Daily Current Affairs : 4th May 2020

Air warriors salute bravehearts on the ground

  • Three formations of Su-30MKI, MiG-29 and Jaguar fighter jets and C-130 transport aircraft of the Indian Air Force performed a flypast on Rajpath on Sunday which is otherwise only done during the Republic Day parade. The display was part of the efforts of the armed forces to show gratitude to all corona warriors.
  • Fighter jets carried out flypasts over several cities across the country, while military helicopters showered petals on hospitals treating COVID-19 patients.

AU Small Finance Bank Q4 net marginally up

  • AU Small Finance Bank registered a 3.45 per cent increase in its net profit to Rs.122.32 crore for the fourth quarter of the fiscal 2019-20 as against Rs.118.23 crore in the same period a year ago. The bank’s net income grew 43 per cent to Rs.738 crore in the fourth quarter last fiscal from Rs.517 crore in the corresponding period in 2018-19.
  • Its net interest income surged 43 per cent to Rs.555 crore in the quarter ended March 31, 2020 from Rs.387 crore a year ago.

CA secures $50 million loan as safety cover

  • Cricket Australia has secured a loan of $50 million, an upfront payment as part of a larger $200 million credit, which it has sought to cover the losses if India fails to tour the country later this year due to the COVID-19 pandemic.

Carlsen to face Nakamura in final

  • Magnus Carlsen bounced back to win the last two games and pipped Ding Liren at the post with a 2.5-1.5 verdict on way to the final of his signature event – Magnus Carlsen Invitational Online chess tournament.
  • In the final, Carlsen will take on Hikaru Nakamura. The winner’s share of this $250,000 event is $70,000.

COVID-19 related deaths in world surpass 240,000

  • The number of COVID-19 related deaths in the world has surpassed 240,000, Johns Hopkins University Coronavirus Resource Center data showed. The total case count stands at thirty three lakh eighty six thousand five hundred ninteen. Of these, more than ten lakh have recovered.

Credit risk funds’ redemptions peak at Rs.4,294 cr on April 27

  • Credit risk funds have seen a net redemption of Rs.8,186 crore over the past week, following the turbulence created by the sudden closure of six debt-oriented schemes by Franklin Templeton. Net redemptions under such funds peaked to Rs.4,294 crore on April 27, against Rs.2,949 crore on April 24. Subsequently, they fell to Rs.1,847 crore, Rs.1,251 crore and Rs.794 crore between April 28-30 as the RBI offered support to the MF industry.
  • Credit risk funds are those that invest nearly two-thirds of their corpus in relatively low credit-rated debt instruments.

ICICI Lombard General Insurance posts 23.8% increase in Q4 net

  • ICICI Lombard General Insurance posted a 23.8 per cent increase in its net profit during the fourth quarter of 2019-20 at Rs.281.91 crore. Its net profit stood at Rs.227.73 crore in the same period a year ago. Gross premium written fell by eight per cent to Rs.3,231.58 crore in the quarter ended March 31, 2020 as against Rs.3,527.89 crore in the same period a year ago.
  • For the full financial year 2019-20, net profit grew by 13.8 per cent to Rs.1,194 crore as compared to Rs.1,049 crore in 2018-19.

India Post offers higher interest rate on savings deposit than subsidiary Bank

  • India Post Payments Bank (IPPB) has cut the interest rate on savings bank (SB) deposit thrice since February 2020 from 4 per cent to 2.75 per cent even as it parent, India Post, continues to hold the interest rate on the Post Office Savings Account (POSA) rock steady at 4 per cent.
  • This differential of 125 basis points between the interest rate offered by IPPB and India Post (also known as Department of Posts) on the same product (SB account) could make it difficult for the former to attract fresh deposits.

