India, Egypt to step up cooperation in sports, youth affairs
On November 5, 2017, Union Sports Minister Rajyavardhan Singh Rathore met Sports Minister of Egypt, Khaled Abd El Aziz and discussed ways to step up cooperation in the field of sports and youth affairs.
i. Mr. Rathore visited Egypt to attend the World Youth Forum. Around 3200 participants from over 50 countries participated in the World Youth Forum.
ii. Egypt has offered their centre of excellence like the Olympic Centre for short term training programme for Indian sports teams.
iii. Mr. Rathore informed Mr. Aziz about Union Sports Ministry’s decision to hire Egyptian trainers and support staff for squash.
Quick Facts about Egypt
♦ Capital – Cairo
♦ Currency – Egyptian pound
♦ Current President – Abdel Fattah el-Sisi
China extends national anthem law to Hong Kong
On 4th November 2017, China adopted a new law enforcing a three-year punishment for disrespecting the national anthem, which would be enforced in the specially administered provinces of Hong Kong and Macau.
China’s National Anthem law extended to Hong Kong:
i. China’s National People’s Congress (NPC) has passed an amendment to the country’s criminal law to punish acts of gravely disrespecting the national anthem.
ii. It has also endorsed the adoption of the National Anthem Law to the Special Administrative Regions (SAR) of Hong Kong and Macau.
iii. Punishments are deprivation of political rights, criminal detention and imprisonment of upto three years.
iv. Those who modify the lyrics, or play or sing the national anthem in a distorted or disrespectful way in public, can be detained for up to 15 days, and also be held criminally liable.
About Chinese National Anthem:
♦ Name – March of the Volunteers
♦ Written by – Tian Han
♦ Music by – Nie Er
Nepal opens bridge built with India’s help near China border
On November 5, 2017, Nepal inaugurated a bridge on the Kaligandaki River at Jomsom area in Mustang district near China border.
i. This bridge has been built with financial assistance of 44.5 million Nepali rupees provided by India. The financial assistance was provided as a part of India–Nepal Economic Cooperation (INEC) programme.
ii. INEC has an outlay of over 76 billion Nepali rupees under which more than 554 large and small development projects have been completed or are currently being implemented. INEC focuses on projects in education, health and infrastructure sectors.
iii. With the inauguration of this bridge, people of Mustang now have direct motorable connectivity. The bridge will also benefit thousands of tourists and pilgrims visiting the famous Muktinath temple and upper Mustang for trekking.
iv. The bridge was inaugurated by Ambassador of India to Nepal Manjeev Singh Puri.
Banking & Finance
HSBC pledges $100 billion of finance by 2025 to combat climate change
On 6th November 2017, HSBC pledged to provide $100 billion in financing and investment by 2025 to help combat climate change.
HSBC pledges $100 billion to combat climate change:
i. HSBC has promised $100billion of finance for low-carbon technology and sustainable development by 2025 as part its commitment to tackling climate change and other “green” goals.
ii. It has also committed that all electricity used by HSBC would come from renewable sources by 2030, starting from 24 % today. It would achieve this through direct lending, bonds and project finance, alongside new products in asset management.
iii. HSBC also said it would become more transparent about risks to its business and to those of its clients from climate change by adopting recommendations made by the Task Force on Climate-Related Financial Disclosures.
♦ Headquarters – London
♦ Group Chairman – Mark Tucker
♦ Group Executive – John Flint