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:
Google’s DeepMind collaborated with Liverpool Football Club to develop TacticAI, an AI system focusing on corner kick tactics. This tool offers predictive and generative insights, aiding football managers in strategic decisions. It allows coaches to sample various player setups for corner kicks, selecting the most successful ones. TacticAI integrates both predictive and generative components, enhancing its effectiveness in tactical analysis.

Notes:
The European Society for Clinical Microbiology and Infectious Diseases and the Global Leaders Group (GLG) on AMR organized a high-level event in Barcelona, Spain. It aims to unite world leaders and experts across sectors to boost political action on antimicrobial resistance (AMR). Established in 2020, the GLG advises on AMR and is supported by the Quadripartite Joint Secretariat involving FAO, UNEP, WHO, and WOAH, to maintain global momentum and leadership on AMR.

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The International Monetary Fund (IMF) approved a $1.1 billion disbursement to Pakistan under the Stand-By Arrangement (SBA), aimed at addressing balance of payments issues. SBAs offer short-term financial aid to member countries, commonly used by both advanced and emerging economies. Eligibility extends to nations with external financing needs. Funding is contingent on policy reforms, including quantitative targets and structural measures. Loan duration ranges from 12 to 36 months.

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The Ministry of Mines and Shakti Sustainable Energy Foundation signed an MoU to enhance knowledge support for critical minerals crucial to India’s economic growth, national security, and low-carbon energy transition. The agreement was inked during the ‘Critical Minerals Summit’ at the India Habitat Centre, New Delhi, emphasizing the importance of beneficiation and processing capabilities.

Notes:
Justice (retired) Dinesh Kumar, former Chief Justice of the Karnataka High Court, has been appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT), filling a 4-month vacancy left by Justice Tarun Aggarwal’s retirement in December 2023. SAT, an autonomous body under the SEBI Act, 1992, hears appeals against orders from financial regulators like SEBI, PFRDA, and IRDAI, aiming to streamline appeal processes outside of High Courts.

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:
Catatumbo lightning, a natural phenomenon over Venezuela’s Catatumbo River, occurs due to warm Caribbean air meeting cooler Andean air, creating towering cumulonimbus clouds charged with electricity. Lake Maracaibo’s proximity to the Andes and the Caribbean enhances this phenomenon. With up to 160 nights of lightning annually and 28 strikes per minute at its peak, the region earns the title “the lightning capital of the world.” Lake Maracaibo is Latin America’s largest and one of the oldest lakes.

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A Bengaluru-based company has introduced FWD-200B, India’s premier indigenous bomber UAV. The medium-altitude, long-endurance craft boasts a maximum take-off weight of 498 kg and operates up to 9,000 ft above sea level. It’s equipped with optical surveillance gear and integrated with missile-like weapons for precision air strikes, marking a significant advancement in India’s defense technology.

Notes:
Rising temperatures in India could slash milk production by 25% by 2085, warns a Lancet report. India, the top global milk producer and consumer, faces severe livelihood and nutrition risks. The northern plains contribute 30% of India’s milk, supported by 89 million smallholder farmers. Heat stress, measured by the Temperature Humidity Index (THI), reduces milk yield. Unabated, this could cost 3.4 lakh tons of milk and 15,000 crores by 2030 in the northern plains alone.