Delhi HC appoints former Karnataka HC judge as Basketball Federation of India administrator

Delhi HC appoints former Karnataka HC judge as Basketball Federation of India administrator - Part 1561_4.1

Former judge of the Karnataka High Court, P Krishna Bhat, has been appointed by the Delhi High Court as the administrator of the Basketball Federation of India (BFI) to conduct elections in the organization. The appointment is effective immediately, and the administrator will continue to function until a newly-elected body takes charge of BFI. The court has instructed the administrator to ensure that the election process is concluded as soon as possible according to the Sports Code. This decision was made in response to several petitions regarding the election of office bearers and executive committee members for the term 2023-2027.

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The Delhi High Court emphasized that elections for national sports federations must be conducted democratically, with clear, fair, and transparent rules. In this particular case, the rejection of nomination forms would result in the exclusion of a large number of state representatives from participating, which is unacceptable. Out of 30 nomination forms, 15 were rejected for this reason, and five candidates withdrew their nominations, leaving no contest for electing office-bearers of the Basketball Federation of India (BFI). Additionally, 27 members of the electoral college have expressed dissatisfaction with the selection process of candidates.

Important takeaways for all competitive exams: 

  • Basketball Federation of India Founded: 1950;
  • Basketball Federation of India Headquarters: New Delhi.

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Tori Bowie, Olympic medal-winning US sprinter and former world champion, passes away at 32

Delhi HC appoints former Karnataka HC judge as Basketball Federation of India administrator - Part 1561_8.1

Former 100m world champion sprinter from the United States of America, Tori Bowie, died at the age of 32. The American was crowned world champion in 2017 and won three Olympic medals at the Rio Games in 2016. She won the Olympic Gold with the USA relay team at the Rio Olympics in 2016. Tori was born and brought in Mississippi where she played basketball as a child before taking up track events.

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Bowie finished second in the 100m in Rio behind Jamaica’s Elaine Thompson before winning the world championships in London a year later, finishing less than a hundredth of a second ahead of the Ivory Coast’s Marie-Josee Ta Lou.

Bowie was born on August 27, 1990, in Sand Hill, Mississippi, USA. Bowie initially pursued a career in long jump but later transitioned to sprinting. She won a bronze medal in the 200 meters at the 2015 World Championships in Beijing and went on to win gold in the same event at the 2017 World Championships in London. She has also won medals in relay events at both the Olympics and the World Championships. Bowie is known for her explosive speed and strength on the track and is considered one of the top sprinters in the world.

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JPMorgan Acquires First Republic Bank Amidst Recent Failures of Major US Banks

JPMorgan Acquires First Republic Bank

American regulators announced that First Republic Bank had been taken over and that an agreement had been reached to sell the bank to JPMorgan Chase & Co. This marks the third major U.S. financial institution to fail in just two months. JPMorgan is set to acquire $173 billion in loans and around $30 billion in securities, which includes $92 billion in deposits from First Republic Bank, but they are not taking on the bank’s corporate debt or preferred stock.

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JPMorgan Acquires First Republic Bank: Key Points

  • Following the announcement, shares in First Republic Bank fell by 36% in premarket trading, having already lost 97% of their value this year.
  • In contrast, JPMorgan’s shares increased by 2.6%, while S&P 500 futures remained unchanged.
  • JPMorgan was one of several potential buyers, including PNC Financial Services Group and Citizens Financial Group Inc, who submitted final bids in an auction overseen by U.S. regulators, according to sources familiar with the situation.
  • The California Department of Financial Protection and Innovation announced that it had seized control of First Republic and the FDIC would serve as its receiver.
  • The FDIC predicts that the cost to the Deposit Insurance Fund would be around $13 billion, but the final amount will be determined once the receivership ends.
  • This action follows the recent failures of Silicon Valley Bank and Signature Bank due to a deposit flight from U.S. lenders, which led to emergency interventions by the Federal Reserve to stabilize markets.
  • Additionally, Silvergate, which was focused on cryptocurrency, recently decided to liquidate voluntarily.

