Latest Current Affairs For Monday 26th September, 2022

China discovers new type of mineral on Moon

A new type of crystal was discovered by researchers in China from the near side of the Moon.

Key facts:

The newly discovered crystal was named Changesite-(Y) after the Chinese moon goddess Chang’e.

This small and transparent crystal was found among the volcanic debris of the near side of the moon.

It is more than a billion years old and its width is almost comparable to human hair.

It has a unique composition and is related to other minerals found only found on the lunar surface or in meteors.

The crystal was found among the 1.8 km of lunar rocks brought back by Chang’e-5 mission in 2020.

These samples are the first to the delivered to the Earth from Moon since 1976 and the first ever lunar samples collected by China.

The Changesite-(Y) crystal is the sixth new mineral to be discovered on the Moon and the first identified by China. The previous 5 discoveries were made by either the United States or Russia.

The lunar samples from Chang’e-5 also had helium-3, a version of helium that is extremely rare on Earth but highly abundant on the Moon.

It is seen as a potential source of fuel for nuclear fusion, as it is known to emit lesser radiation and nuclear wastes than other elements.

It is found in abundant quantities as it was deposited directly onto the lunar soil for billions of years by solar wind.

The availability of Helium-3 on Earth is few and far between. Hence, its discovery has triggered a potential lunar resource race.

Several space-faring nations and private companies are looking to mine the moon for Helium-3, including the US and China.

About Chang’e-5 Mission:

The Chang’e 5 is China’s first lunar sample-return mission launched in November 2020. It is China’s fifth lunar exploration mission. It returned the sample back to Earth in December 2020. It is the first lunar sample-return mission since the Soviet Union’s Luna 24 in 1976. With Chang’e 5 mission, China became the third country after the US and the USSR to return lunar samples to the Earth.

Fridays for Future Campaign

Fridays for Future activists have launched climate change protests in Germany and other countries.

Key facts:

About 280,000 people in over 270 cities and towns across Germany are taking part in demonstrations as part of the Fridays for Future movement.

One of the biggest rallies took place in Berlin, where over 36,000 people gathered to conduct climate demonstrations.

These protesters are calling for the stopping of global warming and demanding the German government to set up a 100 billion euro funding to expand renewable energy use.

They are also demanding the cancellation of financial and climate debts to developing countries.

These protests were organized 6 weeks before the start of the UN Climate Summit (COP27), which is set to take place in Sharm El-Sheikh, Egypt.

Countries like Italy, South Korea, the United States and the Democratic Republic of Congo have also witnessed similar protests.

What is Fridays for Future Movement?

Fridays for Future is an international student movement that aims to push towards an immediate climate action through active campaigning and advocacy. It was chosen as the Champion of the Earth because of its role in creating awareness about the adverse impact caused by climate crisis. This movement was inspired by Greta Thunberg, who sat in protest in front of the Swedish Parliament for three weeks to bring political attention towards climate emergency. Now, this global movement has spread to over 100 countries across the globe. It has played a major role in starting the international conversation about climate change at a time when the window of opportunity to avoid the adverse impact of increasing global temperature is closing.

Champions of the Earth:

Champions of the Earth is a flagship environmental award conferred by the United Nations. It was established by the United Nations Environment Programme in 2005. It recognizes individuals and organizations involved in the protection of environment and addressing climate change.

Banking System Liquidity turns to deficit mode

Banking system liquidity has turned into a deficit mode for the first time since May 2019.

Key facts:

On September 20 this year, the banking system liquidity situation has turned into deficit mode of Rs.21,873.4 crore.

On the same day last year, the liquidity surplus was Rs.6.7 lakh crore.

The deficit was caused because of increased bank credit, advanced tax payments by corporates, interventions by the Reserve Bank of India into the foreign exchange market and incremental deposit growth not keeping pace with the credit demand.

The RBI’s persistent interventions to stop the fall of rupee against the US dollar is one of the causes of the deficit.

As of August 26, the outstanding bank credit was Rs 124.58 lakh crore. This is a 4.77 per cent increase when compared to March 2022.

However, the deposit growth was just 3.21 per cent during the same period.

If the banking system liquidity is in deficit mode, it could cause a rise in the government securities yields and consequently result in an increase in interest rate for consumers.

The short-term rates would increase at a faster pace if the liquidity is tight.

An increase in repo rate would result in banks increasing their repo-linked lending rates and their funds-based lending rate, to which loans are linked to.

About banking system liquidity. 

Liquidity in banking system refers to the readily available cash the bank requires to meet the short-term business and financial needs. If the banking system is a net borrower from the RBI under the Liquidity Adjustment Facility (LAF), the banking system liquidity is said to be deficit. If the bank is the net lender to RBI, the system liquidity is surplus. Liquidity Adjustment Facility (LAF) is a tool used by the central bank to inject or absorb liquidity into or from the banking system in the country.

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.