1. India, Australia convene fifth bilateral Cyber Policy Dialogue in New Delhi
Tags: International Relations International News
India and Australia held their fifth bilateral cyber policy dialogue on November 17, 2022 in New Delhi.
Important facts
The Cyber Policy Dialogue was held under the aegis of the India-Australia Framework on Cyber and Cyber-Enabled Critical Technology Cooperation and Action Plan 2020-2025 for Comprehensive and Deepening Cyber Cooperation.
The dialogue was co-chaired by Joint Secretary (Cyber Diplomacy Division) Muanpuii Saiawi from the Ministry of External Affairs.
The Indian delegation consisted of senior officials from the National Security Council Secretariat (NSCS), the Ministry of Home Affairs (MHA), the Ministry of Electronics and Information technology (MEITY), the Department of Telecommunications (DoT) and CERT-In.
The Australian delegation included senior officials from the Department of Foreign Affairs and Trade, the Department of Home Affairs, the Department of Industry, Science and Resources and the Australian Federal Police.
Both sides agreed to explore opportunities for collaboration with the private sector and academia, including the Australia-India Cyber and Critical Technology Partnership.
In addition, India and Australia will jointly organise a Cyber Bootcamp and Cyber and Tech Policy Exchange in collaboration with Indo-Pacific partners and the 6th India-Australia Cyber Policy Dialogue will be held in 2023.
Agenda of Dialogue
The Cyber Policy Dialogue provides a bilateral forum to discuss high-profile issues of mutual interest.
It discussed strategic priorities, cyber threat assessment, capacity building for next generation telecommunications (including 5G technology) and cooperation in the Indo-Pacific region, and the latest developments in cyber at the United Nations.
About Australia
Prime Minister: Anthony Albanese
Governor-General: David Hurley
Capital: Canberra
Currency: Australian dollar
2. 8th Norway-India Joint Working Group Maritime meeting
Tags: International News
8th India-Norway Joint Working Group Maritime meeting was held on18th November,2022 in Mumbai.
Important facts
In the meeting discussion was held on use of alternative fuels like green ammonia and hydrogen for futuristic shipping.
Important discussions took place on Norway-India cooperation on a green maritime future. Both the countries presented their vision and plans for the Green Sea Zone.
Additional Secretary Ministry of Ports,Shipping and Waterways (MoPSW) highlighted that the maritime trade with Norway dates back since 1600.
Norway has technical expertise in the maritime sector and India has maritime sector development capabilities and a large pool of trained seafarers, making the two countries natural complementary partners.
India is part of the Norway Green Voyage 2050 project, both sides agreed on the will, dedication, partnership and capacity building to achieve common goals.
India is a signatory to the Hong Kong Convention for the Recycling of Ships.
Minister of Ports,Shipping and Waterways - Sarbananda Sonowal
India-Norway Joint Working Group
India-Norway Joint Working Group (JWG) on Maritime meetings are being held on a regular basis.
The 7th JWG on Maritime was held in Oslo (Norway) in November, 2019.
During the 7th meeting issues related to cooperation in shipbuilding, enhancement of skill of seafarers and environment friendly ships were discussed.
Kingdom of Norway
It is a Northern European country and lies in the Scandinavian Peninsula. Scandinavian islands consist of Norway and Sweden.
It is one of the largest exporters of crude oil and natural gas in the world .It has significant oil and gas reserves in North Sea.
Prime Minister: Jonas Gahr Støre
Capital: Oslo
Currency: Norwegian krone
3. Wipro the first Indian company to set up European Work Council
Tags: Economy/Finance International News
The Indian IT giant company Wipro has reached an agreement with its employee representative to set up a European Works Council (EWC). It has become the first Indian company to set up an European works councils for its workers in Europe.
The 27 member European Union has mandated the companies which have more than 1000 employees across the European Union countries to set up EWC. Wipro which is in the business of IT (Information Technology)outsourcing has more than 1000 employees in the 13 European Union member countries.
European works councils (EWCs) are standing bodies that facilitate the information and consultation of employees in Europe. It provides an opportunity to employees of the company to be informed and consulted on the transnational companies’ strategy and status.
The first meeting of the Wipro EWC will take place in the first quarter of 2024 where the EWC will elect its chairman and select committee members.
