research in the application of drone technology to enhance farming techniques.

Centre of Excellence for Profiling and Bioactive Components:

• The Centre is dedicated to exploring and analyzing the phytochemicals present in cashew apples, nuts, kernels, shells, and leaves.
• This initiative focuses on identifying bioactive components to promote better utilization of the cashew tree and its products.

Funding and Inauguration:

• Both initiatives were established with funding from the Department of Agriculture and Farmers’ Welfare (DAFW), Government of India, through RKVY-RAFTAAR, as well as the Government of Karnataka.
• The Secretary of the Department of Agricultural Research and Education (DARE) and Director General of ICAR, Himanshu Pathak, inaugurated the Drone Technology Lab.

CURRENT AFFAIRS : STATE NEWS

Jharkhand Chief Minister Hemant Soren Transfers ₹1,415.44 Crore to 56.61 Lakh Women Under Maiya Samman Yojana      

• Jharkhand Chief Minister Hemant Soren transferred ₹1,415.44 crore to 56.61 lakh women under the Maiya Samman Yojana on January 6, 2024.
• The scheme was a key promise made by the Jharkhand Mukti Morcha (JMM)-led INDIA bloc ahead of the Assembly elections.

Scheme Details:

• The scheme increased the monthly transfer to women from ₹1,000 to ₹2,500 for women aged between 18 to 50 years.
• The December instalment of ₹2,500 was transferred, and the January instalment would be transferred later.
• ₹30,000 annually is provided to women under the scheme.
• Direct Transfer Impact:Direct monthly cash transfers of ₹2,500 were aimed at boosting household income, especially in rural areas, improving women’s financial autonomy.
• This initiative aimed to bring women into the formal banking system by requiring women’s bank accounts for receiving transfers.
• Research and Benefits:Global economic studies show that women-directed cash transfers lead to improvements in family health, education, and nutrition.
• Women generally invest a higher proportion of their income in family welfare than men.

About Jharkhand :

• Governor : Santosh Gangwar
• Chief Minister : Hemant Soren
• Capital : Ranchi

CURRENT AFFAIRS: BUSINESS NEWS

India’s Services Sector Shows Strong Growth in December 2024

• India’s services sector ended 2024 on a high note, with the HSBC India Services Business Activity Index (Services PMI) rising to 3 in December, marking the strongest rate of expansion in four months.
• This growth was driven by sustained demand, higher new business inflows, and increased recruitment.
• The index reflects a significant increase in business activity, signaling strong optimism for the future.

Key Highlights of India’s Services Sector Performance

Growth Momentum

• December PMI: 59.3, up from 58.4 in November, signaling continued expansion.
• New Business: New business inflows increased for the 41st consecutive month, reaching their highest level since August 2024.
• Employment: Companies hired more workers, with employment growth softening from November but still among the strongest since December 2005.

Sectoral Performance

• Finance & Insurance: Led the sub-sector growth, registering the highest increases in new orders and business activity.
• Consumer Services: Faced the strongest cost pressures among the sectors, while Transport, Information, and Communication saw the highest charge inflation.

Cost and Inflation Trends

• Input Costs: The increase in input costs softened, although there were continued reports of higher expenses related to food, labor, and materials.
• Selling Price Inflation: Eased in December, supporting business sentiment despite ongoing cost pressures.
• Charge Inflation: Service providers raised their fees again, though the rate of charge inflation slowed compared to November.

Business Outlook

• Optimism: Service providers remained confident about future business activity, citing factors such as expanded capacities, new customer inquiries, and increased marketing budgets.
• 12-month Outlook: Positive sentiment remains above the long-run average, despite a slight dip from November’s six-month high.

International Orders

• International Demand: Solid growth in international orders was observed, though it slowed to a three-month low in December.

Launch of PLI Scheme 1.1 for Specialty Steel: A Step Towards Self-reliance and Industry Growth

• Union Minister of Steel and Heavy Industries, Shri H.D. Kumaraswamy, launched the second round of the Production Linked Incentive (PLI) Scheme for Specialty Steel, also known as PLI Scheme 1.1, at Vigyan Bhavan in New Delhi.
• This initiative aims to further strengthen India’s position in the global steel industry by encouraging domestic manufacturing of value-added steel grades, fostering innovation, and reducing reliance on imports.

