1. India and Luxembourg release joint Commemorative Postage Stamp
Tags: International News
India and Luxembourg celebrating 75 years of friendship on March 15, 2023. To mark the occasion, both the countries launched a joint Commemorative Postage Stamp.
An Overview of the News
The Postage Stamp symbolises the long standing and strong ties between India and Luxembourg.
Both the countries have been cooperating in the steel sector for the last 20 years.
The Paul Worth company of Luxembourg has been working in India for the last two decades under this collaboration.
In November 2015, Luxembourg hosted the 12th Asia-Europe Foreign Ministers' Meeting.
The partnership between India and Luxembourg in various fields reflects their commitment to strengthen their friendship and explore future opportunities for cooperation.
About Luxembourg
Luxembourg is a small nation located in Europe and shares borders with Belgium, France, and Germany.
In 1994, Luxembourg City was recognized as a UNESCO World Heritage Site.
From 2013 to 2014, Luxembourg served on the United Nations Security Council for the first time.
Prime Minister - Xavier Bettel
Currency - Euro
Official languages - Luxembourgish, French, German
2. US recognizes McMahon Line as international border
Tags: International News
The United States has recognized the McMahon Line as the international boundary between Arunachal Pradesh and China in a recently passed bipartisan resolution, calling it an "integral part of India".
An overview of the news
The resolution rejected Beijing’s claim that the northeastern state Arunachal Pradesh falls under Chinese territory.
In addition to recognizing the McMahon Line, the resolution also condemned Chinese provocations in the region, including the use of military force by China to change the status quo at the Line of Actual Control.
The resolution also condemned the construction of villages in disputed areas, the publication of maps of cities in Arunachal Pradesh, and the expansion of Beijing's territorial claims on Bhutan.
The resolution, titled 'Reaffirmation of Arunachal Pradesh as Indian territory and condemnation of China's provocative activities in South Asia', came after a major clash between the Indian and Chinese forces in Arunachal's Tawang in December last year.
What is the McMahon Line?
India and China share a 3,500 km long border which is disputed.
The line that delineates the boundary between the two countries is called the McMahon Line.
The border of India and China can be divided into three parts. Western Zone, Central Zone and Eastern Zone.
The line separating India and China is the McMahon Line although China considers the McMahon Line illegal.
The McMahon Line was drawn during the Simla Convention of 1914, officially described as a convention between Great Britain, China and Tibet.
3. Denmark becomes the first country in the world to import CO2 and store it under the sea
Tags: International News
Denmark has launched a project to store carbon dioxide 1,800 metres below the North Sea, making it the first country in the world to bury CO2 imported from another country.
News Overview
CO2 burial project, where carbon is injected into the site of an old oil field to prevent further warming of the atmosphere.
The project is called "Greensand" and is being led by British chemical Giant Ineos and German oil company Wintershall Dia.
The project aims to store eight million tonnes of CO2 per year by 2030.
The North Sea was chosen for the project because it already has pipelines and potential storage sites due to decades of oil and gas production.
According to the European Environment Agency (EEA), EU member states released 3.7 billion tonnes of greenhouse gases in 2020 alone.
About Denmark
Capital - Copenhagen
Prime Minister - Mette Frederiksen
Official name - Kingdom of Denmark
Official language - Danish
Currency - Krone
Form of Government - constitutional monarchy
4. India world's largest arms importer: SIPRI report 2023
Tags: Reports International News
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According to the Stockholm International Peace Research Institute's (SIPRI) 2023 report, India will become the world's leading arms importer in 2022.
News Overview
According to this report, between the years 2013-17 and 2018-22, India's arms imports have decreased by 11 percent.
According to the report's findings, over the past five years, the US had the world's largest military expenditure, accounting for 40% of the global share, followed by Russia (16%), and France (11%).
About SIPRI
The Stockholm International Peace Research Institute (SIPRI) is a global non-profit research institute.
SIPRI focuses on resolving conflicts, controlling arms and promoting disarmament.
The institute provides data, analysis and advice regarding armed conflicts, military expenditure and the arms trade.
Establishment - 6 May 1966
Founders - Tage Erlander, Alva Myrdal
Chairman - Stefan Lofven
Director - Dan Smith
Headquarter - Solna
5. Tim Mayopoulos has been appointed CEO of Silicon Valley Bank by the FDIC
Tags: Person in news International News
Tim Mayopoulos, the former CEO of Fannie Mae, has been selected by the Federal Deposit Insurance Corporation (FDIC) as the CEO of Silicon Valley Bank, a subsidiary of the defunct SVB Financial Group.
News Overview
Prior to joining StartupBlend, Mayopoulos was CEO of mortgage financier Fannie Mae for more than six years.
About Silicon Valley Bank
Establishment - 1983
Founder -Roger V Smith
President - Gregory W. Baker
Headquarters - Santa Clara, California (United States)
About the Federal Deposit Insurance Corporation (FDIC)
Formed -1933
Jurisdiction - United States federal government
Founder - Franklin D. Roosevelt
Headquarters - Washington, D.C. (United States)
6. India and Sweden sign a MoC to strengthen cooperation & promote research networking
Tags: International News
A Memorandum of Cooperation (MoC) was signed between India and Sweden to strengthen cooperation and promote research networking between research institutions from both countries.
News Overview
The MoC was signed by Dr. Akhilesh Gupta, Secretary, SERB and Dr. Andreas Gothenburg, Executive Director, STINT.
