G.K Updates

Economy and Banking

Reliance Jio Q4 net profit jumps 64% to Rs 840 crore

• The company's pre-tax profit for March quarter stood at Rs 2,585 crore and for the full fiscal it was rs 8,704.
• Jio subscriber base at end of reported quarter stood at 30.67 crore and it registered an average revenue of Rs 126.2 per customer.

Economy and Banking

BBM consumer service to shut down on May 31

• Created in 2005, BBM was available as a key offering on BlackBerry handsets
• Facing intense competition from players like Facebook-owned WhatsApp, BBM introduced a host of new features on its platform in 2016 to woo new users and keep existing users engaged on its platform

Government and Polity

Jet Airways' last flight

• Jet announced temporary suspension of its flight operations.
• Last jet airways flight-S2 3502 Amritsar to Mumbai touched down at 12:22am about 40 minutes before schedule.

Economy and Banking

Amazon to shut China online store

• The move underscores how entrenched home-grown e-commerce rivals have made it difficult for Amazon's marketplace to gain traction in China.
• Consumer research firm iResearch Global said Alibaba Group Holding's Tmall marketplace and JD.com controlled 82 per cent of the Chinese e-commerce market last year.
• CEO of Amazon-Jeff Bezos

Government and Polity

Phase 2 of Lok Sabha polls concludes with 68% voting

• 84 per cent voter turnout was recorded in the second phase of Lok Sabha polls on Thursday in 95 seats spread in 11 states and a Union Territory
• Barring sporadic incidents of violence, the polling went off peacefully, Senior Deputy Election Commissioner Umesh Sinha said.
• Polling was held for 95 Lok Sabha seats in 11 states, with Tamil Nadu voting in 38 of its 39 constituencies, and the union territory of Puducherry.

Government and Polity

Government suspends LoC trade in J&K

• The decision was taken as the government has been receiving reports that the Cross LoC trade routes are being misused by the Pakistan-based elements for funnelling illegal weapons, narcotics and fake currency.
  
• The LoC trade is meant to facilitate the exchange of goods of common use between local populations across the LoC in Jammu and Kashmir. 
• After the Pulwama incident, Government had withdrawn the Most Favoured Nation status to Pakistan. The Home Ministry said, inputs have also been received that in order to evade the consequent higher duty, LoC trade is likely to be misused to a much larger extent.

Government and Polity

Mahindra, Ford to co-develop mid-sized SUV for India

• Mahindra & Mahindra (M&M) and Ford Motor Company on Thursday said they have signed a definitive agreement to co-develop a mid-sized SUV for India and other emerging markets.
• The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.
• The strategic alliance between the two companies is focused on leveraging the benefits of both companies -- Ford's global reach and expertise and Mahindra's scale and successful operating model in India

International News

French supermarkets to trial ‘Star Wars’-inspired delivery robots

• A French supermarket chain plans to use robots, inspired by the iconic R2-D2 droid in the ‘Star Wars’ franchise, to deliver groceries to customers in Paris.
• “This droid will facilitate the life of city dwellers. The last mile delivery is crucial. This is what builds the relationship with customers,” said Franprix managing director Jean-Pierre Mochet.
• The electric vehicles also have two large wheels, a suitcase of either 30 or 40 litres and can run for 25km (15 miles) on one charge.

International News

Nepal launches its first satellite from USA

• Nepals first satellite has been launched into space, which will soon start rotating around the Earth’s orbit to collect information about the country’s topography and Earth’s magnetic field.
• The NepaliSat-1 was launched at 2.31 a.m from the Virginia-based station of the National Aeronautics and Space Administration in the US, according to authorities at the Nepal Academy  of Science and Technology (NAST).
• The satellite, developed by two Nepalis -- Abhas Maskey and Hariram Shrestha -- at Japan's Kyushu Institute of Technology, bears the Nepal flag and the NAST logo.

Appointments

Jaideep Sarkar appointed as India's next High Commissioner to S Africa

• Jaideep Sarkar has been appointed as India's next High Commissioner to South Africa.
• Sarkar, a 1987-batch Indian Foreign Service officer, is currently serving as India's ambassador in Bhutan. He served in Indian Missions in Tokyo, Seoul and Bangladesh as well.

Person/Events/Awards

Pakistan's Finance Minister Asad Umar resigns

• Pakistan's Finance Minister Asad Umar abruptly quit the Cabinet on Thursday before securing a multi-billion dollar International Monetary Fund bailout package for the cash-strapped country. 
• He said, as part of a Cabinet reshuffle, Prime Minister Imran Khan desired him to take the Energy Minister portfolio instead of Finance. However, he obtained Khan's consent to not take any cabinet position.

Person/Events/Awards

Mali's PM Soumeylow Boubeye Maiga resigns

• Mali’s Prime Minister Soumeylou Boubeye Maiga has resigned along with his whole goverment, following a motion of no confidence over its failure to handle violence in the West African country.
• Legislators had discussed a possible motion of no confidence in the government because of last month's massacre and failure to disarm militias. Last month, some 160 Fulani herders were killed by an ethnic vigilante group.