Current Affairs search results for tag: international-news
By admin: July 5, 2024

1. India Launches UPI Payments at Galeries Lafayette, Paris

Tags: International News

India's Unified Payments Interface (UPI) launched at the Galeries Lafayette flagship store on Haussmann Boulevard, Paris.

An Overview of the News

  • The Indian Embassy in France announced the operational status of UPI at Galeries Lafayette on July 3, 2024.

  • Ambassador Jawed Ashraf inaugurated the launch with Nicolas Houze (CEO of Galeries Lafayette) and Alain Lacour (Chairman of Lyra Group) present.

Significance and Strategic Collaboration

  • Strategic Collaboration:

    • Highlighted the strategic partnership between Lyra and the National Payments Corporation of India (NPCI).

    • This launch is ahead of the Paris Olympics starting on July 26, 2024, expecting many Indian visitors.

  • Historical Context:

    • Recalled Prime Minister Modi's first international UPI launch in Singapore in 2018.

    • Emphasized UPI's ongoing global expansion and potential for facilitating cross-border digital payments and remittances.

UPI Overview and Capabilities

  • System Integration:

    • UPI integrates multiple bank accounts into a single mobile application.

    • Offers seamless fund routing and merchant payments across participating banks.

  • Technical Details:

    • UPI is an Indian instant payment system developed by NPCI in 2016.

    • It facilitates inter-bank peer-to-peer and person-to-merchant transactions.

    • Operates as an open-source application programming interface (API) on top of the Immediate Payment Service (IMPS).

    • Regulated by the Reserve Bank of India.

Global Fintech Alignment

  • UPI positions itself as a comprehensive digital payment system.

  • Aligns with global fintech trends, promoting swift, secure, and efficient cross-border transactions.

By admin: July 4, 2024

2. Japan's ALOS-4 Earth Observation Satellite Launch

Tags: Science and Technology International News

Japan launched the Advanced Land Observation Satellite-4 "DAICHI-4" (ALOS-4) on July 1, 2024.

An Overview of the News

  • The launch took place from the Tanegashima Space Center using the third flight of the H3 Launch Vehicle (H3 F3).

  • This marked the third successful deployment of the H3 system.

  • ALOS-4 is designed for earth observation and was deployed into orbit from off the coast of Kyushu, Japan.

  • This launch marks a significant advancement in Japan's space exploration efforts, focusing on enhanced earth observation capabilities.

ALOS-4 Features:

  • ALOS-4 succeeds DAICHI-2 (ALOS-2) and expands its observation range significantly. Japan will continue to operate both satellites concurrently.

  • It features an infrared sensor developed by Japan's defense ministry, primarily designed for earth observation, disaster response data collection, and cartography.

  • Equipped with an infrared sensor, the satellite has capabilities for monitoring military activities such as missile launches.

About H3 Rocket System:

  • Developed by Japan Aerospace Exploration Agency (JAXA) in collaboration with Mitsubishi Heavy Industries.

  • Designed as a cost-effective successor to the H-IIA launch system, capable of carrying a 6.5 metric ton payload into space.

  • Each launch costs approximately 5 billion Japanese Yen (JPY) or USD 33 million.

About JAXA

  • Established- 2003

  • President- Yamakawa Hiroshi

  • Headquarters- Chofu City, Japan

Japan

  • Capital: Tokyo

  • King: Prince Naruhito (The reign of the 126th king will be known as 'Riwa'.)

  • Prime Minister: Fumio Kishida

  • Currency: Japanese Yen

Additional Information:-

1.

Japan introduced new 3D holographic banknotes starting from July 3.

2.

South Korea, the US, and Japan launched their first trilateral multi-domain exercise named Freedom Edge on June 27.

By admin: July 3, 2024

3. Russia Approves 2033 Completion Plan for New Orbital Station

Tags: International News

Russia has approved the schedule for creating a Russian orbital station by 2033.

An Overview of the News

  • Roscosmos, Russia’s state space corporation, released a statement detailing the schedule.