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JPMorgan Acquires First Republic Bank: Restructuring expenses

  • JPMorgan anticipates earning a one-time, after-tax profit of around $2.6 billion from the deal, but this figure does not include an expected $2 billion of post-tax restructuring expenses likely to occur over the next 18 months.
  • Nevertheless, the bank will still have a strong capital position, with a common equity tier one ratio of 13.5%, in line with its Q1 2024 target, and sufficient liquidity reserves.
  • The bank has confirmed that the failed bank’s 84 offices across eight states will become JPMorgan Chase Bank branches from next week.

Since 2021, JPMorgan has purchased over 30 companies in transactions worth more than $5 billion in total. Large bank deals have faced slow regulatory approval in the US in recent years, and the Biden administration has toughened its stance on anti-competitive practices.

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India, Israel sign MoU for industrial research and development cooperation

India and Israel sign MoU for industrial research and development cooperation:

India and Israel have signed a Memorandum of Understanding (MoU) on industrial research and development cooperation, marking a significant milestone in their scientific and technological partnership, the Ministry of Science & Technology said.

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Joint industrial research and development projects:

The collaboration aims to enable joint industrial research and development projects in various high-tech fields such as artificial intelligence, quantum and semiconductors, synthetic biology, healthcare, aerospace, sustainable energy, and agriculture, among others.

Implementation and monitoring:

The MoU will be implemented through specific projects agreed upon by both parties and monitored by a Joint Steering Committee led by the heads of CSIR and DDR&D.

Signatories and attendees:

N Kalaiselvi, DG, CSIR and Secretary, DSIR, and Daniel Gold, Head, DDR&D, signed the agreement during a meeting attended by the Minister of State (IC), Ministry of Science and Technology and Earth Sciences, GoI, and Vice President, CSIR Society, Jitendra Singh.

Discussions on specific collaborations:

During the meeting, specific collaborations on hydrogen and aerospace between CSIR and DDR&D, as well as a joint clinical trial project between CSIR-Indian Institute of Chemical Technology and 101 Therapeutics for a potential COVID-19 drug, were also discussed and welcomed.

Strengthening India-Israel relationship:

The event also highlighted the successful diplomatic relations between the two countries, which have strengthened into a strategic partnership. Jitendra Singh emphasized India’s competence in the identified priority sectors and welcomed the technology partnership with Israel, congratulating both parties for their efforts to strengthen the India-Israel relationship.

About Israel: 

Israel country profile - BBC News

Israel is a country located in the Middle East, on the southeastern shore of the Mediterranean Sea. Here are some key points about Israel:

  1. History: Israel has a long and complex history, with significant events such as the reign of King David and King Solomon, the Babylonian exile, and the founding of the modern state of Israel in 1948.
  2. Geography: Israel has a diverse geography, with a mix of coastlines, deserts, mountains, and valleys. The country shares borders with Lebanon to the north, Syria to the northeast, Jordan to the east, Egypt to the southwest, and the Palestinian territories to the east and west.
  3. Population: Israel has a population of approximately 9 million people, with a mix of Jews, Arabs, and other ethnic groups.
  4. Language: The official languages of Israel are Hebrew and Arabic, although English is also widely spoken.
  5. Religion: Israel is considered to be a significant religious center, with Judaism, Christianity, and Islam all having historical roots in the region.
  6. Economy: Israel has a highly developed and diversified economy, with strengths in areas such as technology, agriculture, and tourism.
  7. Government: Israel is a parliamentary democracy with a president, prime minister, and parliament known as the Knesset.

  8. The current prime minister is Benjamin Netanyahu of Likud, the ninth person to hold the position.

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Uttar Pradesh govt plans ‘Ramaland’ in Ayodhya modelled on Disneyland

Delhi HC appoints former Karnataka HC judge as Basketball Federation of India administrator - Part 1561_19.1

Ayodhya as a global tourism hotspot, the Uttar Pradesh government is planning to develop a theme park ‘Ramaland’ modelled on Disneyland to narrate the story of Lord Ram. With Ramaland, the tourism department is looking to attract children and adults alike to showcase the legendary tales from Ramayan in the template of ‘learning with entertainment’.

