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By admin: May 9, 2024

John Swinney Elected 7th First Minister of Scotland by Scottish Parliament

Tags: Person in news International News

On May 7, 2024, John Ramsay Swinney, leader of the Scottish National Party (SNP), was elected as the 7th First Minister of Scotland by the Scottish Parliament.

An Overview of the News

• John Swinney replaces Hamza Haroon Yusuf, who officially resigned from the position on May 7, 2024.

• Swinney's formal appointment will be granted through a Royal Warrant from His Majesty King Charles III of the United Kingdom (UK).

• John Swinney's nomination for First Minister was the result of a vote within the Scottish Parliament.

• Members of the Scottish Parliament (MSPs) voted 64 to 57 in favor of selecting John Swinney as First Minister out of a total of 4 nominees, with seven abstentions.

About John Swinney

Background:

• John Swinney, aged 60, was born on April 13, 1964, in Edinburgh, Scotland. He joined the Scottish National Party (SNP) in 1979.

Political Career:

• In 1997, Swinney was elected as the Westminster Member of Parliament (MP) for North Tayside.

• Transitioning to Scottish politics, he became the Member of the Scottish Parliament (MSP) for Tayside North in 1999.

• Swinney held the position of deputy leader of the SNP from 1998 to 2000, and subsequently served as party leader from 2000 to 2004.

Government Positions:

• From 2011 to 2014, Swinney served as the Cabinet Secretary for Finance, Employment, and Sustainable Growth.

• He assumed the role of Deputy First Minister from 2014 to 2023, achieving the distinction of being the longest-serving Deputy First Minister in the history of UK devolution.

• In addition to his deputy leadership, Swinney held various cabinet positions:

  • Cabinet Secretary for Finance, Constitution, and Economy from 2014 to 2016.

  • Cabinet Secretary for Education and Skills from 2016 to 2021.

  • Cabinet Secretary for Covid Recovery from 2021 to 2023.

About Scotland

• First Minister- John Ramsay Swinney

• Capital - Edinburgh

• Currency - Pound sterling

• Official languages - Scots, Scottish Gaelic, English, British Sign Language

• National animal - Unicorn

• National flower - Thistle

AGEL Secures 20-Year Agreement with Sri Lankan Government for Wind Power Stations

Tags: Economy/Finance

Adani Green Energy Limited (AGEL) has signed a Power Purchase Agreement (PPA) for 20 years with the Government of Sri Lanka.

An Overview of the News

• Under the agreement, AGEL will receive compensation of 8.26 cents per kilowatt-hour (kWh).

• The company will establish wind power stations in Mannar and Poonerin regions of Sri Lanka.

Important Considerations:

• The Sri Lankan Government has formed a negotiation committee to assess the proposed wind power plant project by Adani Green Energy.

• In February 2023, Adani Green Energy was granted approval to invest USD 442 million for the development of 484 MegaWatts (MW) wind power plants in Northern Sri Lanka.

About Sri Lanka

• Legislative Capital - Sri Jayawardenepura Kotte

• Judicial and Executive Capital - Colombo

• President - Ranil Wickremesinghe

• Currency - Sri Lankan Rupee (LKR)

India Ranks 159th in World Press Freedom Index 2024; Norway Maintains Top Position

Tags: Reports INDEX

The World Press Freedom Index 2024, published by Reporters Without Borders (RSF), ranks India 159th out of 180 countries, with a score of 31.28.

An Overview of the News

• Norway maintains its top position for the 8th consecutive year, with Denmark and Sweden following closely in 2nd and 3rd place, respectively.

• The lowest three rankings are held by Eritrea (180th), Syria (179th), and Afghanistan (178th).

• The United Nations Educational, Scientific, and Cultural Organization (UNESCO) marked World Press Freedom Day 2024 on May 3rd by releasing a report titled "Press and Planet in Danger: Safety of Environmental Journalists; Trends, Challenges, and Recommendations."

About the UNESCO

• Director-General : Audrey Azoulay

• Headquarters: Paris, France

• Establishment: 1945

• Membership: Consists of 194 Members and 12 Associate Members

New York Retains Title as World's Wealthiest City in 2024 Report

Tags: Reports

New York City, USA, maintains its position as the wealthiest city globally, according to the 2024 World's Wealthiest Cities Report by Henley & Partners.