Key Highlights of PLI Scheme 1.1 for Specialty Steel

Scheme Details

• Budget Allocation: The scheme will operate within the originally allocated funds of ₹6,322 crore.
• Duration: The scheme will run from FY 2025-26 to FY 2029-30.

Product Categories Covered

The PLI Scheme 1.1 covers five product categories:

1. Coated/Plated Steel Products
2. High Strength/Wear-resistant Steel
3. Specialty Rails
4. Alloy Steel Products & Steel Wires
5. Electrical Steel

These products are crucial for various applications such as in white goods, transformers, automobiles, and other niche sectors.

Key Changes and Industry Feedback

• Reduction in Thresholds:
  The threshold investment and capacity requirements have been reduced, especially for Cold-Rolled Grain-Oriented Steel (CRGO), which is used in the production of power transformers. The investment threshold for CRGO has been lowered to ₹3,000 crore with a capacity of 50,000 tonnes.
• Carry Forward of Excess Production: Companies can now carry forward excess production from one year to meet the target in the next year, allowing for optimal incentive distribution and flexibility in production.
• Augmentation of Existing Capacities: Companies investing in the augmentation of existing facilities will now be eligible to participate in the scheme, with investment required at 50% of the original threshold.

Outcomes from First Round of PLI Scheme

• Commitment: 44 projects from 26 companies with a committed investment of ₹27,106 crore and 24 million tonnes of downstream capacity.
• Current Investment: As of November 2024, ₹18,300 crore has been invested, with 8,300 jobs created.
• Estimated Payout: The total payout for the first round participants is expected to be around ₹2,000 crore.

CURRENT AFFAIRS: AWARDS AND HONOURS

Top Wins at the 82nd Annual Golden Globe Awards

• The 82nd Annual Golden Globe Awards showcased a stellar night for a mix of newcomers and familiar faces, with “The Brutalist” and “Emilia Perez” taking top movie honours.
• Meanwhile, the TV category saw “Shogun” dominate with multiple awards, solidifying its place in the 2024 award season.

Key Highlights of the Golden Globe Awards

Top Film Awards

• “The Brutalist” won Best Drama along with Best Actor (Adrien Brody) and Best Director (Brady Corbet). Corbet called for more freedom for directors to challenge audiences with unique, thought-provoking films.
• “Emilia Perez”, a buoyant Netflix musical, led with four awards, including Best Non-English Language Film (representing France), Supporting Actress (Zoe Saldana), and Best Song (“El Mal”).
• “Wicked” won the Cinematic and Box-office Achievement Award for its commercial success, grossing over $680 million worldwide.

Breakthrough Winners

• Zoe Saldana‘s win for Supporting Actress in “Emilia Perez” was emotional, marking her first Golden Globe.
• Demi Moore won her first Golden Globe for Lead Actress in “The Substance”, breaking her earlier career stigma.
• Sebastian Stan took Best Actor in a Musical/Comedy for “A Different Man”.

Television Honors

• “Shogun” won three awards, including Best Limited Series, Best Actor (Hiroyuki Sanada), and Best Actress (Anna Sawai).
• “The Bear” won multiple awards, including Best Actor (Jeremy Allen White) for the third consecutive year.
• “Hacks” was awarded Best Comedy Series, with Jean Smart winning her second Golden Globe for the show.
• “Flow”, a Latvian animated film, won Best Animated Feature, beating out Disney’s sequels “Inside Out 2” and “Moana 2”.

Repeat Winners

• Kieran Culkin received recognition for “A Real Pain” after previous wins for “Succession”.
• Colin Farrell won his third Golden Globe for his role in “The Penguin”, a series about the Batman villain.
• Jodie Foster claimed her fourth Golden Globe for her role in “True Detective: Night Country”.

Special Honors

• Viola Davis received the Cecil B. DeMille Award, recognizing her distinguished career in entertainment.
• Ted Danson was awarded the Carol Burnett Award for his outstanding contributions to television.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Assam Signs MoU with SBI and UBI for Zero-Premium Insurance Benefits

• The Assam government entered into an agreement with the State Bank of India (SBI) and Union Bank of India (UBI) on January 1, 2025.
• This initiative aims to provide over four lakh state government employees with zero-premium insurance benefits.

