Daily Current Affairs February 26 & 27 2023 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

State Bank of India raises Rs 4,544 cr via allotment of AT-1 bonds

• State Bank of India (SBI) announced that it has raised Rs 4,544 crore through allotment of Basel III compliant AT-1 bonds like debentures.
• These non-convertible, taxable, perpetual, subordinated, unsecured, fully paid up Basel III compliant AT- 1 bonds like debentures have a coupon rate of 8.20% per annum (p.a).
• The bonds are perpetual and there is no maturity date.
• The AT-1 bonds are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India.
• While AT1 bonds are a perpetual debt instrument used by banks to augment their core capital, issuers can redeem them through a call option after a specified period.
• As of 31 December 2022, the Government of India held a 57.50% stake in the SBI.

About SBI : 

• Founded: 1 July 1955
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Dinesh Kumar Khara

Asian Development Bank President Proposes USD 25 billion Support for India’s development priorities

• Asian Development Bank (ADB) President Masatsugu Asakawa met with Prime Minister (PM) Shri Narendra Modi and announced ADB’s intention to provide USD 20–25 billion in resources over 5 years to support India’s ambitions for rapid, inclusive, and green growth.

Key Highlights : 

• ADB assistance to meet the country’s priority development needs, and ADB’s country partnership strategy (CPS) for India, 2023–2027.
• ADB is now finalizing the new 5-year CPS following a comprehensive stakeholder consultation process.
• ADB will provide multifaceted support for India’s key priorities, including the important infrastructure push under the PM’s Gati Shakti (National Master Plan for multimodal connectivity) initiative, building future cities, mobilizing domestic resources, and strengthening basic services in disadvantaged districts.”
• As a guest international organization at the G20 meetings and Leaders’ Summit, ADB is supporting the priorities of India’s presidency across the finance and sherpa tracks.
• ADB’s current India portfolio comprises 64 projects worth about $16 billion across the transport, urban, energy, human development, agriculture and natural resources, and finance sectors.

About ADB : 

• Founded : 19 December 1966
• Headquarters : Mandaluyong, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries

CURRENT AFFAIRS: NATIONAL NEWS

International Bio-resource Conclave along with the 22nd Congress of the International Society for Ethno-pharmacology begins in the northeast:

• 22nd International Bio-resource Conclave & 10th Ethno-pharmacology Congress 2023 begin in Imphal.
• A three days long International Bio-resource Conclave & Ethno-pharmacology Congress 2023 kicked off in Imphal.
• It is being jointly organized by the Institute of Bioresources and Sustainable Development (IBSD), Imphal, and the Society for Ethnopharmacology from 24-26 February at City Convention Centre, Imphal.
• ISE-SFEC 2023 theme is “Reimagine Ethnopharmacology – Globalization of Traditional Medicine”.

Objective:

• The main focus of the congress is on several crucial and contemporary issues related to the scientific study of traditional medicine based on Ethnopharmacology and medicinal plants by renowned scientists.
• It is an ideal platform for participants to present their research work and disseminate their ideas among distinguished professionals and eminent scientists.
• This event is being organized in both physical and online modes.
• Indian medicine of the traditional system has six recognized systems of medicine.
• Ayurveda, Siddha, Unani and Yoga, Naturopathy and Homoeopathy are part of the Indian traditional system of medicine.

India has joined the Agricultural Innovation Mission

• India has joined the Agricultural Innovation Mission for Climate.
• With an aim to accelerate investment and support for climate-smart agriculture and food systems innovation, the US and the UAE have launched this global platform.
• India has joined the Agriculture Innovation Mission for Climate (AIM4C), which was launched by the two nations in November 2021.
• At the I2U2 business forum, a letter was signed by the Joint Secretary of the Ministry of External Affairs, Dumu Ravi, in which the Indian intention was expressed to join the AIM4C.
• The inaugural I2U2 (Israel, India, United States, and United Arab Emirates) business forum was held in Abu Dhabi.
• The AIM4C climate-smart wants to increase investment and support for the innovation of agriculture and food systems.
• The AIM4C initiative has successfully increased these investments to more than USD8 billion globally
• With this announcement, India has joined more than 275 partners including 42 governments, who are working to collectively pursue the AIM4C mission by supporting investment.

G7 finance chiefs meeting held in Bengaluru.

