1. India, Malaysia can now trade in Indian rupee
Tags: Economy/Finance International News
The Ministry of External Affairs announced on 1 April that India and Malaysia have agreed to settle trade in the Indian rupee.
An overview of the news
In July 2022, the Reserve Bank of India (RBI) allowed settlement of international trade in Indian currency.
This step has been taken only after this decision of the RBI.
According to the Ministry of External Affairs,trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the existing methods of settlement in other currencies.
The RBI initiative is aimed at facilitating trade growth and supporting the interests of the global trading community in the Indian Rupee.
Kuala Lumpur-based India International Bank of Malaysia (IIBM) has introduced this system in India by opening a special Rupee Vostro account through Union Bank of India.
Vostro accounts are used to make payments in domestic currency.
What is a Vostro Account?
Vostro is a Latin word meaning "your", hence, Vostro Account means "your account".
Vostro account is defined as an account maintained by a correspondent bank on behalf of another bank.
For example HSBC's Vostro account is being handled by SBI in India.
A Vostro account is established to enable a foreign correspondent bank to act as an agent or provide services as an intermediary for a domestic bank.
About Malaysia
Prime Minister - Anwar Ibrahim
Capital - Kuala Lumpur
Currency - Malaysian ringgit
Official Language - Malay
Official Religion - Islam
2. PM Modi invited to France for Bastille Day parade
Tags: International News
France has invited Prime Minister Narendra Modi to visit Paris as a guest at the annual Bastille Day parade in July.
About Bastille Day Parade
The National Day of France, also known as Bastille Day, is celebrated every year on 14 July.
Known in French as La Fête Nationale or Le 14 Juillet, the day is celebrated with fireworks and parades.
This day is considered as one of the most important days in the history of France.
It marks the fall of the Bastille, a military fortress and political prison, which was then considered a symbol of the monarchy and the Armory.
About Bastille Day Parade
The Bastille Day military parade is a French military parade held on the morning of 14 July each year in Paris since 1880.
It is one of the oldest regular military parades in the world.
The fall of the Bastille on July 14, 1789 is widely regarded as the beginning of the French Revolution.
The Bastille was a fortress prison located in the heart of Paris, which became a symbol of royal tyranny and oppression.
3. US Senate confirms Indian-American Richard Verma to top State Department post
Tags: Person in news International News
The United States Senate on March 30 confirmed the appointment of Indian American Richard Verma as Deputy Secretary of State, Management and Resources.
An overview of the news
This position is normally seen as the CEO of the powerful State Department in the US Government.
Richard Verma served as the US Ambassador to India from January 2015 to January 2017 and is currently the Chief Legal Officer and Head of Global Public Policy at MasterCard.
He also served as Assistant Secretary of State for Legislative Affairs during the Obama administration.
Prior to this he was National Security Advisor to United States Senator Harry Reid.
Verma has also served as Vice Chairman of The Asia Group, Partner and Senior Counselor at Steptoe and Johnson LLP, and Senior Counselor at the Albright Stonebridge Group.
Verma holds a BS degree from Lehigh University, an LLM with distinction from Georgetown University Law Center, and a PhD from Georgetown University.
He was appointed to the President's Intelligence Advisory Board and he is a former member of the Weapons of Mass Destruction and Terrorism Commission.
4. Georgia became first American state to pass resolution condemning Hinduphobia
Tags: International News
The Assembly of the US state of Georgia has passed a resolution condemning Hinduphobia (Prejudice towards Hinduism). Georgia has become the first US state to implement such a legal measure.
An overview of the news
The resolution condemns Hinduphobia and anti-Hindu bigotry and states that 'Hinduism is the world's largest and oldest religion' and 1.2 billion people in more than 100 countries of the world follow this religion.
The resolution said that this religion incorporates diverse traditions and faith with values of acceptance, mutual respect and peace.
The resolution states that the American-Hindu community has been a major contributor to fields as diverse as medicine, science and engineering, information technology, hospitality, finance, education, manufacturing, energy and retail.
