18 May 2023 : Daily Current Affairs

Daily Current Affairs

18-May-2023

Daily Current Affairs For UPSC ,Daily Current affairs of The hIndu and Indian Express.

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1. The latest China-Canada kerfuffle.

Topic: GS2 – International Relations

Context:

• • • On May 8, the Canadian government declared Chinese diplomat Zhao Wei “persona non grata” for allegedly targeting a Canadian lawmaker critical of China’s human rights record.

    • Persona Non-Grata is Person who is prohibited and asked to leave the country. A consul can be declared persona non grata under Vienna Convention and asked to leave the country.

Issue:

• • • The feud began with a report from the Canadian Security Intelligence Service (CSIS) revealing potential threats to opposition lawmaker Michael Chong and his family in Hong Kong due to his criticism of Beijing.

    • Chong had led efforts to declare China’s treatment of Uyghurs and other minorities in Xinjiang as “genocide,” which led to China barring his entry into the country.

    • China responded by asking a top Canadian diplomat, Jennifer Lynn Lalonde, to leave the country in a “reciprocal countermeasure.”

    • Tensions escalated with China warning of further actions and Canada asserting it would not be intimidated.

    • After the CSIS report surfaced, the Canadian government faced criticism for its inaction against China.

    • Canada declared Zhao Wei “persona non grata” and warned diplomats against engaging in foreign interference.

    • China strongly reacted, considering the move violated international law and sabotaged China-Canada relations.

    • The strained Canada-China ties can be traced back to the arrest of Huawei executive Meng Wanzhou in 2018 and China’s subsequent detention of two Canadians.

    • Allegations of Chinese interference in Canadian elections and a technology battle between the two countries have further contributed to the tension.

2.Why are financial regulators transitioning from LIBOR?

Topic: GS3 – Banking

Context:

• • • The RBI stated that some banks and financial institutions had yet to facilitate a transition away from LIBOR (London inter-bank offered rate).

    • LIBOR, EURIBOR(European), SOFR (US Federal Reserve) and SARON are a few of such benchmark rates that Each bank estimates that it might be charged if it had to borrow from other banks.

Issue:

• • • The RBI stated that some banks and financial institutions had yet to facilitate a transition away from LIBOR.

    • LIBOR is a global benchmark interest rate used in various financial contracts and consumer lending products.

    • The mechanism relied on banks to report honestly, which led to controversies and manipulation during the 2008 financial crisis.

    • An alternative benchmark rate called SOFR was introduced by the U.S. Federal Reserve in 2017.

    • In India, new transactions were to be conducted using SOFR and MMIFOR instead of LIBOR and MIFOR.

    • The RBI had asked banks to assess their LIBOR exposures and prepare for the adoption of alternative reference rates.

    • Contracts entered after December 31, 2021, were not to use LIBOR as a reference rate, and fallback clauses were required in contracts entered before that date.

3. SC asks Manipur leaders to show restraint in statements.

Topic: GS1 – Society, GS 2 – Mechanism for Vulnerable communities.

Context:

• • • The Supreme Court urged constitutional authorities in Manipur to show restraint and responsibility after allegations of provocative statements by Chief Minister N. Biren Singh.

Issue:

• • • The court referred to a recent judgment emphasising the impact of public statements made by public functionaries and influential individuals.

    • The Solicitor-General agreed with the court’s stance and emphasised the state’s priority to restore calm while expressing concern about illegal migrants entering the state from Myanmar.

    • The court noted the absence of information regarding recent killings in the state in the status report submitted by the state government.

    • The Solicitor-General stated that the state intended to restore peace and calm rather than aggravate the situation.

    • The state had successfully obtained a one-year postponement of implementing a court order regarding the inclusion of the Meetei/Meitei community in the Scheduled Tribe list.

    • The court initially considered staying the March 27 order but decided against it, considering the potential impact on the situation.

    • The court directed the Manipur government to file a fresh status report, emphasizing that it does not want to delve into politics and policy but wants to stay informed as a constitutional court.

4. NHRC issues notice over-exploitation of 13 girls in U.P. school.

Topic: GS2 – Social Justice

Context:

• • • The National Human Rights Commission (NHRC) has issued notices to the Uttar Pradesh Chief Secretary and the Director-General of Police regarding an incident of alleged sexual exploitation of 13 girl students by a computer instructor at a government school in Shahjahanpur.

Issue:

About National Human Rights Commission:

• • • The National Human Rights Commission (NHRC) is a statutory body in India responsible for protecting and promoting human rights in the country. It was established under the Protection of Human Rights Act in 1993 and is independent of the government.

    • The NHRC is mandated to inquire into complaints of human rights violations, investigate cases on its own initiative (suo motu), promote human rights awareness, and recommend measures for effectively implementing human rights safeguards.

