Current Affairs for BANK, IBPS Exams - 17 December 2021

::National::

UNESCO recognition for Kolkata’s Durga Puja triggers slugfest

The Bengal BJP also claimed that it was Prime Minister NarendraModi who proposed to the UNESCO that Bengal’s Durga Puja should be given a heritage tag.
Less than a day after the UNESCO added Kolkata’s Durga Puja to its 2021 list of Intangible Cultural Heritage, the honour for the 331-year-old city triggered a tussle between the ruling Trinamool Congress and the BharatiyaJanata Party on the eve of the December 19 Kolkata Municipal Corporation (KMC) polls.
Addressing voters at back-to-back rallies, chief minister Mamata Banerjee lashed out at the BJP for campaigning during the March-April assembly polls that she does not allow Durga Puja in many districts to appease the minority community.
“Some people had spread lies against me. They said I do not allow Durga Puja in Bengal. The UNESCO’s recognition has exposed their lies. Their faces have been blackened. I thank the UNESCO. I feel proud that so many of our social welfare projects have attained international recognition. We will elevate Bengal’s image before the world in the coming years,” Banerjee said at a rally in Behala.
Countering the young TMC leader, Bengal BJP president SukantaMajumdar tweeted: “Keep extra 2 minutes silence for yourself, @abhishekaitc, the proposal was sent by Modi govt. Also, your govt tried to impose ban on Durga Puja & now trying to take credit by spreading lies.”

Printed Study Materials for IBPS, SBI Bank Exam

::International::

Nicholas Burns appointed US envoy to China

The US Senate confirmed veteran diplomat Nicholas Burns as ambassador to Beijing, filling a position vacant for more than a year despite Washington's growing focus on China.
The Senate reached the key 50-vote threshold to approve Burns in an ongoing confirmation that took place after Senator Marco Rubio lifted objections. The final vote was 75-18.
Burns, a former US ambassador to Greece and NATO, at his Senate hearing in October called China an "aggressor" in the region and vowed to "compete vigorously," while also seeking cooperation on areas such as climate change.
President Joe Biden nominated Burns in August, more than half a year into his term.
Rubio held up the nomination as he accused Burns of not being tough enough and not being clear on past dealings with China.
Rubio allowed the vote, while also voting against Burns, after prolonged negotiations brought bipartisan support and passage earlier Thursday of an act to ban virtually all imports from China's northeastern region Xinjiang due to concerns of forced labor by the Uyghur minority.
Democrats argued that the United States needed an ambassador in Beijing to implement the law, and Burns largely enjoyed support from a number of other Republicans after his long record in government.
"If you're looking for a bipartisan person to put in a position, this is your guy," said Jim Risch, the top Republican on the Senate Foreign Relations Committee.
"He's done an outstanding job, has an outstanding reputation amongst the cadre of ambassadors."
The 65-year-old served as the State Department's number three official under former president George W. Bush and as the spokesperson of the department under Bill Clinton.
Burns retired from the Foreign Service in 2008 and became a professor at Harvard University.

::Economy::

Indian CEO of battery startup awarded ‘staggering’ Elon Musk-like pay package

Under the agreement, Chief Executive Officer Jagdeep Singh could receive stock options potentially valued at as much as $2.3 billion, if the company meets various milestones, according to estimates by proxy advisory firm Glass Lewis.
Shareholders of QuantumScape Corp., the solid-state battery startup that went public through a blank-check deal last year, approved a multibillion-dollar pay package for its top executive that one proxy adviser called “staggering” in size.
Under the agreement, Chief Executive Officer Jagdeep Singh could receive stock options potentially valued at as much as $2.3 billion, if the company meets various milestones, according to estimates by proxy advisory firm Glass Lewis. On a webcast of QuantumScape’s annual shareholder meeting Wednesday, the package passed in a preliminary vote, and the company said a final tally would be available later.
“The disclosed dollar value cost of the grant is staggering,” Glass Lewis, which had urged stockholders to reject the package, wrote in a recent report. Institutional Shareholder Services, another advisory firm, also opposed it.
Large pay packages are becoming increasingly common among fast-growing startups, particularly after the success of Tesla Inc. unleashed a wave of cash in the electric vehicle market. Such pacts echo the compensation agreement that helped make Tesla CEO Elon Musk the world’s richest person, said Dayna Harris, a partner at executive compensation firm Farient Advisors. At least 15 corporate leaders received awards valued at $100 million or more last year, a threefold increase from when Musk received his in 2018.
QuantumScape, backed by Volkswagen AG and Bill Gates’s venture fund, rocketed to a valuation of almost $50 billion late last year on the promise of its next-generation technology, which could dramatically speed EV adoption by providing automakers with a safer, cheaper alternative to lithium-ion batteries. It has come under pressure this year from short-sellers questioning its prospects, with shares plunging 72% through Tuesday’s close.