  • The schedule includes:

    • Design and construction of space modules.

    • Flight tests of a new-generation manned spaceship.

    • Creation of launch vehicles.

    • Development of space infrastructure on Earth.

    • Timetable for the work of scientific institutes supporting the project.

  • Yuriy Borisov, head of Roscosmos, signed the construction schedule along with directors from 19 enterprises involved.

Launch Schedule

  • 2027: Launch of the scientific and energy modules.

  • 2030: Launch of three core modules:

    • Universal nodal module.

    • Gateway module.

    • Base module.

  • 2033: Launch of two additional target modules.

Financial Allocation

  • A total of 608.9 billion rubles has been allocated to finance the project.

Objectives and Benefits

  • Ensuring the continuity of Russia’s space program.

  • Addressing issues of national security.

  • Promoting scientific and technological development.

  • Serving as a platform for testing space technologies.

By admin: July 3, 2024

4. Dick Schoof Elected as New Prime Minister of Netherlands

Tags: International News

Dick Schoof, former head of the Dutch intelligence agency and counterterrorism office, is sworn in as the new Prime Minister of the Netherlands by King Willem-Alexander.

An Overview of the News

  • The Netherlands has a new Prime Minister for the first time in 14 years.

  • The new government was sworn in seven months after the far-right Party for Freedom won the largest share of seats in the elections.

  • First non-party-aligned PM since World War II.

Formation of Government:

  • Took 223 days to form a government after elections.

  • The elections were dominated by Geert Wilders’ far-right, anti-Islam Party for Freedom.

  • Wilders’ party won the largest share of seats but did not secure the PM position due to opposition from coalition partners.

Coalition Parties:

  • Party for Freedom (Geert Wilders).

  • People’s Party for Freedom and Democracy (Mark Rutte’s center-right party).

  • Farmer Citizen Movement (populist party).

  • New Social Contract (centrist party).

Government Agenda:

  • Coalition agreement titled “Hope, courage and pride.”

  • Strict measures on asylum-seekers.

  • Scrapping of family reunification for refugees.

  • Reduction in the number of international students.

Controversies and Negotiations:

  • Wilders backpedaled on extreme views, including banning mosques, Islamic schools, and the Quran.

  • Ronald Plasterk, Wilders’ first choice for PM, withdrew due to allegations of medical patent fraud.

Cabinet Ministers:

  • 15 other ministers installed alongside PM Schoof.

  • Femke Wiersma, agriculture minister, made her declaration in Frisian.

About Netherlands

  • The Netherlands, also known as Holland, is a country located in northwestern Europe.

  • Monarch: King Willem-Alexander

  • Prime Minister: Dick Schoof

  • Capital: Amsterdam

  • Currency: euro

By admin: July 1, 2024

5. India Placed in 'Regular Follow-Up' Category by FATF

Tags: International News

India has been categorized under the 'regular follow-up' by the Financial Action Task Force (FATF). 

An Overview of the News

  • The FATF held its plenary meeting in Singapore from June 26-28, 2024.

  • This decision follows a review of India's efforts in implementing anti-money laundering, anti-terrorism financing, and anti-proliferation financing measures.

  • Alongside India, Russia, France, Italy, and the United Kingdom were also placed in the 'regular follow-up' category.

  • One country was added to the grey list, and others were categorized under 'enhanced follow-up'.

  • The FATF acknowledged India's efforts in combating money laundering and terrorist financing but highlighted the need to address delays in concluding prosecutions related to these crimes.

FATF Evaluation of India:

  • India joined FATF in 2010 and underwent its first evaluation in the same year.

  • The next evaluation was delayed due to the COVID-19 pandemic and occurred in 2023.

  • India must submit a report addressing FATF concerns by October 2027.

Implications for India:

  • Being in the regular follow-up category enhances ease of financial transactions globally.

  • Easier access to international capital markets at lower costs for Indian companies.

  • Increased foreign investment due to enhanced confidence in India's legal and payment systems, including UPI.

About FATF:

  • Established in 1989 by G-7 countries to set global standards on AML/CFT/PF.