An Overview of the News

• The Bay Area in California, USA, secures the second spot, with Tokyo, Japan; Singapore; and London, UK, following closely at 3rd, 4th, and 5th positions, respectively.

• Mumbai, Maharashtra, and Delhi are the only Indian cities among the top 50, ranked 24th and 37th, respectively.

• The USA leads as the wealthiest country with 11 cities in the top 50.

• China dominates the list with 5 mainland cities, along with Hong Kong and Taipei featured in the top 50.

• Shenzhen, China, experiences the fastest growth in millionaires, with a 140% increase over the last decade.

Top 10 Wealthiest Cities

1. New York City, USA: 349,500 millionaires, 48% growth (2013–2023).

2. The Bay Area, USA: 305,700 millionaires, 82% growth.

3. Tokyo, Japan: 298,300 millionaires, -5% growth.

4. Singapore: 244,800 millionaires, 64% growth.

5. London, UK: 227,000 millionaires, -10% growth.

6. Los Angeles, USA: 212,100 millionaires, 45% growth.

7. Paris & Île-de-France, France: 165,000 millionaires, 12% growth.

8. Sydney, Australia: 147,000 millionaires, 34% growth.

9. Hong Kong, Hong Kong (SAR China): 143,400 millionaires, -4% growth.

10. Beijing, China: 125,600 millionaires, 90% growth.

About Henley & Partners:

• CEO - Dr. Juerg Steffen

• Headquarters - London, UK

Keki Mistry Approved as Chairman of HDFC Life by IRDAI

Tags: Person in news

The Insurance Regulatory and Development Authority (IRDAI) has approved Keki Mistry's appointment as chairman of HDFC Life on May 7, 2024.

An Overview of the News

• Mistry succeeds Deepak S. Parekh, who stepped down from the chairman and non-executive director roles.

• HDFC Life's board unanimously endorsed Mistry's appointment on April 18, awaiting IRDAI's approval.

• Formerly vice chairman and CEO of HDFC Limited, Mistry now serves as a non-executive director on HDFC Bank Limited's board post-merger.

About Keki Mistry

• With directorships in multiple companies, Mistry is a chartered accountant and fellow member of the Institute of Chartered Accountants of India.

• He contributes as a member of the Primary Market Advisory committee (PMAC) and has previous experience on SEBI's Corporate Governance Committee.

• Mistry chaired the CII Corporate Governance Committee for two consecutive terms (2016-17 and 2017-18).

• Currently, he leads Working Group 1 within an SEBI expert committee dedicated to enhancing business practices and aligning regulations.

HDFC Life Insurance Company Limited:

• It is a provider of long-term life insurance services.

• The company provides both individual and group insurance services.

• Establishment - 14 August 2000.

• Headquarters - Mumbai

India's First Commercial System on Chip (SoC) Launched

Tags: Science and Technology

Mindgrove Technologies Private Limited, in collaboration with IITM Pravartak Technologies Foundation and IIT Madras Incubation Cell, introduced India's first commercial System on Chip (SoC) called Secure Internet of Things (IoT) on May 6, 2024.

An Overview of the News

• It is anticipated to be 30% more cost-effective than existing chips in similar categories, targeting IoT devices.

Technical Specifications:

• The Microcontroller Unit (MCU) chip has successfully undergone Multi-Project Wafer (MPW) tape-out at the 28 nanometer (nm) node.

• Secure IoT boasts a high-performance micro-controller operating at 700 Megahertz (MHz).

Domestic Integration:

• The chip is poised to enable Indian companies to incorporate a domestic SoC into their products, reducing costs while maintaining top-notch features.

Versatile Applications:

• Its applications range from smartwatches to smart city devices like connected meters for electricity, water, and gas, as well as connected home gadgets like smart locks, fans, and speakers, along with Electric Vehicle (EV) battery management systems and control systems.

• Secure IoT offers a wide array of features and is designed to be compatible with bare metal code or micro-controller Real-Time Operating System (RTOS), thus expanding its utility to domains such as traffic control systems, autonomous vehicles, medical equipment, etc.

Market Impact:

• Notably, India consumes over a billion chips annually, and Secure IoT has the potential to replace between 10 to 50 million of them.

Supporting Ecosystem:

• Mindgrove not only plans to sell the chip but also aims to provide design expertise to Indian firms, facilitating faster innovation and scaling up production in India.