• G7 finance chiefs meeting held in Bengaluru.
• Financial chiefs of the Group of Seven (G7) meet to discuss measures against Russia so that it could end the Ukraine war.
• Japan chaired the meeting of finance ministers and central bank governors from the G7 nations.
• The main focus of the meeting was on the Ukraine war and the global economy.
• They discussed issues related to Inflation caused by Russia’s war and support for emerging market economies facing debt problems.
• Japan will host the G7 Hiroshima Summit from May 19–21 in 2023.
• G7 is an intergovernmental organization that was formed in 1975.
• The G7 comprises Britain, Canada, France, Germany, Italy, Japan, and the United States.
• India is not a member of the G7 group.

EAC-PM by IFC released by Dr. Bibek Debroy in the India dialog conference

• Bibek Debroy, Chairman (EAC-PM), released the second edition Foundational Literacy and Numeracy report at the India Dialogue Conference.
• India Dialogue Conference has been organized by Institute for Competitiveness and US-Asia Technology Management Center, Stanford University.
• The report captures the role of language in education and focuses on improving the learning outcomes using appropriate assessments and medium of instruction.
• It also highlights the fundamental concepts which children have to acquire to become skilled readers.
• A section of the report explicitly focuses on the numerous initiatives currently implemented at the national and state level in collaboration with public-private organizations, demonstrating their efforts in achieving foundational learning goals as outlined in NIPUN.
• The report’s findings cover the role of nutrition, access to digital technology, and language-focused instructional approach.
• The report is a benchmark for states and union territories to track their performance in achieving universal basic education by 2026-27.
• A special section of the report looks at the case of States/UTs to evaluate the learning outcomes of children as outlined in the National Availability Survey (NAS) and the Foundational Learning Study (FLS) 2022.
• The report has been prepared by Amit Kapoor, Natalia Chakma, Researcher, and Sheen Zutshi.
• Institute for Competitiveness is an international initiative centered in India.
• The institute studies competition and its implications for company strategy.

Centre approves order for mandatory certification of cotton bale

• Quality Control Order for mandatory certification of cotton bales has been approved.
• Shri Piyush Goyal presided over the 5th interactive meeting with the Textiles Advisory Group (TAG) in New Delhi.
• The meeting was conducted to review the progress of initiatives for the cotton value chain.
• During the Meeting, the Quality Control Order (QCO) for mandatory certification of cotton bales has been approved under specification No. IS12171: 2019-Cotton Bales.
• It will enhance the supply of good quality cotton to the textile industry.
• On 15 December 2022, the MoU has been signed between the CCI and TEXPROCIL.
• MoU has been signed to encourage the Trade and Industry to work on the principle of self-regulation by owning complete responsibility for the Traceability, Certification, and Branding of “KASTURI Cotton India” with the project target period of 2022-23 to 2024-25.
• The steering committee and apex committee have been constituted and the work of Traceability, certification will start in the current cotton season.
• The overall plan for increasing the productivity of cotton, targeting the technology of HDPS, and spacing between plants and ELS, has been approved.
• It is based on public-private partnership with a cluster-based and value chain approach.
• Under the aegis of the Ministry of Agriculture and Farmers Welfare, the Central Institute of Cotton Research (CICR) has prepared this pilot plan to be implemented from 2023-24.

Indian Council of Agricultural Research develops wheat variety to beat the heat

• ICAR has developed a new wheat variety, HD-3385.
• This new wheat variety can overcome the challenges due to changes in weather patterns and rising heat levels.
• This new wheat variety is called HD-3385.
• It is amenable to early sowing.
• It can escape the impact of heat spikes.
• It can be harvested before March end.
• Climatic change, in particular the tendency for summer to arrive early with little time for spring break, has brought India’s wheat crop’s vulnerability to heat stress.
• The solution put forth by scientists at the Indian Council of Agricultural Research (ICAR) is to advance the time of sowing.
• Wheat is typically a 140-145 days crop planted often in November.
• If sowing can be preponed and taken up from around October 20, the crop isn’t be exposed to heat stress.
• Indian Agricultural Research Institute (IARI) scientists have bred wheat varieties with mild vernalization requirements.
• Mild vernalization requirement is the requirement for a minimum period of low winter temperatures for initiation of flowering.
• The IARI scientists have developed three varieties.
• All three varieties have genes responsible for mild vernalization requirements preventing premature flowering.
• The first, HDCSW-18, was officially released in 2016.
• The second variety is HD-3410.
• It was released in 2022.
• But it’s the third one, HD-3385, which looks most promising.
• It is most amenable for early sowing.
• IARI has registered a third variety (HD-3385) with the Protection of Plant Varieties and Farmers’ Rights Authority (PPVFRA).
• IARI has licensed HD-3385 to the DCM Shriram Ltd-owned Bioseed for multi-location trials and seed multiplication.