  • Inter-governmental body issuing recommendations and assessing countries' actions against financial crimes.

  • Collaborates with IMF, World Bank, UN, and FATF-style regional bodies.

  • Headquartered in Paris, France, with 39 current members excluding Russia (suspended since 2023).

  • President: T Raja Kumar of Singapore.

PMLA 2002:

  • Based on FATF recommendations, Prevention of Money Laundering Act (PMLA) 2002 combats money laundering in India.

  • Enforced by the Directorate of Enforcement (ED) since July 1, 2005.

By admin: July 1, 2024

6. Japan Introduces New 3D Holographic Banknotes

Tags: International News

Japan will start issuing new banknotes on July 3.

An Overview of the News

  • These banknotes feature cutting-edge holography, making the portraits of historic figures appear to rotate in 3D.

  • The new technology allows visually impaired people to feel and discern the banknotes they are holding.

  • Tactile marks will make the banknotes recognizable by touch.

  • By the end of March next year, nearly 7.5 billion new banknotes will be printed.

  • Existing banknotes will remain valid after the introduction of the new banknotes.

About Japan

  • Capital: Tokyo

  • King: Prince Naruhito (The reign of the 126th king will be known as 'Riwa'.)

  • Prime Minister: Fumio Kishida

  • Currency: Japanese Yen

By admin: June 28, 2024

7. South Korea, US, Japan Launch First Trilateral Exercise

Tags: International News

South Korea, the US and Japan on June 27 began their first trilateral multi-domain exercise, codenamed Freedom Edge.

An Overview of the News    

  • The exercise is taking place over three days on Jeju Island in South Korea.

  • It aims to enhance security cooperation against threats posed by North Korea and its deepening relationship with Russia.

  • Areas of focus include ballistic missile defense, air defense, antisubmarine warfare, search and rescue operations, maritime interdiction, and defensive cyber training.

  • Previously, North Korean leader Kim Jong-un and Russian President Vladimir Putin held a summit in Pyongyang, resulting in a comprehensive strategic partnership treaty. This treaty includes provisions for military assistance in case of an attack on either party.

Jeju Island

  • It is the largest island in South Korea, with an area of 1,833.2 km².

  • It constitutes 1.83% of the total land area of South Korea.

  • Jeju Island, along with its outlying islands, forms Jeju Province.

  • Situated in the Korea Strait, it lies south of the Korean Peninsula and South Jeolla Province.

South Korea

  • It is located in East Asia on the southern portion of the Korean Peninsula.

  • It shares one of the world's most heavily militarized borders with North Korea.

    • Capital - Seoul

    • Currency - South Korean won

    • President - Yoon Suk Yeol

    • Prime Minister - Han Duck-soo

Japan

  • Capital: Tokyo

  • King: Prince Naruhito (The reign of the 126th king will be known as 'Riwa'.)

  • Prime Minister: Fumio Kishida

  • Currency: Japanese Yen

United States

  • Capital - Washington, D.C.

  • President - Joe Biden

  • Vice President - Kamala Harris

By admin: June 27, 2024

8. Hunar Indian folk and tribal art exhibition opens in Dubai

Tags: International News

The Dubai Art Centre, a prominent and long-standing art institution, is hosting the "Hunar" exhibition.

An Overview of the News

  • The exhibition showcases a captivating display of Indian folk and tribal art.

  • Each piece offers a glimpse into the soul of Indian traditions.

  • Cultural Highlights

  • It highlights the rich cultural heritage of India's folk and tribal art forms.

Artistic Styles Featured

  • Visitors can explore various artistic styles from across India, including:

    • Aipan Art from Uttarakhand

    • Madhubani Art from Bihar

    • Warli Art from Maharashtra

    • Vibrant Murals from Kerala

    • Intricate Muria Art from Chhattisgarh

Unique Opportunity for Art Enthusiasts

  • The "Hunar" exhibition provides a unique opportunity for art enthusiasts in Dubai to immerse themselves in the diverse world of Indian folk and tribal art.