Commerce ministry likely to soften stance on 21st century issues at WTO

The commerce ministry has hinted at a gradual softening of stance on contentious trade issues such as government procurement, e-commerce, and the environment at the World Trade Organization (WTO), by first negotiating such deals bilaterally with countries under ongoing free-trade agreements (FTAs).
A large number of countries are negotiating plurilaterals or joint-statement initiatives on 21st century issues such as e-commerce, the environment, and investment facilitation at the WTO. This India has challenged, holding that they do not have the sanction of the multilateral body and must not lead to modifications to its rule book.
On Wednesday, co-sponsors of three new environmental initiatives met jointly and agreed to put environmental concerns at the heart of future trade discussions. One hundred and eleven countries are negotiating an investment facilitation agreement.
Earlier this month, 67 members of the WTO concluded a plurilateral on services domestic regulations aimed at making it easier for foreign service providers to access, understand, and follow the procedures for
“The question is either you don’t engage or engage. If you want to talk to the EU, the UK, Australia, and Canada, they will say let’s talk environment, gender, and government procurement. While India is not part of the WTO plurilateral on government procurement agreement, it is talking government procurement bilaterally,” he said while speaking at the Confederation of Indian Industry Partnership Summit on Tuesday.
Subrahmanyam said though India did not have much experience or capacity in these new areas as the department concerned never looked at international agreements, the bilateral FTAs will build up capacity in a secure environment.

::Science and tech::

First Time In History: NASA's 'Parker Solar Probe' enters Sun's corona

For the first time in history, a spacecraft has touched the Sun. NASA’s Parker Solar Probe has now flown through the Sun’s upper atmosphere – the corona – and sampled particles and magnetic fields there.
The new milestone marks one major step for Parker Solar Probe and one giant leap for solar science. Just as landing on the Moon allowed scientists to understand how it was formed, touching the very stuff the Sun is made of will help scientists uncover critical information about our closest star and its influence on the solar system.
"Parker Solar Probe “touching the Sun” is a monumental moment for solar science and a truly remarkable feat," said Thomas Zurbuchen, the associate administrator for the Science Mission Directorate at NASA Headquarters in Washington. "Not only does this milestone provide us with deeper insights into our Sun's evolution and its impacts on our solar system, but everything we learn about our own star also teaches us more about stars in the rest of the universe.”
As it circles closer to the solar surface, Parker is making new discoveries that other spacecraft were too far away to see, including from within the solar wind – the flow of particles from the Sun that can influence us at Earth. In 2019, Parker discovered that magnetic zig-zag structures in the solar wind, called switchbacks, are plentiful close to the Sun. But how and where they form remained a mystery. Halving the distance to the Sun since then, Parker Solar Probe has now passed close enough to identify one place where they originate: the solar surface.
The first passage through the corona – and the promise of more flybys to come – will continue to provide data on phenomena that are impossible to study from afar.

::Sport::

India includes 148 athletes in TOPS athletes list for 2024 Olympics

A total of 148 athletes, including 20 new inductees, in seven Olympic disciplines and six Paralympic disciplines have been identified for support under the Target Olympic Podium Scheme at a meeting of the Mission Olympic Cell (MOC) of the Ministry of Youth Affairs and Sports in New Delhi on Monday (13 December), said an official release.
The MOC approved lists in Cycling, Sailing, Shooting, Swimming, Table Tennis, Weightlifting and Wrestling as well as Para Sports (Archery, Athletics, Badminton, Shooting, Swimming, Table Tennis).