India’s CCEA extends jute packaging norms for Jute Year 2022-23

• Cabinet Committee on Economic Affairs (CCEA) has approved reservation norms for the mandatory use of jute in foodgrains & sugar packaging for Jute Year 2022-23.
• The mandatory norms provide for a 20% reservation for the packaging of sugar and a full reservation for the packaging of food grains in jute bags.
• This decision will provide a big boost for West Bengal.
• The jute industry plays important role in the economy of West Bengal, where nearly 75 jute mills operate.
• These jute mills provide livelihoods to lakhs of workmen.
• The decision will also support the jute sector in Bihar, Odisha, Assam, Tripura, Meghalaya, Andhra Pradesh, and Telangana.
• The reservation norms under Jute Packaging Materials (JPM) Act provide direct employment to lakhs of workers.
• 75% of the total production of the Jute Industry is Jute Sacking Bags.
• Out of this, 85% is supplied to the Food Corporation of India (FCI) and State Procurement Agencies (SPAs).
• The remaining is sold directly.

Construction Work On Rishikesh-Karnprayag Rail Line Continues In Rudraprayag

• Prime Minister recently unveiled the ambitious Rishikesh-Karnprayag Rail Line Project with 17 tunnels covering 125 kilometers.
• It is an under-construction railway line, which will run from Yog Nagari Rishikesh railway station in Rishikesh to Karnaprayag in Uttarakhand.
• It is Indian Railways’ proposed route for the Char Dham Railway to connect the Char Dham pilgrimage of Uttarakhand.
• It will help improve connectivity to the Char Dham shrines of Yamunotri, Gangotri, Badrinath, and Kedarnath in the Garhwal region of the Himalayas in Uttarakhand.
• The rail line is about 20 km long and will have 12 stations, 35 bridges, and 17 tunnels along with 105.47 km (84.24%) of the track.
• It includes a 1 km tunnel between Devprayag and Lachmoli.
• The rail line is also part of an Indian geostrategic initiative to build infrastructure along the India-China border.
• The project is being monitored on the Government of India’s PRAGATI (Pro-Active Governance and Timely Implementation) portal.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Russia suspends participation in New START treaty for nuclear arms control with the US

• Russian President Vladimir Putin declared that Russia has suspended its participation in the New START (“Strategic Arms Reduction Treaty”) due to a rise in tension over the Russia-Ukraine war.
• The New START treaty is the last remaining nuclear arms deal between Moscow(Russia) and Washington (United States), and it was extended for 5 years in 2021.
• Vladimir Putin stated that if the US conducts a nuclear weapon test, Russia may also resume nuclear weapons testing.
• After the Covid Pandemic, Russia and the U.S. have suspended mutual inspections under the New START treaty.

What is the New START treaty?

• The New START Treaty was signed on 8 April 2010 by U.S. President Barack Obama and Russian President Dmitry Medvedev.
• It came into force in February 2011 and was extended in 2021 for 5 more years after US President Joe Biden took office.
• It is the official name of the treaty between the United States of America and the Russian Federation for further Reduction and Limitation of Strategic Offensive Arms.
• Under the agreement, Moscow and Washington are committed to the following:

• Deploying no more than 1,550 strategic nuclear warheads and a maximum of 700 long-range missiles and bombers.
• A limit of 800 intercontinental ballistic missiles in deployment.
• Each side can conduct up to 18 inspections of strategic nuclear weapons sites yearly to ensure the other has not breached the treaty’s limits.

About Russia : 

• President: Vladimir Putin
• Prime Minister: Mikhail Mishustin
• Capital: Moscow
• Currency: Russian ruble

CURRENT AFFAIRS: STATE NEWS

EAM Jaishankar inaugurates the first International Education Fair of Jammu-Kashmir – JK Education Fair 2023

• Union External Affairs Minister Shri S Jaishankar inaugurated Jammu and Kashmir’s first-ever International Education Fair in New Delhi
• It is being organized in a collaborative effort of the Sher-e-Kashmir University of Agricultural Science and Technology (SKUAST-Kashmir) and the Indian Council for Cultural Relations (ICCR).
• Education Minister Dharmendra Pradhan, Minister of State at PMO Jitendra Singh, Jammu, and Kashmir Lieutenant Governor Manoj Sinha also attended the event held at Sushma Swaraj Bhawan.

