Current Affairs Quiz - December, 2022

Notes:
Reliance Consumer Products fully owned subsidiary of Reliance Retail Ventures launched FMCG brand ‘Independence’.
Reliance Consumer Products announced the launch of home-grown consumer packaged goods brand in Gujarat. The company’s new brand will compete with the likes of Tata Consumer Products, Adani Wilmar and ITC Ltd.

Notes:
The United States imposed a new round of financial penalties on people and entities involved in Russia’s financial sector.
The targets including one of that country’s richest men, Vladimir Potanin, his family and a commercial bank he acquired recently. Sanctions were imposed on more than 40 people linked to the Russian financial sector and 17 subsidiaries of VTB Bank, Russia’s second largest bank.

Notes:
The European Union adopted a plan for a global minimum 15 percent tax on multinational businesses, after leaders gave final approval.
The historic agreement between nearly 140 countries is intended to stop governments racing to cut taxes to draw in the world’s richest firms to their territory. The plan was drawn up under the guidance of the Organisation for Economic Cooperation and Development.

Notes:
‘TRIPS’ stands for Trade-Related Aspects of Intellectual Property Rights (TRIPS). The TRIPS Council of the World Trade Organization decided to recommend to the General Council to extend deadline to decide whether to extend the waiver.
At present, the waiver is in place for vaccines only. This is seen as a setback to countries’ plan to sign a deal for a global patent waiver for Covid-19 therapeutics and diagnostics.

Notes:
The International Monetary Fund has approved a deal that will provide a USD 3bn support package to Egypt over almost four years.
The support package, known as an Extended Fund Facility Arrangement, which is expected to draw in an additional USD 14 billion in financing for the country. It will strengthen the social protection network for citizens.

Notes:
German Chancellor Olaf Scholz officially opened the country’s first floating liquefied natural gas (LNG) terminal, as a shift from reliance on Russian fossil fuel imports.
According to the country’s Economy Ministry, the LNG terminals will be able to provide a third of Germany’s natural gas needs.

Notes:
Argentina’s World Cup-winning captain Lionel Messi has been named BBC Sports Personality’s World Sport Star of the Year for 2022.
He also won the tournament’s Golden Ball, awarded to the best player, after scoring seven goals at his fifth World Cup.

Notes:
United Nations Secretary-General Antonio Guterres will convene a’ Climate ambition summit’ in September 2023.
Guterres said the Climate Ambition Summit will be convened alongside a crucial gathering of world leaders to accelerate action at the mid-way point of the Sustainable Development Goals.

Notes:
The International Monetary Fund (IMF) has approved a four-month ‘Program Monitoring with Board involvement (PMB)’ for war-hit Ukraine.
The program is aimed at maintaining economic stability following Russia’s invasion of the country, and helping promote donor financing. IMF estimates the country will need between USD 40 billion and USD 57 billion in external financing in 2023.

Notes:
Mazagon Dock Shipbuilders (MDL) announced the delivery of the fifth Scorpene Submarine ‘Vagir’ of Project P-75 to the Indian Navy.
It is scheduled to be commissioned into service in January. The sixth Scorpene submarine Vaghsheer was launched on 20 April 2022 and is getting readied for trials. Vagir can undertake anti-surface, anti-submarine, intelligence gathering, mine laying, area surveillance missions.