1. Saudi Arabia's cabinet approves joining Shanghai Cooperation Organization as a dialogue partner
Tags: International News
On March 29, 2023, Saudi Arabia agreed to join the Shanghai Cooperation Organization as a dialogue partner. The cabinet approved the decision in a meeting chaired by King Salman bin Abdul Aziz.
An Overview of the News
As a dialogue partner, Saudi Arabia will participate in SCO meetings and activities, but will not be a full member of the organisation. This status allows increased cooperation between Saudi Arabia and SCO members on issues such as security, economic development and cultural exchange.
The decision to join the SCO has been taken by Saudi Arabia to diversify its economy and reduce dependence on oil exports. The country has announced several initiatives aimed at boosting economic growth and attracting foreign investment, including its Vision 2030 plan.
King Salman bin Abdulaziz Al Saud has been a strong advocate of increasing Saudi Arabia's relations with other countries. During his reign, he has worked to strengthen ties with countries in Asia, Europe, and Africa, with a focus on promoting economic development and cultural exchange.
About Shanghai Cooperation Organization (SCO)
It is a regional intergovernmental organisation established in 2001.
The organisation consists of eight member states, including China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, India, and Pakistan.
The primary objective of the SCO is to promote regional cooperation among its members in various fields such as security, economy, culture and education.
The main objective of the SCO is to enhance regional security through joint efforts to combat terrorism, separatism, extremism, drug trafficking and transnational organised crime.
The SCO holds annual summits and meetings of heads of state, as well as regular meetings of its various working groups and committees.
2. Dilma Rousseff appointed as new President of BRICS New Development Bank
Tags: Person in news International News
Former Brazilian President Dilma Rousseff has been elected as the new President of the New Development Bank (NDB), also known as the BRICS Bank.
An Overview of the News
She replaced Marcus Troyjo as the President of NDB.
Rousseff is an economist who served as the President of Brazil for two consecutive terms from January 2011 to August 2016.
During her presidency, Rousseff prioritised social policies, including poverty reduction and increased access to education and healthcare.
The NDB has so far approved $23 billion in loans for projects including renewable energy and transportation infrastructure in its member countries.
About New Development Bank (NDB)
It is a multilateral development bank established in 2014 by the BRICS countries - Brazil, Russia, India, China and South Africa.
It was created with the aim of mobilising resources for infrastructure and sustainable development projects in emerging economies.
It is headquartered in Shanghai, China and has regional offices in Johannesburg, South Africa and São Paulo, Brazil.
Its authorised capital is $100 billion, with each founding member contributing $10 billion.
Its main focus is on financing infrastructure projects including energy, transport and water supply.
It operates on the principle of "co-ownership, governance and shared benefit", which means that member states have equal representation and decision-making power.
It is seen as an alternative to established financial institutions such as the World Bank and the International Monetary Fund, which are dominated by Western countries.
3. Tanzania announces outbreak of deadly Marburg virus disease
Tags: International News
Tanzania recently declared an outbreak of the highly contagious and deadly virus Marburg virus, which causes viral hemorrhagic fever.
An overview of the news
According to the World Health Organization (WHO), through contact tracing in the country, around 161 people have been identified as at risk of infection.
The government has deployed an emergency response team to the area as well as neighboring countries have increased surveillance.
What is Marburg Virus Disease?
According to the World Health Organization, Marburg is a highly contagious viral disease that leads to hemorrhagic fever, with a mortality rate of up to 88%.
Marburg is as deadly as Ebola and no suitable drug or vaccine has yet been discovered to treat and prevent the disease.
Outbreaks of this disease have been reported in many African countries in the past, including Kenya, Congo, Angola, South Africa, and Uganda.
These outbreaks have also resulted in a large number of deaths, most of which have occurred in southern and eastern Africa.
Symptoms of Disease
High fever, severe headache, muscle pain, abdominal pain, and cramping.
Nausea and vomiting may also begin on the third day after infection.
Transmission
Human infection initially results from prolonged exposure to mines or caves inhabited by Rousettus bat colonies.
Once a human has been infected with Marburg virus, it can be spread to others through direct contact with their blood, secretions or other bodily fluids.
Another route of transmission may be through sexual contact.
This virus is secreted in our body fluids such as saliva, sweat, nasal secretions and semen.
Diagnosis and Treatment
Antibody enzyme-linked immunosorbent assay (ELISA),
Antigen detection tests,
Serum neutralization tests,
Reverse-transcriptase polymerase chain reaction (RT-PCR) assay,
Virus isolation by cell culture.
