1. RBI approves the re appointment of Prashant Kumar as MD & CEO of Yes Bank
Tags: Economy/Finance Person in news
Reserve Bank of India on 6 October 2022, has approved the re-appointment of Prashant Kumar as the Managing Director (MD) and Chief Executive Officer (CEO) of Yes Bank for a period of 3 years. The appointment will, however, be subject to the approval of shareholders.
Prashant Kumar was appointed as the MD and CEO of Yes Bank in 2020 as an effort by the government to rescue the scandal hit Yes Bank.
Before joining YES Bank, Kumar was the Deputy Managing Director & Chief Financial Officer of the State Bank of India.
2. Nirmala Sitharaman inaugurates the 3rd Regional center of CCI in Mumbai
Tags: place in news Economy/Finance Person in news
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman inaugurated the Competition Commission of India’s (CCI) Regional Office (West) in Mumbai, on 6 October 2022, in a virtual event.
The Regional Office (West) in Mumbai is the third regional office opened by CCI, after Regional Office (South) in Chennai (inaugurated in February 2021) and Regional Office (East) in Kolkata (inaugurated in April 2022).
Competition Commission of India (CCI)
The Competition Commission of India (CCI) was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act.
It was constituted in March 2009.
The following are the objectives of the Commission.
- To prevent practices having adverse effects on competition.
- To promote and sustain competition in markets.
- To protect the interests of consumers and
- To ensure freedom of trade.
Headquarter - New Delhi
Current Chairman - Ashok Kumar Gupta
3. Annie Ernaux becomes the first French women to win Nobel Prize for Literature
Tags: Awards Person in news
82 year old, Annie Ernaux became the first French woman to win the Nobel Prize for literature . The Swedish Academy which announced the Nobel Prize for literature 2022 on 6 October 2022, cited the French author for "the courage and clinical acuity" in her largely autobiographical books examining personal memory and social inequality.
Annie Ernaux's first novel was Les Armoires Vides, published in 1974 but she gained international recognition following the publication of Les Années in 2008, translated into The Years in 2017.
The Nobel prize for literature is normally given to established authors but some prizes have gone to writers from outside mainstream literary genres, including French philosopher Henri Bergson in 1927, British Prime Minister Winston Churchill in 1953 and American singer-songwriter Bob Dylan in 2016.
In 2021 the prize was won by Tanzanian novelist Abdulrazak Gurnah.
The prizes for achievements in science, literature and peace were established in the will of Swedish chemist and engineer Alfred Nobel, who invented dynamite made and the prize have been awarded since 1901.
The prize is worth 10 million Swedish crowns ($915,000) and it will be conferred on 10 December in the Swedish capital city of Stockholm.
4. C K MIshra “Committee of Experts on Sustainable Finance” submits its report to IFSCA
Tags: committee Economy/Finance Person in news
A ‘Committee of Experts on Sustainable Finance’, constituted by International Financial Services Centers Authority (IFSCA) submitted its final report to the Chairperson, IFSCA on October 03, 2022. The committee was chaired by C.K. Mishra, Former Secretary to Government of India, Ministry of Environment, and Forest & Climate Change.
The main focus areas of the committee were directed towards aligning the IFSC regulations with the international best practices, exploring ways in which capital flows through IFSC can be enhanced and also supporting development of innovative financial products in the area of green and sustainable finance.
Some important recommendations include developing a voluntary carbon market, framework for transition bonds, enabling de-risking mechanisms, promoting regulatory sandbox for green fintech and facilitating the creation of a global climate alliance among others.
IFSC (International Financial Service Center)
- India’s first International Financial Service Center (IFSC) has been set up at GIFT city.
- It deals with customers who are outside India. It provides financial products and services like banking, insurance, etc to foreign customers.
- It has a well developed Capital market including stock exchanges.
- It is regulated by the International Financial Service Centers Authority (IFSCA).
Chairman of IFSCA: Injeti Srinivas
5. Karl Barry Sharpless, Carolyn R. Bertozzi and Morten Meldal wins the Nobel Prize for Chemistry 2022
Tags: Awards Person in news
The Royal Swedish Academy of Science on 5 October 2022 announced the winner of the2022 Nobel Prize in Chemistry. Karl Barry Sharpless and Carolyn R. Bertozzi of America and Morten Meldal of Denmark were chosen "for the development of click chemistry and bioorthogonal chemistry."
While Carolyn R. Bertozzi and Morten Meldal are the first-time recipients of the Nobel, Karl Barry Sharpless won the top science award for the second time in his career.
Karl Barry Sharpless is the second person to get Nobel in Chemistry twice after the British scientist Frederick Sanger who won it in 1958 and 1980.
Karl Barry Sharpless last won the Nobel in Chemistry in 2001 for his work around chirally catalyzed oxidation reactions.
The 2022 Chemistry prize was given to the three chemists for laying the foundation for a functional form of chemistry, click chemistry, and utilising it in living organisms. “
What is Click Chemistry?
Click chemistry is the special process of joining molecules together to form new molecules. The term “click chemistry'' was introduced by Barry Sharpless.
Morten Meldal and Barry Sharpless discovered chemical agents that could bind to molecules, and then add other molecules one after the other to form complex clusters of molecules which can be modified by the scientist according to the needs. At present, through this click chemistry, large and complex structures are being created by connecting molecules. They are being used from making medicines to making polymers and new substances.
