EDITORIALS & ARTICLES
12th May 2021
WHO declares India variant as a global variant of concern
Recently, the World Health Organization (WHO) has classified a coronavirus variant which was first identified in India as a “global variant of concern”.
India variant of coronavirus
- The variant called B.1.617 was classified as a variant under investigation (VUI) by authorities in the UK.
- The Indian government said that this variant also called the “double mutant variant”could be linked to a surge in the cases of coronavirus seen in some states.
- The B.1.617 variant of SARS-CoV-2 carries two mutations, E484Q and L452R.
- The two mutations are found in the virus’s spike protein.
- The spike protein helps the virus to bind itself to the human cell’s receptors and gain entry into a host cell.
- The E484Q mutation is similar to E484K, a mutation found in the United Kingdom (lineage B.1.1.7) and South Africa (B.1.351) variants of the coronavirus.
- The L452R mutation has been found in fast spreading variants in California (B.1.427 and B.1.429).
- It can increase the binding power of spike proteins with ACE2 receptors on human cells, making it more transmissible.
- It has already spread to more than 17 countries and several countries have put travel restrictions for passengers coming from India as a result of the surge in cases here.
WHO define a variant of concern
- The WHO says that a variant of interest (VOI) becomes a variant of concern (VOC) if it has been demonstrated to be associated with increase in transmissibility or detrimental change in COVID-19 epidemiology.
- The increase in virulence or change in clinical disease presentation or a decrease in effectiveness of public health and social measures or available diagnostics, vaccines, therapeutics are also considered.
- A variant may be classified as a VOC by the WHO in consultation with the WHO SARS-CoV-2 Virus Evolution Working Group.
How do variants of a virus emerge?
- The variants of a virus have one or more mutations that differentiate it from the other variants that are in circulation.
- The goal of the virus is to reach a stage where it can cohabitate with humans because it needs a host to survive.
- It implies that any virus is likely to become less severe as it keeps evolving, but in this process it can attain some mutations that may be able to escape the body’s immune response or become more transmissible.
- The B.1.617 variant of the virus has two mutations referred to as E484Q and L452R.
Classification of coronavirus variants
- The Public Health England (PHE) says that if the variants of SARS-CoV-2 are considered to have concerning epidemiological, immunological or pathogenic properties, they are raised for formal investigation.
- The variants emerging from the B.1.617 lineage are designated as Variants Under Investigation (VUI) with a year, month, and number.
- The US Centers for Disease Control and Prevention (CDC) classifies variants into three categories variant of interest (VOI), variant of concern (VOC) and variant of high consequence.
- The CDC defines a VOI as a variant with:
- Specific genetic markers that have been associated with changes to receptor binding;
- Reduced neutralization by antibodies generated against previous infection or vaccination; and
- Reduced efficacy of treatments, potential diagnostic impact, or predicted increase in transmissibility or disease severity.
- A VOC is defined as a variant for which there is:
- Evidence of an increase in transmissibility;
- More severe disease (e.g. increased hospitalizations or deaths);
- Significant reduction in neutralization by antibodies generated during previous infection or vaccination; and
- Reduced effectiveness of treatments or vaccines, or diagnostic detection failures.
Ransomware Attack on US Pipeline Network
Recently, a ransomware attack on a key US pipeline network has led to a disruption in fuel supplies in the eastern part of the United States.
- The Colonial Pipeline Company, which transports about 45 per cent of all petrol and diesel consumed on the east coast of the US, was forced to shut down operations after a cyberattack.
- The US Federal Bureau of Investigation has confirmed that a criminal gang called Darkside was responsible for compromising the Colonial Pipeline network.
- The shutdown led to the US federal government declaring a regional emergency to allow transportation of fuels through tanker trucks to tide over the impact of shortages.
Ransomware attack
- A ransomware attack is a cyber-attack using malware that encrypts the victim’s filesand requires users pay a ransom to decrypt the files.
- The hackers can then threaten to leak the data if the ransom is not paid.
- It takes advantage of human, system, network, and software vulnerabilities to infect the victim’s device.
Impact of cyberattack on oil prices
- The oil prices rose in response to the attack on Colonial Pipeline, with the price of Brent crude rising to $69 per barrel before falling to $67.8.
- The experts noted that a prolonged shutdown of the operations of the pipeline could push up petrol prices in the US as demand peaks during the summer.
- The disruption has already led to an uptick in international refining margins, pushing up the price of auto fuels.
- An increase in the price of petroleum products in Asia could provide a further push to petrol and diesel prices in India, which are already at record high levels.
