News in Shorts: 27 June 2024

Frank Duckworth Dies

• Recently, Frank Duckwort passed away. 

Key Details

• He along with Tony Lewis invented the Duckworth-Lewis method, used to fairly determine results and set targets in rain-truncated matches.
• After their retirements, Professor Steven Stern became the custodian of the method. 
  • In 2014: It was renamed the Duckworth–Lewis–Stern method (or DLS method)
• History: It was first used in international cricket in 1997 and was formally adopted by the ICC in 1999.
• Working: The true achievement of Duckworth and Lewis was calculating the proportion between total runs that can be scored, and the resources remaining (both runs and balls). 
  • While the extremes are intuitively arrived at (100% at the beginning, 0% at the end), how each over and wicket impacts the game state was determined using a lot of number-crunching, and some statistical sorcery which is beyond the scope of this article.

Cohabitation in France

• France’s June 30 and July 7 elections may result in the President and Prime Minister being from different parties for the first time in 22 years.

Cohabitation in France:

• About: A situation where the President and the PM belong to different political parties
• Features: PM may choose his cabinet colleagues
  • None of the members of the Govt. can be a part of the legislature
  • Cabinet is presided over by the President
  • The Lower House can pass the ‘Censure Motion’ against the PM and his CoM, which would imply that they must resign
  • The President is elected for a fixed term. Initially the term was 9 years, reduced to 7 years and at present is 5 years.
• System: France is a semi-presidential, representative parliamentary democracy, with clearly defined roles for the President and the Prime Minister.

NATO Secretary General

• Recently, NATO appointed outgoing Dutch Prime Minister Mark Rutte as the alliance’s next head

North Atlantic Treaty Organization:

• About: Established in 1949 with the Washington Treaty, NATO is a security alliance of 31 North American and European countries. 
  • Recently, Sweden became its 32nd member.
• Objective: To protect the freedom and security of its members through political and military means. 
  • It operates on a principle of collective defence, where member states agree to mutual protection in the event of an external attack.
  • Article 5 of the Washington Treaty asserts that an attack on one Ally is considered an attack on all, embodying the Alliance’s commitment to collective defence.
• Head Office: Brussels, Belgium.

Official Creditor Committee (OCC)

• Recently, Sri Lanka sealed a deal with the Official Creditor Committee [OCC], to restructure the debt owed to its bilateral lenders including India

Official Creditor Committee

• About: It is Formed in response to Sri Lanka’s request for debt treatment during last year’s economic crisis, it is co-chaired by India, Japan, and France, representing the Paris Club. 
  • China, Sri Lanka’s largest bilateral creditor, opted not to participate in the OCC but attended meetings as an observer.

Paris Club:

• About: The Paris Club comprises creditor nations that aim to devise viable solutions for payment challenges encountered by debtor nations. 
• Members: It consists of 22 permanent members, including most Western European and Scandinavian countries, the United States, the United Kingdom, and Japan.
  • India participates in the Paris Club intermittently.

Exercise HOPEX

• The Indian Air Force’s (IAF) Rafale fighter jets are currently in Egypt for Ex- HOPEX. 

Ex-HOPEX:

• About: The fourth joint exercise between the Indian Air Force (IAF) and Egyptian Air Force (EAF) took place in Egypt from June 21 to 26. 
• Aim: This exercise aims to enhance bilateral and regional cooperation, symbolising the enduring relations between the two nations.

India and Egypt relationship:

• Background: India and Egypt established diplomatic relations at the ambassadorial level on August 18, 1947.
• Collaboration: Both nations have collaborated closely in multilateral forums as founding members of the Non-Aligned Movement. In 2022, India and Egypt marked the 75th anniversary of their diplomatic ties, underscoring the depth of their relationship.

P-Notes

• Recently Investments through participatory notes in the Indian capital markets rose to $1.49 trillion at the end of March from the previous year

Participatory Notes:

• About: These  are financial instruments  which are utilised by investors and hedge funds to participate in Indian securities without needing registration with the Securities Exchange Board of India (SEBI). 
• Classification: Investments through these instruments, known as Participatory Notes (PNs), are classified as offshore derivative investments.
  • Registered Foreign Portfolio Investors (FPIs) issue PNs to overseas investors who wish to access the Indian stock market indirectly. 
• Reporting: While Foreign Institutional Investors (FIIs) are required to report these investments to SEBI every quarter, they are not obligated to disclose the identities of the actual investors.

Commonwealth Short Story Prize 

• Recently, Mumbai-born writer Sanjana Thakur has won the prestigious Commonwealth Short Story Prize for her story, ‘Aishwarya Rai’.

Commonwealth Foundation:

• About: The Commonwealth Foundation is an intergovernmental organisation mandated by its Member States to advance the interests of Commonwealth civil society.
• Mission: Supporting the active and constructive participation of Commonwealth citizens in all aspects of their governance. Nurturing the growth of vibrant and free civil societies in all Commonwealth countries