Daily Current Affairs 01 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Revokes Acemoney (India’s) Non-Banking Financial Company License for Breaching Guidelines                             

• The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India), a Delhi-based non-banking financial company (NBFC), due to irregular lending practices and violation of RBI guidelines.

Violation of RBI Guidelines:

• The cancellation was based on multiple factors, including:
  • Charging excessive interest rates.
  • Failing to ensure confidentiality of customer information.
• The RBI also cited non-compliance with regulations pertaining to managing risks and code of conduct in outsourcing financial services in digital lending operations through third-party apps.

Key Highlights :

• Details of Certificate of Registration:The company was issued a Certificate of Registration (CoR) in 2017, allowing it to operate as an NBFC.
• With the cancellation, Acemoney (India) is no longer permitted to transact business as a Non-Banking Financial Institution (NBFI).
• Third-party Apps Associated with Acemoney:The names of some of the service providers or mobile applications associated with the company include ActLoan, AgMoney, NiceCash, CashLender, and QuickRupee, among others.
• The development follows a series of actions on other players in the industry on account of non-compliance.

Recent News :

• In October 2023, the banking regulator asked the Bank of Baroda to stop onboarding of customers on ‘BoB World’ mobile app due to concerns regarding the manner of taking on board customers.
• In Jan 2024, the RBI directed Paytm Payments Bank to stop deposit and credit transactions on account of persistent non-compliance and continued material supervisory concerns in the bank.
• In April 2024, private-sector lender Kotak Mahindra Bank was asked to stop taking on board new customers through its online and mobile banking channels and it was barred from issuing fresh credit cards.
• The action was necessary as the bank failed to plug gaps in its information technology (IT) systems.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar

Reserve Bank of India Releases Draft Framework for Electronic Trading Platforms

• The Reserve Bank of India (RBI) has proposed a revised regulatory framework for Electronic Trading Platforms (ETPs) due to increased integration of the onshore forex market with offshore markets.
• Market makers too have been requesting the Reserve Bank to allow access to offshore ETPs offering Indian Rupee (INR) products.

Definition of ETP :

• An Electronic Trading Platform (ETP) is any electronic system, other than a recognized stock exchange, on which transactions in eligible instruments are contracted.
• Eligible instruments include securities, money market instruments, foreign exchange instruments, derivatives, or other instruments of similar nature.

Key Highlights :

• Draft Master Direction for ETPs:
• The ‘Draft Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2024’ outlines the requirements for ETP operators.
• An entity seeking authorization as an ETP operator must maintain a minimum net worth of Rs 5 crore and continue to maintain this minimum net worth at all times.
• The entity must be a company incorporated in India, and shareholding by non-residents must comply with all applicable laws, including the Foreign Exchange Management Act, 1999.
• Technology Infrastructure Requirements:
• The entity will also have to maintain robust technology infrastructure with a high degree of reliability, availability, scalability and security with respect to its systems, data and network, appropriate to support its operations and network, appropriate to support its operations and manage the associated risks.
• History of ETP Regulation:
• In October 2018, the RBI implemented a regulatory framework for ETPs to execute transactions in financial instruments regulated by the central bank.
• This framework aimed to ensure fair access and robust trading infrastructure.
• Currently, 13 ETPs operated by 5 operators have been authorized.
• Authorizations and Eligible Instruments:
• In respect of eligible instruments, the draft stated that ETP operators authorised by/registered with the RBI should ensure that transactions only in instruments approved by the central bank are contracted on their platform.
• No entity, resident or non-resident, can operate an ETP without obtaining prior authorisation of, or having registered with, the Reserve Bank.
• Public Consultation on the Draft Framework:
• The RBI has invited comments on the draft directions from ETP operators, banks, market participants, and other interested parties by May 31, 2024.

