Weekly CA Quiz: May 2019 1st week with PDF

Explanation: International Workers’ Day, also known as Workers’ Day, Labour Day in some countries and often referred to as May Day is a celebration of labourers and the working classes that is promoted by the international labour movement which occurs every year on 1 May. The theme of International Labour Day this year is “Sustainable Pension for all: The Role of Social Partners”.

Explanation: Japan’s new emperor, Naruhito, has formally ascended to the Chrysanthemum Throne, replacing his father, Akihito, who had abdicated recently. The sun came out for a morning ceremony at the Imperial Palace in Tokyo, as Naruhito became the 126th Emperor of Japan, the latest in an unbroken line that stretches back 14 centuries.

Explanation: India Ratings and Research marginally lowered country’s GDP growth projection for 2019-20 fiscal to 7.3 per cent mainly due to below normal monsoon prediction and loss of momentum in industrial output. The Fitch group company had earlier projected India’s gross domestic product (GDP) growth at 7.5 per cent.

Explanation: Goods and Services Tax (GST) collection scales record high of Rs 1.13 lakh crore in April, highest ever collection since GST implementation. The GST collections in April jumped to its highest level of Rs 1,13,865 crore since its roll out in 2017.

Explanation: The first part of the Indo-French joint naval exercise, Varuna 19.1 is being held off the Goa coast from 1 to 10 May 2019. The exercise is being conducted in two phases. The harbour phase at Goa would include cross-visits, professional interactions and discussions and sports events. The sea phase would comprise various exercises across the spectrum of maritime operations.

Explanation: Iraq has become India’s top crude oil supplier for the second consecutive year, meeting more than one-fifth of the country’s oil needs in the 2018-19 fiscal year.

Explanation: World’s military expenditure increased by 2.6 per cent, reaching $1822 billion in 2018 with India along with United States, China, Saudi Arabia and France contributing 60 per cent of the amount, according to a latest report from the Stockholm International Peace Research Institute (SIPRI).

Explanation: The Central Works Public Department (CPWD) has constituted an expert committee to formulate a design policy for building construction and infrastructure development. The committee has been set up under the chairmanship of CPWD’s Additional Director General M K Sharma.

Explanation: LIC Housing Finance (LIC HFL) has launched ‘Udyam’, a skilling centre in Bengaluru. It was launched in association with Lok Bharti Education Society, the implementing partner.

Explanation: US President Donald Trump has said he will withdraw his country from the International Arms Trade Treaty. The agreement, signed by Barack Obama in 2013, aims to regulate the sale of weapons between countries.

Explanation: Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance launched ’Webassurance’ to enable its customers to purchase life insurance in a convenient and hassle-free way.

Explanation: National Company Law Tribunal (NCLT) approved the merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company.

Explanation: Wipro Consumer Care and Lighting (WCCL), the consumer care business of software provider Wipro Ltd, has acquired the Philippines-based personal care maker Splash Corporation for an undisclosed amount to enter the country which has a consumer base of around 100 million.

Explanation: India drew blank on the final day but still topped the chart for the second consecutive ISSF World Cup, third time in two years, by bagging 3 gold and a silver at the Beijing edition of the Rifle/Pistol event in Beijing.

Explanation: Shooter Apurvi Chandela became the world number one in women’s 10m Air Rifle category with 1,926 rankings points, according to the latest rankings released by International Shooting Sport Federation (ISSF) recently.

Explanation: World number five Dominic Thiem won his first Barcelona Open title with a comfortable victory over Russia’s Daniil Medvedev. The Austrian, 25, was broken early on but then took 12 of the next 13 games to win 6-4 6-0 in one hour 13 minutes.

Explanation: BSE has finally appointed its first independent woman director Jayshree Vyas last week, though still late by at least a few weeks from the deadline of April 1 given to all top 500 listed companies based on their market capitalisation for appointing an independent woman director on their board.

Explanation: Noted Kannada theatre and film personality Master Hirannaiah passed away at a private hospital in Bengaluru. He was 84. Known for his wit, Hirannaiah used his stage performances to sharply attack the political class and bureaucracy on issues like corruption.