  • Attendees can experience firsthand the cultural richness and artistic heritage of India.

About United Arab Emirates (UAE)

  • Location: It is located in Western Asia.

  • Geographical Boundaries: It shares borders with Oman and Saudi Arabia.

  • Maritime Borders: It also has maritime borders with Qatar and Iran in the Persian Gulf.

  • Religion: Islam is the dominant religion in the UAE, with the majority of the population being Sunni Muslim.

    • Capital - Abu Dhabi

    • Official language - Arabic

    • President/Crown Prince - Mohamed bin Zayed Al Nahyan

    • Prime Minister - Mohammed bin Rashid Al Maktoum

    • Vice President - Mohammed bin Rashid Al Maktoum and Mansour bin Zayed Al Nahyan

By admin: June 26, 2024

9. Paraguay Joins International Solar Alliance as 100th Full Member

Tags: International News

Paraguay has achieved full membership status in the International Solar Alliance, marking its entry as the 100th country to join.

An Overview of the News

  • The External Affairs Ministry confirmed this development, noting that Paraguay submitted its Instrument of Ratification.

  • Ambassador Fleming Raul Duarte of Paraguay met with Abhishek Singh, the Head of Depository and Joint Secretary in the Ministry, during a meeting in New Delhi on June 26th.

  • On 23 May 2024, Spain joined the International Solar Alliance (ISA) as the 99th member, reaffirming its commitment to the solar energy initiative.

About International Solar Alliance (ISA)

  • Formation: Established on 30 November 2015 in Paris, France.

  • Purpose: Unite over 120 nations, primarily within the Tropics, to promote solar energy and reduce reliance on fossil fuels.

  • Headquarters: Located at the National Institute of Solar Energy in Gurugram, Haryana, India.

  • Director General: Led by Dr. Ajay Mathur, the alliance fosters clean energy, sustainability, public transport, and climate initiatives.

About Paraguay

  • Paraguay, a landlocked nation, is situated between Argentina, Brazil, and Bolivia.

  • It features extensive areas of swampland, subtropical forests, and chaco, which are wild expanses of savanna and scrubland.

    • Capital:- Asunción

    • Official languages:- Paraguayan Guaraní, Spanish

    • President:- Santiago Peña

    • Continent:- South America

By admin: June 21, 2024

10. Wärtsilä Unveils World's First Large-Scale 100% Hydrogen-Ready Engine Power Plant

Tags: Science and Technology International News

Wärtsilä Oyj Abp, a Finland-based company, has launched the world's first large-scale 100% hydrogen-ready engine power plant to support net-zero power systems.

An Overview of the News

  • The Wärtsilä 31 is a highly efficient medium-speed 4-stroke marine engine that:

    • Synchronises with the grid within 30 seconds from the start command.

    • Ensures energy security through fuel flexibility.

    • Offers unparalleled load-following capabilities and high part-load efficiency.

  • The engine can run on natural gas and 25% hydrogen (H2) by volume blends.

  • It has completed over 1 million running hours with more than 1,000 MegaWatt (MW) installed capacity globally.

  • The hydrogen-ready engine power plant concept is certified by TÜV SÜD (Technischer Überwachungsverein - Technical Inspection Association).

  • The H2-Readiness certification includes three stages with three corresponding certificates. 

  • Wärtsilä has achieved the first stage with a Concept Certificate for the engine power plant's conceptual design.

  • The 100% hydrogen-ready engine is expected to be available for orders in 2025 and for delivery from 2026.

About Finland

  • It is a northern European nation.

  • It shares borders with Sweden, Norway and Russia.

  • Finland's arctic Lapland province is famous for the Northern Lights, a spectacular natural phenomenon.

  • Lapland is a vast wilderness area with national parks and ski resorts, making it a popular destination.

    • Capital - Helsinki

    • Helsinki is situated on a peninsula and is surrounded by islands in the Baltic Sea.

    • President - Alexander Stubb

    • Prime Minister - Petteri Orpo

    • Currency- Euro

    • Nokia company is from Finland.