1. Saudi Aramco overtakes Apple as world’s most valuable company
Tags: International News
Recently, Saudi petro company Aramco overtook Apple and received the status of the world's most valuable company.
Apple shares fell due to a slowdown in the technology sector, while the Saudi company's shares rose due to the continuous rise in oil prices.
Due to the fall in stocks, Apple's market cap has dropped 20 per cent to 2.37 lakh crore, while Aramco's market cap has climbed 28 per cent to 2.42 lakh crore.
Aramco's profits have soared 124 per cent after the sharp rise in worldwide oil prices following the Russo-Ukraine war.
Important facts
Establishment of Saudi Aramco- 1933;
Saudi Aramco Headquarters- Dhahran, Saudi Arabia;
Saudi Aramco CEO- Amin H. Nasser
2. US President Joe Biden to host ASEAN summit
Tags: Summits International News
US President Joe Biden will host leaders and top officials of the Association of Southeast Asian Nations (ASEAN) in Washington DC.
Washington has focused on the Russo-Ukraine war as well as battling Chinese influence in the Indo Pacific.
The ASEAN "special summit" was postponed from late March just days before Biden's first visit to Asia as president.
ASEAN member state Myanmar, whose government was toppled on 1 February last year, will not participate in the summit.
The US wanted an 'apolitical' representative from Myanmar to attend the meeting.
ASEAN's 'five-point Consensus' to end the turmoil in Myanmar has not progressed since its release in April last year.
About ASEAN
Association of Southeast Asian Nations or ASEAN is an international organisation formed in Bangkok,Thailand in 1967.
It promotes economic development, peace, security, social progress and cultural development in the Southeast Asian region.
ASEAN Secretariat – Indonesia, Jakarta.
General Secretary of ASEAN - Lim Jock Hoi, Brunei
Official Languages - Burmese, Filipino, Indonesian, Khmer, Lao, Malay, Mandarin, Tamil, Thai and Vietnamese
Working Language - English
ASEAN Summit is the supreme policy making body of ASEAN.
ASEAN is third largest market in the world
It is the sixth largest economy in the world, third in Asia.
ASEAN has Free-trade agreements (FTAs) with China, Japan, South Korea, India, Australia and New Zealand.
ASEAN Member Countries
Indonesia
Malaysia
Philippines
Singapore
Thailand
Brunei
Vietnam
Laos
Myanmar
Cambodia
3. Gotabaya appoints Ranil as Sri Lanka Prime Minister
Tags: Person in news International News
Ranil Wickremesinghe, a veteran opposition MP, was sworn in as the new Prime Minister of Sri Lanka for the sixth time in an effort to end the current political crisis in the country.
Gotabaya's elder brother Mahinda Rajapaksa resigned as prime minister on May 9.
Wickremesinghe's United National Party (UNP) was wiped out in the 2020 general elections, with Rajapaksa winning a two-thirds majority.
Wickremesinghe is currently the only MP from his party.
Reason of crisis in Sri Lanka
Mahendra Rajapaksa announced huge tax cuts in his manifesto in the 2019 election, leading to a huge drop in revenue.
Sri Lanka is primarily a tourism-based economy. The Easter bombings in 2019 resulted in a sharp drop in tourist arrivals, which was further exacerbated by the COVID crisis.
Huge infrastructural debt.
Misguided policies of the authoritative regime
Due to Covid, there was a further decline in the export of tea, rubber and the tourism sector came to a standstill.
Remittances also dropped significantly
4. India elected as Chair of the Association of Asian Election Authorities (AAEA) for 2022-24
Tags: International News
%20for%202022-24%20copy.jpg)
India has been unanimously elected as the new Chair of the Association of Asian Election Authorities (AAEA) for 2022-2024 at the recently held meeting of the Executive board and General Assembly at Manila, Philippines.
The Election Commission, Manila was the current chairman of the AAEA.
The new members in the Executive Board now include Russia, Uzbekistan, Sri Lanka, Maldives, Taiwan and Philippines.
