Current Affairs 16th November 2017

Current Affairs 16th November 2017 - Important Points

• A pair of rare massive, hyper-luminous galaxies discovered by - Astronomers 
•  China launches world's first fully electric cargo ship on - 14th November
• Union Government prepones introduction of BS-VI grade auto fuels to - 2018
• RBI governor Urjit Patel appointed to advisory board of BIS on - 15th November 2017
• Leonardo Da Vinci's Christ painting sold for record USD 450 million on - 15th November 2017
•  Forbes list of Asia’s Richest Families 2017 released on - 15th November 2017
• International Day for Tolerance observed globally on - 16th November 2017
• The establishment of the National Anti-profiteering Authority under GST approved by - The Cabinet

Current Affairs 16th November 2017 - Details

A pair of rare massive, hyper-luminous galaxies discovered by - Astronomers 

Astronomers for the first time have spotted 2 hyper-luminous starburst galaxies, highly bright and spectacularly massive galaxies, in the early universe.
As per the Dominik Riechers, an astronomer at Cornell University in Ithaca, New York, "discovering just one hyper-luminous starburst galaxy is remarkable. Finding 2 of these rare galaxies in such close proximity is truly remarkable.”
Astronomers located the 2 interacting galaxies, collectively known as ADFS-27, as they began the gradual process of merging into a single, great elliptical galaxy.
The finding was published in the Astrophysical Journal.

Key Highlights-

• The ADFS-27 system is approximated to have 50 times the amount of star-forming gas as the Milky Way. Much of the gas will be changed into new stars very quickly.
• The present observation of the astronomers reveals that the 2 galaxies are forming stars at a very high speed, about one thousand times faster than Milky Way.
• The pair of galaxy is situated approximately 12.7 billion light-years from Earth in the direction of the Dorado constellation.
• At such distance, astronomers noticed this system as it appeared when the universe was only about one billion years old.
• It appeared as a single red spot in the telescope's survey of the southern sky.
• The initial findings suggested that the apparently faint object was actually both extremely bright and extremely distant.
• Repeated observations with the Atacama Pathfinder EXperiment telescope confirmed these starting interpretations and paved the way for more elaborated observations.
• The Atacama Pathfinder EXperiment telescope in Chile has a higher resolution and much greater sensitivity. Thus it was able to measure the distance to the object and explained that it was in fact two distinct galaxies.

 China launches world's first fully electric cargo ship on - 14th November

China on 14th November 2017 launched world's 1st fully electric cargo ship in Guangzhou, the capital of Guangdong province. This 2000-metric-ton ship is the first in the world to use lithium battery.
The ship was constructed by the Guangzhou Shipyard International Company Ltd. The ship is currently running in the inland section of the Pearl River.

Highlights of the world's first fully electric cargo ship-

• The ship can run 80 kilometers after being charged for 2 hours.
• The ship is 70.5 meters long and has battery of about 2400 kilowatt hours which is the same energy of fourty new energy cars.
• Its maximum speed is 12.8 kilometers per hour, and there is zero emission of pollutant gasses.
• The ship will be ideally used to run in the inland section of the Pearl River for transporting coal for the generation of electric power.
• This all-electric cargo vessel will support in reducing the costs of shipping for electric power operators. The main cost of this ship depends on how much lithium battery it is associated with.

Union Government prepones introduction of BS-VI grade auto fuels to - 2018

Considering the critical pollution levels in Delhi and nearby areas, the Union Petroleum Ministry on 15th November 2017 declared the introduction of BS- VI grade auto fuels in NCR, Delhi effective from 1st April 2018 instead of 1st April 2020.
The decision was made in consultation with Public Oil Marketing Companies. These OMCs were also asked to fine the possibility of introduction of BS-VI auto fuels in the complete NCR area with effect from April 2019.
The decision is focused at reducing the vehicle emissions and improving the fuel efficiency to decrease the carbon footprints and keep the environment healthy.
Bharat Stage norms are the regulatory pathway for the quality of fuel and vehicle emissions standards.