CURRENT AFFAIRS: NATIONAL NEWS

Geneva-based UN-related body to review India’s human rights accreditation status:

• The National Human Rights Commission (NHRC) is preparing to defend the government’s human rights processes at a meeting in Geneva, where a decision on whether India’s human rights body will retain its “A status” is expected to be made.
• The NHRC’s ratings were put on hold in 2023 over concerns about its composition procedure, the presence of police personnel in human rights investigations, and the lack of gender and minority representation, and the decision over whether the NHRC is given an A rating or a B rating would affect its ability to vote at the UN Human Rights Council and some UNGA bodies.
• The meeting of the Sub-Committee on Accreditation (SCA) of the UN-recognised Global Alliance of National Human Rights Institutions (GANHRI) worldwide will be held, as part of the five-year peer review for each member of the 114-member alliance.
• While NHRC Chairperson, retired Supreme Court judge Justice Arun Kumar Mishra had travelled to Geneva last year for the GANHRI SCA meeting on India, this year, the NHRC is expected to attend the review meeting.
• The Ministry of External Affairs (MEA) is understood to have contacted various countries involved in the review process to make its case through diplomatic channels.

Telecom operators group asks government to ban the sale of unlicensed WiFi 6E routers

• A group representing telecom operators has sought a ban on the sale of WiFi 6E routers that use the 6 GHz spectrum band for data transmission, requesting as the government has not yet determined the utilisation of the frequencies.
• The Cellular Operators Association of India (COAI), whose members include Reliance Jio, Airtel, and Vodafone Idea, claimed that the routers are being sold on e-commerce platforms such as Amazon, Flipkart, and Moglix, as well as through offline retailers.
• The COAI, in a letter to the Department of Telecommunications (DoT) on April 15, said the sale of equipment using the 6 GHz band, which has not been designated for this purpose or declared licence-exempt by the government, is unlawful and should be promptly prohibited nationwide.

GCMMF’s ‘Manthan’ to be screened at Cannes Film Festival

• Shyam Benegal’s 1976 feature film “Manthan” has been selected for screening at the 77th Cannes Film Festival, which will be held from May 14
• The Gujarat Cooperative Milk Marketing Federation (GCMMF) and the producer of the film had joined hands with a not-for-profit organisation — Film Heritage — to restore the national award-winning film in 4K.
• The film stars Smita Patil, Naseerudin Shah, Girish Karnad, and Amrish Puri.
• Manthan is inspired by Dr Verghese Kurien, the father of the White Revolution, and marks the inception of an extraordinary dairy cooperative movement that transformed India from a milk-deficient nation to the world’s largest milk producer.
• Manthan made people believe that cattle rearing and milk production can be a sustainable and prosperous means of livelihood.
• India became the largest milk producer in 1998 and has retained the position since
• Made with a budget of ₹10 lakh, this is a crowd-funded film.
• Five lakh GCMMF farmers had contributed Rs 2 each to fund the cost of film production.
• The film won two national awards in 1977 and was also India’s submission for the Academy Award for Best Foreign Language Film in 1976.

Government cancels FCRA licences of 6 NGOs over ‘violations’

• The Union home ministry has cancelled the Foreign Contribution Registration Act (FCRA) licences of six non-governmental organisations (NGOs) for their alleged violation of the FCRA rules, misuse of foreign grants, and religious conversion, among others.
• The cancellation came following a scrutiny by the Centre in March-April this year
• The NGOs whose registrations have been cancelled are CNI Synodical Board of Social Service, Voluntary Health Association of India, Indo-Global Social Service Society, Church’s Auxiliary for Social Action, and Evangelical Fellowship of India.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Kingdom’s new ‘world first’ laws crack down on smart gadget cyber attacks

• The United Kingdom (UK) government has introduced “world first” laws requiring all internet-connected smart devices to meet minimum security standards to protect consumers and businesses from hacking and cyber-attacks.
• Under the new regime, manufacturers are prohibited from using weak, easily guessable default passwords like “admin” or “12345”.
• If a common password is used, users will be prompted to change it upon start-up to enhance security.