WIPRO
It is a diversified Indian multinational company.
It was set up as Western India Vegetable Products limited company by Mohamedhusain Hasham Premji in 1945. It later changed its name to WIPRO and diversified in the business of Information Technology under Azim Premji.
It is now one of the top IT companies of India which is present in more than 100 countries of the world.
Chairman: Rishad Premji
Headquarters: Mumbai
4. Climate Change Performance Index 2023
Tags: International News
The 18th edition of the Climate Change Performance Index -2023, compiled by German watch and the Climate Action Network, was released on 15 November, 2022.
Important facts
India has improved by two places to rank eighth among 63 countries in the Climate Change Performance Index (CCPI) 2023.
India's two-place jump can be attributed to lower emissions and increased use of renewable energy.
The report track climate performance of the European Union and 59 countries, which together account for over 92 per cent of the greenhouse gas (GHG) emissions in the world.
The rankings from Germanwatch, the NewClimate Institute and the Climate Action Network are based on the efforts countries are making to halve their emissions by 2030.
The report ranked no country for the first three places because "no country performed well enough in all index categories to receive a high overall rating.
Denmark is placed fourth, Sweden fifth and Chile sixth in the ranking.
India earned a high rating in the GHG Emissions and Energy Use categories, while it got a medium rating in Climate Policy and Renewable Energy sections.
China, now the world's biggest polluter, fell 13 places to 51st in this year's ranking and received a very low rating overall because of its coal-fired power plants.
The US rose by three ranks to the 52nd place.
Iran (63rd), Saudi Arabia (62nd) and Kazakhstan (61st) fared the worst.
About Climate Change Performance Index (CCPI)
It is developed by not-for-profit organisations German watch and New Climate Institute (Germany) together with the Climate Action Network (CAN International).
It is an important tool for increasing transparency in international climate strategy and enables comparison of climate protection efforts and progress made by individual countries.
5. Indian company ReNew signs an agreement with the Egyptian government to set up Green Hydrogen plant in Egypt
Tags: Environment Economy/Finance International News
The Indian company ReNew Power Private Limited , has signed an agreement with the Egyptian government to set up a green hydrogen manufacturing facility at the Suez Canal Economic Zone in Egypt on 15 November 2022.The company will invest $8 billion in the project in phases.
Green Hydrogen refers to the breaking down of the water molecule into hydrogen and oxygen using renewable sources of energy.
ReNew Power has partnered with Elsewedy Electric S.A.E. (Elsewedy) for this project. Elsewedy is a leading integrated energy solutions provider in the Middle East and Africa, which will be the local co-developer for the project.
Highlights of the project
According to the agreement, ReNew will set up a plant with a capacity to produce 20,000 tonne green hydrogen a year, which will later be raised to 220,000 tonnes, by relying on renewable energy sources.
The project is scheduled to be implemented in phases, the first of which will be a pilot to produce 20,000 tonne green hydrogen, through a 150 MW electrolyser equipped with 570 MW of renewable energy to produce 100,000 tons of green ammonia annually.
What is Green Hydrogen, Brown Hydrogen, Blue Hydrogen?
Hydrogen is the first and the smallest element in the periodic table.
Depending upon the production method the colour of the hydrogen can be Green, Brown, Blue or Grey.
Green Hydrogen
It refers to the breaking down of the water molecule into hydrogen and oxygen using renewable sources of energy. Renewable source of energy means which can be used again and again like solar power, hydel, wind energy etc. It contains no carbon which is responsible for global warming.
Grey Hydrogen
Grey hydrogen is created from natural gas, or methane, using steam methane reformation. It produces Hydrogen and Carbon dioxide which is released in the atmosphere.
Blue Hydrogen
Blue hydrogen is produced mainly from natural gas, using a process called steam reforming, which brings together natural gas and heated water in the form of steam. It produces hydrogen and carbon dioxide.
Black and Brown Hydrogen
When black coal or lignite (brown coal) is used in the hydrogen-making process it is called as black or brown coal.
ReNew Company
ReNew is one of the largest renewable energy independent power producers globally. ReNew develops, builds, owns and operates utility-scale wind energy, solar energy and hydro projects.