About J&K :

• Lieutenant Governor: Manoj Sinha
• Capital: Srinagar, Jammu
• National Park: Kishtwar High Altitude National Park, Kazinag National Park, Dachigam National Park
• Wildlife Sanctuaries: Ramnagar Wildlife Sanctuary, Gulmarg Wildlife Sanctuary

Government of Telangana to host $100 bn Life Sciences industry ecosystem by 2028

• Telangana government is aiming to increase the size of the pharma-life sciences ecosystem in the State from $50 billion to $100 billion by 2028.
• This was announced by the State Industries Minister KT Rama Rao while speaking at the inaugural session of the 20th edition of BioAsia,2023 the flagship pharma-life sciences conference of the State.
• The upcoming Hyderabad Pharma City with a life sciences university and B-Hub to encourage start-ups will further boost the pharma-life sciences industry in the State.

About BioAsia 2023 : 

• BioAsia is an annual international event focused on life sciences, biotechnology, pharma, medtech, and health tech sectors and has been hosted in Hyderabad by the Government of Telangana.
• BioAsia 2023 will be the 20th edition of Telangana’s annual flagship event is scheduled for Feb 24-26, 2023 at HICC Novotel, Hyderabad.
• The United Kingdom (UK) is the country partner for BioAsia 2023.
• Theme: ‘Advancing for ONE – Shaping the next generation of humanized healthcare’

About Telangana : 

• Governor: Tamilisai Soundararajan
• Chief Minister : K. Chandrashekar Rao
• Capital: Hyderabad
• National Park: Mrugavani NP, Mahavir Harina Vanasthali NP
• Wildlife Sanctuary: Pakhal Lake And Wildlife Sanctuary, Kinnerasani Wildlife Sanctuary

Govt approves 5-year project on “Innovative Extension Approaches for Revitalising Agriculture in J&K”

• The Government of Jammu and Kashmir (J&K) has approved a 5-year project on Innovative Extension Approaches for Revitalising Agriculture in J&K.

Aim : 

• To empower farmers and educated youth through technology and inclusive agri-extension services.
• The Government of India allocated Rs 463 crores for this project.

Need for the project : 

• Currently, there is a significant gap between extension workers and farmers, with a ratio of 1:1100 and a contact intensity of 1 hour per farmer per year.

About the Project : 

• Under this project, 2,000 Kissan Khidmat Ghars (KKGs) will be formed at the Panchayat level.
• KKGs will act as a One Stop Centre for providing farmer-oriented services related to agriculture and allied sectors.
• The project aims to promote sustainable and profitable agriculture with the increase of agriculture share in the Gross Domestic Product (GDP).
• Under this project, Business orientation centers at Sher-E- Kashmir University of Agricultural Sciences and Technology (SKUAST) will be also established.
• Business orientation centers will help in solving real-time problems through cyber extension and communication systems.
• A strong MIS system will be also created to maintain transparency and accountability in service delivery and sharing of information.

• Problems will be addressed through RS-GIS-driven advisories.
• RS-GIS is a cyber-based problem redressal facility

CURRENT AFFAIRS: BUSINESS NEWS

NSE gets SEBI approval to launch Social Stock Exchange as a separate segment

• The National Stock Exchange (NSE) has received final approval from the Securities and Exchange Board of India (Sebi) to set up a Social Stock Exchange (SSE) as a separate segment of the NSE
• SSE is a novel idea in India, and a stock exchange of this kind is intended to benefit the private and non-profit sectors by directing more capital to them.
• The SSE will function as a distinct division of the current stock exchanges under the new regulations.
• Not-for-profit organizations (NPOs) and for-profit social enterprises with social intent and impact as their primary goal will be eligible to participate in the SSE.
• The social enterprises will have to engage in a social activity out of 16 broad activities listed by the regulator.
• The eligible activities include-
• Eradicating hunger poverty, malnutrition, and inequality
• Promoting healthcare, supporting education, employability, and livelihoods
• Gender equality empowerment of women LGBTQIA communities.
• Supporting incubators of social enterprise.
• Corporate foundations, political or religious organizations or activities, professional or trade associations, infrastructure companies, and housing companies, except affordable housing, will not be eligible to be identified as social enterprises.
• According to Sebi’s framework, a minimum issue size of ₹1 crore and a minimum application size for the subscription of ₹2 lahks are currently required for SSE.

