International Financial Services Centres(IFSCs) Authority
•Central government has established International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) with headquarters in Gandhinagar (Gujarat)
•The authority will regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions which have been previously approved by any appropriate regulator such as Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) etc.
•The International Financial Services Centres Authority will consist of nine members, appointed by the central government [All members of the IFSC Authority will have a term of three years, subject to reappointment.]
Global Report on Internal Displacement 2020
•Report is published by Norwegian Refugee Council’s Internal Displacement Monitoring Centre (IDMC).
•The Report revealed that conflict, violence and disasters led to 50.8 million internal displacement across the world at the end of 2019.
•Internal Displacement: refers to the forced movement of people within the country they live in due to conflict, violence, development projects, disasters and climate change
•Top Five countries with highest displacement by conflict and violence are: Syria, Democratic Republic of Congo, Ethiopia, Burkina Faso and Afghanistan.
•Nearly five million people were displaced in India in 2019 . [It is the highest in the world]
•[Reasons: The displacements were prompted by increased hazard intensity, high population and social and economic vulnerability.]
1.6 Billion may Loss Jobs: ILO
•Recently, the International Labour Organization (ILO) has warned that nearly half of the entire global workforce is in immediate danger of having their livelihoods destroyed by the coronavirus pandemic.
•[The global workforce is 3.3 billion people, of which more than two billion people work in the informal economy]
•Hard-hit Sectors: The worst-affected sectors would be accommodation and food services, manufacturing, wholesale and retail trade, and real estate and business activities
•The ILO calls for urgent, targeted and flexible measures to support workers and businesses those in the informal economy and others who are vulnerable.
U.S. Priority Watch List for Intellectual Property (IP) rights
•India continues to be on the ‘Priority Watch List’ of the United States Trade Representative (USTR) for lack of adequate Intellectual Property (IP) rights protection and enforcement, according to the USTRs Annual Special 301 Report
•India was ranked among the top five source countries for fake goods by the Organization of Economic Development and Cooperation (OECD) in 2019.
•India had made “meaningful progress” to enhance IP protection and enforcement in some areas in 2019 and had acceded to the World Intellectual Property Organization (WIPO) Internet Treaties and the Nice Agreement.
[The Nice Agreement establishes a classification of goods and services for the purposes of registering trademarks and service marks]
•Special 301 Report
•The Special 301 Report identifies trading partners that do not adequately or effectively protect and enforce Intellectual Property (IP) rights or otherwise deny market access to U.S. innovators and creators that rely on protection of their IP rights.
•The report is released annually by the United States Trade Representative (USTR).
•Recently, a US-funded study has highlighted the possible impact of China’s dams on the Mekong river (known as Lancang river in China) and countries downstream
•The study was published by the Sustainable Infrastructure Partnership in Bangkok and the Lower Mekong Initiative.
• The Lower Mekong Initiative is a US partnership with all the downstream countries of Mekong besides Myanmar.
[The Mekong flows from China to Myanmar, Laos, Thailand, Cambodia and Vietnam.]
•It also raised questions on other Chinese dams on rivers which originate in China like Brahmaputra and their similar impact on neighbouring countries like India.
China’s Stand :It has called the study groundless and highlighted the drought faced by Yunnan because Lancang only accounts for 13.5% of Mekong’s flows.
•According to Indian experts, the study is not conclusive because it only considers the water flowing into the lower basin at one station in Thailand.
13th edition of Aero India
•Recently, the Ministry of Defence has announced that the 13th edition of Aero India will be held from February 3 to 7, 2021 at Air Force Station Yelahanka (Karnataka)
•Aero India is a biennial international military and civil airshow.
•It is a premier event that draws international and Indian military and civil aircraft makers, their support industries, military brass and government dignitaries, and business visitors
•The 2021 Aero India will be organised by the Defence Exhibition Organisation, Ministry of Defence.
[In 2019 it was organised by Hindustan Aeronautics Ltd (HAL).]