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Current Affairs Daily Digest – May 10 2024

1. India becomes the 3rd country in the world with 1 million Uber driver.

India has now reached the milestone of one million drivers, making it the third country in the world to do so, following the United States and Brazil.

When compared to the previous year, Uber’s global revenue reached $10.13 billion on March 31, 2024, representing a 15% increase over the previous year.

In February of 2024, Uber inked a memorandum of understanding with ONDC in order to expand the range of mobility solutions that are accessible through the Uber app.

The CEO of Uber is Dara Khosrowshahi.

2. Global Wealth Report: Mumbai and Delhi among top 50 wealthiest cities

The report on the wealthiest cities in the world for 2024, which was published by Henley & Partners and New World Wealth.

On the list of fifty cities, Mumbai reached the twenty-fourth spot, and Delhi reached the thirty-seventh spot. At the ninth spot on the list of “cities to watch” is Bengaluru.

The List of Millionaires:

• There are 58,800 millionaires and 29 billionaires in Mumbai.
• 30,700 millionaires and 16 billionaires are located in Delhi.
• More than 13,200 millionaires and eight billionaires call Bengaluru home.

3. World Lupus Day: 10th May

The autoimmune illness known as lupus is a chronic condition that can produce inflammation and pain in the joints, muscles, skin, and a variety of organs throughout the body.

Lupus sufferers are the focus of this day’s celebration, which is held to bring attention to the condition.

Over 1.5 million people are living in the United States alone who are affected by lupus, which affects nearly 5 million people globally.

In 2004, Lupus Canada established Lupus Day as a cultural celebration.

4. HDFC Life appointed Keki Mistry as its Chairman

After receiving permission from the IRDAI on May 7, 2024, Keki Mistry has been appointed to the position of Chairman of HDFC Life Insurance, succeeding Deepak Parekh in this executive role.

Mistry, a seasoned professional, has a rich career as the former Vice Chairman and CEO of HDFC Limited.

He also holds a variety of important responsibilities, including being a Non-Executive Director on the board of HDFC Bank. Mistry’s expertise is extensive.

Headquarters of HDFC Bank Limited are located in Mumbai.

5. Pawan Sindhi Honored with Global Pride of Sindhi Award 2024

An celebration that was attended by revered saints, Mahatmas, and sadhus was the occasion at which Pawan Sindhi was presented with the renowned Global Pride of Sindhi Award 2024.

This event was held to honour Mr. Sindhi for his extraordinary achievements to society as well as his commitment to serve the needs of humanity.

A Congregation of People Who Share Similar Thoughts

• On the evening of the awards, there was a gathering of people who had similar beliefs and who came together to advocate for the principles of humanity, peace, and prosperity respectively.
• During his acceptance speech, Mr. Sindhi conveyed his appreciation for being honourably honoured and emphasized the significance of events of this nature in terms of the dissemination of virtuous messages throughout the community.

6. ISRO Develops Semi-Cryogenic Engine Using Liquid Oxygen Kerosene

An advancement in the development of a semi-cryogenic propulsion system is being made by the Indian Space Research Organization (ISRO) through the Liquid Propulsion Systems Centre (LPSC), with assistance from other launch vehicle centres.

Through the utilization of a 2,000 kN thrust semi-cryogenic engine that is driven by a mixture of liquid oxygen (LOX) and kerosene, this system intends to improve the payload capacity of Launch Vehicle Mark-3 (LVM3) as well as future launch vehicles.

Ignition of the semi-cryo pre-burner was successful, which is a major accomplishment.

Ignition of the semi-cryogenic pre-burner was an important milestone in the development of the semi-cryogenic engine by the Indian Space Research Organization (ISRO).

During the testing that took place at the Indian Space Research Organization’s Propulsion Complex (IPRC) in Mahendragiri, this accomplishment, which is essential for starting the semi-cryogenic engine, was accomplished.

7. Bharti Enterprises Sells ICICI Lombard Shares for ₹663 Crore: Transaction Overview

The company known as Bharti Enterprises, under the leadership of Sunil Bharti Mittal, successfully sold 38.50 lakh shares of ICICI Lombard General Insurance Company for a total of ₹663 crore through open market transactions.

As a result of this sale, Bharti Enterprises’ overall interest in ICICI Lombard decreased from 2.43% to 1.63%.

Concurrently, ICICI Bank, the promoter of ICICI Lombard, boosted its shareholding in the company to 51.7% by purchasing 21 lakh shares of the company.

Details of the Transaction

The dynamics of the seller and the buyer: Bharti Enterprises sold shares to several different companies, such as Axis Mutual Fund, Aditya Birla Sun Life MF, Invesco MF, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs Singapore, Blackstone Aqua Master Sub-Fund.

An increased number of shares were purchased by ICICI Bank, the promoter.

Structure of the Deal: During the sale, there were nine distinct block deals conducted on the Bombay Stock Exchange (BSE). Each share was priced at an average of ₹1,722.5, resulting in a total of ₹663.16 crore.

To increase its shareholding in ICICI Lombard, ICICI Bank made a purchase of shares for a total of ₹361.72 crore.

8. L&T Elevates R Shankar Raman as President

The engineering and construction company known as Larsen and Toubro (L&T) has recently made several important executive appointments inside the organization.

R. Shankar Raman, the President of the United States

L&T has promoted R Shankar Raman, who is currently serving as the company’s Whole-time Director and Chief Financial Officer, to the role of President.

As a result of this promotion, Raman will continue to serve in his current capacities as the full-time director and Chief Financial Officer (CFO) of the organization.

9. International Day of Argania 2024 Observed on 10th May

International Day of Argania is observed annually on May 10th, and people from all around the world participate in the celebration.

This particular day is dedicated to the Argan tree, also known as Argania spinosa, which is an old species that has been cultivated in Morocco for around 80 million years.

Not only are these trees rather old, but they also play an important part in the economy and ecosystem of the surrounding area.

The purpose of the event is to raise as much awareness as possible about these one-of-a-kind trees, their advantages, and the difficulties they confront.

The Argan tree is a plant that is indigenous to the sub-Saharan region of Morocco. It thrives in dry and semi-dry regions of the mountainous region.

It is the species that best exemplifies a woodland habitat, sometimes referred to as Arganeraie, which is abundant in flora that is native to the area.

It is resistant to difficult situations that have restricted access to water, a high danger of erosion, and poor soils.