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The deliberate transformation of Ayodhya is estimated to value Rs 30,000 crore to the exchequer below ‘Ayodhya Imaginative and prescient 2047’ theme. These funds are targetted to be invested in about 260 initiatives pertaining to tourism, aviation, infrastructure, housing, medical, vitality, tradition, city improvement, transport and so on. The expenditure will likely be incurred collectively by the central and the UP governments. These initiatives embrace Sensible Metropolis Mission, widening of roads, fashionable bus terminals, unclogging the overhead electrical energy provide cables, beautification of ghats, cultural centres and so on.

New Projects in Ayodhya

  • Besides, river Saryu cruise is in the works and will be launched in the coming months.
  • The state has also planned to set up six grandiose arched gateways at the roads leading from other districts to Ayodhya.
  • There are six different roads leading to Ayodhya from Lucknow, Gorkahpur, Gonda, Ambedkarnagar etc. Each gateway complex will be named after characters from Ramayan and comprise tourism facilities such as yoga centre, food court, dormitory etc.
  • Moreover, the private hotel chains are in talks with the erstwhile royal family of Ayodhya to convert palaces into heritage properties to offer a regal experience to discerning tourists and backpackers.
  • With the construction of the Lord Ram temple fast nearing completion, the government is expediting the ongoing and proposed projects in Ayodhya.
  • The proposed Ayodhya worldwide airport is below development and is predicted to catalyse the metamorphosis of the sleepy spiritual city into a serious tourism hub in India.
  • In the meantime, the Deepotsav competition coinciding with Diwali has been celebrated with utmost grandeur and opulence in Ayodhya lately. It has fetched an entry within the Guinness E book of World Information for lighting the biggest variety of earthen lamps (diyas) in successive Diwali.

Important takeaways for all competitive exams: 

  • Uttar Pradesh Chief minister: Yogi Adityanath;
  • Uttar Pradesh Capital: Lucknow (Executive Branch);
  • Uttar Pradesh Governor: Anandiben Patel.

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Foreign Ministers of SCO member countries meet in Goa

Foreign Ministers of SCO member countries meet

The foreign ministers of eight member countries of the Shanghai Cooperation Organisation (SCO) are meeting in Goa on May 4 and 5. This meeting will set the stage for the SCO Leaders’ Summit to be held in July in New Delhi. India, the host country, attaches special importance to the SCO in promoting multilateral, political, security, economic, and people-to-people interactions in the region.

India’s Chairmanship of SCO in 2023:

India’s theme for its Chairmanship of SCO in 2023 is ‘SECURE-SCO’. The country has been persistent in pushing for the strengthening of collaboration on issues pertaining to regional security, defence, and combating terrorism, among others. On the agenda for the SCO under India’s presidency will be the modernisation of the grouping with a focus on advanced technology and digital infrastructure. The agenda also includes discussions with regional counterparts on various regional, security, and political issues.

Adding English as an Official Language:

Since becoming a full member of the SCO in 2017, India has been pushing the bloc to add ‘English’ as an official language of communication. The first such proposal was placed in 2020, necessitated by the inclusion of India and Pakistan as full members to a grouping that has had only Russian and Mandarin as the official and working languages of the bloc. The Russian language is widely used in the six Central Asian nations that founded the bloc.

Tentative Program

The foreign ministers and their delegations arrived in Goa on May 4. All the delegations are staying at the Taj Exotica in Benaulim, where the meetings are taking place. S Jaishankar, India’s External Affairs Minister, is hosting a dinner for the visiting dignitaries. The official engagements began on May 5 with the arrival of foreign ministers and heads of delegations at the meeting venue, followed by a group photo. The meeting of the council of foreign ministers (CFM) began in the morning, and by noon the ‘decision document’ was signed, followed by a working lunch. The event concluded with the signing of a Memorandum with New Dialogue Partners. The leaders then held various bilateral meetings with their respective counterparts from other nations.

SCO Council of National Coordinators Meet:

The SCO Council of National Coordinators met from April 29 to May 3 in Panaji, India, chaired by India. They exchanged views on the preparations for the meetings of the SCO Heads of State Council and the SCO Heads of Government Council, as well as on other aspects of the organisation’s activities. The parties reviewed and agreed on the main draft documents to be submitted for signature at the Ministerial Council meeting.