CURRENT AFFAIRS: RANKING AND INDEX

UK overtakes India as the world’s sixth-biggest equity market

• The UK has surpassed India as the world’s sixth-largest equities market.
• For the first time in over nine months, the UK has overtaken India as the sixth-largest equity market in the world.
• The UK stock market is proving to be more attractive to investors due to the weakening of the British currency pound.
• Uncertainties due to the Adani group have pressured the Mumbai stocks market.
• According to data compiled by Bloomberg, the combined market capitalization of primary listings in the UK, excluding ETFs and ADRs, reached about $3.11 trillion as of February 21, about $5.1 billion higher than their Indian counterparts.
• After outperforming global equities last year, the UK’s FTSE 350 index is up 5.9% so far this year, versus 4.7% in the MSCI all-country world index growth has been left behind.
• UK’s equity market capitalization remains behind France.
• The MSCI India Index has fallen 6.1% this year, while Gautam Adani’s group of firms has lost roughly $142 billion in market capitalization since the Hindenburg report was released on January 24.

India ranks 42 among 55 countries on International IP Index

• India ranks 42nd among 55 leading global economies on the recently released International IP Index.
• It is released annually by the US Chamber of Commerce.
• The index evaluates IP rights in 55 global economies across 50 unique indicators.
• The indicators include patent and copyright policies for the commercialization of IP assets and ratification of international treaties.
• The index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness.

International IPIndex 2023:

• The United States is ranked first, followed by the UK and France.
• India is ranked 42nd in the index.
• It refers to creations of the mind, such as inventions; literary and artistic works; designs; symbols, names, and images used in commerce.
• Intellectual property rights (IPR) refers to the legal rights given to the inventor or creator to protect his invention or creation for a certain period.
• There are several types of intellectual property protection like patents, copyright, trademark, etc.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

US nominates former Mastercard CEO Mr. Ajay Banga for World Bank president

• United States (US) President Mr. Joe Biden has nominated former Mastercard chief executive Mr. Ajay Banga as president of the World Bank.
• Notably, he is the first Indian-born nominee for the role of World Bank President.
• He would replace Mr. David Malpass, who will step down from his role this June before completing his tenure in April 2024.

About Mr Ajay Banga : 

• Mr. Ajay Banga was born in Pune, Maharashtra, India.
• He is the Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022.
• He worked with US Vice President Kamala Harris as the Co-Chair of the Partnership for Central America.
• He has vast experience in mobilizing public-private resources.
• He is a member of the Trilateral Commission, a founding trustee of the US-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
• Currently, Ajay Banga is appointed as the vice chairman at private equity firm General Atlantic.

Awards & Honors : 

• He received the Padma Shri Award in 2016 and the Distinguished Friends of Singapore Public Service Star in 2021.

About World Bank : 

• Founded: December 1944
• Headquarters: Washington, D.C., U.S
• The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group.
• United States America (USA) is the largest shareholder in the World Bank and traditionally the nominee of the US gets approval from the Bank’s board of executive directors.

India’s CAG Mr. Girish Chandra Murmu selected as External Auditor of ILO in Geneva                      

• Mr. Girish Chandra Murmu (G.C.Murmu), the Comptroller and Auditor General (CAG) of India, has been selected as External Auditor of the International Labour Organization (ILO), Geneva for a 4-year term from 2024 to 2027.
• He will take over from the incumbent External Auditor of ILO, Jose Callangan Calida, Chairperson of the Commission on Audit (COA), the Supreme Audit Institution of the Philippines.

Selection Process : 

• ILO had formed a Selection Panel for the appointment of an External Auditor and invited bids from the Supreme Audit Institutions (SAIs).
• Based on the technical experience and other criteria, the ILO shortlisted three Supreme Audit Institutions (India, Canada, and the United Kingdom) for technical presentations.