The proposal was introduced by Representatives Lauren McDonald and Todd Jones from Atlanta's Forsyth County.
A large number of Hindu and Indian-American communities live in Atlanta.
The resolution also states that the contribution of the Hindu community in the fields of yoga, Ayurveda, meditation, food, music and art has enriched the cultural fabric.
What is Hinduphobia?
Hinduphobia is a set of hostile, destructive and derogatory attitudes towards Hinduism and Hindus that may manifest as prejudice, fear or hatred.
It is true that Hindu Americans have faced discrimination across America.
About Georgia
Prime Minister - Irakli Garibashvili
President - Salome Zurabishvili
Capital -Tbilisi
Currency - Georgian lari (GEL)
5. Finland became the 31st member of NATO
Tags: International News
Finland has become the 31st member of the North Atlantic Treaty Organization (NATO) and Turkey's unanimous vote played a key role in Finland's acceptance as a NATO member.
An Overview of the News
Finland shares a border of more than 1,300 kilometres with Russia, and their decision to join NATO was based on security concerns following Russia's invasion of Ukraine in 2022.
Sweden's application to join NATO has been rejected by Turkey and Hungary.
With the accession of Finland, NATO now includes countries in most of Europe and North America.
About NATO
North Atlantic Treaty Organization(NATO), is a military alliance between North American and European countries formed in 1949 and headquartered in Brussels, Belgium.
It was created during the Cold War as a defence pact to prevent Soviet expansion and protect member states from possible aggression.
The founding members of NATO were the United States, Canada, and ten European countries, including Belgium, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, and the United Kingdom.
NATO Secretary General- Jens Stoltenberg
About Finland
Prime Minister- Sana Marin
Capital- Helsinki
Currency- Euro
6. IMF approves 15.6 billion dollar support package for Ukraine
Tags: Economy/Finance International News
The International Monetary Fund (IMF) has approved a $15.6 billion support package to aid the economic recovery of conflict-torn country Ukraine.
An overview of the news
The Russian invasion has devastated Ukraine's economy, causing economic activity to shrink by about 30 percent last year, according to the IMF.
War has destroyed capital stock and promoted poverty.
The 48-month Extended Fund Facility program approved by the Fund's Board amounts to approximately $15.6 billion.
It is part of the IMF's $115 billion total support package, which includes debt relief, grants, and loans by multilateral and bilateral institutions.
If the current conflict were to continue into 2025, it would raise Ukraine's financial needs from $115 billion to around $140 billion, said the IMF.
About Ukraine
Ukraine, a country located in Eastern Europe, is the second largest country in the continent after Russia.
Its capital is Kiev, located on the Dnieper River in north-central Ukraine.
Prime Minister: Denys Shmyhal
President: Volodymyr Zelensky
Capital: Kyiv
Official Language : Ukrainian
Currency : Rryvnya (UAH)
About International Monetary Fund (IMF)
It is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.
It was established in 1944 in the aftermath of the Great Depression of the 1930s.
It is an organization of 190 member countries.
It is governed by and accountable to 190 countries.
India became its member in December 1945.
The IMF's resources come mainly from money that countries pay in as their capital subscriptions (quotas) when they become members.
The International Monetary Fund’s executive board comprises 24 members.
Managing Director - Kristalina Georgieva (Bulgaria)
Headquarter (HQ) - Washington, D.C., US
7. UK signs deal to join trade pact with 11 Asia and Pacific nations
Tags: International News
Britain has signed a deal to join a trade deal with 11 Asia and Pacific countries on 31 March 2023, three years after officially leaving the European Union.
An overview of the news
According to the government's own estimates, joining the bloc would increase the size of the UK economy by only 0.08 per cent.
The trade area covers a market of around 500 million people.
The UK said it is the country's biggest post-Brexit trade deal and is the first European country to join the CPTPP since it came into force in 2018.
The agreement is expected to be formally signed by the end of this year following approval by Parliament and 11 member states.
The deal would cut tariffs on exports of food, drink and cars, and provide access to a market of some 500 million people.
The UK will be worth 15% of global GDP once it joins the trade bloc.
About Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP)
It was established in 2018.
It includes 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Membership of the CPTPP lowers restrictions on trade between members and also lowers customs duties on goods.
8. Spouses of H-1B visa holders allowed to work in US
Tags: International News
In a major relief to foreign workers in the US technology sector, a court there has ruled that the spouses of H-1B visa holders can now work in the United States.
An overview of the news
The petition by 'Save Jobs USA' sought to quash the employment authorization cards given to the spouses of H-1B visa holders.
Save Jobs USA is an organisation of IT workers who claim they lost their jobs because of H-1B workers.
Tech companies like Amazon, Apple, Google and Microsoft opposed this petition.
US District Judge Tanya Chutkan rejected the plea.
The US has so far issued work rights to the spouses of nearly 100,000 H-1B workers, a sizable number of whom are Indians.
About H-1B Visa
The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations.
It is designed to allow skilled foreign workers to come to the United States and work for American companies.
This requires theoretical or technical expertise.
Other Visa Categories
L-1B - for specialised workers
L-1A - for managers and executives
E-2 - Treaty Investor visa
E-1 - Treaty Trader visa
E-3 - for Australians etc.
9. Sheikh Mansour Bin Zayed Al Nahyan appointed as Vice-President of UAE
Tags: Person in news International News
The President of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed Al Nahyan, has appointed Sheikh Mansour bin Zayed Al Nahyan, his brother, as the Vice President of the country.
An overview of the news
The appointment is approved by the UAE Federal Supreme Council.
The incumbent Vice president Sheikh Mohammed Bin Rashid Al Maktoum, will also continue in the same role.
Sheikh Mansour has been active in UAE politics since 2004, when he was appointed as Minister of Presidential Affairs.
He has overseen the Presidential Court and the Ministry of Presidential Affairs, as well as presiding over several government institutions, including the Ministerial Development Council and the Emirates Investment Authority.
He is also the chairman of the Abu Dhabi Fund for Development and a member of the Abu Dhabi Supreme Petroleum Council.
He has served on the boards of several investment institutions, including the National Archives, the Abu Dhabi Development Fund, the Abu Dhabi Food Control Authority Board, and the Abu Dhabi Judicial Department.
About UAE
Official Language : Arabic
Capital of UAE : Abu Dhabi
Currency : Emirati Dirham
President of UAE : Sheikh Khalifa bin Zayed bin Sultan Al Nahyan
Prime Minister: Sheikh Mohammed ibn Rashid Al Maktoum
10. Japan to provide USD 1.24 billion line of credit to Bangladesh for road, railway and port projects
Tags: Economy/Finance International News
Japan will provide an Official Development Assistance (ODA) loan of USD 1.24 billion to Bangladesh for infrastructure and connectivity projects and the second tranche of the 43rd Japanese Yen loan package was signed at the exchange of notes between the two countries.
An Overview of the News
The loan package includes three projects: Chattogram-Cox's Bazar Highway Improvement Project, construction of a dual gauge rail line between Joydebpur-Eshwardi section, and Matarbari Port Development Project, Phase 2.
The first tranche of loan was almost the same amount, making the total package around US$ 2.48 billion.
Japan has been the largest bilateral donor to Bangladesh since 2012, assisting various mega-infrastructure projects.
About Official Development Assistance (ODA)
It is financial aid provided by developed countries to developing countries to support economic growth and reduce poverty.
It can be given in the form of grants or loans, and is provided by governments, international organisations and non-governmental organisations.
It can be used for a variety of purposes, including building infrastructure, promoting economic development, and providing emergency relief.
The Organization for Economic Co-operation and Development (OECD) monitors and reports on ODA flows between its member countries.
ODA is important for supporting economic growth and reducing poverty in developing countries.
About Japan
Prime Minister- Fumio Kishida
Capital- Tokyo
Currency - Yen
Ambassador- Iwama Kiminori
About Bangladesh
Prime Minister- Sheikh Hasina
Bangladesh currency - Bangladeshi taka
Capital- Dhaka.