There is no specific treatment for Marburg virus disease yet.
4. India participates in the 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating
Tags: International News
An inter-ministerial delegation from India led by the Department of Commerce participated in the 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) Negotiations Round from March 13-19, 2023 in Bali, Indonesia.
An overview of the news
Negotiators from 13 other countries, including, the United States, Australia, Brunei Darussalam, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam also participated in the Bali negotiating round.
During the Bali Round, discussions covered all the four pillars of the IPEF.
India participated in the discussions related to Pillars II to IV.
The first IPEF round was held in Brisbane, Australia on December 10-15, 2022 and the Special Negotiations round in New Delhi on February 8-11, 2023.
About Indo-Pacific Economic Framework for Prosperity (IPEF)
In May 2022, the United States launched IPEF.
It has 14 member states - Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam.
The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade.
It has four pillars -Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Taxation & Anticorruption) - (Pillar IV).
Aims
To bring together its allies in the Indo-Pacific region to enhance economic cooperation.
5. WHO calls for intensified actions to eradicate Tuberculosis in South East Asia region
Tags: International News
On World Tuberculosis Day (24 March) the World Health Organisation (WHO) has called for intensified actions to eradicate the disease in the South East Asian region which bears the world’s highest TB burden.
An overview of the news
WHO highlighted the urgent need to advance innovations, better address social and economic determinants, and improve multi-sectoral collaboration.
TB burden in Southeast Asia
In 2021, the region is expected to account for more than 45 percent of global TB incidence and more than half of global TB deaths.
According to WHO, the COVID-19 crisis has exacerbated key social and economic determinants of TB such as poverty and malnutrition, pushing millions of people in the region into extreme poverty.
An estimated 7 million additional TB cases and 1.5 million additional TB deaths could occur between 2022 and 2026 across the region.
In 2022, the budget allocation for TB programs in the region is set to reach approximately US$1.4 billion.
World Health Organisation (WHO)
The World Health Organisation is a specialised agency of the United Nations which was founded on 7 April, 1948.
Headquarters of WHO : Geneva, Switzerland
Members : 194 countries
Director General of WHO: Tedros Adhanom Ghebreyesus of Ethiopia.
6. India, UK hold joint maritime exercise 'Konkan' in Arabian Sea
Tags: Defence International News
The annual bilateral maritime exercise 'Konkan' between the Indian Navy and UK's Royal Navy was held off the Konkan coast in the Arabian Sea from March 20-22.
An overview of the news
The joint exercise by both the navies demonstrated operational readiness, enhanced interoperability and improved capability to conduct joint operations.
INS Trishul, a Guided Missile Frigate, and HMS Lancaster, a Type 23 Guided Missile Frigate, participated in 'Konkan 2023' and conducted several maritime exercises to enhance interoperability and imbibe best practices.
The exercise covered all domains of maritime operations, air, surface and subsurface.
India and the UK agreed on new cooperation on maritime domain awareness, including new agreements on maritime information sharing,
The UK has been invited to join India's Information Fusion Center in Gurugram.
About 'Konkan' exercise
It is a bilateral naval exercise conducted between India and the United Kingdom.
The Konkan series of exercises was started in 2004.
Since then, the exercise is conducted by both the navies in rotation.
The exercise provided excellent training to the personnel of both the navies.
Other Exercises between India and UK
Exercise ‘Indradhanush’ (Air Force Exercise)
'Ajeya Warrior' (Joint Military Exercise)
7. Interpol withdraws Red Notice against Mehul Choksi
Tags: International News
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Interpol has withdrawn the Red Corner Notice (RCN) issued against Mehul Choksi, the main accused in the Rs 13,500 crore PNB loan scam case.
An overview of the news
Central Bureau of Investigation (CBI) has sought the restoration of the notice.
Case against Mehul Choksi
Mehul Choksi is the owner of Gitanjali Group, a jewelery firm with 4,000 stores in India.
He along with his nephew Nirav Modi is a culprit in the Rs 13,500 crore Punjab National Bank (PNB) scam.
Choksi and Modi are accused of issuing fake Letters of Undertaking (LoU) and foreign letters of credit to companies owned by them in connivance with bank officials.
In this case, PNB did not keep any security before issuing the LoU.
The matter came to light in January 2018, when PNB submitted a fraud report to the Reserve Bank of India.
