Daily Current Affairs 7 December for Banking/Insurance/SSC and other related exams.
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INTERNATIONAL NEWS
Sri Lanka Reaches Agreement with India, Paris Club on Debt Treatment
Sri Lanka has reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan that will help the crisis-hit island nation tap the next tranche of the International Monetary Fund’s nearly-$3 billion recovery package.
- At the peak of last year’s economic crisis, Sri Lanka made the difficult decision to default on its nearly $51 billion foreign debt. Recognizing the need for a comprehensive restricting of loans to kickstart an economic recovery program supported by the IMF, major leaders formed the Official Creditor Committee (OCC) in May 2023.
Italy Withdraws from China’s Belt and Road Project
Italy has withdrawn from China’s vast Belt and Road infrastructure initiative, more than four years after becoming the only G7 nation to sign up, a government source said.
- The long-expected decision was communicated to Beijing three days ago, according to Italian newspaper Corriere della Sera, which first broke the news.
- The Belt and Road plan proposes massive investments in infrastructure such as roads, bridges and ports to recreate the ancient Silk Road trade routes linking Europe and Asia.
BANKING & FINANCE
LIC Ranks Fourth Globally in S&P Global’s 2022 Insurance Report
In a recent report by S&P Global Market Intelligence, the Life Insurance Corporation of India (LIC) has secured its position as the world’s fourth-largest insurer. The ranking is based on the life and accident & health reserves of companies for the year 2022.
- According to the report, LIC’s reserves stood at $503.7 billion. Germany’s Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
- The reserves of LIC and Nippon Life Insurance Company reflect the reserves of the financial year 2023 (April 2022 to March 2023).
- On an individual country basis, the US has the highest number of life insurers on the list, with eight companies headquartered in the region, followed by the UK with seven companies.
BUSINESS & ECONOMY
CII Predicts Robust Growth for India’s Economy in FY24 and FY25
India’s economy is poised for a strong rebound, with the Confederation of Indian Industry (CII) projecting a growth of 6.8% in the current fiscal year (FY24) and an acceleration to 7% in the subsequent fiscal year (FY25).
- CII attributes this optimistic outlook to the government’s unwavering commitment to infrastructure development and the facilitation of ease of doing business.
- India’s economy recorded a growth of 7.7 per cent in the first half of the current fiscal ended in September.
Google Reveals ‘Gemini’, Its Biggest AI Model
Google has taken the wraps off from its new AI model, Gemini. This model is designed to behave in human-like ways, better that what other models can achieve.
- Gemini is a new artificial intelligence model that outperforms other models in tasks like understanding, summarising, reasoning, coding, and planning. It comes in three versions: Pro, Ultra, and Nano. The Pro version is already available, and the Ultra version will be released early next year.
- Currently, Google has integrated the new Gemini Pro with its chatbot Bard which is a direct competitor of ChatGPT. You can have a text-based interaction with Gemini-powered Bard but Google has promised support for other modalities soon.
AWARDS
Gujarat’s Garba Dance Enters UNESCO’s ‘Intangible Cultural Heritage’ List
The UNESCO approved the inclusion of garba, Gujarat’s most popular folk dance form, in its Representative List of Intangible Cultural Heritage (ICH) of Humanity. The inclusion of Garba now makes it India’s 15th ‘inscription’ on the list, as per the official UNESCO website.
- The recent inclusion of Garba dance in UNESCO’s list occurred during the 18th meeting of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage. This recognition was made under the 2003 Convention for the Safeguarding of Intangible Cultural Heritage. The dance joins a select group of elements from India on the esteemed list, underlining its cultural importance.
Taylor Swift Named Time Magazine’s Person Of The Year
Taylor Swift has been named Time Magazine’s Person of the Year for 2023. This recognition comes on the heels of her title as the most-played artist on Spotify, underscoring the widespread impact of her music and influence.
- As Taylor Swift receives the prestigious title of Time Magazine’s Person of the Year for 2023, it serves as a reflection of her multifaceted impact on music, culture, and society.
- Beyond the accolades and financial success, Swift’s ability to connect with audiences on a global scale showcases the enduring power of her artistry. In a world where influence is measured in various dimensions, Taylor Swift stands tall as a true person of the year.
Nirmala Sitharaman and Three Other Indians Secure Spots on Forbes’ “World’s 100 Most Powerful Women” of 2023
The list of 100 most powerful women in the world was released by Forbes where 4 Indian women bagged a spot. The list is a sequel to the series of annual ranking list that awards definitive ranking to the most inspirational females.
- The Indian woman who takes the highest spot is Finance Minister and Minister of Corporate Affairs, Nirmala Sitharaman, who ranks 32. Her rankings improved as compared to last year when she occupied 36th place.
- Indian billionaire and philanthropist, Roshni Nadar Malhotra occupied 60th rank who is the first Indian woman to lead a listed IT company in India.Chairperson of the Steel Authority of India, Soma Mondal ranks 70.Renowned Indian billionaire entrepreneur, Kiran Mazumdar-Shaw secured 76th rank in the list.
- The most inspirational woman who leads the list is European Commission President, Ursula von der Leyen. She occupies this ranking for the second consecutive year. The second position is secured by European Central Bank President, Christine Lagarde while US Vice President, Kamala Harris takes the third spot. All of these three top rankers managed to retain their top spot.’
Time Magazine Names Lionel Messi ‘Athlete of the Year’ For 2023
Argentina’s football icon, Lionel Messi, has been named Time magazine’s Athlete of the Year for 2023. This prestigious honor comes on the heels of Messi’s historic eighth Ballon d’Or win, solidifying his status as one of the greatest footballers of all time.
- Messi played a key role in Argentina’s victorious 2022 World Cup campaign, where he led them to the title, defeating France in the final. He was adjudged as the tournament’s Best Player and was also the second-highest goalscorer.
Meghalaya’s Lakadong turmeric gets Geographical Indication tag
Meghalaya’s Lakadong turmeric has been awarded the Geographical Indication (GI) tag, state agriculture minister Ampareen Lyngdoh has said.
- Alongside Lakadong turmeric, three more products from Meghalaya were honored with the GI tag: Garo Dakmanda (traditional dress), Larnai pottery, and Garo Chubitchi (alcoholic beverage).