About Shanghai Cooperation Organisation (SCO)

The Shanghai Cooperation Organisation (SCO) is a regional intergovernmental organization established in 2001 in Shanghai, China.

Key points about SCO include:

  1. Members: The SCO comprises eight member states – China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan.

  2. Observer States: The SCO also has four observer states – Afghanistan, Belarus, Iran, and Mongolia.
  3. Goals: The SCO aims to promote cooperation among member states on issues such as regional security, economic development, and cultural exchange.
  4. Official languages: The official languages of the SCO are Russian and Mandarin, and several member states have called for English to be added as an official language.
  5. Decision-making: The SCO makes decisions through consensus among member states, and does not interfere in each other’s internal affairs.
  6. Focus areas: The SCO has focused on a range of issues, including combating terrorism, separatism and extremism, promoting economic cooperation, and developing transport and communication infrastructure.
  7. Expansion: The SCO has expanded since its founding, adding India and Pakistan as full members in 2017.
  8. Leadership: The chairmanship of the SCO rotates annually among member states, and India is holding the chairmanship in 2023.

Dubai becomes the host for the inaugural edition of the Global Chess League

Delhi HC appoints former Karnataka HC judge as Basketball Federation of India administrator - Part 1561_24.1

Global Chess League (GCL), a joint venture between FIDE and Tech Mahindra, announced Dubai as the venue for the inaugural edition. In the presence of key dignitaries such as Dr. Aman Puri, Consul General of India, Dubai, Viswanathan Anand, five-time world chess champion, and Deputy President, FIDE, CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, Parag Shah, EVP & Head, Mahindra Accelo and Member, Global Chess League Board, and Jagdish Mitra, Chairperson, Global Chess League Board, in the Gulf city.

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The world’s largest and first franchise-based chess league will be held in Dubai in association with Dubai Sports Council, the league’s Host Partner. FIDE and Tech Mahindra’s vision for the league will truly bring the sport of chess to a new audience and help existing fans relate to the sport more than ever before. Global Chess League is a first-of-its-kind tournament with a team vs team format that will bring together the best chess players from across the world, representing major countries and providing a unique experience to chess fans globally. The Global Chess League will draw the world’s attention to a new chess format and create an ecosystem for the sport, providing a platform for champions worldwide to showcase the potential of chess.

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RBI, BIS launch fourth edition of G20 TechSprint competition

RBI and BIS launch G20 TechSprint 2023 for Cross-border Payments Innovation:

The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023, a global competition aimed at improving cross-border payments through innovative technology solutions. The fourth edition of the competition was unveiled on May 4, and it is open to global innovators.

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ReserveBankOfIndia (@RBI) / Twitter

Problem Statements for TechSprint 2023:

The TechSprint 2023 will focus on three problem statements formulated by the BIS Innovation Hub (BISIH) and RBI. The problem statements include the following:

  1. Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)
  2. Sanctions technology solutions to reduce illicit finance risk, forex (FX), and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies
  3. Technology solutions for multilateral cross-border central banking digital currency (CBDC) platforms.

The competition aims to showcase how technology solutions can address illicit financing risks, provide settlement solutions in other currencies, and achieve interoperability in multi-lateral CBDC platforms.

Competition Details and Timeline:

The G20 TechSprint 2023 competition is open to developers from around the world to submit their applications from May 4 to June 4, 2023. The competition will conclude around August/September 2023.

The TechSprint is a global technology competition that promotes innovative solutions aimed at improving cross-border payments. The competition is intended to encourage collaboration between financial institutions, technology providers, and other stakeholders in the global financial system to develop innovative solutions for cross-border payments.

Bank for International Settlements (BIS), key points:

What is the Bank of International Settlements and how does it affect us? | by Bullion TP | Medium

The Bank for International Settlements (BIS) is an international financial institution owned by central banks that facilitates cooperation among central banks and other agencies in pursuit of monetary and financial stability.

