Current Affairs search results for tag: international-news

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.

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:-

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.

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

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.

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

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

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

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

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.

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