Key Highlights :

• Context for the New Laws:An investigation by Which? a consumer group revealed that a UK home filled with smart devices could be exposed to more than 12,000 hacking attempts from across the world in a single week.
• Just 5 devices experienced a total of 2,684 attempts to guess weak default passwords.
• Scope of the New Regulations:The laws cover a wide range of internet or network-connected devices, from smartphones to game consoles to smart fridges.
• Manufacturers must take measures to protect consumers from hackers and cybercriminals gaining access to these devices.
• Part of the National Cyber Strategy : The new laws are part of the British government’s GBP 2.6-billion National Cyber Strategy to protect and promote Britain online.
• Product Security and Telecommunications Infrastructure Regime:The laws are enacted under the Product Security and Telecommunications Infrastructure regime, aimed at improving the UK’s resilience against cyber threats and ensuring global economic security.
• Additional Requirements for Manufacturers:Besides password security, manufacturers are required to publish contact details for reporting security issues and bugs, enabling timely resolution.
• Retailers must be transparent with consumers about the minimum time they can expect to receive security updates for their devices.

United Nations Conference on Trade and Development Rebrands as “UN Trade and Development” to Commemorate Its Anniversary             

• The United Nations Conference on Trade and Development (UNCTAD) has been rebranded as “UN Trade and Development” to mark its 60th anniversary.
• This rebranding reflects the organization’s commitment to enhancing its impact and amplifying its advocacy for developing countries.

Key Highlights :

• Significance of Rebranding:The rebranding initiative includes a new visual identity designed to better reflect the organization’s work and values.
• The new name and logo will be adopted across all official channels in the 6 United Nations (UN) languages.
• Themes and Areas of Emphasis:The theme for the 60th anniversary is “Charting a new development course in a changing world.”
• The focus is on addressing finance, technology, investment, and sustainable development, with a specific emphasis on UNCTAD’s work in Africa, least developed countries, small island developing states (SIDS), and landlocked developing countries.
• Implications of Rebranding:The rebranding aims to strengthen UNCTAD’s role in shaping global trade and development policies that benefit developing nations.
• It also seeks to raise the organization’s visibility and influence in international forums and discussions.

About UNCTAD :

• Established : December 30, 1964
• Headquarters: Geneva, Switzerland
• Secretary General : Rebeca Grynspan
• The UNCTAD is a permanent intergovernmental organization that promotes the interests of developing countries in world trade.
• UNCTAD’s work focuses on trade, development, finance, technology, investment, and sustainable development.

World Trade Organization Celebrates 30 Years Since the Historic Marrakesh Agreement   

• The World Trade Organization (WTO) commemorates the 30th anniversary of the Marrakesh Agreement, a significant milestone in global trade history.
• The Marrakesh Agreement establishing the WTO was signed by 123 countries on 15 April 1994, leading to the birth of the WTO on 1 January 1995.

Key Highlights :

• Impact on Global Trade:Over the past 30 years, the WTO has contributed to a significant expansion in global trade.
• The agreement aimed to raise living standards, increase employment, and promote sustainable development through trade.
• Reshaping of International Trade:The Marrakesh Agreement redefined the international trading system, creating a more robust and comprehensive structure for trade relations among countries.
• It introduced a detailed framework for addressing trade disputes and ensuring fair trade practices.
• Primary Goal and Objectives:The key objective of the Marrakesh Agreement is to reduce trade barriers and facilitate a smoother flow of trade between countries.
• By promoting free trade and reducing restrictions, the agreement aims to boost economic growth and development globally.

About WTO :

• Founded: 1 January 1995
• Headquarters: Geneva, Switzerland
• Director General : Dr Ngozi Okonjo-Iweala
• Total members: 164 members (160 UN member states, the European Union, Hong Kong, Macao, and Taiwan)
• The WTO is an intergovernmental organization that regulates and facilitates international trade.

CURRENT AFFAIRS: BUSINESS NEWS

NTPC Group installed capacity crosses 76GW mark; begins operation of 57-MW Rajasthan solar project

• State-owned power giant NTPC Group’s installed power generation capacity has crossed the 76 GW mark with the commissioning of a 57-MW solar power energy capacity in Rajasthan.
• Consequent upon successful commissioning and due approvals, the first part capacity of 57 MW out of 90 MW Anta Solar PV Project at Anta, Rajasthan, is declared on commercial operation with effect from April 26, 2024.
• The total installed and commercial capacity of NTPC on a standalone and group basis has reached 59,135 MW and 76,015 MW, respectively.