Here are some key points about BIS:

  • Established in 1930, BIS is the world’s oldest international financial organization.
  • It is headquartered in Basel, Switzerland, and has representative offices in Hong Kong and Mexico City.
  • Its membership includes 63 central banks from around the world, representing countries that account for about 95% of global GDP.
  • The BIS’s mission is to promote international monetary and financial cooperation and to serve as a bank for central banks.
  • The BIS acts as a forum for central banks to share information, discuss policy issues, and collaborate on research.
  • The BIS also provides banking services to central banks and other international organizations, such as the International Monetary Fund (IMF).
  • The BIS is involved in promoting financial stability, including by conducting research on financial markets and instruments and providing assistance to central banks in managing their reserves.
  • The BIS is also responsible for setting global standards and guidelines for banking and financial market regulation, including through its Committee on Banking Supervision and Committee on Payments and Market Infrastructures.

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Happy Buddha Purnima 2023 Wishes, Quotes, Celebrations and Significance

Happy Buddha Purnima 2023

Buddha Purnima, also known as Vesak or Buddha Jayanti, is a significant festival celebrated by Buddhists around the world. Happy Buddha Purnima 2023 is celebrated on 5th May, 2023. This festival commemorates the birth, enlightenment, and death of Gautama Buddha, the founder of Buddhism. Buddha Purnima falls on the full moon day of the Hindu month of Vaisakha, which typically falls in April or May. In 2023, Buddha Purnima will be celebrated on May 5th.

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Happy Buddha Purnima 2023: Celebrations

The festival (Happy Buddha Purnima 2023) is celebrated with great enthusiasm and devotion by Buddhists worldwide. People decorate their homes and temples with colorful decorations, flowers, and lights. They also organize processions and parades to honor the teachings of Buddha. People offer prayers, meditate, and perform acts of charity and kindness on this day.

Happy Buddha Purnima 2023
Happy Buddha Purnima 2023

Happy Buddha Purnima 2023: Important Facts

  • Buddha Purnima holds great significance in the life of Buddhists. It is believed that Gautama Buddha was born on this day in Lumbini, Nepal, in 563 BCE.
  • He was born into a royal family but gave up his luxurious life to seek enlightenment. At the age of 35, he attained enlightenment under a Bodhi tree in Bodh Gaya, India.
  • This event is known as Buddha’s enlightenment or Bodhi Day. Buddha then spent the rest of his life spreading his teachings, which came to be known as Buddhism. He passed away at the age of 80 in Kushinagar, India.
  • On Buddha Purnima, Buddhists reflect on Buddha’s teachings, which emphasize the importance of living a life of compassion, wisdom, and mindfulness.
  • They also practice meditation, which is an essential aspect of Buddhism.
  • The festival is an opportunity for people to renew their commitment to these teachings and strive towards spiritual growth.
  • In addition to its spiritual significance, Buddha Purnima is also an occasion for cultural celebration. People of different countries and regions have their unique ways of celebrating the festival.
  • In India, for example, people celebrate by lighting lamps, decorating their homes and temples with flowers, and offering prayers.
  • In Japan, the festival is known as Hanamatsuri or the Flower Festival, and people decorate Buddha statues with flowers.
Happy Buddha Purnima 2023
Happy Buddha Purnima 2023

Happy Buddha Purnima 2023: Importance

  • Buddha Purnima, also known as Vesak or Buddha Jayanti, is an annual festival celebrated by Buddhists worldwide to commemorate the birth, enlightenment, and death of Gautama Buddha, the founder of Buddhism.
  • In 2023, Buddha Purnima will be observed on the 19th of May. This festival is of great significance to millions of Buddhists worldwide, and here’s why.
  • First and foremost, Buddha Purnima is a day of remembrance and gratitude for the teachings of Gautama Buddha. He taught the world the path to enlightenment and liberation from suffering, and his teachings have inspired countless people to live a more peaceful and compassionate life. The festival is a time for reflection and introspection, as Buddhists renew their commitment to the principles of the Buddha’s teachings.

Buddha Purnima is also a time for meditation and mindfulness. Many Buddhists observe the day by meditating and reflecting on the teachings of the Buddha. This helps them to cultivate a greater sense of awareness and to deepen their understanding of the nature of reality. By focusing on the present moment, Buddhists seek to develop a greater sense of inner peace and clarity.

