1. GMR Group to sell its entire 40% stake in Philippines' Cebu airport
Tags: Economy/Finance International News
The New Delhi based Multinational GMR Group, on 2 September 2022, has said that it will divest its entire 40 per cent stake in Cebu international airport in Philippines for a payment of Rs 1,330 crore.
However the GMR will continue to provide consultancy service to the Airport till 2026 and will earn revenue for it.
According to GMR, the company will now focus on high growth opportunities. It will now use the capital to invest in the Kualanamu International Airport at Medan, Indonesia. The Kualanamu International Airport is being developed and operated by GMR Airports International.
Mactan Cebu International Airport
It is the second largest Airport of the Philippines after the Ninoy Aquino International Airport Manila.
In 2014, GMR Infrastructure in partnership with Megawide Construction Corporation of Philippines won the bid to operate and develop the Mactan Cebu International Airport.
Both the Megawide Construction Company and GMR are selling their stake to Aboitiz InfraCapital Inc. of Philippines.
Currency of Philippines: Philippine pesos
GMR Airports International
GMR Airports International is a subsidiary of GMR Infrastructure Ltd
GMR Group operates the IGI Delhi International Airport, Rajiv Gandhi Hyderabad International Airport and Bidar Airport in (Karnataka).
It is building a Greenfield airport at Mopa in North Goa and an International Greenfield Airport at Bhogapuram, Vizianagaram, and Andhra Pradesh.
It is the only Indian company to develop and operate foreign International airport. It is developing airports in Indonesia, Greece.
The GMR group was founded by Grandhi Mallikarjuna Rao. It is in the business of Infrastructure, Energy, transportation etc.
2. United States announces hosting first-ever US-Pacific Island Country Summit
Tags: Summits International News
The United States has announced to host the US-Pacific Island Country Summit for the first time in the last week of this month amid China's growing influence in the Indo-Pacific region.
IMPORTANT FACTS -
- This summit will be held in Washington from 28 to 29 September.
US President Joe Biden will host the summit.
The summit will showcase the United States' deep and enduring partnership with Pacific island countries and the Pacific region that is based on shared history, values, and people-to-people ties.
The conference was announced a week after the US accused Beijing of expanding its nuclear arsenal.
The US has claimed that the process of building an excessive nuclear arsenal by China could harm the stability of the Indo-Pacific region.
The White House has invited 12 Pacific Island countries, including the Solomon Islands, which signed a security pact with China in April 2022.
About Indo-Pacific :
It covers half of the world's population and more than 60 percent of the global GDP.
It is a geopolitical region that spans two regions of the Indian Ocean and the Pacific Ocean.
Extending from the west coast of the United States of America to the west coast of India, the Indo-Pacific is a regional structure of 24 countries.
It includes the tropical waters of the Indian Ocean, western and central Pacific Ocean.
3. Saudi Arabia to launch new national carrier 'RIA'
Tags: International News
Saudi Arabia is finalizing the launch of its new international airline "RIA".
IMPORTANT FACTS -
- The launch of this new project, backed by the Public Investment Fund of Saudi Arabia, has been underway for the past 12 months.
Once launched, it will become Saudi's second national carrier.
It will be based at Riyadh’s King Khalid International Airport.
This is unprecedented in the history of the Saudi Arabian aviation sector.
Saudi Arabia is targeting 30 million international transit passengers by 2030, while it currently stands at less than 4 million.
This will mean the new carrier would need to operate more than 150 routes globally in Europe, North America, South America, Africa and Asia.
This would require an investment of $30 billion.
Emirates currently flies to 158 destinations in 85 countries.
Saudi Arabia :
King - Salman
Capital - Riyadh
Currency - Saudi Arabian riyal
Official Language - Arabic
Official Religion - Islam
4. Canadian student wins 2022 Stockholm Junior Water Prize
Tags: Awards International News
Annabelle M. Rayson, a Canadian student, has won the prestigious Stockholm Junior Water Prize for the year 2022 for her research on ways to treat and prevent harmful algae blooms.
IMPORTANT FACTS :
- Crown Princess Victoria of Sweden, who is the official patron of the award, announced the winner during a ceremony at World Water Week in Stockholm.
Harmful algae bloom (HAB) refers to the uncontrolled growth of algae.
This causes toxic or harmful effects on organisms such as fish, sheep, marine mammals and birds.