As of October 10, 2022, ReNew has a gross total portfolio of 13.4 GW of renewable energy projects across India, including commissioned and committed projects.
The company has also announced investing one lakh crore in renewable energy projects, including battery storage in both Maharashtra and Karnataka.
Founder Chairman and CEO of the Company: Sumant Sinha
6. US imposes $1.4 mn fine on Air India over delay in refunds
Tags: International News
Tata Group-owned Air India has been fined $1.4 million in penalties for delayed refunds amounting to $121.5 million for delayed or cancelled flights, under an order from the US Department of Transportation.
Important facts
Under US law, airlines and ticket agents have a legal obligation to refund consumers in the event of a flight cancellation or a passenger not accepting the option offered.
According to US regulations, it is illegal for an airline to deny refunds and instead provide vouchers to such consumers.
The US Department of Transportation received a large number of complaints from air travellers that airlines had failed to provide timely refunds after cancellations or significant changes to flights.
The US Department of State has fined six airlines over delayed refunds, in what has been called a "historic" enforcement action.
The fine imposed on Air India is the third highest after Denver-based Frontier and TAP Portugal.
Apart from Air India, Frontier, TAP Portugal, Aero Mexico, EI AI and Avianca Airlines have also been fined by the US government.
7. NASA launches its Artemis 1 mission from Kennedy Space Centre, Florida
Tags: Science and Technology International News
The US space agency NASA launched its Artemis 1 mission on 16 November, 2022 from Kennedy Space Centre, Florida.
Important facts
About eight minutes after launch, the core stage's engines cut off and the core stage separated from the rest of the rocket.
After this, the Orion spacecraft was propelled by the Interim Cryogenic Propulsion Stage (ICPS).
NASA also deployed the four solar arrays of the Orion spacecraft.
After completing "translunar injection", Orion separated itself from the ICPS and is now on its way to lunar orbit.
About Artemis 1 mission
For the first time in 50 years since the end of the Apollo program, the launch of Artemis 1 is an ambitious US mission to return astronauts to the surface of the Moon.
The Artemis 1 launch will also be the first flight of NASA's 21st century moon-exploration program.
With Artemis 1 on the surface of the Moon, NASA aims to demonstrate new technologies, business approaches and capabilities that are essential for future explorations, including Mars.
The launch aims to further aid in the study of the Moon, its origin and history.
ISRO’s Moon Exploration Mission
Chandrayaan 1
Chandrayaan-2
The Indian Space Research Organization (ISRO) recently announced India's third lunar mission Chandrayaan-3, which will consist of a lander and a rover.
8. Britain approves three thousand work visas for young Indian professionals
Tags: International Relations International News
On November 16, 2022, the United Kingdom government approved three thousand visas for young professionals from India to work in the country every year.
Important facts
This visa is done under the UK-India Migration and Mobility Partnership Agreement which was signed in 2021.
India is the first country to benefit from such a scheme.
The UK government has approved the UK-India Young Professionals Scheme which offers 3,000 visas to Indian graduates aged 18-30 years to live and work in the UK for up to two years.
The announcement was made hours after British Prime Minister Rishi Sunak met Prime Minister Narendra Modi on the sidelines of the 17th edition of the G20 Summit in Bali.
UK-India Migration and Mobility Partnership Agreement
The Union Cabinet approved the signing of Memorandum of Understanding (MoU) on Migration and Mobility Partnership in 2021 between India and the United Kingdom.
The objective of the agreement is to liberalize the issuance of visas promoting the mobility of students, researchers and skilled professionals and to strengthen cooperation between the two sides on issues related to irregular migration and human trafficking.
About United Kingdom
It is an island country located off the northwestern coast of mainland Europe.
Prime Minister - Rishi Sunak
Capital - London
Currency - British pound
Head of State - King Charles III
9. Jeff Bezos Amazon Company becomes the first company in history to lose $1 trillion market capitalisation
Tags: Economy/Finance International News
Jeff Bezos’s company Amazon has become the first publicly listed company in the world to lose a trillion dollars in market value as a combination of fear of recession, rising inflation, tightening monetary policies and slowdown in the earnings updates triggered a historic selloff in the stock.
Shares in the e-commerce and cloud company have been declining in October and November month pushing its market value to about $879 billion from a record close at $1.88 trillion in July 2021.