1. Insurance Coverage Details:
   Employees will receive comprehensive financial protection through the following benefits at no extra cost:
   • Term Life Insurance: Ensures financial security for the family in case of the insured’s death during the policy period.
   • Accidental Death Insurance: Provides compensation for deaths caused by accidents.
   • Permanent Total and Partial Disability Insurance: Offers financial support for disabilities that may hinder the employee’s ability to work.
   • Air Accidental Insurance: Covers risks during air travel accidents.
2. Objective:
   • This move underscores the Assam government’s commitment to enhancing the welfare and security of its employees.
   • The zero-premium model ensures that employees receive these benefits without incurring any additional financial burden.

Salam Kisan Partners with IIT Ropar to Advance Agritech Innovation

• Salam Kisan, a leading agritech platform, has entered into a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Ropar to foster agritech innovation through advanced technologies.
• The partnership was officially announced at the World Agri-Tech Innovation Summit 2024 in Dubai.

Key Highlights:

Partnership Objectives:

• Technological Collaboration: The partnership aims to utilize Artificial Intelligence (AI), Internet of Things (IoT), and cyber-physical systems to empower farmers and promote sustainable agricultural practices.
• Skill Development: A focus will be on skilling and upskilling farmers to improve their digital literacy and capabilities.
• Sustainable Agriculture: The collaboration will also promote methods that enhance the sustainability of agricultural practices.
• Support for Agritech Start-ups: The MoU includes mentoring for early-stage agritech start-ups, providing resources and guidance to scale their solutions.

Addressing Sector Challenges:

• Slow Technology Adoption: The partnership aims to address challenges such as slow adoption of advanced farming technologies and water management inefficiencies.
• Mentorship for Start-ups: It will help overcome the lack of mentorship in the agritech start-up ecosystem.

FIU-IND and IRDAI Sign MoU for Enhanced Cooperation in Combating Financial Crimes

• The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU), aimed at strengthening their collaborative efforts to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Key Highlights:

Objectives of the MoU:

• Mutual Cooperation: Focus on collaboration between FIU-IND and IRDAI in the areas of anti-money laundering (AML) and combating the financing of terrorism (CFT).
• Appointment of Nodal Officers: Each organization will appoint nodal officers for smooth communication and coordination.
• Information Sharing: The MoU outlines procedures for sharing intelligence and defining reporting procedures under the Prevention of Money Laundering (PML) Rules.
• Training & Skill Development: Initiatives for training and upgrading the skills of regulated entities to enhance their capabilities in identifying suspicious activities.
• Risk Assessments: Emphasis on risk assessments and red flag indicators for suspicious transactions, particularly within the insurance sector.

Additional Features:

• Quarterly Meetings: Regular discussions on AML/CFT trends, typologies, and sanctions-related cases to stay updated on evolving financial crime risks.
• Ensuring Compliance: Reinforcement of the importance of ensuring compliance with AML/CFT obligations and international standards.

Background on FIU-IND and IRDAI:

• FIU-IND: Established in 2004 by the Government of India, it is responsible for receiving, analyzing, and sharing information regarding suspicious financial transactions to combat money laundering and related crimes.
• IRDAI: A statutory body formed under the IRDA Act, 1999, tasked with supervising and promoting the growth of the insurance sector in India. It aims to protect policyholders’ interests and ensure a fair, transparent, and orderly insurance market.

CURRENT AFFAIRS: RANKING AND INDEX

Hanoi Declared World’s Most Polluted City: Urgent Health and Environmental Concerns

• Hanoi, Vietnam’s capital, has recently been identified as the world’s most polluted city, with 5 levels reaching an alarming 266 micrograms per cubic meter.
• This severe air quality situation has raised health concerns and triggered governmental actions to mitigate the crisis.

Unprecedented Air Quality Levels

• Date of Report: January 3, 2025
• Global Ranking: Hanoi’s PM2.5 levels were the highest globally, signaling an urgent air pollution crisis.

Primary Sources of Pollution

1. Heavy Traffic:
   The city’s dense traffic contributes significantly to the increasing pollution levels.
2. Trash Burning:
   Open waste burning releases harmful pollutants, exacerbating air quality issues.
3. Industrial Activities:
   Factory emissions and industrial sites contribute to the deteriorating air quality.

Health Impacts on Residents

• Respiratory Issues:
  Elderly residents report increased breathing difficulties due to the poor air quality.
• Reduced Visibility:
  Young people have expressed concerns over decreased visibility and discomfort while breathing.