The CBI registered an FIR in the matter a week later. By this time Choksi had fled the country.
Choksi is wanted in India on charges of criminal conspiracy, criminal conspiracy, cheating and financial embezzlement.
What is an Interpol Red Notice?
Criminals or suspects often flee to other countries to escape justice.
A Red Corner Notice, or Red Notice (RN), alerts police forces around the world to fugitives who are wanted internationally.
A Red Notice is a request to law enforcement around the world to locate and temporarily arrest a person wanted for extradition, surrender or legal action.
A Red Notice is not an international arrest warrant.
About Interpol
The full name of INTERPOL is the International Criminal Police Organisation and is an intergovernmental organisation.
It was set up in 1923.
Member countries - 195
India became its member on 15 October 1949.
It helps police in all of them to work together to make the world a safer place.
Headquarter - Lyon, France.
Different Notices of Interpol - Red Notice, Green Notice, Yellow Notice, Orange Notice, Blue Notice, Purple Notice, Black Notice, and an INTERPOL-UN Security Council Special Notice.
Its work focuses on public safety and combating terrorism, crimes against humanity, genocide, war crimes, environmental crimes, etc.
8. 26th edition of 'Elevate' held in Dubai
Tags: Economy/Finance Summits International News
The sixth pitching session of the second season of Elevate concluded in Dubai 22 March.
An overview of the news
The event saw the participation of six startups from India and the registration of 180 investors.
The six startups that participated in the Elevate session were winners of the National Startup Awards 2022.
Season II to Session VI hosted a special guest, Padmaja Ruparel, Co-Founder, Indian Angel Network (IAN).
She is a member of the Government's NEAC, the National Expert Advisory Committee on Innovation, Incubation and Technology Entrepreneurship.
She shared her insights and thoughts on the opportunities in the growing startup ecosystem in India.
India's Commercial Representative in Dubai Kalimuthu welcomed the guests and set the tone for the programme.
Six startups from India who participated
Film board Movie Technologies inc,
Trascender Services Pvt Ltd,
Cogos Technologies Pvt Ltd,
Changejar Technologies Pvt Ltd,
Makerinme Technologies Pvt Ltd,
Revamp Moto Pvt Ltd
About Elevate
Elevate is a pitching series organized by the Consulate General of India in Dubai, providing a platform for startups to connect with investors and global counterparts.
The first season of Elevate started at the India Pavilion at Expo 2020 Dubai and consisted of twenty sessions.
The second season debuts in May 2022, and this episode marks the sixth installment of the season.
9. India invited to attend G7 Hiroshima summit in Japan
Tags: International Relations International News
After a meeting between Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida, Japan was invited to attend the G7 Hiroshima summit.
An Overview of the News
Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida signed two agreements during their bilateral talks: the renewal of the Memorandum of Cooperation in Japanese and the exchange of notes on the JICA loan for 300 billion yen for the Mumbai-Ahmedabad high-speed railway project.
The objective of the meeting is to strengthen India-Japan relations and provide a voice for the Global South.
Foreign Secretary Vinay Mohan Kwatra
About the G7
The G7 is a group of seven major industrialised countries, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
The G7 holds annual meetings to discuss various global issues, but these meetings are usually held in different locations each year.
The 48th G7 summit was hosted by Germany in 2022.
10. IMF approves Sri Lanka’s much-awaited bailout package
Tags: International News
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Sri Lanka's request for a $2.9 billion bailout has been approved by the International Monetary Fund (IMF) on March 20.
An overview of the news
The package of special drawing rights of about $3 billion will be available over 4 years.
The Executive Board's decision will enable immediate disbursement of $333 million.
With the approval of the much awaited bailout, Sri Lanka will restore macroeconomic stability and debt sustainability while carrying forward structural reforms.
Stabilizing Sri Lanka's economy and achieving sustainable debt levels has been a priority since Ranil Wickremesinghe took office last July.
The IMF facility will enable Sri Lanka to access finance from the markets and other lending institutions such as the ADB and the World Bank.
Sri Lanka was hit by an unprecedented financial crisis in 2022 due to a severe shortage of foreign exchange reserves, the worst since its independence from Britain in 1948.
Aim of bailout package
To boost government revenue,
Encourage fiscal consolidation,
Introduce new pricing for fuel and electricity,
Hike social spending,
Bolster central bank autonomy,
Rebuild depleted foreign reserves
To reach a primary surplus of 2.3% of GDP by 2024.
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