The Election Commission of India's three-member delegation headed by deputy election commissioner Nitesh Vyas, along with CEO Manipur Rajesh Agrawal and CEO Rajasthan Praveen Gupta, attended the executive board meeting in Manila.
62 officials from 12 AAEA members participated in the 3rd International Virtual Election Visitors Programme (IEVP) hosted by ECI during Assembly Elections in 2022.
About AAEA
The AAEA provides a non-partisan forum in the Asian region for sharing experiences and best practices among election authorities.
It discusses and acts upon ways to promote open and transparent elections.
The objective to do so is to support good governance and democracy.
AAEA is also an Associate Member of the 118 member Association of World Election Bodies (A-WEB).
It was established in pursuance of the resolution passed by participants of the Symposium on Asian Elections in the Twenty First Century held from January 26-29, 1997 in Manila, Philippines.
It was established in 1998.
Currently 20 Asian EMBs are members of AAEA.
5. State of the World’s Birds Report
Tags: International News
According to the State of the World's Birds report, populations of 48% of all bird species are declining globally, mainly due to man-made factors such as loss or degradation of habitats, changes in land use, overexploitation and climate change.
The report is published by Manchester Metropolitan University.
It is a study of changes in the biodiversity of birds and describes the risk to birds around the world.
The study draws from BirdLife International’s latest assessment of all birds for the International Union for Conservation of Nature’s Red List.
Key findings of the study
The study found that 5,245 of the extant bird species worldwide, or about 48%, are in decline or are suspected to be in decline.
4,295 or 39% of the species have stable trends.
About 7% or 778 species have increasing population trends.
The study indicates that 1,481 or 13.5% of species are currently threatened with extinction globally.
More threatened bird species (86.4%) have been found in tropical regions than in temperate latitudes (31.7%).
The main hotspots are tropical Andes, southeast Brazil, eastern Himalayas, eastern Madagascar, and Southeast Asian islands.
6. Monkeypox virus case confirmed in U.K.
Tags: Latest International News
A case of monkeypox virus has been reported in Britain, a person who returned after travelling to Nigeria has been confirmed with monkeypox virus.
Monkeypox was first discovered in 1958.
According to the World Health Organisation, the first case of monkeypox was reported in humans in the year 1970.
What is monkeypox virus ?
Monkeypox is a disease caused by a virus that is transmitted mostly from rats and monkeys to humans.
The disease belongs to the orthopoxvirus genus, which includes variola virus, vaccinia virus, and cowpox virus.
Monkeypox is a zoonosis, meaning it is a disease that spreads from an infected animal to humans.
Symptoms of monkeypox
Dark red spots on the body.
Red rash on the skin.
flu symptoms.
symptoms of pneumonia.
Fever and headache.
Muscle pain.
To get cold
treatment
There is no cure available for this disease. But smallpox vaccines, antivirals and VIG can be used to prevent this disease.
7. G7 countries pledge to phase out imports of Russian oil
Tags: Russia-Ukraine International News
The Group of Seven (G7) countries have pledged to ban or phase out Russian oil imports over the Ukraine dispute.
The announcement came as the G7 held its third meeting this year via video conference, which was also attended by Ukraine's President Volodymyr Zelensky.
The meeting was called to discuss support for Ukraine, and additional measures against Moscow, including on energy.
G7 leaders have personally criticised President Vladimir Putin for his actions in Ukraine.
The leaders celebrated the end of World War II in Europe following the surrender of German forces to the Allied Powers on 9 May 1945.
Russia has been accused of violating international rules-based order, in particular the United Nations Charter.
All participants were called upon to join the G7's support for the Ukrainian people and refugees and help rebuild Ukraine.
About G7
The G7 or the Group of Seven is a group of the seven most advanced economies.
The seven countries are Canada, the USA, UK, France, Germany, Japan and Italy.
It was formed in 1975.
G7 countries meet annually to discuss issues of common interest like global economic governance, international security and energy policy.
All the G7 countries and India are a part of G20.
The G7 does not have a fixed headquarters.