- The crude oil prices have risen over the past fortnight despite a surge in Covid-19 infections in Asia due to expectations of increasing crude oil demand from the US and Europe.
Addressing cyberattacks by oil and gas companies
- The experts noted that there was a need to move towards fortifying approaches to prevent attacks including employing a zero-trust security framework in enterprise networks.
- A zero-trust approach means anything is suspected whenever any activity is done on the network, and every user, including the CEO, will have to be verified time and again.
- The expert added that other measures such as Cloud Access Security Brokers (CPAB), which act as intermediaries between users and cloud service providers.
- It could “give teeth” to an overall cybersecurity strategy.
- The expert noted that India’s oil and gas PSUs were making efforts to beef up security, and that organisations managing critical infrastructure such as pipelines and refineries were required by the government to implement certain security measures.
Tocilizumab
Recently, the Ministry of Chemicals & Fertilizers has announced that additional 45000 vials of Tocilizumab have been allocated to States/UTs to meet the increased demand across country.
- It is an interleukin-6 (IL-6) receptor antagonist.
- It is a biological therapy and can be prescribed for rheumatoid arthritis, juvenile idiopathic arthritis (JIA) or giant cell arteritis.
- It is a recombinant humanized monoclonal antibody IL-6 receptor inhibitor used to treat inflammatory and autoimmune conditions.
- Tocilizumab has a long duration of action as it is generally given every 4 weeks and has a wide therapeutic index.
- Tocilizumab binds soluble and membrane bound IL-6 receptors, preventing IL-6 mediated inflammation.
What is Interleukin 6 (IL-6)?
- It is a pro-inflammatory cytokine produced by cells including T-cells, B-cells, lymphocytes, monocytes, fibroblasts.
- It rapidly induces C-reactive protein, serum amyloid A, fibrinogen, haptoglobin, and α-1-antichymotrypsin while inhibiting production of fibronectin, albumin, and transferrin.
- It induces antibody production, induces cytotoxic T-cell differentiation and inhibits regulatory T-cell differentiation.
IREDA bags Green Urja Award
Recently, the Indian Renewable Energy Development Agency Ltd (IREDA) has been conferred with “Green Urja Award”.
IREDA
- It is the only dedicated institution for financing Renewable Energy (RE) & Energy Efficiency (EE) projects in India.
- It is under the administrative control of Ministry of New & Renewable Energy (MNRE).
- It has played a catalytic role in developing market for financing RE & EE projects.
- It is a Mini Ratna (Category – I) Government of India Enterprise.
- It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987.
- It has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956.
- It is registered as Non-Banking Financial Company (NFBC) with Reserve Bank of India (RBI).
Objectives of IREDA
- To give financial support to specific projects and schemes for generating electricity and / or energy through new and renewable sources and conserving energy through energy efficiency.
- To maintain its position as a leading organisation to provide efficient and effective financing in renewable energy and energy efficiency / conservation projects.
- To increase IREDA`s share in the renewable energy sector by way of innovative financing.
- Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources.
- To strive to be competitive institution through customer satisfaction.
Why IREDA received Green Urja Award?
- The Green Urja Award is given by Indian Chamber of Commerce (ICC).
- It has been awarded for being the Leading Public Institution in Financing Institutionfor Renewable Energy.
- It gets the award for the pivotal and developmental role it plays in Green Energy Financing.
- The award recognises its immense contribution in development of Renewable Energy Sector in line with the Prime Minister’s vision of Atma Nirbhar Bharat.
- IREDA has ended the year 2020-21 ended on a strong note and disbursed the second highest amount of loan, which indicates that it has the ability to translate this problem into an opportunity.
Indian Chamber of Commerce (ICC)
- It is the leading and only National Chamber of Commerce founded in 1925.
- It was set up by a group of pioneering industrialists led by Mr. G D Birla.
- It is considered as the first organised voice of indigenous Indian Industry.
- It is the only Chamber from India to win the first prize in World Chambers Competition in Quebec, Canada.
Anamalai Tiger Reserve (ATR)
Recently, the residents of two tribal settlements within the limits of the Anamalai Tiger Reserve (ATR), were gearing up for the annual festival of their local deity, Vairapattan.
- The Kattupatti and Kuzhipatti settlements of Pulayar community have barely heard of the acronym COVID-19.
Anamalai Tiger Reserve (ATR)
- It is the 29th and one of the four Tiger Reserves in Tamil Nadu.
- It lies South of the Palakkad gap in the Southern Western Ghats.
- It was originally a territorial division known as Coimbatore South Forest division which was declared as wildlife sanctuary in 1976.
- It forms part of the Anamalai Parambikulam Elephant Reserve declared in 2003.
