14th November, 2024 Current Affairs

NATIONAL 

Dominica to Confer Highest National Honour to Prime Minister Narendra Modi.
•    Dominica has announced to confer its highest national honour to Prime Minister Narendra Modi. The Dominica Award of Honour will be bestowed to the Prime Minister in recognition of his contributions to Dominica during the COVID-19 pandemic and his dedication to strengthening the partnership between India and Dominica. President of Dominica Sylvanie Burton will confer the award during the upcoming India-CARICOM Summit, scheduled to take place in Georgetown, Guyana from 19th to 21st of this month.
•    it is an honour to present him with Dominica’s highest national accolade as a symbol of country’s gratitude for his support and as a reflection of the strong ties between the two countries.

INTERNATIONAL

GABV Member Banks Endorse Fossil Fuel Non-Proliferation Treaty at COP29 in Baku

•    The Global Alliance for Banking on Values (GABV) at the ongoing United Nations Climate Change Conference (COP29) at Baku in Azerbaijan today announced that 25 of its member banks have endorsed the Fossil Fuel Non-Proliferation Treaty initiative, marking the first collective endorsement of the initiative by financial institutions. 
•    The treaty is a proposal for a global binding plan to end the expansion of new coal, oil and gas projects, and manage a global transition away from fossil fuels. By endorsing the proposal for a Fossil Fuel Non-Proliferation Treaty, these 25 GABV members are urging the financial sector to take meaningful action in the fight against climate change by ending finance for fossil fuel expansion.
•     Founded in 2009, the GABV is a network of 70 sustainable banks operating across all major world regions, united by a mission to finance change and change finance. They collectively manage 117 billion dollars in assets and serve over 11.3 million people worldwide.
•     The COP29 has been dubbed the “Finance COP,” marking the critical moment for wealthy countries to fund the fight against climate devastation. Delegates from about 200 countries, business leaders, climate scientists, Indigenous Peoples, journalists, and various other experts and stakeholders are attending the summit, which will last until 22nd of November.

ECONOMY 

RBI’s New Framework for Converting FPI Holdings to FDI.
•    The Reserve Bank of India (RBI) has introduced a new framework that allows Foreign Portfolio Investors (FPIs) to convert their investments into Foreign Direct Investment (FDI) if their holdings exceed the 10% equity threshold in Indian companies. This move is designed to streamline the process, making it easier for FPIs to align with FDI guidelines, provided they have the necessary government and company approvals. 
•    The new rules, effective from November 11, 2024, offer FPIs the option to reclassify excess shares within five trading days, ensuring compliance with the Foreign Exchange Management Act (FEMA) and sectoral FDI caps.
•    FPIs holding more than 10% in a company were required to either sell off the excess stake or reclassify it as FDI. Now, the RBI framework allows FPIs to retain the excess shares by converting them into FDI, with approval from both the Indian government and the investee company.

HEALTH

Pinfenon (S) (R) – First Patent for Canine Cardiac Disorder Treatment.
•    Scarecrow Incorporated, located in Tokyo’s Shibuya Ward, has successfully acquired the world’s first patent for its animal supplement, Pinfenon (S) (R). This innovative product is designed to treat and prevent cardiac disorders in dogs by lowering the levels of atrial natriuretic peptide (ANP). The patent also covers the manufacturing methods for this unique treatment and prophylactic drug.
•    A supplement that reduces the ANP biomarker, associated with mitral regurgitation and other heart conditions in dogs.
•    Extracted from French maritime pine bark, known for its high physiological activity.
•    Significant decrease in ANP levels, showing improvement in heart health.
•    Notable improvement in symptoms, such as difficulty breathing.
•    Clinical tests demonstrated effectiveness with dogs receiving Pinfenon (S) (R) alongside their existing cardiac medication. Dominica to Confer Highest National Honour to Prime Minister Narendra Modi

AWARDS

British Writer Samantha Harvey Wins Booker Prize for Fiction with “Orbital”.
•    British author Samantha Harvey has won the prestigious Booker Prize for Fiction for her novel “Orbital,” a thought-provoking and imaginative exploration set in the unique setting of the International Space Station (ISS). The novel, which Harvey refers to as a “space pastoral,” delves into the fragility of Earth and the profound connection humans have with their planet, using the perspective of astronauts in orbit.
•    The Booker Prize, one of the most prestigious awards in the literary world, was awarded to Harvey with a £50,000 prize. This marks a significant achievement for Harvey, who is the first British writer to win the Booker since 2020. The Booker Prize is known for transforming the careers of writers, and Harvey’s win is expected to propel her into the literary spotlight.