Daily Current Affairs 19 June 2024

The NATO Innovation Fund, supported by 24 member states, has allocated a substantial $1.1 billion to advance AI, robotics, and space technology.

This strategic investment aims to enhance NATO’s defense and security capabilities. Notably, the fund directly supports four European tech companies:

Fractile: A London-based computer chipmaker working on faster large language models (LLMs) like those powering ChatGPT.
ARX Robotics: A German company designing unmanned robots for tasks ranging from heavy-lifting to surveillance.
iCOMAT: A British manufacturer specializing in lighter materials for vehicles.
Space Forge: A Welsh company leveraging space conditions (such as microgravity and vacuum) to build semiconductors in-orbit.

2. Ancient Pearl city Tu’am discovered in UAE

Archaeologists have recently unearthed ancient settlements on Al Sinniyah Island in the United Arab Emirates.
These residential buildings, dating back to the sixth century, are believed to be part of the lost city of Tu’am.
In its prime, Tu’am served as the capital of the Gulf coast and was renowned for its pearl fishing industry and trade in high-quality gems.
However, the city declined due to the Plague of Justinian. The discovery includes semi-urban residential units and Aramaic-inscribed jars, possibly imported from Mesopotamia.
This finding sheds light on the historical significance of Tu’am in the region.

3. Nvidia becomes the world’s most valuable company

Nvidia has overtaken Microsoft to become the world’s most valuable company in terms of market capitalization.
The tech multinational’s shares have nearly tripled this year alone, largely due to its AI computing strategy.
Investors are advised to be cautious about a potential market crash if spending on AI development declines.
The company’s stock rose 3.5%, lifting its market value to approximately $3.3 trillion, surpassing both Microsoft and Apple.

4. Paytm appointed Rajeev Agarwal as Non-Executive Independent Director

Paytm recently appointed Rajeev Krishnamuralilal Agarwal as a non-executive independent director.
Agarwal’s appointment is effective immediately, following the resignation of Neeraj Arora due to personal commitments.
The move underscores Paytm’s commitment to enhancing corporate governance and regulatory compliance.

5. PM Modi inaugurated new campus of Nalanda University in Bihar

Prime Minister Narendra Modi inaugurated the new campus of Nalanda University in Rajgir, Bihar on 19 June.
During the event, he unveiled a plaque at the new campus and planted a sapling.
The historic occasion was attended by Governor Rajendra V Arlekar, Chief Minister Nitish Kumar, and External Affairs Minister S Jaishankar.
The new campus, built at a cost of Rs 1,749 crore, aims to revive the ancient legacy of Nalanda, which was a renowned center of education in ancient times.

6. Hindustan Aeronautics Limited gets Rs 50,000 crore tender for Combat Helicopters

Hindustan Aeronautics Limited (HAL), a prominent Indian state-owned aerospace and defense company, has secured a significant contract worth approximately Rs 50,000 crore from the Defence Ministry.
This contract represents the largest single order ever awarded to an Indian company for helicopters. Under this tender, HAL will supply 156 Light Combat Helicopters (LCH)—dubbed “Prachand”—to the Indian Army and Indian Air Force.
The LCH, designed specifically for Indian conditions, boasts agility, high altitude performance, and combat capabilities.

7. Dhanlaxmi Bank appointed Ajith Kumar KK as MD & CEO

Dhanlaxmi Bank has appointed Ajith Kumar KK as its new Managing Director (MD) and Chief Executive Officer (CEO), effective 20 June 2024.
The decision was ratified during a board meeting held, as disclosed in the bank’s regulatory filing.
Ajith Kumar KK, with over 36 years of banking experience, was previously associated with Federal Bank Limited and currently serves as the Chief Human Resources Officer in the cadre of President.

8. South Korean scientists create ‘Meaty Rice’ for Sustainable Protein

South Korean scientists from Yonsei University have developed a groundbreaking hybrid food called “meaty rice.”
This rice is infused with beef muscle and fat cells, grown in the lab. To achieve this, the rice was initially coated with fish gelatine, allowing the beef cells to adhere.
The result is a grain that offers an eco-friendly and affordable source of protein. While it’s slightly firmer and more brittle than regular rice, it packs 8% more protein and 7% more fat.
Importantly, its production method significantly reduces the carbon footprint compared to traditional beef farming.

9. IFC investment in Brookfield’s Bikaner Solar Power Project

The International Finance Corporation (IFC), part of the World Bank Group, has committed $105 million (approximately Rs 871 crore) to Brookfield’s Bikaner Solar Power project in Rajasthan.
This investment will be in the form of non-convertible debentures, supporting the expansion of renewable energy infrastructure in India.
The project aims to generate 550 MWp of solar power and will be connected to India’s green energy corridor.
By mitigating greenhouse-gas emissions and contributing to India’s decarbonization goals, it plays a crucial role in the country’s transition toward cleaner energy sources.

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