Government Initiatives

• Promotion of Electric Vehicles (EVs):
  Deputy Prime Minister Tran Hong Ha has urged a rapid shift toward electric vehicles to help combat pollution.
• EV Adoption Targets:
  Hanoi plans to ensure 50% of buses and 100% of taxis are electric by 2030.

CURRENT AFFAIRS : DEFENCE NEWS

Two Fast Patrol Vessels Built by Goa Shipyard Limited for Indian Coast Guard Launched in Goa    

• Two Fast Patrol Vessels (FPVs) – Amulya and Akshay – indigenously designed and constructed by the Goa Shipyard Limited (GSL) for the Indian Coast Guard (ICG) were launched in the presence of Secretary (Defence Production) Shri Sanjeev Kumar in Goa on January 05, 2025.
• The two FPVs are the third and fourth vessels of the fleet of eight FPVs being constructed by GSL for ICG, underscoring the shipyard’s pivotal role in realising the vision of Aatmanirbharta in defence production.

Key Highlights :

• The first two FPVs of the same series – Adamya and Akshar – were launched in October 2024.
• The contract was concluded in March 2022 for Rs 473 crore.
• With over 60% indigenous content, these state-of-the-art FPVs are designed in-house by GSL to meet ICG’s specific operational needs.
• With a length of 52 meters and a displacement of 320 tonnes, these vessels will strengthen ICG in protecting offshore assets and island territories.
• Its primary role will be fisheries protection and monitoring island territories, exclusively economic zones and coastal patrol.
• Vessels shall also perform anti-smuggling, anti-piracy and search & rescue operations.
• For the first time in GSL’s history, the vessels are being launched simultaneously using the shipyard’s state-of-the-art ship-lift system, a transformative feat that underscores GSL’s modernisation efforts.
• Also, this is the first time in India that a Fast Patrol Vessel is being built with a controllable pitch propeller.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Pope Francis Appoints Sister Simona Brambilla as First Woman to Lead Major Vatican Department         

• Pope Francis has appointed Sister Simona Brambilla as the first woman to head a major Vatican department, the Dicastery for Institutes of Consecrated Life and Societies of Apostolic Life.
• Role and Responsibilities: Brambilla will oversee the world’s Catholic religious orders, marking a significant milestone in the church’s history. She replaces Cardinal João Braz de Aviz, who had served in the role since 2011 and is retiring at the age of 77.
• This appointment is part of Pope Francis’ broader efforts to elevate women to leadership roles within the Vatican.
• Previously, he had appointed women to second-in-command positions across various Vatican offices but had not yet named a woman to head a department.
• Sister Brambilla, 59, is a member of the Consolata Missionaries religious order.
• In addition to her appointment, Spanish Cardinal Ángel Fernández Artime was named pro-prefect of the department, although the exact division of responsibilities between the two has not been detailed.
• Pope Francis had previously appointed women to important roles, such as Barbara Jatta as the first woman to lead the Vatican Museums in 2016, and women in senior positions in the Vatican’s development, family life, and press offices.

HSBC Appoints Lisa McGeough as Chief Executive Officer of U.S. Operations    

• Lisa McGeough has been appointed as the President and Chief Executive Officer (CEO) of HSBC’s U.S. operations, effective from January 1, 2025.

Role and Responsibilities:

• McGeough will oversee all regional business operations in the U.S. and lead the next phase of growth in the country.
• She will focus on expanding the Corporate and Institutional Banking (CIB) division across North America.
• McGeough will be based in New York City and report to Michael Roberts, the newly appointed CEO of HSBC Bank plc and CEO of Corporate and Institutional Banking.
• Leadership and Governance:McGeough will serve as a Director of the HSBC North America Management Board and Chair the HSBC Bank USA Management Board.

About McGeough :

• McGeough brings over 35 years of experience in the banking sector.
• She joined HSBC in 2021 as Co-Head of Global Banking Coverage, overseeing Global Banking Europe.
• Prior to HSBC, McGeough had a long tenure at Wells Fargo (15 years), where she held roles such as Executive Vice President, Head of International, and CEO of Wells Fargo Securities International Limited.