Explanation: Former Ethiopian president Negasso Gidada has passed away in Germany where he was undergoing medical treatment for an unspecified illness. Negasso, who was 75, was president between 1995 and 2001 and was the first head of state after Ethiopia adopted a new constitution transforming the country into a federal state, with increased autonomy given to the different regions.

Explanation: Former ISRO chairman A S Kiran Kumar was conferred with France’s highest civilian award Chevalier de l’Ordre national de la Lgion d’Honneur for his contribution to India-France space cooperation. On behalf of the President of France, Ambassador of France to India, Alexandre Ziegler conferred Kumar with the highest civilian honour of France.

Explanation: Each year, May 3 is celebrated as World Press Freedom Day. Started by the UN General Assembly in 1993, on a recommendation from UNESCO, the day is used to celebrate the fundamental principles of press freedom, assess its state around the world, defend the media from attacks on their independence and to pay tribute to journalists who have laid down their lives in the exercise of their profession. The theme for this year’s World Press Freedom Day is “Media for Democracy: Journalism and Elections in Times of Disinformation”

Explanation: The UK parliament became the first national legislative body in the world to declare a climate change “emergency”. The historic move closely follows Extinction Rebellion protests that blocked traffic in key parts of central London.

Explanation: State-owned telecom firm BSNL has become the first operator to start optical fibre-based high-speed broadband service in Pulwama with the launch of ‘Bharat Fibre’. This is the first such FTTH (fibre-to-the-home) service deployment in the (Kashmir) Valley under this unique revenue share model.

Explanation: Mangaluru City Police has launched an all-women police patrol unit in the city. Flagging off the ‘Rani Abbakka Force’ in Mangaluru, Sandeep Patil, Commissioner of Police, said the Karnataka police is giving utmost importance to the protection of women and children.

Explanation: Jaipur will host the 8th Asian Youth Women Handball Championship in which 10 teams, including defending champions South Korea, will be participating. It is the first time that the tournament will be hosted by Pink city Jaipur. Earlier Delhi had hosted it in 2015 where the hosts India had finished seventh.

Explanation: Former CPI-M Kerala Finance Minister V. Vishwanatha Menon passed away at a private hospital in Kochi. He was 92. Finance Minister in the E.K. Nayanar cabinet from 1987-91, Menon was one of the tallest leaders in Ernakulam, and was popularly referred to as Ambadi Viswan.

Explanation: Flipkart-owned fashion e-commerce platform Myntra announced that it had appointed celebrity couple Virat Kohli and Anushka Sharma as its first brand ambassadors. This is would be the couple’s second big brand endorsement deal after men’s ethnic wear brand Manyavar, which they have been associated with since 2017.

Explanation: Barcelona midfielder Xavi Hernandez has announced that the 2018/19 season will be his final one as a professional footballer. Xavi, who currently plays for Al-Sadd in Qatar, holds the all-time appearances record at FC Barcelona with 767, and scored 85 goals from 1998 to 2015.

Explanation: The Vice President, M. Venkaiah Naidu released a postage stamp to commemorate the 750th birth anniversary of Sri Vedanta Desikan in New Delhi. He said that our text books must throw light on the lives of great saints and spiritual icons such as Sri Vedanta Desikan so that our children internalize and practice the lofty ideals of humanism, peace and compassion propagated by them.
ri Ravi Jai Shankar

Explanation: In Jammu & Kashmir, terrorists shot dead a BJP functionary in South Kashmir’s Anantnag district. Unidentified gunmen suspected to be terrorists shot and injured a BJP worker at Nowgam Verinag area of Anantnag district.

Explanation: The article titled ‘Coalgate 2.0’ authored by Nileena M S and published in The Caravan magazine in March last year has won the ACJ Award for Investigative Journalism, 2018.

Explanation: The Asia-Pacific region is expected to power ahead growing at 5.7% this year but escalating trade tensions are a source of worry, according to Takehiko Nakao, President and Chairperson, Asian Development Bank.

Explanation: A new report by industry body FICCI says that strong economic growth coupled with rapid emergence of India on the global horizon is poised to drive the growth of MICE (meetings, incentives, conferences and exhibitions) tourism at a much faster rate.

Explanation: Bhushan Patil, president at Paytm, has quit the company. Patil, who joined Paytm after a five year stint with Alibaba, had initially joined the Noida-based company to look after its cross border commerce business.