Its main objective is to promote opportunities for money mobility in both the countries.
The MoC aims to encourage academic collaboration through organising various mobility activities, such as exchange programmes, seminars, workshops and conferences.
About Science and Engineering Research Board (SERB)
Establishment -2009
Secretary - Dr. Akhilesh Gupta
Headquarters - New Delhi
About Sweden
Prime Minister - Mr. Ulf Christerson
Capital - Stockholm
Official language - Swedish
Currency - Swedish Krona
7. Chinese parliament appoints Li Qiang as the country's new prime minister
Tags: Person in news International News
Li Qiang was appointed as the new Premier or Prime Minister of China by the Chinese Parliament on March 11, 2023.
Overview of the News
Li Keqiang, who had held the position for the past ten years, was replaced by Li Qiang.
Li Qiang's nomination was approved at the annual meeting of the National People's Congress (NPC), the official body that adopts the resolutions of the Communist Party of China (CPC).
About China
it is an east asian country
It is the third largest country in the world in terms of total land area.
President – Xi Jinping
Capital - Beijing
National language - Mandarin
Currency - Renminbi
8. Saudi Space Commission discussed with ISRO
Tags: International News
From March 6 to 10, a high-level delegation from the Saudi Space Commission, led by Dr. Mohammad Saud Al-Tamimi, CEO, visited India to discuss space cooperation.
News Overview
The delegation interacted extensively with various entities in India, including the Indian Space Research Organization (ISRO) and Indian space companies such as New Space India Limited and Centum Electronics.
ISRO Chairman Dr. Al-Tamimi has been invited to attend the G20 Space Economy Leaders' Meeting in Bengaluru in July 2023.
Dr. Al-Tamimi invited ISRO Chairman to attend the Space Economy Forum later this year in Saudi Arabia.
The visit is viewed as a positive step towards strengthening the two countries' space partnership.
About Indian Space Research Organization (ISRO)
Establishment -1969 (by Vikram Sarabhai)
Headquarters –Bengaluru
Chairman and Secretary, Department of Space (DOS) – S. Somnath
About Saudi Arabian Space Commission (SSC)
Established - 27 December 2018
Space Agency President – Abdullah Alswaha
CEO - Mohammed bin Saud Al-Tamimi
About Saudi Arabia
It is a country located in West Asia.
It is the largest country in Asia and the second largest country in the Arab world.
The Gulf of Aqaba separates Saudi Arabia from Egypt and Israel to the northwest.
King - Salman
Crown Prince and Prime Minister - Mohammed Salman bin
Capital - Riyadh
Currency - Saudi Riyal
National language - Arabic
9. Indonesia's Mount Merapi volcano erupts, covering villages in ash
Tags: International News
Indonesia's Mount Merapi, one of the world's most active volcanoes, erupted on March 12, sending smoke and ash spreading over nearby villages.
An overview of the news
The volcano is located on the island of Java near Yogyakarta, the cultural capital of Indonesia.
The ash cloud has reached 9,600 feet above the surface. The area up to seven kilometers from the blast site has been restricted.
In 2010 a major eruption of the volcano killed over 300 people.
Indonesia, which has about 130 active volcanoes, lies on the Pacific "Ring of Fire", where the meeting of continental plates causes high volcanic and seismic activity.
About Mount Merapi
Mount Merapi is a volcanic mountain on the island of Java in Indonesia and is the most active volcano in Indonesia.
It was discovered by Mr. Morris in 1754 and is also known as the 'Mountain of Fire' because of its explosive nature.
What is a volcano?
A volcano is a type of mountain that erupts beneath the Earth's surface into a pool of molten rock.
During a volcanic eruption, underground pressure is created due to the formation of magma, which is molten rock mixed with gas.
Lava coming out of a volcano takes the form of a mountain.
After which whenever these substances come out of this volcano, they cause a big explosion.
10. US shuts down Silicon Valley banks in biggest collapse since 2008
Tags: Economy/Finance International News
California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on 9 March by the California Department of Financial Protection and Innovation.
An overview of the news
It is the biggest banking failure since the 2008 financial crisis.
It is considered the biggest financial crisis since the collapse of Washington Mutual and Lehman Brothers during the 2008 recession.
The regulator appointed the Federal Deposit Insurance Corp. as the receiver.
As of December 31, 2022, the Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits.
The FDIC created a new bank, the National Bank of Santa Clara, to hold the failed bank's deposits and other assets. The new entity began operating.
Why did SVB have to be shut down?
SVB announced the sale of securities worth $21 billion from its portfolio.
The company said that to strengthen its financial position, shares worth $ 2.25 billion are being sold.
The widespread slowdown in the startup industry led to high deposit withdrawals in the bank, resulting in the move.
The increase in interest rates by the Federal Deposit Insurance Corp also messed up SVB Bank's math.
Experts believe that the biggest reason for the closure of SVB was the simultaneous withdrawal of money from the bank by its investors.
About Silicon Valley banks
It was established in 1983, it was the 16th largest bank in America.
It primarily invested in Silicon Valley based startups and provided banking related services.
It provided a range of services toventure capital and private equity firms, as well as private banking services to high net-worth individuals.
The firm had a deal with half of all venture-backed startups in the US in 2022.
As of December 31, 2022, the bank had close to $212 billion in assets with clients such as Shopify, Pinterest, VC firm Andreessen Horowitz, Crowdstrike and Teladoc Health.