About HSBC Bank USA :

• Founded : 1850
• Headquarters : New York, United States

Former Judge Mayank Kumar Jain Named Judicial Member of Securities Appellate Tribunal    

• Justice Mayank Kumar Jain, a former judge of the Allahabad High Court, has been appointed as a judicial member of the Securities Appellate Tribunal (SAT) by the Ministry of Finance (MoF).
• Reason for Appointment:The appointment addresses the rising number of pending cases with SAT, with discussions on the formation of a second bench underway.
• Current SAT Structure:SAT currently operates with a single bench led by Justice Dinesh Kumar, a former Karnataka High Court judge, who became the presiding officer in April 2024.
• Provisions for Multiple Benches:As per SEBI’s rules, multiple benches can be formed, each comprising at least one judicial member and one technical member.
• Jurisdiction:SAT hears appeals against orders from:
  • Securities and Exchange Board of India (SEBI)
  • Insurance Regulatory and Development Authority of India (IRDAI)
  • Pension Fund Regulatory and Development Authority (PFRDA)
  • Stock exchanges and depositories
• Tenure of Members:The tenure for the presiding officer and members is five years from the date of appointment, with eligibility for reappointment for another term of up to five years.
• No member or presiding officer shall hold office after attaining the age of 70 years.

Mercedes-Benz Names Emrah Ozer as Chief Financial Officer for Indian Operations      

• Emrah Ozer has been appointed as the Chief Financial Officer (CFO) of Mercedes-Benz India, effective from January 1, 2025.
• This appointment is part of an organizational change in the finance and controlling function at Mercedes-Benz India.
• Ozer succeeds Evren Cakabey, who has been appointed as the Executive Director & CFO of Mercedes-Benz G GmbH, Austria, also effective January 1, 2025.
• Ozer will be inducted into the Board of Mercedes-Benz India as an Executive Director in the future.

About Emrah Ozer :

• Ozer has managed multiple stakeholders, including banks, governments, and investors, in his previous roles.
• He held various leadership positions within Finance & Controlling at Mercedes-AMG, Mercedes-Benz AG, and Smart, with responsibility for India and the NAFTA region.
• Ozer began his career in Finance & Controlling at Smart GmbH, Stuttgart, in 2002 and became Head of Project Controlling for India & NAFTA in 2008.
• Prior to this new appointment, Ozer was Member of the Board of Management and Head of Finance & Controlling at Mercedes-Benz Otomotiv Turkey.

About Mercedes-Benz India :

• Founded : 1994
• Headquarters : Pune, Maharashtra

Abhishek Bachchan Becomes Co-Owner of European T20 Premier League    

• Abhishek Bachchan, Bollywood actor, entrepreneur, and sports enthusiast, will join the European T20 Premier League (ETPL) as a co-owner.
• The ETPL is sanctioned by the International Cricket Council (ICC), but the financial details of the arrangement were not disclosed.
• Bachchan’s Existing Sports Ventures:This marks an expansion of Bachchan’s involvement in sports leagues, as he already co-owns:
  • Chennaiyin FC in the Indian Super League (ISL) (football).
  • Jaipur Pink Panthers in the Pro Kabaddi League (PKL) (kabaddi).

About ETPL:

• ETPL is a privately-owned franchise tournament in partnership with three member cricket nations: Ireland, Scotland, and the Netherlands.
• The inaugural edition of the annual T20 franchise tournament will be held from July 15 to August 3.
• Structure of ETPL:The tournament will begin with six teams representing cities in Europe: Dublin, Belfast, Amsterdam, Rotterdam, Edinburgh, and Glasgow.
• Global Coverage:The tournament will be widely covered by prominent media partners, ensuring extensive reach in key markets like Europe, India, Australia, and England.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Suzuki to Purchase 26% Stake in National Dairy Development Board;s Biogas Project     

• Suzuki Motor Corporation has decided to acquire a 26% stake in NDDB Mirda Limited, a bio-gas venture of National Dairy Development Board (NDDB), as part of its plans to use Compressed Bio-Gas (CBG) for longevity and performance of vehicles.
• The remaining 74% will remain with NDDB.