Explanation: P.C. Chandra Puraskaar, the annual national award from the P.C. Chandra Group was conferred upon one of India’s most reputed cardiac surgeon and humanitarian Dr Devi Prasad Shetty at the Biswa Bangla Convention Centre. Swami Suviranandaji Maharaj, the General Secretary of Ramakrishna Mission, Belur Math graced the occasion as the Chief Guest and gave away the award.

Explanation: The Asian Development Bank (ADB) launched the Action Plan for Healthy Oceans and Sustainable Blue Economies for the Asia and Pacific region at the 52nd Annual Meeting of ADB’s Board of Governors in Fiji.

Explanation: Japanese aerospace startup funded by a former internet maverick has successfully launched a small rocket into space. Interstellar Technology Inc. says the unmanned MOMO-3 rocket has exceeded 100 kilometers (60 miles) in altitude before falling into the Pacific Ocean.

Explanation: Former Pakistan skipper Shahid Afridi’s autobiography titled ‘Game Changer’ was released recently, and in it, he has lashed out explosively at India’s former southpaw and winner of two World titles Gautam Gambhir, taking their decade-old on-and-off-field spat to another level.

Explanation: Archery Association of India named its senior vice president Sunil Sharma as its acting president to start the ball rolling for its polls after the Supreme Court’s order to set aside the national body’s election last year and subsequent resignation of its president.

Explanation: The Volleyball Federation of India appointed Serbian Dragan Mihailovic as head coach of the men’s national team in a move linked to the long term goal of Olympic Games qualification.

Explanation: Scorpene class submarine Vela, equipped with modern machinery and technology to guard the seas, was launched in Mumbai. It is the fourth submarine to be launched by the state-owned Mazagon Dock Shipbuilders Limited (MDL) after entering into a contract for the construction and transfer of technology for six Scorpene class submarines with French collaborator Ms Naval Group (formerly known as DCNS).

Explanation: Completing its journey of 36 years, INS Ranjit, a Rajput class destroyer was decommissioned at Naval Dockyard, Visakhapatnam recently. Commissioned on 15 September 1983 by Captain Vishnu Bhagwat in erstwhile Union of Soviet Socialist Republics (USSR), the ship was used for yeoman service.

Explanation: Joshna Chinappa and Saurav Ghosal won the women’s and men’s titles, respectively, at Asian Individual Squash Championships after registering quite constrasting victories on the board. Joshna came out triumphant against world No.11 Annie Au to keep her Asian crown on her head.

Explanation: The Panama Electoral Tribuna announced that Laurentino Cortizo has won the country’s presidential election. Laurentino Cortizo, the presidential candidate from the opposition Democratic Revolutionary Party, has declared his victory, with a narrow gap of 1.93 per cent against Romulo Roux, another candidate.

Explanation: American golfer Tiger Woods was bestowed with the Presidential Medal of Freedom, US’ highest civilian honour, by President Donald Trump at Rose Garden. The Presidential Medal of Freedom recognises persons who have made “an especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavours.”

Explanation: G D ‘Robert’ Govender, an Indian-origin journalist in South Africa, has been honoured in the UK with 2019 V K Krishna Menon award for his outstanding contribution as a pioneer of decolonised journalism.s

Explanation: Founder of The Art of Living Sri Sri Ravi Shankar was conferred with ‘Order of St. George’ award as part of the Church’s Commemorative Feast. Along with Ravi Shankar, the event was attended by former Kerala Chief Minister Dr Oommen Chandy.

Explanation: Madhya Pradesh Advocate General and Senior Advocate Rajendra Tiwari passed away. He was being treated at Medanta Hospital in Gurugram. Tiwari was appointed Advocate General for the State of Madhya Pradesh in December last year.

Explanation: Bilateral trade between India and the United States in goods and services grew 12.6 per cent from USD 126 billion in 2017 to USD 142 billion in 2018. Both the sides appreciated the “strong, robust and growing bilateral ties between India and the US across the entire spectrum of trade and commerce.

Explanation: India, Brazil and South Africa (IBSA) Sherpas meeting was held in Cochin, Kerala from May 3 to May 5, 2019. Before IBSA Sherpas meeting, the 9th IBSA trilateral Ministerial Meeting was also concluded at the same venue.