About G.C. Murmu : 

• G.C. Murmu was born on 21 November 1959 in Betnoti village of Mayurbhanj district in Odisha, India.
• He is a 1985 batch IAS officer of the Gujarat cadre.
• He was the Inaugural Lieutenant Governor of the Union Territory of J&K till 6 August 2020.
• He is the 14th Comptroller and Auditor General (CAG) of India.
• He is currently the External Auditor of the World Health Organization (2020-2023), the Food and Agriculture Organization (2020-2025), the International Atomic Energy Agency (2022-2027), the Organization for Prohibition of Chemical Weapons (2021-2023) and Inter-Parliamentary Union (2020-2022).

About CAG : 

• The CAG is the supreme audit institution of India, established under Article 148 of the Constitution of India.
• CAG is also the statutory auditor of Government-owned corporations
• CAG is a member of the United Nations (UN) Panel of External Auditors.
• CAG’s appointment is a recognition of its standing among the international community as well as its professionalism, high standards, global audit experience, and strong national credentials.

About ILO : 

• Founded: 11 April 1919
• Headquarters: Geneva, Switzerland
• Director General: Gilbert Houngbo
• Member States:  187
• The ILO is a United Nations agency whose mandate is to advance social and economic justice by setting international labor standards

CURRENT AFFAIRS: DEFENCE NEWS

Indian submarine INS Sindhukesari docks in Indonesia for the first time amid South China Sea friction

• Indian Naval Ship (INS) Sindhukesari has become the first Indian submarine to dock in Indonesia, amid the conflict between China and Indonesia in the South China Sea.
• It is an attempt to strengthen bilateral relations as part of diplomatic-military outreach to the Association of Southeast Asian Nations (ASEAN).

About INS Sindhukesari : 

• INS Sindhukesari is part of the Russian-made Sindhughosh-class submarines.
• It is a 3,000-tonne Kilo-class diesel-electric submarine.
• It was designed as part of Project 877 and built under a contract between Rosvooruzhenie, Russia, and the Ministry of Defence (India).
• The submarine was first commissioned by the Indian Navy in December 1988 before being refitted in 2018.

Key Features : 

• It has a displacement of 3,000 tons.
• It has a maximum diving depth of 300 meters, a speed of up to 18 knots, and can operate solo for 45 days with a crew of 53.

What are Kilo-class Submarines?

• The Kilo Class is the NATO designation for a naval diesel-electric submarine made in Russia.
• The original version of the vessels was designated Project 877 Paltus (Halibut) in Russia.
• They are mainly intended for anti-shipping and anti-submarine operations in relatively shallow waters.
• The first Kilo Class submarine entered service in the Soviet Navy in 1980, and the vessel continues to be in service in the Russian Navy.
• These submarines are 70-74 meters long.
• It can travel at a maximum speed of 10-12 knots when surfaced and 17-25 knots when underwater.

About Indonesia : 

• President : Joko Widodo
• Capital: Jakarta
• Currency : Indonesian rupiah

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

CCI approves the acquisition of 100% of issued and outstanding share capital & sole control of VGP Holdings LLC by Gateway Velocity Holding Corp.

• The Competition Commission of India (CCI) approved the proposed acquisition of 100% of the issued and outstanding share capital and sole control of VGP Holdings LLC (Target) by Gateway Velocity Holding Corp (Gateway) (Acquirer).

About VGP Holdings LLC : 

• VGP Holdings LLC (Target), is a limited liability company incorporated under the laws of Delaware.
• Valvoline Inc. (Seller), will transfer one of its two business segments i.e. Global Products Business, to Target.
• It sells lubricants, coolants, and AdBlue (diesel exhaust fluid) in India.

About Gateway : 

• Gateway Velocity Holding Corp. (Gateway) is a newly formed Delaware, U.S. corporation.
• It is a holding company and does not have any business activities in India or elsewhere.
• It is a wholly-owned subsidiary of Aramco Overseas Company B.V. (AOC), which is a wholly-owned subsidiary of Saudi Arabian Oil Company (Saudi Aramco)
• Saudi Aramco is primarily engaged in prospecting, exploring, drilling, and extracting hydrocarbon substances and processing, manufacturing, refining, and marketing these substances.
• In India, it is primarily engaged in the marketing and selling of hydrocarbons and derivatives (including polyethylene, polypropylene, resins, lubricants, and base oils).