About Stockholm Junior Water Prize :
It is an international competition in which students aged 15 to 20 submit solutions to major water challenges.
It has been organised annually since 1997 by the Stockholm International Water Institute in collaboration with Xylem, an American water technology provider.
The award is a part of World Water Week.
5. IMF agrees to lend Sri Lanka $2.9 billion
Tags: International News
The International Monetary Fund (IMF) on 1 September approved a loan of $2.9 billion to Sri Lanka.
IMPORTANT FACTS -
- It has been extended for a period of four years with conditions on debt restructuring and action on corruption.
This step has been taken after a week-long discussion between the IMF and Sri Lankan officials.
The IMF mission was led by Peter Breuer and Masahiro Nozaki who were in Sri Lanka from 24 August to 1 September.
The newly expanded facility will help Sri Lanka in restoring macroeconomic and debt stability.
It will help in safeguarding financial stability, reducing corruption and unlocking Sri Lanka's growth potential.
Sri Lanka is facing its worst economic crisis since its independence from Britain in 1948.
It is going through a period of skyrocketing inflation, dollar shortage and devaluation of the local currency due to wrong financial decisions.
About International Monetary Fund (IMF) :
The International Monetary Fund (IMF), a United Nations (UN) specialised agency, was established in 1944 at the Bretton Woods Conference to secure international monetary policies.
The International Monetary Fund is an organisation with 189 member countries.
First Deputy Managing Director- Geeta Gopinath
Headquarters- Washington, D.C., U.S.
Managing Director- Kristalina Georgieva
Chief Economist - Pierre Olivier Gourinchas
6. Super Typhoon Hinnamnor
Tags: International News
According to a forecast by the Japan Meteorological Agency, the strongest tropical storm of 2022 'Super Typhoon Hinnamnor' is moving toward the East China Sea, threatening Japan's southern islands.
About Super Typhoon Hinnamnor :
It is similar to a category-5 hurricane.
It is currently moving across the East China Sea, threatening the southern islands of Japan and the eastern coast of China.
It is bringing about 257 kilometres per hour and gusts of 314 kilometres per hour.
Hinnamanor is the 11th and strongest tropical storm of 2022.
The epicentre of the storm was about 643 km south-southeast of the island of Kyushu, Japan.
About Tropical Storms :
Hurricanes, cyclones and typhoons are types of tropical storms.
But they are given different names depending on where they appear.
Hurricanes are tropical storms that form over the North Atlantic Ocean and the Northeast Pacific.
Cyclones form over the South Pacific and the Indian Ocean.
Typhoons form over the northwest Pacific Ocean.
To be classified as a super typhoon, a hurricane needs to attain sustained wind speeds of at least 240 kmph.
7. US grounds Chinook chopper fleet over engine fires
Tags: Defence International News
The US military has stopped its fleet of CH-47 Chinook helicopters from flying due to the threat of a helicopter engine fire.
IMPORTANT FACTS -
- The US military operates approximately 400 Chinook helicopters which are medium-lift, multi-role helicopters manufactured by Boeing.
They perform a variety of tasks in military operations.
The Chinook fleet has been halted by the US military because it is suspected that some of its engines may catch fire.
India's concern :
The Indian Air Force (IAF) too operates a fleet of Chinook helicopters.
The IAF operates a fleet of 15 Chinook helicopters and it has not grounded them so far.
Chinook was inducted into IAF in 2019.
One helicopter of Chinook unit is based in Chandigarh whereas the other is based at Mohanbari airbase in Assam.
The Indian Air Force has sought details from US defence manufacturer Boeing on the reasons for shutting down its entire fleet of Chinook helicopters.
About Chinook Helicopters :
The Boeing CH-47 Chinook is an American twin-engined, heavy-lift helicopter.
It is developed by the American rotorcraft company Vertol and manufactured by Boeing Vertol (later known as Boeing Rotorcraft Systems).
Each helicopter can carry goods and cargo up to 9.6 tonnes.
It can provide assistance during disaster relief, medical, search and rescue missions, aircraft recovery and parachute drops.
8. G20 Digital Innovation Network event organised at Bali, Indonesia
Tags: Summits International News
The G20 Digital Innovation Network event will be held from September 2-4 at the Bali International Convention Centre, Bali, Indonesia.
IMPORTANT FACTS -
- Startups based on Artificial Intelligence (AI) will participate in this program.
