Union Cabinet approves financial assistance to sugar mills

  • Financial assistance will be given to sugar mills to help clear cane dues of farmers.
  • Approval has been given for financial assistance to sugar mills at the rate of Rs. 5.50 per quintal of cane crushed in sugar season 2017-18, to offset the cost of cane.

Union Cabinet approves protocol for eliminating illicit trade in tobacco products

  • The protocol under World Health Organization Framework Convention on Tobacco Control (WHO FCTC) has been approved by the Union Cabinet.
  • The protocol aims to eliminate illicit trade in tobacco products. This is applicable to both smoking and chewing or smokeless tobacco (SLT) forms.

Union Cabinet doubles investment allowed for senior citizens

  • The doubling of the investment limit for senior citizens has been approved by the Union Cabinet.
  • Under the Pradhan Mantri Vaya VandanYojana (PMVVY), senior citizens will be able to invest Rs. 15 lakh (earlier figure was Rs. 7.5 lakh).
  • It also enables up to Rs. 10,000 pension per month for senior citizens.

Cambridge Analytica shuts down all operations after Facebook scandal

  • Cambridge Analytica (and its British parent SCL Elections Ltd) is shutting down all operations.
  • The UK-based data analytics company came into the spotlight for harvesting personal data of 87 million Facebook users.
  • The company said that it was forced to close due to ‘unfairly negative media coverage.’ It had been losing all its clients.
  • US president, Donald Trump won the US Presidential election in 2016, in part with the firm’s help.
  • The data and advertising firm is also filing for bankruptcy in the U.S.

India, US hold round 3 of Maritime Security Dialogue in Goa

  • India and the USA held the third round of the India-US Maritime Security Dialogue in Goa, from April 30 to May 1.
  • During the Dialogue, the two sides discussed developments in the maritime domain in the Indo-Pacific Region.
  • At the event, views were exchanged on ways to further strengthen bilateral maritime security cooperation.
  • The next round of the Dialogue will be held in the US.

Core sector growth slows to 4.1% in March

  • The growth of eight core sectors slowed to a three-month low of 4.1% in March 2018.
  • The slowdown is attributed to due to weak performance in six sectors including coal, crude oil, natural gas, refinery products, steel and electricity.
  • The 4.1% figure for March shows that growth has been steadily declining. It was 6.1% in January this year and 5.4% in February.
  • It was even lower than the 5.2% for March 2017.
  • Only the sectors of fertilizers and cement reported healthy numbers. These sector grew 3.2% and 13% respectively in March 2018.

Global warming driving harmful algae growth: Study

  • A team of scientists has found that global warming has been driving the growth of harmful algae in the Arabian Sea.
  • The species of alga is Algae Noctiluca, and it is popularly known as sea sparkle because it glows in the dark.
  • Algae Noctiluca is believed to be dangerous to ocean life because it produces ammonia.
  • The research was done by Indian and US scientists. The Indian scientists are from the Indian National Centre for Ocean Information Services, while the American scientists are from the National Oceanic and Atmospheric Administration (NOAA).

Subhash Chandra Khuntia appointed new IRDAI chairman

  • Subhash Chandra Khuntia is from the 1981 batch of Indian Administrative Services (IAS) officers.
  • He was a former Karnataka Chief Secretary.
  • He has been appointed as Chairman of Insurance Regulatory and Development Authority of India (IRDAI).
  • He has been appointed by the Appointments Committee of the Cabinet (ACC) for 3 years.
  • The post remained vacant for 2 months after TS Vijayan’s tenure came to an end.

Maharashtra becomes first state to issue land ownership document online

  • Maharashtra became the first state to provide digitally-signed land record receipts, which are also known as 7/12 receipts.
  • Chief Minister Devendra Fadnavis said that these will check irregularities and bring transparency.
  • The 7/12 receipt is a document which establishes the ownership of the land.
  • It is primarily used by farmers while applying for loans.

SEBI tightens KYC norms for foreign portfolio investors (FPIs)

  • The Securities and Exchange Board of India (SEBI) has tightened some Know Your Customer (KYC) rules for foreign investors.
  • There will be stricter rules for foreign portfolio investors (FPIs) from ‘high risk’ jurisdictions and also from People of Indian Origin (PIOs) who control an FPI.
  • Apparently, according to the new norms, non-resident Indians (NRIs), overseas citizens of India (OCI) and resident Indians cannot be beneficial owners of FPIs.
  • NRIs and OCIs can only obtain an FPI licence if they limit their roles to investment advisors and do not invest their money.