Israel’s top court hears petitions to bar Netanyahu from forming government

  • Israel’s top court on Sunday began hearing arguments to bar Prime Minister Benjamin Netanyahu from forming a new government as he faces a criminal trial on corruption charges. The Supreme Court will also hear petitions challenging a coalition deal with his rival-turned-partner Benny Gantz, who is currently speaker of the Knesset, Israel’s parliament

North and South Korean troops exchange fire along their tense border

  • North and South Korean troops exchanged fire along their tense border, this is the first such incident since the rivals took unprecedented steps to lower front-line animosities in late 2018. The Joint Chiefs of Staff in Seoul said that North Korean troops fired several bullets at a South Korean guard post inside the border zone.
  • The exchange of fire came a day after North Korea broadcast video of its leader, Kim Jong Un, reappearing in public after a 20-day absence amid intense speculation about his health.

Plan to resume national camps from May end, says Rijiju

  • The sports ministry is planning to get athletes back on the ground as early as the situation permits, but with strict medical protocols. Sports Minister Kiren Rijiju assured that athletes — especially those who have qualified for Olympics, or are on the verge of it, or are likely to — would be given preference to join national camps.
  • However, they have to go through strict medical screening. They will be quarantined if need be, as the ministry doesn’t want to jeopardise the health of those who are already at the venues.
  • National camps for Olympic-bound athletes will resume at the National Institute of Sport (NIS) in Patiala and Sports Authority of India (SAI) centre in Bengaluru by the end of May.

PMGKY: IBA draws up withdrawal schedule for women Jan Dhan account-holders

  • In order to maintain social distancing and ensure orderly withdrawal of money, the Indian Banks’ Association (IBA) has drawn up a staggered schedule, from May 4-11, for women Jan Dhan Yojana account-holders to withdraw the second installment of Rs.500 to be deposited by the government for the month of May.
  • Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the government has decided to deposit Rs.500 per month, during the April-June 2020 period, in the accounts of women Jan Dhan Yojana account-holders. The first installment was disbursed last month.

RBI cancels Mumbai-based CKP Co-op Bank’s license

  • The Reserve Bank of India (RBI) has cancelled the licence of Mumbai-based CKP Co-operative Bank Ltd as its financial position is unsustainable and also not in a position to pay its depositors. The bank is not satisfying the stipulated minimum regulatory capital requirement of 9 per cent, the RBI said while cancelling the licence.
  • The Reserve Bank of India (RBI) also said 99.2 per cent of the depositors of the CKP Co-operative Bank will get full payment of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC)
  • As at November-end 2019, CKP Co-op Bank, as per its website, had deposits aggregating Rs 485.56 crore and loans aggregating Rs 161.17 crore.

Russia reports more than 10,000 new cases of Coronavirus infections

  • Russia has reported more than 10,000 new cases of Coronavirus infections. More than half of the 10,633 new cases reported were in Moscow, where concern is rising about whether the capital’s medical facilities will be overwhelmed.
  • Russia has recorded more than 134,000 Coronavirus infections overall and 1,420 deaths.

Silver Lake to invest Rs.5,655 crore in Jio Platforms

  • Global private equity major Silver Lake Partners has entered into an agreement to invest Rs 5,655.75 crore in Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, in lieu of 1.5 per cent.
  • This investment values Jio Platforms at an equity value of Rs 4.90-lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22.

UNICEF urges Middle East countries to greenlight vaccination campaigns

  • The UN children’s agency has urged six Middle East countries to greenlight special polio and measles vaccination campaigns put on hold because of the coronavirus pandemic. UNICEF says the polio campaigns are on hold in Syria, Sudan, Yemen and Iraq, while measles vaccinations are suspended in Iraq, Lebanon, Yemen and Djibouti.
  • UNICEF says nearly 10.5 million children under the age of five risk missing their polio vaccinations. Nearly 4.5 million children under 15 could miss their measles vaccinations.

US will have coronavirus vaccine by year’s end: President Trump

  • US President Donald Trump has said that the United States will have a vaccine for Covid-19 by the end of this year. He said that several pharmaceutical companies are close to developing the vaccine.
  • Public health officials have said a coronavirus vaccine could take a year to 18 months. Vaccines often take many years to develop and distribute.
  • According to media reports, there are 14 potential vaccines for COVID-19 under development as part of the effort to fast-track vaccine development.

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