Telangana AI Mission (T-AIM) has announced that four startups from Telangana AI Mission have been selected by MeitY to represent India in the G20 Digital Innovation Network (DIN).
T-AIM is a state government initiative supported by NASSCOM.
The four startups representing India in the G20 Digital Innovation Network are Aarficus, EduBooks, Unimart and MayaMD.
All these are supported by the Revv Up program of Telangana Government.
Goal of the G20 Digital Innovation Network :
The forum aims to find 100 most promising startups in 5 priority areas (Healthcare, Renewable Energy, Smart Society, Financial Inclusion and Supply Chain).
Theme of G20 Digital Innovation Network 2022 :
The theme of this year's event is 'The Rise of Digital Economy: Post-Pandemic Recovery and Beyond'.
G20 Digital Innovation Network program launched :
This forum was started by Italy in the year 2021 by selecting the ten best startups in the name of G20 Digital Innovation League.
This year it has been renamed the G20 Digital Innovation Network.
About Telangana AI Mission (T-AIM) :
Telangana AI Mission (T-AIM) Mission is an AI mission run by the Government of Telangana, which is operated by NASSCOM.
Under T-AIM, a program called "Revv Up" is also run to enable AI startup. Which helps in providing a global platform to these startup groups for emerging technologies.
Revv Up is a free-of-equity-or-cost acceleration program by T-AIM specifically designed for early-stage AI startups.
9. Former Soviet President Mikhail Gorbachev dies at the age of 91
Tags: Person in news International News
Former Soviet President Mikhail Gorbachev died on 30 August at the age of 91.
IMPORTANT FACTS -
- In June, he was taken to the hospital after suffering from a serious kidney ailment.
He played an important role in ending the Cold War.
About Mikhail Gorbachev :
He was born in 1931 in southern Russia.
Gorbachev was the last leader of the former Soviet Union from 1985 until 1991, he pushed for stronger Soviet-India ties.
During his tenure, he visited India twice in 1986 and 1988.
He became general secretary of the Soviet Communist Party in 1985.
He wanted to reform the communist regime on the lines of democratic principles by giving freedom to the citizens.
Gorbachev's policies helped to open up the Soviet economy and liberalize society in the late 1980s.
He played a major role in the withdrawal of Soviet troops from a nearly decade-long military operation in Afghanistan.
He was awarded the Nobel Peace Prize in 1990 "for his role in the radical change in East-West relations".
Cold War :
The Cold War was an ongoing political rivalry between the United States and the Soviet Union and its allies that developed after World War II.
This enmity between the two superpowers was first named the Cold War by George Orwell in an article published in 1945.
Its period is considered to be between 1945 to 1991.
The term "cold" is used because there was no direct large-scale war between the two sides.
10. NASA postpones launch of Artemis 1 mission to Moon due to malfunctioning core stage engine
Tags: Science and Technology International News
NASA has postponed the launch of the Artemis 1 mission to the Moon on August 29 due to a faulty core stage engine.
IMPORTANT FACTS -
- The launch was postponed due to fuel leakage and engine problems.
- After many years of hard work, the US space agency was going to send its mission to the Moon.
- The mission is important because in view of its success, humans have to be sent to the moon in the future.
- Once launched, Artemis 1 will test the Orion spacecraft, which will orbit the Moon and one day take human crew members there.
- The cost of Artemis 1 is estimated at $4 billion.
What is Artemis 1?
- It is named after the mythical twin sister of Apollo, Artemis.
- This spacecraft is the world's most powerful rocket, capable of carrying more payloads into deep space than any other vehicle.
- The first flight of the new Space Launch System (SLS), Artemis 1 is a heavy-lift vehicle.
- Artemis 1 is an uncrewed mission.
- It will have three test dummies – Helga, Zohar and Moonikin Campos – equipped with sensors to measure vibrations, cosmic radiation and other conditions.
- During the six-week long mission, Artemis 1 and the capsule will cover a distance of about 65,000 km to the Moon.
Why was the launch postponed?
- The launch was postponed due to a fault in the RS-25 engine, which had to be mixed with liquid hydrogen and oxygen to condition it before launch.
- One of its engines was not bleeding as expected.
- The launch was postponed because the launch team was unable to resolve these issues.
- A crack was also visible on the side of the inner tank.
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.