Did you know?
The Union Ministry of Petroleum and Natural Gas launched the BS-IV grade transportation fuels across the Nation in April 2017. With the introduction of BS-IV grade fuel, a new era of clean fuels will began, which benefitted all citizens by significantly decreasing pollution levels.

RBI governor Urjit Patel appointed to advisory board of BIS on - 15th November 2017

RBI Governor Urjit Patel was designated to the Financial Stability Institute Advisory Board of the Bank of International Settlement on 15th November 2017.
The Bank of International Settlement is a global financial organization hold by major central banks from across the world. The Financial Stability Institute of the BIS helps financial sector authorities worldwide in strengthening their financial structures.
The FSI has been executing a new strategy since the beginning of 2017 that includes a close interaction with its important stakeholders including central banks and financial supervisory agencies.
As a part of these, the BIS have determined to reactivate the FSI Advisory Board. The board was earlier established in 1998 but it closed operations some time later.

More about FSI Advisory Board-

• FSI mainly seeks to supports cross- sector and cross-border observer contacts and cooperation.
• The advisory Board is supposed to provide strategic advice to help the FSI to meet its instructions in a way that is responsive to the changing demands of its key stakeholders around the world.
• For this aim, the Advisory Board will form a small yet diverse group of central bank Governors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory classes.
• Jaime Caruana, General Manager of the BIS, will be Chairman of the new FSI Advisory Board.
• Caruana will work until 30th November 2017, after which he will be substituted by Agustin Carstens, incoming General Manager of BIS.
• The members of the board will will be Urjit Patel along with William Dudley, President of the Federal Reserve Bank of New York, South Africa, central bank governors in Brazil, Japan and other top bankers across the world.

More about Urjit Patel

• The Indian economist is currently working as the 24 Reserve Bank of India Governor. He was authorized to the position in September 2016, succeeding Raghuram Rajan.
• He was earlier serving as the deputy Governor of RBI. He mainly looked after monetary policy, deposit insurance, statistics and information management, economic policy research, communication and Right to Information.
• He completed his Bachelor's in Economics from the London School of Economics and got his doctorate in Economics from Yale University in 1990.
• He earlier has also been a non-resident Senior Fellow at the Brookings Institution since 2009.
• He started working primarily with the RBI as an advisor, after which he was appointed as a consultant in the Department of Economic Affairs, Ministry of Finance.
• Earlier, he has also worked with several High Level Committees at both central and state level.

Leonardo Da Vinci's Christ painting sold for record USD 450 million on - 15th November 2017

A painting of Christ by Italian Renaissance painter Leonardo da Vinci was auctioned for a record USD 450 million at an auction event on 15th November 2017, breaking all the earlier records of artworks auctioned. It was sold by Christie’s auction house.
So far , the highest price ever paid for an artwork at auction was USD 179.4 million for Pablo Picasso’s painting 'Women of Algiers (Version O)' in May 2015. While, the highest known auctioned price for any artwork was USD 300 million for Willem de Kooning’s painting 'Interchange'.

Highlights of the Leonardo Da Vinci's Christ painting-

• The painting is known by 'Salvator Mundi', an Italian phrase for 'Savior of the World'.
• The painting is one of 16 paintings by Leonardo known to live and is the only one in private hands.
• This 26-inch-tall painting dated from back 1500 approximately and shows Christ dressed in Renaissance-style robes where his right hand is raised for blessing and his left hand holds a crystal sphere.
• It belonged to King Charles I of England in the 1500s and got disappeared until 1900.
• The painting was again auctioned in 1958 and was finally discovered in 2005.
• Leonardo da Vinci passed away in 1519 and there are fewer than 20 of his paintings in existence, including the famous painting of 'Mona Lisa'.

 Forbes list of Asia’s Richest Families 2017 released on - 15th November 2017

The Forbes list for 2017 of Asia’s Richest Families was released on 15th November 2017. This year, the list is topped by India’s Mukesh Ambani family with a net worth of USD 44.8 billion, which is USD 19 billion increases from the previous year.
The Ambani family took the place of the Lee family of the Samsung Empire to hold the first position. This is the 1st time that an Indian family has topped the Forbes list of Asia’s Richest Families.
The total wealth of Asia’s 50 richest families on the list is a record USD 699 billion, a 35% increase from last year.