The Big five Tech companies of America, Intel, Microsoft, Alphabet (owner of Google),Meta (formerly Facebook) and Amazon share prices are falling in the United States as their growth prospects look uncertain in an economy plagued by fear of recession.
The top five US technology companies by revenue have lost nearly $4 trillion in market value this year.
In October 2022, Amazon projected the slowest revenue growth for a holiday quarter in the company’s history as shoppers reduce their spending in the face of economic uncertainty. That sent its market value below $1 trillion for the first time.
What is Market capitalisation or M-cap?
Market capitalisation refers to the total number of free floating shares of a company in the market multiplied by the current market price of each share.
Explanation
Suppose there is a company called Tata motors and its promoter is Mr Ratan Tata. The company has 100 shares and all the shares of the company are with Ratan Tata. Ratan Tata decides that he needs money. He decided to sell 20 shares of Tata motors to the public through the Tata Motors Initial Public offering (IPO) at Rs 10 per share. People will buy the shares and the Tata motors company will be listed on an Indian Stock Exchange like BSE after the completion of the process.
Now Ratan Tata has only 80 shares of the company.
Keep in mind only 20 shares of the company will be listed on BSE as the company has sold only 20 shares to the public. In Stock market language it will be said that the Tata motors free float is 20 shares not 100.
Now suppose the price of the Tata motors in the market is Rs 100 then the Market capitalization of the Tata Motors will be: Free floating share of the company X market price of the company’s single share.
Thus it will be 20X Rs 100= Rs 2000
Types of Market capitalisation
In India on the basis of market capitalization companies are classified into Large Cap, Mid-Cap and Small Cap. Here cap means capitalisation.
Publicly listed companies which have a market capitalization of Rs 20,000 crore or more are called as Large Cap companies.
Mid-Cap: Publicly listed companies which have a market capitalization of less than Rs 20,000 crores and up to Rs 5000 crore.
Small Cap: Publicly listed companies which have a market capitalization of less than Rs 5,000 crores.
10. World Population crosses 8 billion on 15 November 2022: United Nations
Tags: National International News
According to the United Nations (UN) the world human population has crossed the 8 billion mark on 15 November 2022 and it is expected to grow to 10.4 billion by 2080’s. The United Nations attributed the rise in population to a gradual increase in human longevity due to improvements in public health, nutrition, personal hygiene, and medicine.
Historical growth of Human Population
- According to the UN Population Fund , it took 12 years for the global population to go from 7 billion to 8 billion.
- In less than 100 years since 1930, the world population has grown four times.
- The global human population crossed the billion milestone in 1804 and it took another 126 years to cross the 2 billion population mark in 1930.
- It crossed the 3 billion mark in the next 30 years, 4th billion in the next 14 years and the 5th billion in the next 13 years.
- The annual population growth rate was highest between 1963 and 1972, at over 2 per cent.
- The growth rate has declined since then, and has fallen below 1 per cent since 2021.
Future Projections of Human population growth
- According to the United Nations it will take around 15 years until 2037 for it to reach 9 billion.
- It has been projected that the world population could grow to nearly 8.5 billion in 2030, 9.7 billion in 2050, and 10.4 billion in 2100.
- More than half of the projected increase in global population till 2050 will be concentrated in Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, Philippines, and Tanzania.
- India is projected to cross China as the world’s most populous country during 2023.
- The most populous regions on Earth are Eastern and South-Eastern Asia with 2.3 billion people and Central and Southern Asia with 2.1 billion people. India and China
According to the World Bank population projection:
- In 2022 China and India account for over a third of the world’s population, with China‘s share at 18.2 per cent and India’s at 17.7 per cent.
- The world’s third most populous country, the United States of America and the fourth most populous Indonesia at present in 2022, have a share of 4.2 per cent and 3.5 percent of the global population respectively.
- This is expected to change by 2050, with India having the world’s highest population share at 16.8 percent, while China’s population share would have declined by over 4.2 per cent.
- India is projected to add over 2.3 billion people by 2050, while China’s population is projected to decline from 2030 onwards.
- At present Asia has the largest share of the world’s population, Africa is home to the youngest population with a median age of just 20, and Europe will have the oldest population on the globe with a median age of around 43.
