• UGI USER
  • Aug 21, 2023
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Daily News Analysis.

Sulina Channel 

News: After Russia withdrew from the Black Sea grain agreement, the Sulina Channel gave Ukraine an alternate trade channel for its grain.

On August 16, 2023, Russia launched drone attacks against Ukrainian ports and grain storage facilities along the Danube River throughout the night. In July 2023, Russia also pulled out of the grain agreement for the Black Sea.

In the middle of this, the Sulina Channel in the Danube Delta has given Ukraine an alternate route to assist ensure its grain needs.

About Channel Sulina

  • Romania’s southeastern region is the location.
  • Approximately 64 km long.
  • It links the Black Sea to the Danube River. Black Sea and “Moskva” losses
  • It offers a direct path for maritime travel.
  • The Sulina Channel was built in the late nineteenth century.
  • It was created to make it easier for huge ships and other boats to enter and exit the Danube Delta.

COVID-19 New Variant : EG.5.1

News: Physicians have advised the public to be watchful for COVID-19 variant EG.5.1. The most recent COVID variant, EG.5.1, also known as Eris, was identified by the World Health Organization (WHO) as a variant of interest on August 9. This variation is rated as having a low level of overall risk by the WHO.

Variant COVID-19 EG.5.1

  • Initially recorded: February 17, 2023.
  • These sequences were mostly produced in China, then in the United States, the Republic of Korea, Japan, Canada, and Australia.
  • It is the offspring of Omicron.
  • It is a derivative of the XBB 1.9.2 variety and shares the same amino acid profile for spikes as XBB 1.5.
  • Compared to the parent XBB.1.9.2 subvariant and XBB.1.5, 5 has an extra F456L amino acid mutation in the spike protein.
  • Infections have been detected in 51 countries, including China, the US, the Republic of Korea, Japan, etc., according to the WHO

About World Health Organization

  • WHO, established in 1948, is an organization of the United Nations that links countries, partners, and individuals to advance health, ensure global security, and assist the most vulnerable people so that everyone can enjoy the best possible level of health.
  • WHO is in charge of advancing universal health care internationally. They organize and lead the global response to health emergencies. They also encourage leading healthier lives, from prenatal care through old age. With the help of science-based policies and initiatives, their Triple Billion targets set forth an ambitious strategy for the globe to achieve universally good health.

Gabon Announced Debt-For-Nature Swap Deal

News: A $500 million debt-for-nature exchange agreement for marine conservation was announced by Gabon.

  • On August 15, 2023, Gabon announced a debt-for-nature swap of $500 million. To repay the nation’s debt and preserve marine resources, this is the second-largest agreement ever to be inked under the blue bond program.
  • Blue bonds are financial instruments created to fund marine and fisheries initiatives that are sustainable. It is the largest agreement of its kind ever negotiated by a government in Africa to repay its debt and protect marine resources.
  • With debt-for-nature swaps, deeply indebted developing nations might ask developed-world financial institutions for assistance in paying off their debt in exchange for spending money on the preservation of natural resources.
  • Typically, banks in richer nations purchase these nations‘ debts and replace them with new loans that have a later maturity date. The interest rates on these are lower.

About Gabon

  • Gabon is a nation in central Africa.
  • On the Atlantic Ocean, it is situated.
  • Equatorial Guinea, the Republic of Congo, and Cameroon are its neighbors.
  • With 2.3 million people and 85% of its land covered in woods, it has a low population.
  • It is Sub-Saharan Africa’s fourth-largest oil producer.
  • Over the last ten years, it has had robust economic growth, primarily due to the production of manganese and oil.

NASA’s STEREO-’s Earth Flyby

News: Nearly 17 years after its initial launch, the NASA (National Aeronautics and Space Administration) Solar Terrestrial Relations Observatory (STEREO-A) spacecraft has made its maiden flyby of Earth.

In order to improve its observations during the Earth flyby, STEREO-A will work with NASA’s Solar and Heliospheric Observatory (SOHO) and Solar Dynamics Observatory (SDO). Through this collaboration, it will be possible for the spacecraft to catch solar features of various sizes from a variety of distances.

STEREO-A

  • In order to study the Sun’s behavior by mapping Earth-like orbits around it, STEREO-A (A stands for Ahead) and its twin STEREO-B (B means for Behind) were launched in 2006. Their main objective was to offer a stereoscopic vision of the Sun so that scientists could examine it from various angles.
  • When STEREO-A’s orbital separation from STEREO-B reached 180 degrees in 2011, it marked an important turning point. This spatial configuration made it possible for people to see the Sun for the first time as a complete sphere, providing important details about its intricate structure and activity.
  • After a planned reset in 2014, STEREO-B lost contact with mission control (B’s mission was formally completed in 2018).

Floating Interest Rate : RBI

News: Recent instructions for the reset of floating interest rates on personal loans with Equated Monthly Instalments (EMI) were published by the Reserve Bank of India (RBI).

  • A floating interest rate is one that fluctuates frequently. The interest rate fluctuates, or “floats,” in response to changes in the economy or the state of the financial markets.
  • Because it can change over the course of a debt obligation, a floating interest rate is also sometimes referred to as an adjustable or variable interest rate.
  • With a floating rate loan, the interest rate fluctuation is often based on a reference rate, sometimes known as a “benchmark” rate, which is independent of the contract’s parties.
  • The reference rate is normally a well-known benchmark interest rate, such the prime rate, which is the lowest interest rate that commercial banks charge their most creditworthy clients (typically big businesses or high net worth people) for loans.
  • A reference rate serves as the foundation for a floating interest rate. The reference rate is multiplied by a spread (sometimes known as a margin) to get the floating rate. Base Rate plus Spread, or the floating interest rate

Floating interest rates may be changed every quarter, every half-year, or every year. The calculation of floating interest rates is typically influenced by a number of factors such as:

  • Rate of repo.
  • Treasury monetary policy.
  • % of inflation.
  • Fiscal shortfall.
  • International and global interest.