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Today GK Updates & 16th April Daily Current Affairs
1. Global Economy to shrink in 2020, India to grow at 1.9%: IMF
– International Monetary Fund (IMF) on April 14 has mentioned that the world economy is expected to shrink by 3.0% in 2020. Due to the ongoing impact of the COVID-19 pandemic, it will be the steepest downturn since the Great Depression of 1930.
– In its 2020 World Economic Outlook, IMF predicted the partial rebound in 2021 with the world economy growing at a rate of 5.8%. But it mentioned that the predictions are marked with uncertainty.
– While projecting the economic growth of countries, the IMF has forecasted the Indian economy to grow by 1.9% in 2020-2021. Its estimate for India is in the line with forecasts made by other International agencies.
The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
2. UP to become first state to start pool testing of COVID-19 samples
– As the number of Covid-19 positive patients in Uttar Pradesh increased, the state government decided to start pool testing of the coronavirus samples.
– The Indian Council of Medical Research (ICMR) gave permission for pool testing to the state in order to help maximise the testing of samples on a daily basis. During pool testing, if 10 samples are mixed and tested for Covid-19 and if they test negative, then it will be an indicator that all samples are negative. But if the test is not negative, then individual testing will be done.
– This will increase the testing capacity as well as accelerate the process.
UP Governor: Anandiben Patel; Capital: Lucknow; Chief Minister: Yogi Adityanath
3. Hindalco closes $2.8-billion acquisition of US-based Aleris Corp
– Nearly two years after signing a deal to take over Ohio-based aluminium rolled products maker Aleris Corp, Kumar Mangalam Birla’s Hindalco Industries finally completed the acquisition through its subsidiary Novelis Inc.
– The enterprise value of the deal, at $2.8 billion, is slightly higher than the initial estimate of $2.58 billion. With the deal closure, Hindalco is now one of the world’s largest aluminium makers.
– Aleris has long-term supply contracts with aircraft makers Boeing, Airbus and Bombardier. The acquisition will also give Hindalco access to the aluminium supply market for the building and construction segments.
Hindalco Industries Ltd., an Indian aluminium and copper manufacturing company is a subsidiary of the Aditya Birla Group is headquartered at Mumbai, Maharashtra.
4. World’s most famous cycling race Tour de France postponed
– The world’s most famous cycling race Tour de France has been postponed in the wake of Corona virus pandemic.
The French newspapers reported that the three-week race was set to start on 27th of June in the Riviera city of Nice has been set for August. This year’s event has 21 stages, with the longest of them stretching 218 kilometres (135 miles).
– The decision came after French President Emmanuel Macron announced in his speech to the nation that all public events with large crowds have been cancelled until at least mid-July.
The last time the Tour was not held was in 1946, with the nation still emerging from World War-II.
5. South Korea President Moon Jae-in’s ruling party win absolute majority in parliamentary elections
– In South Korea, President Moon Jae-in’s ruling party won an absolute majority in parliamentary elections.
– According to provisional results released by the National Election Commission today, the Democratic Party and its allies took 180 seats in the 300-member National Assembly, up from the current 120.
– Meanwhile, the conservative opposition coalition won 103 seats.
South Korea Capital: Seoul; Currency: South Korean won