About CCI : 

• Established: 14 October 2003
• Headquarters: New Delhi, Delhi, India
• Chairperson: Sangeeta Verma
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

NASA to launch Israel’s 1st space telescope mission in 2026

• The United States (US) National Aeronautics and Space Administration (NASA) and Israel’s Ministry of Innovation, Science and Technology signed a partnership that will send Israel’s first space telescope mission, the Ultraviolet Transient Astronomy Satellite (ULTRASAT) in early 2026.
• The Israel Space Agency and the Weizmann Institute of Science are behind the premier project.

What is ULTRASAT?

• ULTRASAT is an ultraviolet observatory with a large field of view that will investigate the secrets of short-duration events in the universe, such as supernova explosions and mergers of neutron stars.
• It is planned to launch into a geostationary orbit around Earth
• NASA will provide the launch opportunity, Flight Payload Adapter, and other launch-related responsibilities for ULTRASAT.

What is a geostationary orbit?

• The geostationary orbit is a special case of the geosynchronous orbit, which is any orbit with a period equal to Earth’s rotation period.

Key Highlights : 

• Satellites in geostationary orbit (GEO) circle Earth above the equator from west to east following Earth’s rotation taking 23 hours 56 minutes and 4 seconds by traveling at the same rate as Earth.
• This makes satellites in GEO appear to be ‘stationary’ over a fixed position.

About NASA : 

• Founded: July 29, 1958
• Headquarters: Washington, D.C, United States of America
• Administrator:  Bill Nelson

About Israel : 

• President : Isaac Herzog
• Prime Minister: Benjamin Netanyahu
• Capital: Jerusalem
• Currency : New shekel

World-first ‘super’ magnets for fusion plant testing

• Tokamak Energy has built a world-first set of high-temperature superconducting (HTS) magnets, to be assembled and tested in fusion power plants–relevant scenarios.
• Creating sustainable fusion energy requires strong magnetic fields to confine and control the extremely hot, positively charged hydrogen fuel, which becomes a plasma several times hotter than the sun.

Key Highlights : 

• The new Demo4 facility will consist of 44 individual magnetic coils recently manufactured using 38 km of HTS tape, which carries currents with zero electrical resistance and requires 5 times less cooling power than traditional superconducting materials.
• Demo4 will have a magnetic field strength of more than 18 teslas, nearly 1 million times stronger than the Earth’s magnetic field.
• The magnets are wound with precision from the HTS tapes, which are multilayered conductors made mostly of strong and conductive metals, but with an internal coating of rare earth barium copper oxide (REBCO) superconducting material.
• The tapes are typically 12 mm wide and less than 0.1 mm thick, containing just a “human hair” of REBCO deposited as a thin coating

About Demo4 : 

• Demo4 will comprise 14 toroidal field limbs and a pair of poloidal field coil stacks to form a cage-shaped structure.
• It will need to be tested at an extremely low temperature of −253°C just 20 degrees above absolute 0.

About Tokamak Energy : 

• Founded: 2009
• Headquarters: Oxford, United Kingdom
• Chairman: Dr. Christopher Martin
• Tokamak Energy is a fusion power research company.

CURRENT AFFAIRS: SPORTS NEWS

All-India Taekwondo Championship marking 50 years India Korea relations begins in Delhi

• All-India Taekwondo Championship begins in New Delhi.
• Sports Secretary Sujata Chaturvedi inaugurated the three-day A ll-India Taekwondo Championship in New Delhi.
• All-India Taekwondo Championship is being organized to mark the 50th year of diplomatic ties between South Korea and India.
• The Sports Authority of India is co-hosting the event with Korean Cultural Centre India and Korea National Sports University.
• It is being held at Indira Gandhi Indoor Stadium.
• The event has been divided into two parts- Poomsae and Sparring.
• Taekwondo players registered in 79 regional centers and regional training centers of Sports Authority of India are participating in this Championship.

About South Korea:

• Capital: Seoul
• Currency: South Korean won

After IPL, Tata bags title rights for WPL

• Tata Group bagged the title rights for the inaugural Women’s Premier League beginning in Mumbai on March 4.
• Tata has secured the rights for five years.
• The Indian multinational conglomerate had last year replaced Vivo as the title sponsor for the Indian Premier League.
• The first edition will be played in Mumbai across two venues — Brabourne Stadium and DY Patil Stadium.
• The sale of media rights had fetched the BCCI Rs 951 crore and the five teams were sold for Rs 4700 crore.
• At Rs 3.40 crore, Indian opener Smriti Mandhana was the most expensive buy at the auction held earlier this month.

