Table of Contents
International News
Burkina Faso Junta Names New Prime Minister
Burkina Faso’s ruling military junta has announced a significant political shift by appointing Rimtalba Jean Emmanuel Ouedraogo as the new prime minister. This move comes a day after the junta dissolved the national government without providing any justification. The country continues to grapple with severe security challenges and political instability under military rule.
John Mahama Returns as Ghana’s President
Ghana’s former president, John Dramani Mahama, has made a historic return to power after defeating the ruling New Patriotic Party (NPP) in the presidential election. The victory marks Mahama’s third attempt to reclaim the presidency after defeats in 2016 and 2020. This election reflects voter frustration with the NPP’s handling of a severe economic crisis under President Nana Akufo-Addo. Mahama’s win has been hailed as a significant political shift in Ghana, a country known for its democratic stability.
India’s Billionaire Count Soars to 185, China Sees Drop Amid Slowdown
India has seen a remarkable increase in its billionaire count, reaching 185 in 2024, marking a 20% rise from 153 in 2023. This surge places India third globally, following the US and China. The UBS Billionaire Ambitions Report highlights India’s growing wealth, driven by family-led businesses and diverse sectors, including pharma, fintech, and edtech. Meanwhile, China’s billionaire numbers dropped from 520 in 2023 to 427 in 2024, owing to economic slowdowns and regulatory changes. The report projects India’s billionaire growth trajectory will continue, resembling China’s growth pattern up until 2020.
End of Assad Dynasty: A Family’s 50-Year Rule Over Syria Shattered
After more than five decades of unbroken power, the Assad family’s reign in Syria has come to a dramatic halt. Rebel forces, spearheaded by Hayat Tahrir al-Sham (HTS), breached the heart of the regime in Damascus, forcing President Bashar al-Assad to flee. This marks the end of the Alawite dynasty’s rule, which began in 1970 when Hafez al-Assad seized control.
State News
Amit Shah Unveils Sardar Patel Statue in Jodhpur
Union Home Minister and Minister of Cooperation Shri Amit Shah unveiled an 11-ft tall statue of Sardar Vallabhbhai Patel in Jodhpur, Rajasthan, in the presence of Union Minister Shri Gajendra Singh Shekhawat and other dignitaries. The statue, made of several metals and weighing 1,100 kilograms, stands on an 8-ft pedestal. During the unveiling ceremony, Shri Amit Shah highlighted Sardar Patel’s immense contributions to India’s unity, his historical significance, and the recognition he has received under Prime Minister Narendra Modi’s leadership.
Defence News
India Plans Anti-Drone Unit for Border Security
Union Home Minister and Minister of Cooperation Amit Shah announced that India will establish a comprehensive anti-drone unit to protect the nation against drone-related threats. Speaking at the 60th Raising Day Parade of the Border Security Force (BSF) in Jodhpur, Rajasthan, Shah highlighted the growing drone challenge, particularly along the borders. The government, in collaboration with various security forces and research departments, has developed a laser-equipped anti-drone gun mount system that has significantly improved drone interception rates.
Economy News
RBI Introduces Secured Overnight Rupee Rate (SORR)
The Reserve Bank of India (RBI) has announced the development of the Secured Overnight Rupee Rate (SORR) as a new benchmark for the interest rate derivatives market, based on secured money market transactions like market repo and tri-party repo (TREPS). SORR, to be developed with support from Financial Benchmarks India Limited (FBIL), aims to offer a trade-based, robust, and manipulation-resistant benchmark that reflects real market dynamics, unlike the Mumbai Inter-Bank Offer Rate (MIBOR), which relies on polling data.
India’s FDI Inflows Surpass $1 Trillion, Solidifying Global Investment Status
India has achieved a significant milestone as Foreign Direct Investment (FDI) inflows surpass $1 trillion between April 2000 and September 2024, reinforcing its position as a top investment destination. With cumulative FDI reaching $1,033.4 billion, including equity, reinvested earnings, and other capital, the country has seen substantial growth, especially post-2014. This surge in investment is a result of favorable government policies, strong economic performance, and key sectors such as services, software, telecommunications, and manufacturing.
RBI Unveils MuleHunter.AI to Fight Financial Fraud
The Reserve Bank of India (RBI), through its Innovation Hub (RBIH), has launched MuleHunter.AI, a cutting-edge AI tool designed to detect and flag mule bank accounts involved in illicit financial activities, particularly money laundering. This initiative comes in response to the growing concerns over online financial fraud, which constitutes 67.8% of cybercrime cases in India. By using advanced machine learning algorithms, MuleHunter.AI aims to streamline the identification process, significantly improving the detection of mule accounts over traditional rule-based systems.