Kundan Green Energy gets approval for a 42 MW hydropower plant

• Kundan Green Energy has received approval for a 42 MW hydropower project in Okhali, Uttarakhand.
• This project is part of an agreement with the Uttarakhand government to develop a total of 80 MW greenfield hydropower capacity in the state, with an investment of ₹1,000 Crore.
• The project is scheduled for completion by 2028 and will increase the company’s combined hydropower capacity to 270 MW from the current 104 MW.
• Kundan Green Energy, a subsidiary of Kundan Group, is dedicated to advancing sustainable energy solutions for India’s energy security and transition to a greener future.
• Committed to sustainability, the company aims to contribute to India’s renewable energy target of 500 GW by 2030, leveraging efficient materials, techniques, systems, and processes.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Bharat Biotech Co-Founder Krishna Ella Appointed as President of Indian Vaccine Manufacturers Association                 

• The Indian Vaccine Manufacturers Association (IVMA) announced Krishna M Ella, Co-Founder and Executive Chairman of Bharat Biotech, as the association’s new president for two years from April 2024-2026.
• He takes over from Adar C. Poonawalla, CEO of Serum Institute of India (SII), who served as IVMA president from 2019 to 2024.
• Leadership Transition:Under Dr Ella’s leadership, the IVMA aims to fortify collaboration between vaccine manufacturers, researchers, and policymakers to accelerate the development of new vaccines and improve production processes.

New Office Bearers for 2024-2026:

• Vice President: Mahima Datla, Managing Director of Biological E.
• Treasurer: T. Srinivas, Chief Financial Officer of Bharat Biotech.
• Director General: Harshavardhan continues in his role as Director General of IVMA.
• Adar Poonawalla has served as the chief executive officer of Serum Institute of India since 2011.
• Under Adar C. Poonawalla’s leadership, Serum Institute of India (SII) became the first Indian company to roll out the AstraZeneca-Oxford COVID-19 vaccine, known as Covishield, during the COVID-19 pandemic.

About IVMA :

• IVMA is a non-government, not-for-profit, industry-led, and industry-managed organisation.
• It aims to promote and articulate the views and concerns of the vaccine industry, fostering an environment conducive to vaccine development and immunisation in India.
• The organisation plays a key role in driving collaboration, research, and public-private partnerships within the vaccine sector.

Pro-China Leader Sogavare Withdraws from Solomon Islands’ Prime Minister Race

• Solomon Islands Prime Minister Manasseh Sogavare has withdrawn from consideration for another term as leader after his ruling party failed to win a majority in elections, in a potential blow to China’s growing ties with the Pacific nation.
• Sogavare was replaced by Foreign Minister Jeremiah Manele as the Ownership, Unity and Responsibility Party’s candidate for prime minister.
• Sogavare’s ruling party won only 15 out of a possible 50 seats in the parliamentary elections held in April.
• Opposition parties have formed a coalition with 20 lawmakers, indicating a significant shift in parliamentary power.
• With the ruling party and opposition parties not holding a clear majority, a group of about 10 independents could play a crucial role as kingmakers in determining the next government.

About Solomon Islands :

• Capital : Honiara
• Currency : Solomon Islands dollar

CURRENT AFFAIRS : DEFENCE NEWS

India to Collaborate with United Kingdom to Develop Electric Propulsion System for Domestic Warships

• India is planning to develop an electric propulsion system for its domestic warships in partnership with the United Kingdom (UK).
• Discussions are ongoing between the Indian and UK governments regarding the agreement.

Key Highlights :