The UK currently chairs the G7 and has invited India along with Australia, the Republic of Korea and South Africa as guest countries for the G7 summit.
8. Sri Lankan president declares state of emergency for second time
Tags: Latest International News
Sri Lankan President Gotabaya Rajapaksa declared a state of emergency for the second time in five weeks on 6 May. Extensive powers have been given to the security forces.
Trade Unions halted public transport, blaming Rajapaksa for the economic crisis.
There has been unrest in Sri Lanka for several weeks due to the economic crisis.
As street protests intensified in Sri Lanka, Gotabaya first declared a state of emergency on 1 April, as citizens went through an economic crunch for food, fuel and medicines.
Process of declaring an Emergency in Sri Lanka
The power to declare a state of Emergency is vested in the President.
It is imposed under Article 155 of the Constitution of Sri Lanka.
The Public Security Ordinance (PSO) of 1947 provides the legal framework for a proclamation of emergency.
Under the Ordinance, a state of emergency may be declared "where the President is of the opinion that it is expedient to do so in the interest of public safety and the preservation of public order."
Emergency rules are valid for one month, but the President must seek ratification every 14 days for proclamations or extensions beyond one month.
Causes of economic crisis in Srilanka
Organic agricultural policy cut the government’s tax revenue.
Policy failure
COVID-19 hit Sri Lanka’s key foreign revenue earning sectors
Fast draining foreign reserves, a glaring trade deficit, and a related Balance of Payments problem.
Huge foreign loan and the drop in domestic production
The value of the Sri Lankan rupee has fallen to 300 against the US dollar, putting importers in trouble.
9. Ukraine and Britain (UK) have signed a preferential trade agreement
Tags: International News
%20have%20signed%20a%20preferential%20trade%20agreement%20copy.jpg)
Ukraine and Britain (UK) have signed a preferential trade agreement for the abolition of import duties and tariff quotas.
By signing this agreement Ukraine and the UK have legally abolished import duties and tariff quotas in bilateral trade.
The Preferential Trade Agreement will be valid for 12 months.
The agreement is set to promote exports of high value-added goods such as flour, cereals, dairy products, poultry, tomato paste, honey, corn, wheat, juice, mushrooms and sugar from Ukraine.
Recently the European Union also decided to abolish tariffs and quotas on Ukrainian industrial goods and food items.
About Ukraine-
Ukraine is a country located in Eastern Europe. It borders Russia in the east, Belarus, Poland, Slovakia in the north, Hungary in the west, Romania in the south and Moldova and the Black Sea in the south and the Black Sea and Azov Sea.
Capital - Kyiv
President- Volodymyr Zelensky
Prime Minister- Volodymyr Groysman
currency - hryvnia
10. North Korea fires ballistic missile
Tags: Science and Technology International News
North Korea has test fired an intercontinental ballistic missile. Regarding the test of this missile, Kim Jong Un, describing it as a display of his nuclear power, said that it has been prepared to prevent any kind of military action from the US.
Pyongyang, which is the nuclear arsenal of North Korea, has conducted 14 weapons tests since January, including firing an intercontinental ballistic missile at full-range for the first time since 2017.
Last week, Kim oversaw a huge military parade, vowed to rapidly expand and improve his nuclear arsenal, and warned of possible attacks.
North Korea fired the ballistic missile from the Sunan Airfield near Pyongyang, the site of recent ICBM tests.
The missile flew 470KM (300 miles) and reached an altitude of 780KM, it was a "blatant violation of UN Security Council resolutions."
The name of this intercontinental missile of North Korea is known as Hwasong-17.
This ballistic missile is the largest liquid-fueled missile ever launched by any country from a road mobile launcher.
About Intercontinental Ballistic Missiles (ICBMs)
It is a land-based, nuclear-armed ballistic missile with a range of more than 5,600 km.
The first ICBMs were deployed by the Soviet Union in 1958, the US followed the next year.
India, Russia, the United States, China, Israel, the United Kingdom, France and North Korea are the only countries that have ICBMs.
