Daily Current Affairs 07th May 2024, Important News Headlines (Daily GK Update)

International News

Ukraine Unveils AI-Powered Digital Spokesperson for Foreign Ministry

In a groundbreaking move that combines cutting-edge technology with diplomacy, Ukraine has unveiled an AI-generated spokesperson, named Victoria Shi, to deliver official statements from its foreign ministry. This significant technological leap in diplomatic communication has captured global attention.

José Raúl Mulino Wins Panama’s Presidential Election

In a significant political development, José Raúl Mulino has emerged victorious in Panama’s presidential election, securing nearly 35% of the counted votes with over 92% of the ballots tallied. The 64-year-old former security minister has gained an unassailable 9% lead over his nearest rival, prompting three of his closest opponents to concede defeat.

State News

Gurugram Administration Ropes in Yuzvendra Chahal to Boost Voter Turnout

As the Lok Sabha elections in Gurugram, scheduled for May 25, draw near, the district administration has taken a unique approach to encourage voter participation. In a bid to attract the attention of the electorate, particularly the youth, the authorities have roped in India cricketer Yuzvendra Chahal, as well as popular singers MD Desi Rockstar and Naveen Punia, as brand ambassadors.

Appointments News

Ujjivan Small Finance Bank Names Sanjeev Nautiyal as MD & CEO

Ujjivan Small Finance Bank has announced the appointment of Sanjeev Nautiyal as its Managing Director and Chief Executive Officer (MD & CEO) for a tenure of three years, effective from July 1, 2024. The Reserve Bank of India (RBI) has approved this appointment. Nautiyal will assume the role of President in the interim period before officially taking charge as MD & CEO. With over thirty years of experience in various banking domains, including retail, SME, financial inclusion, and international banking, Nautiyal brings a wealth of strategic expertise to his new role.

Banking News

GetVantage Secures NBFC License from RBI: Pioneering RBF Start-up

In a groundbreaking move, GetVantage, a start-up specializing in revenue-based finance (RBF), has achieved a significant milestone by obtaining a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI). This accomplishment marks a pivotal moment as GetVantage becomes the first RBF and alternative funding platform in India to receive such authorization.

RBI Revises Guidelines for Banks’ Capital Market Exposure in T+1 Settlement

In response to the introduction of the T+1 settlement regime for stocks, the Reserve Bank of India (RBI) has updated the guidelines for custodian banks regarding the issuance of Irrevocable Payment Commitments (IPCs). Under these revised guidelines, custodian banks issuing IPCs will be subject to a maximum intraday risk, considered as capital market exposure (CME), capped at 30 percent of the settlement amount.

RBI Lowers Margin Funding Limits to 30% from 50%

Following the reduction in trade settlement time from T+2 to T+1 and T+0 for select equities by stock exchanges, the Reserve Bank of India (RBI) has decreased the maximum risk for custodian banks issuing irrevocable payment commitments (IPCs) from 50% to 30%. This decision is based on the assumption of potential downward price movements of equities purchased by foreign institutional investors/mutual funds over two successive days from the trade date.

Economy News

India Ratings Raises Sovereign GDP Growth Estimate for FY25 to 7.1%

India Ratings and Research have revised upward their GDP growth estimate for FY25 to 7.1%, citing strong government expenditure, improved corporate and banking sector balance sheets, and a budding private corporate capex cycle. However, they caution that growth could be constrained by factors such as uneven consumption demand and export challenges due to global economic sluggishness.

Science and Technology News

Sunita Williams: Indian-Origin Astronaut Set for Third Space Mission

Indian-origin astronaut Sunita Williams, alongside colleague Butch Wilmore, is embarking on her third space mission to the International Space Station (ISS). This mission marks the inaugural crewed flight of the Starliner spacecraft, designed to test its systems from launch to landing.

Sports News

ICC Women’s T20 World Cup 2024: Bangladesh Gears Up for Cricketing Extravaganza

The International Cricket Council (ICC) has unveiled the fixtures for the highly anticipated ninth ICC Women’s T20 World Cup 2024, set to take place from 3 to 20 October in Bangladesh. Cricket enthusiasts worldwide are eagerly awaiting this prestigious tournament, which promises to be an action-packed spectacle of skill and sportsmanship.

Real Madrid Clinches 36th La Liga Title

The Spanish football giants, Real Madrid, have etched another remarkable achievement in their illustrious history by securing the La Liga 2023-24 season title. Los Blancos, as they are affectionately called by their supporters, sealed the championship after defeating Cadiz 3-0, while their closest rivals Barcelona suffered a 4-2 loss against Girona.

2024 Madrid Open, Iga Swiatek and Andrey Rublev Triumph

The 2024 Madrid Open, held in the Spanish capital from April 22 to May 5, witnessed two remarkable champions in the singles events. Iga Swiatek of Poland claimed her first Madrid Open title, while Andrey Rublev of Russia secured his second triumph in this prestigious tournament.

ISL 2023-24: Mumbai City FC Clinches Second Title

In a thrilling final match at the Vivekananda Yuba Bharati Krirangan Stadium in Kolkata, Mumbai City FC emerged victorious over Mohun Bagan Super Giant with a scoreline of 3-1, securing their second Indian Super League (ISL) title. This victory marked a historic moment for Mumbai City FC, who had previously clinched their inaugural title in the 2020-21 season, also against Mohun Bagan.

Important Days

World Asthma Day 2024 Observed on May 7, 2024

Every year on the first Tuesday of May, we celebrate World Asthma Day. This year World Asthma Day is observed on May 7, 2024 is organized by the Global Initiative for Asthma, (GINA) with World Health Organization collaborative organization founded in 1993. This day is all about raising awareness about asthma, a long-term lung disease that affects millions of people around the world. This year, the Global Initiative for Asthma (GINA) has chosen the theme “Asthma Education Empowers” to highlight the importance of teaching people with asthma and healthcare workers about the condition.

Miscellaneous News

Kutch Ajrakh, A Traditional Textile Craft Earns GI Tag

In a significant recognition of Gujarat’s rich cultural heritage, the traditional artisans of ‘Kutch Ajrakh’ have been bestowed with the prestigious Geographical Indication (GI) certificate by the Controller General of Patents, Designs, and Trademarks (CGPDTM). This remarkable achievement celebrates the intricate textile craft that has been deeply rooted in the vibrant region of Kutch for centuries.