Table of Contents
Correction
India has been ranked at the 103rd position among 119 countries on the Global Hunger Index
Cartel vs Cartel
- Oil consumers are at the mercy of a cartel.
- Prime Minister Narendra Modi in a polite note observed oil market is producer driven and they determine the prices and this is causing bleeding situation for consumer countries.
- UNGA 2018: Donald Trump said Opec is “ripping off” the world.
- These are not baseless charges.
- ‘Algiers Accord’: an agreement among Opec members and Russia, an important non-Opec oil producer, to compress supply.
- Consequently, output was adjusted downward by about 1.8 million barrels a day.
- To make matters worse the US announced unilateral sanctions on trade with Iran, disrupting oil supply agreements.
- The impact of these developments showed up in the price trend.
- The monthly average price of the Indian crude basket increased 75% in the last two years to $77.88 a barrel.
- For India, the increase in oil price has put its balance of payments under some pressure, strained household budgets and led to input cost escalation for industry.
- As a cartel Opec, led by its largest producer Saudi Arabia, has functioned in a way which has often hurt large oil consumers like India.
- Four large oil importers are in Asia: China, India, Japan and South Korea.
- Dharmendra Pradhan: there should be cooperation among buyers to get a good deal.
Ministry of Agriculture and Farmers Welfare
- Radha Mohan Singh today said, the government is continuously working on achieving goal of zero hunger by 2030 in a systematic manner.
- He said, this year’s world food day aims at showcasing Centre’s global commitment towards zero hunger.
- Mr. Singh was addressing a two-day Agristartup and Entrepreneurship Conclave in New Delhi on the occassion of World Food Day today.
- Applauding the efforts of the scientists, Mr Singh said, 45 models on integrated farming for 15 different climate zones in the country have been devised.
- The Minister said that during the last four years agricultural production has increased manifold.
FinMin
- The union government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the OctoberDecember quarter of current financial year.
- The interest rate on GPF was 7.6 per cent for the July-September quarter. According to a notification issued by Department of Economic Affairs, the interest will be with effect from October 1, 2018, to December 31, 2018.
- The interest rate would apply on Provident Funds of central government employees, railways and defence forces.
HM
- 34th Raising Day event of National Security Guard (NSG)
- Mr Singh said terrorists are using social media for publicity and vehicles to run over people in crowded public places.
- He said, keeping up with the challenges, the NSG is upgrading its skills and techniques.
- In order to reduce response time, Mr Singh said that regional hubs of NSG are being set up and recently one such hub was inaugurated in Hyderabad.
Health Ministry
- J P Nadda today chaired a high level meeting and reviewed the status of Zika Virus Disease and H1N1 Seasonal Flu in New Delhi.
- Mr Nadda stressed on strengthening surveillance to facilitate the early identification of cases.
- He urged the people not to panic and cooperate with the health officials in controlling the breeding of the vectors.
- Mr Nadda said that there was no shortage of medicines and testing kits.
- He said, awareness is the key in controlling the vector borne diseases and no stone should be left unturned to reach out to the people.
Falklands
- 1690 – English captain makes first recorded landing on Falklands.
- 1764 – First settlement founded on East Falkland by French navigator.
- 1765 – British settle West Falkland. They are driven off by the Spanish in 1770 but return in 1771, only to withdraw again in 1774.
- 1820 – Independent Argentina proclaims sovereignty over the Falklands.
- 1831 – US warship destroys Argentine settlement in reprisal for the arrest of three US vessels hunting seals.
- 1833 – British force expels remaining Argentine officials from the island and installs a governor. Argentina continually protests against British occupation.
- 1965 – UN resolution invites Britain and Argentina to discuss ways of finding a peaceful solution to their dispute.
- 1982 – Argentina invades, prompting Falklands War.
- 1990 – Argentina and Britain restore diplomatic relations, severed in 1982.
- 2013 – Islanders vote to remain a British overseas territory.
Research quiz
Watch Free Video – Daily PIB analysis
WhatsApp