Ranks & Reports News
India Tops Global List for Mobile Malware Attacks
India has emerged as the global leader in mobile malware attacks, surpassing the United States and Canada. A recent Zscaler ThreatLabz 2024 report revealed that India now accounts for 28% of global mobile malware attacks, up from third place last year. This surge highlights the increasing vulnerability of Indian businesses and individuals, especially as cyber threats grow with the country’s rapid digital transformation. Trojans and phishing attacks targeting the financial sector have seen a significant rise, making cybersecurity a critical need for Indian enterprises.
Banking News
RBI Eases FCNR(B) Deposit Rates to Boost Foreign Inflows Amid Global Softening
The Reserve Bank of India (RBI) has raised interest rate ceilings on Foreign Currency Non-Resident Bank [FCNR(B)] deposits to attract foreign capital inflows. However, experts predict a limited impact due to the availability of cheaper foreign currency funding options in global markets. This move is part of broader measures aimed at supporting the rupee and increasing dollar inflows.
Important Days News
International Day of Commemoration and Dignity of the Victims of the Crime of Genocide 2024
Every year, December 9 is observed as the International Day of Commemoration and Dignity of the Victims of the Crime of Genocide and of the Prevention of This Crime. This day holds immense importance as it honors the victims of genocide and underscores the global commitment to prevent such atrocities. It also marks the adoption of the United Nations Genocide Convention on December 9, 1948—a cornerstone document in international law aimed at combating genocide.
International Anti-Corruption Day 2024: December 9, 2024
International Anti-Corruption Day is observed globally on December 9 every year to raise awareness about the devastating impact of corruption and to emphasize the importance of transparency, accountability, and integrity in governance and society. This day mobilizes individuals, governments, and organizations worldwide to combat corruption and its far-reaching consequences.
Sports News
Bangladesh Triumphs in U-19 Asia Cup Final, Beats India by 59 Runs
Bangladesh U-19 successfully defended their Asia Cup title with an impressive 59-run victory over India in the final. Despite a solid start by India’s bowlers, Bangladesh set a challenging target of 199 runs, and India faltered in their chase, getting bowled out for 139 in 35.2 overs. Key performances from Mohammad Shihab James, Rizan Hossan, and Azizul Hakim helped Bangladesh post a competitive total, while Hakim, Iqbal Hossain Emon, and Rizan Hossan bagged three wickets each to dismantle India’s batting line-up.
Norris Wins Abu Dhabi GP, Ends McLaren’s 26-Year Wait
Lando Norris delivered an exceptional performance at the Abu Dhabi Grand Prix, claiming victory in a race marked by incidents, penalties, and emotional moments. His triumph ended McLaren’s 26-year wait for a constructors’ championship, a feat last achieved in 1998. The win also overshadowed a challenging race for other drivers, including Max Verstappen and Lewis Hamilton, who finished fourth in his final race for Mercedes.
Devajit Saikia Appointed Acting Secretary of BCCI
Former Assam cricketer Devajit Saikia has been named the acting secretary of the Board of Control for Cricket in India (BCCI), filling the vacancy left by Jay Shah, who recently assumed the role of International Cricket Council (ICC) chairman. The decision was taken by BCCI president Roger Binny, exercising his constitutional powers. Saikia’s appointment is a stop-gap arrangement until a permanent secretary is appointed under the BCCI’s constitution.
Awards News
HSL Triumphs at 3rd PSU Transformation Awards 2024
Hindustan Shipyard Limited (HSL), a leader in India’s shipbuilding and ship repair industry, garnered two prestigious awards at the 3rd PSU Transformation Awards 2024. The event, held at Shangri-La, New Delhi, on December 5, recognized HSL’s efforts in innovation and technological advancement within the maritime sector. These accolades highlight the company’s commitment to pioneering solutions in shipbuilding, reinforcing its position as a prominent player in the field.
Science and Technology News
Google’s AI Model Outperforms Top Weather Forecast System
Google DeepMind has introduced a groundbreaking artificial intelligence (AI) model called ‘GenCast’ that is capable of providing highly accurate weather forecasts, surpassing the European Centre for Medium-Range Weather Forecasts (ECMWF) ENS, the leading operational weather forecast system. The AI model, which can predict not only day-to-day weather but also track extreme weather events like deadly storms, has been hailed as a significant step forward in weather forecasting.
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