Key Highlights :

• Suzuki had earlier sought 49% equity in the NDDB Mirda Ltd, but the Government of India allowed the company to take up 26%.
• There is also a provision in the deal, whereby Suzuki can gradually increase their equity in the company to 49%.
• Suzuki want to focus on sustainability of vehicles through CBG and compressed natural gas (CNG).
• Suzuki R&D Center India Private Limited (SRDI), a wholly-owned subsidiary of Suzuki Motor Corporation, entered into an agreement with NDDB to invest in its bio-gas subsidiary NDDB Mirda Ltd.
• In order to promote the production and consumption of CBG in the country, the National Biofuels Coordination Committee (NBCC) in November 2023, approved, the introduction of phase wise mandatory blending of CBG in CNG (Transport) & PNG (Domestic) segments of the CGD sector.
• CBG Blending Obligation (CBO) will be voluntary till FY24-25 and mandatory blending obligation would start from FY 2025-26.
• CBO shall be kept as 1%, 3% and 4% of total CNG/PNG consumption for FY 2025-26, 2026-27 and 2027-28, respectively. From 2028-29 onwards, CBO will be 5%.

About Suzuki Motor Corporation :

• Founded : October 1909
• Headquarters : Shizuoka, Japan
• President, , Representative Director & Chairman : Toshihiro Suzuki

About NDDB :

• Founded : 16 July 1965
• Location : Anand, Gujarat, India
• Chairman : Dr. Meenesh Shah

Airtel and Vodafone Idea Divest Full Stake in Wi-Fi JV Firefly to iBus for Rs 9 Crore     

• Bharti Airtel and Vodafone Idea sold their entire stake in Firefly Networks, a Wi-Fi infrastructure company, to iBus Network and Infrastructure for Rs 9 crore.
• Firefly Networks Limited was a 50-50 joint venture between Vodafone Idea and Bharti Airtel.
• The deal is expected to close within 30 business days from the date of the agreement between the firms.
• Firefly Networks manages and monetizes Wi-Fi hotspots, providing Wi-Fi infrastructure to various partners like educational institutes and hospitals.

About iBus Network and Infrastructure:

• iBus Network and Infrastructure, the buyer, is backed by prominent investors like the National Investment and Infrastructure Fund (NIIF) and the International Finance Corporation (IFC).
• iBus specializes in providing in-building telecom network solutions and Wi-Fi managed services.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Department for Promotion of Industry and Internal Trade Collaborates with Stride Ventures to Boost Growth and Global Expansion of Indian Startups      

• The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Stride Ventures, a venture debt firm, to support high-growth potential startups in fulfilling their funding needs.
• Objectives of the Collaboration:This partnership aims to create significant opportunities for startups by combining financial support, strategic mentorship, and market access.
• Stride Ventures will focus on identifying startups with high growth potential, providing funding, and offering market access and policy support.
• Focus on Tier-2 and Tier-3 Cities:The initiative will particularly target startups from tier-2 and tier-3 cities, providing them with dedicated guidance, mentorship, and access to a global mentor network to support their growth.
• Awareness of Fundraising Instruments:The collaboration will raise awareness about various fundraising instruments, including venture debt, to help startups achieve their growth aspirations.
• Founder and Managing Partner, Stride Ventures : Ishpreet Singh Gandhi

About Ministry of Commerce & Industry :

• Cabinet Minister : Piyush Goyal
• Minister of State : Jitin Prasada

CURRENT AFFAIRS: SPORTS NEWS

Sabalenka Triumphs in Brisbane, Prepares for Australian Open Defense

• World No. 1 Aryna Sabalenka defeated Russian qualifier Polina Kudermetova in a hard-fought final, securing victory with a score of 4-6, 6-3, 6-2.
• The win sets a confident tone for Sabalenka ahead of her Australian Open title defense.
• Sabalenka’s Australian Open Goals:
  • Sabalenka is aiming to become the first woman since Martina Hingis (1997-1999) to claim three consecutive Australian Open titles.
• Men’s Brisbane Title:
  • Jiri Lehecka won the Brisbane men’s singles title after Reilly Opelka retired due to injury while trailing 4-1 in the opening set.
  • Opelka, who recently returned from nearly two years of recovery from wrist and hip surgeries, had earlier upset Novak Djokovic in the quarterfinals.
• Next Stop – Australian Open:
  • The year’s first Grand Slam begins on January 12 in Melbourne. Sabalenka and other top contenders, including Novak Djokovic and Elena Rybakina, are gearing up for the prestigious event.