Key Highlights-

• South Korea’s Lee family lost their first place this year, despite witnessing USD 11.2 billion rise in their wealth. Owner of Samsung Electronics, Lee family owns a total wealth of USD 40.8 billion this year.
• Hong Kong’s Kwok family turned out to be Asia’s richest real estate family with third rank in the list. Kwok family controls Sun Hung Kai Properties with a net wealth of USD 40.4 billion.
• Thailand’s Chearavanont family after Charoen Pokphand Group holds the fourth spot on the list, with a net worth of USD 36.6 billion.
• A total of 43 families from the year 2016 list saw rise in their wealth over the past year, due to an overall 25% jump in Asia’s stock markets.
• The new entries in the list are Chey family at 39th rank of South Korea's SK Group, Yoovidhyas of Thailand at 22nd rank, Sehgal family of India at 41st rank and Wadia family of India at 42nd rank, and the Lees at 30th rank and Tungs at 49th rank of Hong Kong.
  Indian families in Forbes list of Asia’s Richest Families
• For the 3rd time, India is the biggest presence on the list, with 18 richest families, followed by Hong Kong with 9 richest.
• The 2nd richest family in India is the Premji family with USD 19.2 billion net worth, followed by the Mittal family with USD 17.2 billion; Mistry family with USD 16.1 billion and Birla family with USD 14.1 billion net worth.
• Between the newcomers from India this year’s list include the Sehgal family with USD 6.15 billion net worth and the Wadia family with USD 6.14 billion net worth.

International Day for Tolerance observed globally on - 16th November 2017

The International Day for Tolerance was observed across the world on 16th November 2017. The observance objects to bolster UNs’ promise to strengthen tolerance in the world by fostering mutual understanding between cultures and peoples.
Taking more the same commitment, the UN has started a new campaign called ‘Together’ to boost tolerance, respect and dignity across the world. This global program is aiming to reduce negative perceptions and attitudes towards refugees and migrants and to strengthen the social interaction between host nations and communities and migrants.

Important Highlights

• The UN General Assembly in 1996 asked all the member states to celebrate the International Day for Tolerance on 16th November.
• The declaration followed the UN Year for Tolerance, 1995, which was announced by the UN General Assembly in 1993 at the initiative of UNESCO, as defined in the Declaration of Principles on Tolerance & follow-up plan of action for the year.
• The UNESCO member states acquired a Declaration of Principles on Tolerance on 16th November 1995, on the day of its 50th anniversary.
• The day is much important than ever in this era of increasing violent extremism and widening disputes that are identified by a fundamental disregard for human life.

The establishment of the National Anti-profiteering Authority under GST approved by - The Cabinet

The Union Cabinet headed by the Prime Minister Narendra Modi has given its permission for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST.
The conclusion was followed up immediately after the intense reduction in the GST rates of a large variety of items of mass consumption.
This paves the way for the instant establishment of this top body, which is mandated to confirm that the benefits of the reduction in GST rates on goods or services are given to the ultimate customers by way of a prices reduction.

Structure of NAA-

The NAA will be led by a senior officer of the Secretary level to the Government of India with 4 Technical Members from the Centre and/or the States.

Objectives of NAA-
It is considered as another measure focused at comforting customers that Government is fully dedicated to taking all possible measures to ensure the benefits of implementation of GST in terms of lower prices of the goods and services reach them.

National Anti-profiteering Authority-
This institutional structure consists of the NAA, a Screening Committee, Standing Committee in each and every State and the Directorate General of Safeguards in the Central Board of Excise & Customs(CBEC).

Key Highlights

Within a few months of execution of GST in India, there were hues and cries from the business sector to common man. To ease this situation, the government slashed the GST rate from 28% to 18% on various goods falling under 178 headings from the 14 November 2017 midnight.
There are now only 50 items which are under the GST rate of 28%. In the same way, huge variety of items have witnessed GST  reduction  from 18% to12% and and some goods have been completely removed from GST even.
Therefore, to make the whole GST roll-out process smooth, the Union Cabinet passed this NAA.