    • The commission consists of a chairperson and several members, including ex-officio and full-time members, who the President of India appoints. The chairperson should be a retired Chief Justice of India or a judge of the Supreme Court, and the members should have knowledge and experience in matters related to human rights.

    • The NHRC has the authority to conduct investigations, visit places of detention, review laws and policies, issue recommendations, and intervene in legal proceedings related to human rights. It has the power of a civil court in matters such as summoning witnesses, examining witnesses on oath, and production of documents.

    • The NHRC plays a crucial role in addressing human rights violations, advocating for justice, and ensuring accountability in cases of violations. In addition, it works towards creating a culture of respect for human rights and raising awareness about human rights issues in society.

    • While the NHRC has the authority to make recommendations and issue guidelines, its recommendations are not binding. However, they hold significant moral and persuasive values and can influence policy and legal reforms.

5. Critical climate threshold likely to be breached in 5 years: UN.

Topic: GS1 – Climate, GS3 – Environment

Context:

• • • The United Nations’ World Meteorological Organization (WMO) warned that the period from 2023 to 2027 is likely to be the warmest five-year period ever recorded.

Issue:

• • • There is a two-thirds chance that global temperatures will exceed the more ambitious target set in the Paris Agreement during at least one of the next five years.

    • The hottest eight years on record have all occurred between 2015 and 2022, with 2016 being the warmest year.

    • The WMO predicts a 98% likelihood that at least one of the next five years will be the warmest on record.

    • The Paris Agreement aims to limit global warming to “well below” two degrees Celsius above pre-industrial levels, with an even more ambitious goal of 1.5 degrees Celsius if possible.

    • The WMO forecasts a 66% chance that global surface temperatures will exceed 1.5 degrees Celsius above pre-industrial levels for at least one year between 2023 and 2027.

    • The combination of El Nino, a weather phenomenon that warms surface temperatures in the Pacific Ocean, and human-induced climate change is expected to push global temperatures into uncharted territory.

    • The increasing temperatures will have far-reaching consequences for health, food security, water management, and the environment.

    • Greenhouse gases, such as carbon dioxide, methane, and nitrous oxide, are at record high levels and contribute to the trapping of heat in the atmosphere.

    • It may take thousands of years to return to a “normal” climate due to the high concentration of carbon dioxide and the irreversible effects of melting glaciers and rising sea levels.

6. India, EU explore ways to resolve ‘carbon border tax’.

Topic: GS3 – Environment

Context:

• • • India and the European Union (EU) are working to address the EU’s Carbon Border Adjustment Mechanism (CBAM) in their trade relationship.

Issue:

• • • The CBAM is a tool that puts a price on carbon emitted during the production of goods entering the EU and aims to encourage cleaner industrial production outside the EU.

    • Indian Commerce Minister Piyush Goyal and External Affairs Minister S. Jaishankar led a delegation to Brussels to discuss the issue during bilateral meetings and the EU-India Trade and Technology Council (TTC).

    • The TTC stated that the two parties will intensify their engagement to address the implementation issues of the CBAM.

    • Both sides are engaged in discussions, and India believes that the intention of the CBAM is not to create a barrier to trade but to promote sustainability.

    • EU officials assert that the mechanism is WTO-compatible and applies the same price of carbon to imported goods as to domestic producers.

    • The sectors where India is likely to be impacted are steel and aluminium, as the EU has proposed carbon taxes on these commodities.

    • The Indian government is examining the compatibility of the overall carbon tax and differential tax treatment with WTO norms, and the verification process could be complex.

    • The first meeting of the TTC covered various areas, including strategic technologies, digital governance, clean energy technologies, trade, investment, and resilient value chains.

    • The TTC aims to complement trade deal talks between India and the EU and strengthen their partnership.

7. Quantum physics proposes a new way to study biology.

Topic: GS3 – Science & Tech

Issue:

• • • Quantum biology is an emerging field that explores the influence of quantum effects on biological systems.

    • Quantum effects occur at atomic and molecular scales and cannot be explained by classical physics.

    • While quantum effects are typically observed at very small scales and low temperatures, there is increasing evidence that nature utilizes quantum mechanics to optimize biological processes.

    • Quantum effects have been observed in basic chemical reactions within biomolecules and may play a role in various physiological processes.

    • Studying quantum biology requires specialized tools and techniques to measure and control quantum properties within a wet lab environment.

    • Weak magnetic fields have been found to influence physiological processes, and controlling electron spins through magnetic fields can impact chemical reactions and physiological outcomes.

    • Understanding the nanoscale mechanisms behind quantum effects in biology is essential for harnessing them for therapeutic purposes and developing noninvasive, remotely controlled devices.

    • Quantum biology is an interdisciplinary field that brings together researchers from various scientific disciplines, such as quantum physics, biophysics, medicine, chemistry, and biology.

    • Collaboration and integrated research approaches are crucial for advancing our understanding of quantum biology and its implications for medicine, biology, and technology.

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