ICC Explores Two-Tier Test Cricket System with Big Three Collaboration

• The International Cricket Council (ICC), in collaboration with the cricket boards of India (BCCI), England (ECB), and Australia (CA), is evaluating the introduction of a two-tier Test cricket system.
• Key figures Jay Shah, Mike Baird, and Richard Thompson will participate in discussions this month on the feasibility of the system.
• What is the Two-Tier Test System?
  • The system proposes dividing Test-playing nations into two divisions based on their rankings.
  • Goals of the system:
    1. Increase high-stakes matches between top teams.
    2. Address challenges of competitiveness and match scheduling for smaller nations.
  • Timeline and Future Implementation:
    • If approved, the system will be introduced after the current Future Tours Program (FTP) ends in 2027, allowing time for preparations and adjustments.
  • Role of the Big Three Boards:
    • The collaboration of India, England, and Australia stems from their financial clout and influence in global cricket.
    • The BCCI’s Special General Meeting (SGM) in January is expected to prioritize discussions on administrative and strategic changes related to this system.
  • Past Resistance and Current Debates:
    • The concept faced opposition in 2016, particularly from smaller cricket boards like Zimbabwe and Bangladesh, citing concerns about:
      1. Revenue losses for smaller nations.
      2. Reduced opportunities to play against top-tier teams.
    • While the system has potential to boost competitiveness, critics argue it risks marginalizing smaller nations.

Kho Kho World Cup 2025: First-Ever International Tournament

• The Kho Kho Federation of India (KKFI) has unveiled the official trophies for the first-ever Kho Kho World Cup, set to take place.

Tournament Details:

• Location: Indira Gandhi Indoor Stadium, New Delhi.
• Participants: 21 men’s teams and 20 women’s teams from 24 countries across six continents.
• Trophies:
  • Blue Trophy for the men’s championship.
  • Green Trophy for the women’s event.
• Mascots: ‘Tejas’ (a gazelle) for the men’s event and ‘Tara’ (another gazelle) for the women’s event.

The World Cup aims to be a landmark event, showcasing global talent and highlighting India’s sporting heritage in this indigenous sport.

Royal Enfield Ice Hockey League 2025: Second Edition

The second edition of the Royal Enfield Ice Hockey League (REIHL) is being held in Ladakh, from January 4-13, 2025, at the Nawang Dorjay Stobdan (NDS) Stadium, Leh.

Key Features of REIHL:

• Number of Matches: 30 total matches – 23 men’s and 7 women’s.
• Tournament Structure:
  • Men’s: Two groups of five teams each, top two teams advancing to semi-finals.
  • Women’s: Two-group round-robin format, followed by semi-finals and finals.
• Finals:
  • Women’s final: January 12, 2025.
  • Men’s final: January 13, 2025.

CURRENT AFFAIRS : OBITUARIES

Amit Banerji, Co-Founder of Workspace Operator Table Space, Passed away      

• Amit Banerji, co-founder of managed workspace operator ‘Table Space’, passed away at the age of 44.
• Before founding Table Space in 2017 with Karan Chopra, Banerji worked at Accenture for over 13 years and served as the Managing Director of Corporate Real Estate in India.
• Table Space was co-founded by Banerji and Chopra, along with six other key co-founders: Kunal Mehra, Srinivas Prasad, Krishnaswamy Nagarajan, Anurag Tyagi, Nitish Bhasin, and Anamika Gupta.
• Table Space, a managed workspace operator, aimed for a $2.5 billion valuation for its initial public offering (IPO) planned for 2025.
• As of August 2024, Banerji owned 21.55% of Table Space, with his unrealized share estimated at ₹866.8 crore.
• Banerji’s death follows the recent deaths of other prominent figures in the startup ecosystem, including Rohan Malhotra (Good Capital) and Rohan Mirchandani (Epigamia), who also passed away due to heart attacks.

