Current Affairs Quiz - May, 2024

Notes:
China demands removal of the Sierra Madre ship, rejected by the Philippines. Commissioned in 1944 for WWII, it served in Vietnam before being transferred to the Philippines in 1976. It was positioned deliberately in 1999 at Second Thomas Shoal, part of the disputed Spratly Islands, to reinforce territorial claims. China’s ships and water cannons threaten supply boats in the area. Removal risks weakening Philippines’ claims and bolstering Chinese presence.

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 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:
The launch of the ‘Ammunition Cum Torpedo Cum Missile Barge, LSAM 20 (Yard 130)’, 6th Barge of the 11 x ACTCM Barge Project, built by MSME Shipyard, M/s Suryadipta Projects Pvt Ltd, Thane for Indian Navy, occurred on 29 Apr 24. The contract was signed on 05 Mar 21. These Barges, designed and built indigenously, enhance operational capabilities by facilitating transportation and embarkation of ammunition. They are a part of the Make in India initiative.

Notes:
Zimbabwe introduces the ZiG currency, aiming to stabilize its economy. The ZiG, backed by gold reserves, replaces the depreciated Zimbabwe dollar. Initially launched electronically, physical banknotes and coins are now in circulation. Despite efforts to restore faith, skepticism persists, with some government departments refusing to accept the new currency. This move reflects ongoing struggles to address Zimbabwe’s enduring economic challenges.

Notes:
The UK government has implemented groundbreaking laws mandating minimum security standards for internet-connected smart devices, aiming to shield consumers and businesses from hacking and cyber-attacks. Manufacturers are now barred from employing weak default passwords such as “admin” or “12345”. Users will be prompted to change any common passwords upon device start-up, enhancing overall security measures.

Notes:
The OECD’s “Economic Outlook” report, released on May 2, 2024, raised India’s economic growth forecast for 2024-25 to 6.6%, up from 6.2%. It also projects a 6.6% growth rate for 2025-26. The OECD joins other institutions in revising India’s growth prospects. The report attributes India’s accelerated growth to increased public investment and business confidence. It emphasizes the need for the government to address indebtedness through revenue growth, spending efficiency, and fiscal rules.

Notes:
Russia’s government released new footage allegedly targeting two Ukrainian High Mobility Artillery Rocket Systems (HIMARS) following increased US military aid to Ukraine. HIMARS was developed in the late 1990s for the United States Army by Lockheed Martin Corporation, a US-based aerospace and Security Company. The M142 HIMARS is a light, multiple rocket launcher that’s mounted on a standard U.S. Army Family of Medium Tactical Vehicles (FMTV) M1140 truck frame. It’s designed to engage and defeat targets such as artillery, light armor, air defense concentrations, personnel carriers, and trucks.

Notes:
The Asian Development Bank’s report on Aging well in Asia highlights four vital aspects of older persons’ well-being: health, productive work, economic security, and social engagement. It reveals that developing Asia faces rapid aging, with the older population set to almost double to 25.2% by 2050. India’s challenges include low health insurance coverage (21%) for older individuals and heavy reliance (80%–90%) on private income and assets for retirement.

Notes:
APSEZ, backed by President Marcos, plans a deep port in Bataan, Philippines, focusing on ports, airports, power, and defense. Regional expansion targets agricultural product ports, fostering tourism and business gateways. Adani cites stable leadership and environment as reasons for investment, indicating confidence in the Philippines’ potential.