• Letter of Intent and Government-to-Government Agreement:The UK sent a letter of intent last month for a government-to-government agreement, indicating its willingness to support India in developing this capability.
• Significance of Electric Propulsion:Electric propulsion systems can power larger warships with a displacement of over 6,000 tonnes, a key development for India’s naval modernization.
• This represents a shift from the traditional diesel engines, gas turbines, or steam turbines currently used in Indian warships.
• Proposal Examination and Agreement Conditions:The formal proposal is currently under examination, with details and conditions to be finalized after acceptance.
• The agreement is expected to cover training, equipment, and infrastructure requirements.
• Collaboration between GE Power Conversion and BHEL:The UK’s GE Power Conversion and India’s Bharat Heavy Electricals Ltd (BHEL) will collaborate on the development of the electric propulsion system. A Memorandum of Understanding (MoU) has been signed for the ‘Integrated Full Electric Propulsion System’.
• Development Process and Testing:After development, the electric propulsion system will be tested on landing platform docks and next-generation destroyers in India.
• The UK has experience with this technology, notably using it in its Queen Elizabeth Class aircraft carriers.
• Momentum Following Defence Minister’s Visit:The development gained momentum following Defence Minister Rajnath Singh’s visit to the UK in January.
• A joint electronic propulsion working group was established, which met in February to discuss the project.
• India and the UK have an established history of military exercises, which include:
• Ajeya Warrior.

About UK :

• Prime Minister: Rishi Sunak
• Capital: London
• Currency: Pound sterling

CURRENT AFFAIRS: MOUS AND AGREEMENT

THDCIL-UJVNL Joint Venture TUECO Signs MoU with Nagar Nigam Haridwar for Waste to Green Energy Plant

• In a significant move towards sustainable development, THDCIL-UJVNL Energy Company Limited (TUECO), a collaboration between THDC India Ltd. & UJVN, has sealed a Memorandum of Understanding (MoU) with Nagar Nigam Haridwar to establish a Waste to Green Energy Plant, valued at Rs. 140 crores.
• This transformative initiative aims to convert 400 Tons Per Day of Municipal Solid Waste into 140 Tons of Green Charcoal.
• R. K. Vishnoi, Chairman and Managing Director of THDC India Limited, highlighted that this plant’s establishment will effectively address environmental challenges associated with solid waste while promoting cleaner surroundings, in line with the vision of Swachh Bharat.
• He emphasized that this endeavour, a landmark for the sacred city of Haridwar, exemplifies India’s self-reliance ethos through the use of cutting-edge indigenous technology for solid waste management.
• Nagar Nigam Haridwar has generously provided approximately 10 acres of land at Sarai for the plant’s construction.
• The MoU was formally signed between Shri Varun Chaudhary, IAS, Municipal Commissioner of Haridwar, and Shri Sandeep Kumar, CEO of TUECO Ltd., in the presence of officials from TUECO and Nagar Nigam Haridwar.
• The plant’s operations will involve daily processing of 400 Tons of Municipal Solid Waste, with the resultant production of 140 Tons of torrefied charcoal.
• This innovative process yields a substance similar to natural coal, facilitating its seamless integration as a fuel blend in thermal power plants for electricity generation.
• Notably, this process is environmentally friendly, characterized by lower operating temperatures compared to alternative technologies, thereby minimizing toxic emissions.
• This collaborative effort marks a pivotal step towards sustainable waste management and underscores the commitment to a cleaner, greener future for Haridwar and beyond.

NHPC Limited to collaborate with a Norwegian company for implementation of Floating Solar Energy Technology in India

• NHPC Limited, the largest organization for hydropower development in India, has signed a Memorandum of Understanding with M/s Ocean Sun, a Norwegian company operating as a technology provider to the floating solar industry.
• As per the MoU, NHPC and Ocean Sun will explore key areas of cooperation for the demonstration of Ocean Sun’s floating solar energy technology based on photovoltaic panels.
• The panels would be mounted on hydro-elastic membranes, at relevant sites to be identified by NHPC.
• The agreement is in continuation of efforts towards sustainable development and addition of renewable energy capacity by NHPC, which is engaged not only in hydropower development but also in various renewable energy projects such as solar, wind and green hydrogen projects.
• The MoU was signed in hybrid mode on 29th April, 2024, by Executive Director (Renewable Energy and Green Hydrogen), NHPC, Shri V.R. Shrivastava and CEO, Ocean Sun, Mr. Kristian Tørvold. Ambassador of Norway to India, H.E. Ms. May-Elin Stener; Director (Technical), NHPC, Shri Raj Kumar Chaudhary and Executive Director (Strategy Business Development & Consultancy), NHPC, Shri Rajat Gupta joined the signing ceremony from Embassy of Norway, New Delhi and Ambassador of India to Norway, H.E. Dr. Acquino Vimal joined from Oslo.