The Nobel Prize will be conferred on 10 December 2022 in Stockholm, Sweden.
Persons/Institutions who has won the Nobel prize more than once
- American Physicist John Bardeen won the Nobel Prize in Physics in 1956 and in 1972.
- Marie Curie was a Polish/ French scientist. In 1903 she got the Nobel Prize in Physics along with her husband Pierre Curie and Henri Becquerel. She won the Nobel Prize in Chemistry in 1911. She is the first woman to get a Nobel Prize. She and Linus Pauling are the only two people to win Nobel prizes in two different fields.
- Linus Pauling of America. He won the Nobel Prize in Chemistry in 1954 and Peace Prize in 1962.
- Frederick Sanger. He was a British scientist who won the Chemistry Nobel prize in 1958 and 1980.
- Karl Barry Sharpless. He is an American scientist who won Chemistry Nobel prize in 2001 and 2022.
- International Committee of Red Cross: It won Nobel peace prize in 1917, 1944 and in 1963.
- United Nations High Commissioner for Refugees: It won the Nobel peace prize in 1954 and 1981.
6. Vice Admiral Arti Sarin assumes charge of Commandant AFMC Pune
Tags: Defence Person in news
Vice Admiral Arti Sarin took over as the commandant of the Armed Forces Medical College (AFMC) in Pune on 5 October 2022. She was commissioned in 1985 into Armed Forces Medical Services and she has the distinction of having completed two postgraduate degrees.
She is from the Indian Navy.
Colonel P P Chowdry was the first commandant of the AFMC.
Armed Forces Medical College (AFMC)
Armed Forces Medical College is the first medical college to be set up by armed forces in Asia.
It was set up on 1 May 1948 at Pune, Maharashtra.
It caters to the medical needs of the armed forces in India.
7. SEBI bans Guatam Thapar for 5 years in the CG Power case
Tags: Economy/Finance Person in news
The Capital market regulator Securities Exchange Board of India (SEBI) has imposed a five year ban and a fine of Rs 10 crore on Gautam Thapar, chairman of Avantha Group for diverting funds from CG Power and Industrial Solutions, where he was the chairman.
It means that Guatam Thapar cannot raise capital from the market for the next five years for any business.
SEBI also barred the company's former CFO V R Venkatesh and two ex-directors Madhav Acharya and B Hariharan for periods varying from 6 months to 3 years.
Background to the case
In 2019, the CG Power company said that there has been accounting fraud in the company and its liabilities were understated to the tune of over Rs 1600 crore.
After the examination of the company’s book, SEBI found that several irregularities and fraudulent transactions were carried out by key officials of the company including Thapar. Funds were being diverted from the CG Power Company to another Thapar company, Avantha Group.
Securities Exchange Board of India Chairperson: Madhabi Puri Buch
8. Saket Dalmia takes over as the Chairman of PHDCCI
Tags: Economy/Finance Person in news
Marble City (PG Industries Limited) Managing Director Saket Dalmiya has taken over as the Chairman of PHDCCI with effect from October for the financial year 2022-23.
MMG group chairman Sanjeev Agrawal, has taken over as the President of the PHDCCI for the financial year 2022-23.
PHD Chamber of Commerce and Industry (PHDCCI)
PHD Chamber of Commerce and Industry (PHDCCI) is an association of companies in India.
It was set up in 1905.
It works to influence the policy of the government so that it makes policy which favours its members
Headquarters: New Delhi
9. Kishore Kumar Poludasu appointed as the new MD and CEO of SBI General Insurance
Tags: Economy/Finance Person in news
SBI General Insurance Company Limited has announced the appointment of Kishore Kumar Poludasu as its new Managing Director & Chief Executive Officer. He was nominated by the parent company, State Bank of India, for the position and has been appointed from 4th October 2022.
SBI General Insurance
SBI General Insurance is a private sector insurance company which was set up in 2009.
It has been promoted by State Bank of India and Premji Invest.
Headquarters: Mumbai.
10. Former German Chancellor Angela Merkel wins UN refugee award
Tags: Awards Person in news International News
The United Nations High Commissioner for Refugees (UNHCR) on 4 October honoured former German Chancellor Angela Merkel with the UNHCR 'Nansen' Refugee Award for the year 2022 for her 'moral and political courage' during the refugee crisis in Syria.
Important facts
The award selection committee said she was chosen for her leadership, courage and compassion, which helped ensure the protection of millions of desperate asylum seekers.
Merkel will be honoured with the award on October 10 in Geneva.
Merkel's efforts for refugee protection
Under the leadership of former German Chancellor Angela Merkel, Germany gave asylum to more than 1.2 million refugees and asylum seekers in 2015 and 2016.
These refugees had reached Germany to save lives from violent conflict in Syria and other places.
UN Refugee Agency High Commissioner Filippo Grandi praised the former chancellor's resolve to stand up for the protection of refugees, human rights and international law.
About UNHCR Nansen Refugee Award
This award was established in 1954.
This award is given every year in memory of Fridjof Nansen, devoted to Norway's scientific, diplomatic and human welfare work.
This award is awarded to an individual, group or organisation that has made efforts to protect refugees, displaced and homeless people.