About TATA Group

• Founder: Jamsetji Tata
• Founded: 1868, Mumbai
• Chairman: Natarajan Chandrasekaran

CURRENT AFFAIRS: IMPORTANT DAYS

World NGO Day- Feb 27

• World NGO Day is observed every year on February 27.
• G.O. is an acronym for non-governmental organization.
• World NGO Day is a day set aside to recognize, celebrate and honor the fundamental contributions and profound impact that these independent organizations have had on the world.
• World NGO Day was originally founded in 2009 by Marcis Liors Skadmanis, a social entrepreneur.
• However, it was observed for the first time on February 27, 2014.
• It’s a day set aside to honor all non-governmental and nonprofit organizations, recognizing their impact on the world.
• The holiday was officially declared back in 2010 by the 12 member countries of the Baltic Sea NGO Forum, recognized as a partner of the Council of the Baltic Sea States.
• However, it only received international recognition in 2014 from the European Union, the United Nations, and other international organizations.

Daily CA One-Liner: Feb 26 & 27

• 22nd International Bio-resource Conclave & 10th Ethno-pharmacology Congress 2023 begin in Imphal
• India has joined the Agricultural Innovation Mission for Climate
• G7 finance chiefs meeting held in Bengaluru
• Bibek Debroy, Chairman (EAC-PM), released the second edition Foundational Literacy and Numeracy report at the India Dialogue Conference.
• Quality Control Order for mandatory certification of cotton bales has been approved
• ICAR has developed a new wheat variety, HD-3385
• Cabinet Committee on Economic Affairs (CCEA) has approved reservation norms for the mandatory use of jute in foodgrains & sugar packaging for Jute Year 2022-23
• Prime Minister recently unveiled the ambitious Rishikesh-Karnprayag Rail Line Project with 17 tunnels covering 125 kilometers
• The National Stock Exchange (NSE) has received final approval from the Securities and Exchange Board of India (Sebi) to set up a Social Stock Exchange (SSE) as a separate segment of the NSE
• The UK has surpassed India as the world’s sixth-largest equities market
• India ranks 42nd among 55 leading global economies on the recently released International IP Index
• All-India Taekwondo Championship begins in New Delhi
• Tata Group bagged the title rights for the inaugural Women’s Premier League beginning in Mumbai on March 4.
• World NGO Day is observed every year on February 27
• State Bank of India (SBI) announced that it has raised Rs 4,544 crore through allotment of Basel III compliant AT-1 bonds like debentures.
• Asian Development Bank President Masatsugu Asakawa met with Prime Minister (PM) Shri Narendra Modi and announced ADB’s intention to provide USD 20–25 billion in resources over 5 years to support India’s ambitions for rapid, inclusive, and green growth.
• Russian President Vladimir Putin declared that Russia has suspended its participation in the New START (“Strategic Arms Reduction Treaty”) due to a rise in tension over the Russia-Ukraine war.
• Union External Affairs Minister Shri S Jaishankar inaugurated Jammu and Kashmir’s first-ever International Education Fair in New Delhi
• Telangana government is aiming to increase the size of the pharma-life sciences ecosystem in the State from $50 billion to $100 billion by
• The Government of Jammu and Kashmir (J&K) has approved a 5-year project on Innovative Extension Approaches for Revitalising Agriculture in J&K.
• United States (US) President Mr. Joe Biden has nominated former Mastercard chief executive Ajay Banga as president of the World Bank.
• Girish Chandra Murmu (G.C.Murmu), the Comptroller and Auditor General (CAG) of India, has been selected as External Auditor of the International Labour Organization (ILO), Geneva for a 4-year term from 2024 to 2027.
• Indian Naval Ship (INS) Sindhukesari has become the first Indian submarine to dock in Indonesia, amid the conflict between China and Indonesia in the South China Sea.
• The Competition Commission of India (CCI) approved the proposed acquisition of 100% of the issued and outstanding share capital and sole control of VGP Holdings LLC (Target) by Gateway Velocity Holding Corp (Gateway) (Acquirer).
• The United States (US) National Aeronautics and Space Administration (NASA) and Israel’s Ministry of Innovation, Science and Technology signed a partnership that will send Israel’s first space telescope mission, the Ultraviolet Transient Astronomy Satellite (ULTRASAT) in early
• Tokamak Energy has built a world-first set of high-temperature superconducting (HTS) magnets, to be assembled and tested in fusion power plant–relevant scenarios.