- The Wildlife sanctuary was declared as Tiger Reserve in April 2007 and declared as a critical Tiger habitat in December 2007.
- There are Six Tribal Communities (VIZ) Malasar, Malaimalasar, Kadar, Muduvar, Pulayar and Eravalar with the population of nearly 6000 living in 35 Settlements.
- It supports diverse habitat types viz. Wet evergreen forests, semi evergreen forests, moist deciduous, dry deciduous, dry thorn and shola forests.
Pulayar community
- It is also known as Pulaya, or Pulayas or Holeya or Cheramar.
- The Pulayas are a tribe spread out in the Kodaikanal hills.
- It is one of the main social groups found in Kerala, Karnataka and in historical Tamil Nadu or Tamilakam.
- The spiritual life of the Pulaya includes certain ancient magic rituals and practices that have a certain reputation.
- Pulayas are noted for their music, craftsmanship, and for certain dances which include:
- Kōlam-thullal: A mask dance which is part of their exorcism rituals, and
- Mudi-āttam: A hair-dance which has its origins in a fertility ritual.
- The 1976 Government of India Gazette notifies Pulayan, Cheramar as Scheduled Caste (SC).
- The government of Tamil Nadu has not officially recognised them as a Scheduled Tribe.
SEBI pitches for bringing in ‘person in control’ concept
Recently, the Securities and Exchange Board of India (SEBI) has proposed doing away with the concept of promoters and moving to ‘person in control.
Key Highlights
- It has also suggested reducing the minimum lock-in periods post a public issue for promoters and pre-IPO shareholders.
- The consultation paper suggested that a three-year transition period for moving from the promoter to person in control concept.
- The SEBI has proposed that if the target of the problem includes provide on the market or financing aside from for capital expenditure for a challenge, then the minimal promoters’ contribution of 20% must be locked-in for one year from the date of allotment.
- The promoters’ holding in excess of minimum promoters’ contribution shall be locked in for a period of six months as opposed to the existing requirement of one year from the date of allotment in the IPO.
Person in control concept
- Control Person means any person that holds a sufficient number of any of the securities of an issuer so as to affect materially the control of that issuer, or that holds more than 20% of the outstanding voting securities of an issuer.
- Control Person means any individual who has a Control relationship with the Fund or an investment adviser of the Fund.
- Control Person means a director or executive officer of a licensee or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee.
Significance of Person in Control Concept
- The changes in nature of ownership, could lead to situations where the persons with no controlling rights and minority shareholding continues to be classified as a promoter.
- It will lighten the disclosure burden for firms.
- The regulator has proposed to eliminate the present definition of promoter groupbecause it would rationalise the disclosure burden and produce it according to the put up itemizing disclosure requirement.
Need for Person in Control Concept
- It is necessitated by the changing investor landscape in India where concentration of ownership and controlling rights do not vest completely in the hands of the promoters or promoter group.
- It is because of the emergence of new shareholders such as private equity and institutional investors.
- The investor focus on the quality of board and management has increased, thereby reducing the relevance of the concept of promoter.
- It also suggested doing away with the current definition of promoter group since it focuses on capturing holdings by a common group of individuals.
- It often results in capturing unrelated companies with common financial investors.
Wonder Bamboo from Tamil Nadu to mitigate climate change
Recently, the Tamil Nadu Agricultural University (TNAU) has designed an ‘oxygen park’within its premises at Coimbatore with Beema Bamboo.
Beema Bamboo
- It is a superior clone, selected from Bambusa balcooa.
- It is a higher biomass yielding bamboo species.
- It has been developed by the conventional breeding method.
- It is not a product of genetically modified organisms.
Features of Beema Bamboo
- It is considered to be one of the fastest-growing plants.
- It grows one-and-a-half feet per day under tropical conditions.
- It is said to be the best ‘carbon sink’ to mitigate carbon dioxide emissions.
- It does not produce any seed and does not die also for several hundred years and keeps growing without death.
- A two-year-old Beema Bamboo, when planted in the soil, grows at a speed of 1.5 foot per day and reaches a maximum height of 30 feet in 4 weeks.
- Its rhizome and root development provides a strong foundation, making the plant robust against natural forces.
Significance of Bamboo
- A fully-grown bamboo tree may generate over 300 kilograms of oxygen annually and it may be sufficient for one person for one year.
- A four-year-old bamboo may absorb over 400 kg of carbon dioxide per annum from the surrounding areas.
- Bamboo raised on one acre can sequester 80 tonnes of carbon dioxide annually.
- The Beema Bamboo can be an excellent choice for making the earth greener and mitigating climate change.
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