Current Affairs Quiz - May, 2024

Notes:
The Financial Intelligence Unit (FIU), established in 2004 under the Ministry of Finance recently issued alert indicators under the Prevention of Money Laundering Act (PMLA) for various sectors, including capital markets, insurance, online payment gateways, and cryptocurrency services. It analyzes suspicious financial transactions to combat money laundering and terrorism financing. Organizations like banks, stockbrokers, and insurance companies are mandated to register with FIU-IND as reporting entities under PMLA.

Notes:
The United States has rejected nearly one-third of shipments from Mahashian Di Hatti Pvt Ltd (MDH) since October 2023 due to salmonella contamination. Salmonella, a bacteria found in animals’ intestines and feces, causes gastrointestinal illness. It spreads to humans through contact with contaminated items or animals. Salmonella can survive for weeks in dry environments and months in water. Symptoms include diarrhea, fever, and stomach cramps, with severe cases requiring medical attention.

Notes:
Former world number one archer Deepika Kumari re-inducted into the Target Olympic Podium Scheme (TOPS) core group for Paris Games. TOPS, initiated by the Ministry of Youth Affairs and Sports in 2014 (revamped in 2018), aims to enhance India’s Olympic and Paralympic performance. Funded by the National Sports Development Fund (NSDF) and Khelo India scheme, it identifies elite athletes through the TOPS Elite Athletes’ Identification Committee and provides targeted training via the Mission Olympic Cell (MOC).

Notes:
Indonesia’s Mount Ruang volcano erupted multiple times, prompting the highest alert level and evacuation orders for thousands due to potential tsunami risks. The country’s volcanology agency cautioned that the threat persists after over half a dozen eruptions this month, leading to the evacuation of over 6,000 individuals.

Notes:
Dubai is developing the world’s largest airport, Al Maktoum International Airport, under Sheikh Mohammed bin Rashid Al Maktoum’s leadership. With a capacity for 260 million passengers annually, it will feature 400 terminal gates and five parallel runways. Beyond transportation, it aims to integrate into urban life, commerce, and global trade, positioning itself as the “world’s airport” within Dubai South. This ambitious project underscores Dubai’s dedication to innovation and global connectivity.

Notes:
Uttarakhand government suspends Patanjali Ayurved’s manufacturing licenses for 14 products over misleading ads. The company faces scrutiny for non-compliance with advertising regulations. The move, issued on April 24 by the state’s drug regulator, cites Patanjali’s persistent dissemination of deceptive efficacy claims. This action reflects the government’s commitment to enforce truthful advertising standards and holds implications for Ramdev’s legal battles.

Notes:
SEBI approved changes in mutual fund regulations to combat front-running in Indian asset management companies (AMCs). Front-running, or trading with non-public information ahead of significant transactions, is illegal in India and can impact asset prices. It occurs in various financial markets like stocks and commodities. Common strategies include Buy-Buy-Sell (BBS) and Sell-Sell-Buy (SSB) patterns. These regulatory changes aim to safeguard market integrity and investor interests.

Notes:
Former Foreign Minister Jeremiah Manele elected as Solomon Islands’ new Prime Minister, securing 31 votes out of 49 in a secret ballot. His victory suggests continued close ties with China. Manele pledges integrity and prioritization of national interests in his inaugural address, defeating opposition leader Matthew Wale, who garnered 18 votes.

Notes:
India’s World Press Freedom Index score declined from 36.62 to 31.28 in 2024, per Reporters Without Borders. This annual report assesses journalism freedoms across 180 nations. India’s rank improved from 161 to 159 due to others’ decline. However, India lags behind Turkey, Pakistan, and Sri Lanka. Despite a slight improvement in security, scores fell across other indicators, signaling challenges to press independence.

Notes:
The first case of bird flu killing a walrus was found on Hopen Island, part of Svalbard, Norway. Hopen Island is located in the Arctic Ocean, in the Svalbard Archipelago, which is part of Norway. The island is situated in the southern part of the archipelago, between the Barents Sea and the Greenland Sea. Hopen Island is one of the smaller islands in the Svalbard group, covering an area of about 47 square kilometers. The island’s landscape is mainly made up of low-lying tundra, rocky outcrops, and coastal cliffs.