Happy Buddha Purnima 2023
Happy Buddha Purnima 2023

Happy Buddha Purnima 2023: Significance

  • In addition to its spiritual significance, Buddha Purnima is also an important cultural festival.
  • It is celebrated with great fervor in many countries where Buddhism is practiced, including India, Nepal, Sri Lanka, Thailand, and Myanmar.
  • The day is marked with prayer, chanting, and offerings of flowers and incense at Buddhist temples and shrines.
  • Festive processions are held, and traditional foods are prepared and shared among family and friends.
  • Buddha Purnima is also a time for acts of kindness and generosity. Many Buddhists observe the day by performing charitable acts, such as donating to the poor or volunteering at a local shelter.
  • These acts of kindness and compassion are seen as a way of honoring the Buddha’s teachings and helping to alleviate the suffering of others.

In conclusion, Buddha Purnima is an important festival that holds great significance for Buddhists worldwide. It is a time for remembrance, reflection, and renewal, as well as for acts of kindness and compassion. By observing this festival, Buddhists seek to honor the teachings of the Buddha and to cultivate greater awareness, peace, and understanding in their lives.

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Happy Buddha Purnima 2023: Wishes and Quotes

Happy Buddha Purnima 2023
Happy Buddha Purnima 2023

Below are some wishes and quotes for Happy Buddha Purnima 2023:

  1. May the teachings of Lord Buddha guide us towards a peaceful and fulfilling life. Happy Buddha Purnima 2023!
  2. May the light of Buddha’s wisdom and compassion shine upon us and remove all the darkness from our lives. Happy Buddha Purnima 2023!
  3. May this auspicious day of Buddha Purnima bring joy, peace, and harmony in our lives and in the world. Happy Buddha Purnima 2023!
  4. May we all strive to follow the noble eightfold path shown by Lord Buddha and attain enlightenment. Happy Buddha Purnima 2023!
  5. May the blessings of Lord Buddha be with us always and help us to lead a life of truth, righteousness, and compassion. Happy Buddha Purnima 2023!
  6. On this sacred day, let us pray for the well-being and happiness of all sentient beings and work towards the betterment of humanity. Happy Buddha Purnima 2023!
  7. Let us take inspiration from Lord Buddha’s teachings and make the world a better place through our actions and thoughts. Happy Buddha Purnima 2023!
  8. May the celebration of Buddha Purnima bring people of all faiths together in the spirit of peace and harmony. Happy Buddha Purnima 2023!
  9. May the teachings of Lord Buddha continue to inspire and guide us towards a better future for ourselves and the world. Happy Buddha Purnima 2023!
  10. On this holy day, let us remember the life and teachings of Lord Buddha and strive to follow his path of love, compassion, and non-violence. Happy Buddha Purnima 2023!

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Polavarapu Mallikharjuna Prasad to be next Coal India chief

Delhi HC appoints former Karnataka HC judge as Basketball Federation of India administrator - Part 1561_40.1

The Public Enterprises Selection Board (PSEB) recommended Central Coalfields CMD Polavarapu Mallikharjuna Prasad as the next Chairman and Managing Director of Coal India (CIL). Prasad is expected to take the charge of India’s largest coal miner accounting for almost 80 per cent of the mined commodity from July 1.

A mining engineer from Osmania university, Prasad took over as the CCL CMD on September 1, 2020, and has more than three decades of experience in the mining sector. He is credited for the diversion of Nallah at Hingula opencast area to unlock coal reserve of 26 million tonnes (MT) in FY15 and the commencement of a new railway siding at the Talcher Coalfields.

About the Polavarapu Mallikharjuna Prasad

Prasad also took over as the CMD of Bharat Coking Coal (BCCL) in August 2019. Both CCL and BCCL are subsidiaries of CIL. Prasad will take over the baton from serving CMD Pramod Agrawal, whose term ends on June 30, 2023. Agrawal is a Madhya Pradesh cadre IAS officer, who took over the charge of CMD of the mining behemoth from Anil Kumar Jha in January 2020. He is the third officer from the Indian Administrative Service to hold the top post at CIL.

Important takeaways for all competitive exams: 

  • Coal India Headquarters: Kolkata;
  • Coal India Founded: November 1975.

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