Daily CA One- Liner: January 8

• Prime Minister Shri Narendra Modi inaugurated and laid the foundation stone of various railway projects, via video conferencing.
• The 15th edition of Aero India, Asia’s largest aerospace and defence exhibition, will take place from February 10 to 14, 2025, at the Air Force Station, Yelahanka, Bengaluru, Karnataka.
• Union Home Minister and Minister of Cooperation, Amit Shah, is set to launch the BHARATPOL portal, developed by the Central Bureau of Investigation (CBI).
• The Directorate of Cashew Research (DCR) in Puttur, Dakshina Kannada, has recently launched a Drone Technology Lab and a Centre of Excellence for Profiling and Bioactive Components
• India’s services sector ended 2024 on a high note, with the HSBC India Services Business Activity Index (Services PMI) rising to 59.3 in December, marking the strongest rate of expansion in four months.
• Union Minister of Steel and Heavy Industries, Shri H.D. Kumaraswamy, launched the second round of the Production Linked Incentive (PLI) Scheme for Specialty Steel, also known as PLI Scheme 1.1, at Vigyan Bhavan in New Delhi.
• The 82nd Annual Golden Globe Awards showcased a stellar night for a mix of newcomers and familiar faces, with “The Brutalist” and “Emilia Perez” taking top movie honours.
• The Assam government entered into an agreement with the State Bank of India (SBI) and Union Bank of India (UBI) on January 1, 2025.
• Salam Kisan, a leading agritech platform, has entered into a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Ropar to foster agritech innovation through advanced technologies.
• The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU), aimed at strengthening their collaborative efforts to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.
• Hanoi, Vietnam’s capital, has recently been identified as the world’s most polluted city, with 2.5 levels reaching an alarming 266 micrograms per cubic meter
• World No. 1 Aryna Sabalenka defeated Russian qualifier Polina Kudermetova in a hard-fought final, securing victory with a score of 4-6, 6-3, 6-2.
• The International Cricket Council (ICC), in collaboration with the cricket boards of India (BCCI), England (ECB), and Australia (CA), is evaluating the introduction of a two-tier Test cricket system.
• The Kho Kho Federation of India (KKFI) has unveiled the official trophies for the first-ever Kho Kho World Cup, set to take place.
• According to the World Gold Council (WGC), In November 2024, central banks globally added a total of 53 tonnes of gold to their reserves.
• The Reserve Bank of India (RBI) issued a Master Direction to consolidate various instructions for banks and financial institutions regarding the reporting of credit information of their customers.
• The National Payments Corporation of India (NPCI) has partnered with Metropolitan Transport Corporation (MTC) in Chennai to integrate RuPay on-the-go, a contactless payment solution for public transit.
• Sumitomo Mitsui Financial Group (SMFG) infused ₹3,000 crore into SMFG India Credit Company via a rights issue.
• SBI Life Spell Bee Season in association with Mirchi, India’s most prestigious spelling competition, concluded its 14th season with a thrilling Grand Finale in Kolkata.
• The Ministry of Finance’s new tax rule, effective from January 1, 2025, allows buyers to avoid tax deduction on purchases made from sellers operating within International Financial Services Centres (IFSC).
• Jharkhand Chief Minister Hemant Soren transferred ₹1,415.44 crore to 56.61 lakh women under the Maiya Samman Yojana on January 6, 2024.
• Two Fast Patrol Vessels (FPVs) – Amulya and Akshay – indigenously designed and constructed by the Goa Shipyard Limited (GSL) for the Indian Coast Guard (ICG) were launched in the presence of Secretary (Defence Production) Shri Sanjeev Kumar in Goa on January 05, 2025.
• Pope Francis has appointed Sister Simona Brambilla as the first woman to head a major Vatican department, the Dicastery for Institutes of Consecrated Life and Societies of Apostolic Life.
• Lisa McGeough has been appointed as the President and Chief Executive Officer (CEO) of HSBC’s U.S. operations, effective from January 1, 2025.
• Justice Mayank Kumar Jain, a former judge of the Allahabad High Court, has been appointed as a judicial member of the Securities Appellate Tribunal (SAT) by the Ministry of Finance (MoF).
• Emrah Ozer has been appointed as the Chief Financial Officer (CFO) of Mercedes-Benz India, effective from January 1, 2025.
• Abhishek Bachchan, Bollywood actor, entrepreneur, and sports enthusiast, will join the European T20 Premier League (ETPL) as a co-owner.
• Suzuki Motor Corporation has decided to acquire a 26% stake in NDDB Mirda Limited, a bio-gas venture of National Dairy Development Board (NDDB), as part of its plans to use Compressed Bio-Gas (CBG) for longevity and performance of vehicles.
• Bharti Airtel and Vodafone Idea sold their entire stake in Firefly Networks, a Wi-Fi infrastructure company, to iBus Network and Infrastructure for Rs 9 crore.
• The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Stride Ventures, a venture debt firm, to support high-growth potential startups in fulfilling their funding needs.
• Amit Banerji, co-founder of managed workspace operator ‘Table Space’, passed away at the age of 44.