Tata Motors ties up with South Indian Bank for commercial vehicle finance

• Tata Motors has tied up with South Indian Bank to offer financing solutions to its commercial vehicle customers and dealerships.
• As part of the Memorandum of Understanding (MoU), South Indian Bank will offer financing solutions across the auto major’s entire commercial vehicle portfolio.
• For our customers, easy access to financing solutions for their commercial vehicles is one of the key priorities for their operations.
• Our alliance aims to empower fleet owners and dealerships to achieve their business goals
• Tata Motors sells an extensive range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses.

CURRENT AFFAIRS: IMPORTANT DAYS

International Labor Day: May 1

• International Labor Day is celebrated every year on May 1. International Labor Day 2024 is also known as May Day.
• International Labour Day originated in 1889 when a group of socialist parties in Europe decided to designate May 1 as a special day for workers, which they called International Labour Day or Workers Day.
• The idea for this day came after a significant protest in America in 1886, where workers demanded to work only eight hours a day.
• However, things got out of hand in Chicago, and some people were injured, leading to what was called ‘The Haymarket Affair.’
• This day is celebrated in many countries to commemorate the labour struggles and gains that labourers made.

Daily CA One- Liner: May 1

• The National Human Rights Commission (NHRC) is preparing to defend the government’s human rights processes at a meeting in Geneva this week, where a decision on whether India’s human rights body will retain its “A status” is expected to be made
• A group representing telecom operators has sought a ban on the sale of WiFi 6E routers that use the 6 GHz spectrum band for data transmission, requesting as the government has not yet determined the utilisation of the frequencies
• Shyam Benegal’s 1976 feature film “Manthan” has been selected for screening at the 77th Cannes Film Festival, which will be held from May 14
• The Union home ministry has cancelled the Foreign Contribution Registration Act (FCRA) licences of six non-governmental organisations (NGOs) for their alleged violation of the FCRA rules, misuse of foreign grants, and religious conversion, among others.
• State-owned power giant NTPC Group’s installed power generation capacity has crossed the 76 GW-mark with the commissioning of a 57-MW solar power energy capacity in Rajasthan.
• Kundan Green Energy has received approval for a 42 MW hydropower project in Okhali, Uttarakhand
• In a significant move towards sustainable development, THDCIL-UJVNL Energy Company Limited (TUECO), a collaboration between THDC India Ltd. & UJVN, has sealed a Memorandum of Understanding (MoU) with Nagar Nigam Haridwar to establish a Waste to Green Energy Plant, valued at Rs. 140 crores.
• NHPC Limited, the largest organization for hydropower development in India, has signed a Memorandum of Understanding with M/s Ocean Sun, a Norwegian company operating as a technology provider to the floating solar industry
• Tata Motors has tied up with South Indian Bank to offer financing solutions to its commercial vehicle customers and dealerships
• The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India), a Delhi-based non-banking financial company (NBFC), due to irregular lending practices and violation of RBI guidelines.
• The Reserve Bank of India (RBI) proposed a revised regulatory framework for Electronic Trading Platforms (ETPs) due to increased integration of the onshore forex market with offshore markets.
• The United Kingdom (UK) government has introduced “world first” laws requiring all internet-connected smart devices to meet minimum security standards to protect consumers and businesses from hacking and cyber-attacks.
• The United Nations Conference on Trade and Development (UNCTAD) has been rebranded as “UN Trade and Development” to mark its 60th anniversary.
• The World Trade Organization (WTO) commemorates the 30th anniversary of the Marrakesh Agreement, a significant milestone in global trade history.
• The Indian Vaccine Manufacturers Association (IVMA) announced Krishna M Ella, Co-Founder and Executive Chairman of Bharat Biotech, as the association’s new president for two years from April 2024-2026.
• Solomon Islands Prime Minister Manasseh Sogavare has withdrawn from consideration for another term as leader after his ruling party failed to win a majority in elections, in a potential blow to China’s growing ties with the Pacific nation.
• India is planning to develop an electric propulsion system for its domestic warships in partnership with the United Kingdom (UK).
• International Labor Day is celebrated every year on May 1.