Current Affairs 03 November 2018

Current Affairs of 03 November 2018 are as follows:-

1. Imran Khan visits China to rework all-weather ties:-

  • Pakistan’s Prime Minister, Imran Khan arrived in Beijing to rework all-weather ties with China and keeping the door open for the re-entry of West-backed International Monetary Fund (IMF) into his country
  • Mr.Khan was welcomed by Chinese President Xi Jinping at the Great Hall of the People. His visit is after reinforcing Islamabad’s bonds with Saudi Arabia. 
  • Talks between the two leaders commenced when Pakistan’s foreign exchange reserves have reached an alarming low of around $8 billion, barely sufficient to finance about two months of imports.
  • Current account deficit in the financial year that ended in June was around $18 billion.

2. INS Viraat to be converted into a floating maritime museum soon:-

  • INS Viraat will be India’s first decommissioned aircraft carrier that will be turned into an adventure and maritime tourism. It will host activities like scuba diving, luxury hotel, cafeteria and other adventure sports.
  • At present, Viraat is at Mumbai’s Naval dockyard after its decommissioning in 2017.
  • As per the Maharashtra government’s Rs 852-crore plan for Viraat, the ship’s conversion will be on the public-private- partnership (PPP) basis.
  •  The world over, only seven aircraft carriers have been converted into museums, theme parks and luxury hotels.

3. Chola MS renewed its partnership with IndusInd Bank:-

  • Chola MS General Insurance has renewed its bancassurance partnership with IndusInd Bank for a further period of five years. Chola MS General Insurance a joint venture between Murugappa group and Mitsui Sumitomo Insurance Company of Japan.
  • The partnership is to roll out more digital innovative insurance solutions, especially in claims servicing that will ensure the adoption of more products per customer.

4. PM Modi launches historic Support and Outreach Programme for MSME Sector:-

 

  • The Prime Minister Narendra Modi on November 2, 2018, launched the Micro, Small and Medium Enterprises (MSME) Support and Outreach Programme at Vigyan Bhavan in New Delhi.
  • The launch of the programme was witnessed by Union Minister for Finance and Corporate Affairs, Arun Jaitley and the Union Minister of State for MSME, Giriraj Singh, among other dignitaries.
  • Five key aspects of facilitating the MSME sector: Access to credit,  Access to market, Technology upgradation, Ease of doing business, and A sense of security for employees.

5. RBI allowed banks to provide PCE to NBFC bonds:-

  • The Reserve Bank of India (RBI) permitted banks to provide Partial Credit Enhancement (PCE), or a partial guarantee, to bonds issued by systematically important Non-BankingFinancial Companies (NBFC) and Housing Finance Companies (HFC). The move is to enhance their liquidity position. 
  • It also said that the bonds backed by PCE from banks should only be utilised for refinancing the existing debt of the NBFC-ND-SIs/HFCs. Banks should introduce appropriate mechanisms to ensure that the end-use condition is met.
  • The exposure of a bank by way of PCEs to bonds issued by each such NBFC-ND-SI/HFC shall be restricted to 1% of capital funds of the bank within the extent single/group borrower exposure limits.

6. Cattle feed distribution for the flood-hit areas in Kerala:-

  • Kerala Feeds, a public sector undertaking under the State government,  along with Ernakulam Collector K. Mohammed Y. Safirulla inaugurated the district-level Snehasparsham project that provides 100 bags of cattle feed for free to dairy farmers.
  • Kerala Feeds Managing Director B.Sreekumar said that ineligible cases, more cattle feed will be provided.
  • It has been reported that the flood and landslips have left Ernakulam district with a property loss of Rs. 8,000 crore. 

7. Russia to hold Taliban meeting:-

  • Russia has quietly invited a group of senior Afghan politicians to talk with the Taliban in Moscow. This talk has bypassed President Ashraf Ghani’s government and has angered officials in Kabul who say it could muddle the U.S.-backed peace process.
  • The Afghan officials also said that the government was unhappy that Moscow was pressing ahead with plans for talks.  In August, Russia proposed to hold multilateral peace talks in Moscow and invited 12 countries and the Taliban to attend a summit the following month.
  • But President Ashraf Ghani rejected the invitation on the grounds that talks with the Taliban should be led by the Afghan government and hence the meeting was postponed.
  • The U.S. had also declined to attend.

8. Justice Ramesh Ranganathan appointed Chief Justice of Uttarakhand:-

  • He served as the senior-most judge of the Hyderabad High Court. He replaces Justice KM Joseph who was promoted to the Supreme Court. Ramesh Ranganathan was administered the oath by Uttarakhand Governor Baby Rani Maurya in Raj Bhavan, Dehradun.
  • Ramesh Ranganathan was born in Delhi on July 28, 1958.  He was a Government Pleader from 1996 to 2000.

9. Larsen and Toubro to get USD 200 bn solar power project in Saudi Arabia:-

  • Larsen & Toubro (L&T) plans to bid for an Engineering, Procurement and Construction (EPC) contract for a section of the $200 billion solar projects in Saudi Arabia to be built with the backing of Japan’s SoftBank.
  • Earlier this year, Saudi Arabia’s Public Investment Fund and SoftBank signed a MoU to invest in building the world’s biggest solar power project in Saudi Arabia.
  • This project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030.  The first two solar parks are expected to generate 7.2 GW and construction work is scheduled to begin by next year.
  • On the timeline for bagging the project, there occurred some pressure in the Saudi market so it was reasonable to expect it in 12 months.

10. China launches new high-orbit satellite to boost its BeiDou global satellite navigation system:-

  • This is the first BeiDou-3 satellite in high orbit, nearly 36,000 km above the Earth.  It will follow the Earth’s rotation, in a geostationary orbit, and will view the same point on Earth continuously.
  • The satellite will serve countries in the China-proposed Belt and Road Initiative (BRI). BeiDou global satellite navigation system will be the fourth global satellite navigation system after the US GPS system, Russia’s GLONASS and the European Union’s Galileo.  

Current Affairs Month