1. Economy

IMF releases World Economic Outlook report

World Economic Outlook, October 2020: A Long and Difficult Ascent

IMF has recently released its latest World Economic Outlook report.

As per the report:

  1. the outlook for South Asian countries has been downgraded
  2. the outlook for Asian and Global economies has been higher than expected
  3. India is expected to grow at 12.5% in 2021, however the current wave of COVID may hamper this.

Quick Fact: The IMF also publishes the Global Financial Stability Report.

2. Economy

Hallmarking of Gold made mandatory

Gold hallmarking mandatory from june 1 gold jewellery purity certification  BIS govt of india | Business News – India TV

Gold Hallmarking, i.e. providing purity certification to gold jewellery and artefacts, has been made mandatory as per BIS Act 2016.

Only 14-carat, 18-carat and 22-carat gold will now be hallmarked.

Hallmark will contain four points including purity in carat, BIS mark, assay centre’s name and the identification mark of the jeweller.

3. Environment

New Zealand becomes first country to have Climate Change law for Financial firms

New Zealand introduces climate change law for financial firms in world first  | The Japan Times

New Zealand has introduced a one-of-its-kind bill on Climate Change for financial firms.

Financial firms will now have to:

  1. evaluate client companies based on environmental impact
  2. report the impacts of their funding on the effect of climate change

New Zealand plans to become carbon neutral by 2050.

Quick Fact: Javinda Ardern is the Prime Minister of New Zealand.

4. Environment

Porsche and Siemens Energy partner to produce eFuel

Porsche and Siemens Energy, with partners, advance climate-neutral e-fuel  development

eFuel is a complex hydrocarbon formed by splitting water into oxygen and hydrogen using wind-generated electricity. It is an electro fuel.

Electro fuels are carbon neutral synthetic fuels.

This project of eFuel is called Haru Oni project. It will be based in Chile due to its windy climate.

Quick Fact: Electro fuels are made by storing electrical energy from renewable sources in the chemical bonds of liquid or gas fuels.

5. International Affairs

US to withdraw troops from Afghanistan

NATO is likely to join the US in withdrawing troops from Afghanistan in  September, German defense minister says | Business Insider India

US President Biden has announced withdrawal of all troops from Afghanistan. 

The expected date coincides with the twentieth anniversary of 9/11 attacks.
Quick Fact: The capital of Afghanistan is Kabul.