African leaders demand financial systems reform; launch ‘Africa Club’ at 37th African Union Summit

About Africa Club:

• What it is? It is the Alliance of African Multilateral Financial Institutions (which are African-owned and controlled) launched at the African Union summit.
• The initiative aims to amplify Africa''s influence in the global financial system by aligning its functions with the SDGs and the African Union''s Agenda 2063.
• It seeks to introduce innovative financial instruments, provide a venue for debt management discussions and foster collaborative efforts to address the specific needs of African countries.
• Its members include the African Export-Import Bank, Trade and Development Bank, Africa Finance Corporation, African Reinsurance Corporation, African Trade and Investment Development Insurance, Shelter Afrique Development Bank and ZEP – RE (PTA Reinsurance Co). 

Key facts about the African Union:

• The AU is an intergovernmental organization consisting of the 55 member states that make up the countries of the African Continent.
• Basically, it is a continental union with a wide range of goals aimed at strengthening its member states both individually and collectively.
• It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
• Headquarters: Addis Ababa, Ethiopia

Critically endangered right whales are shrinking, with drastic consequences for their population

About North Atlantic right whales:

• These whales are migratory animals, spending the winter in warmer waters and migrating to the poles for cooler waters in late summer.
• These whales inhabit the temperate and subpolar waters of the North Atlantic and North Pacific oceans.
• Habitat: Depending on the time of year and which hemisphere they''re found, right whales will spend much of their time near bays and peninsulas and in shallow, coastal waters.
• Distribution: These are generally restricted to the coastal waters of the East Coast of the United States and Canada.
• There are three recognized species of right whales that occur in different parts of the world. These are Southern right whales (Eubalaena australis), North Atlantic right whales (Eubalaena glacialis) and North Pacific right whales.
• These whales often skim feed at or just below the water surface, slowly swimming through clouds of plankton with their mouths half open and then straining the plankton through their long baleen plates.
• Conservation status
• IUCN: Critically endangered
• CITES: Appendix I

Explained: Google DeepMind’s Genie, an AI model that creates virtual worlds from image prompts

About Genie AI Model:

• It is a foundation world model that is trained on videos sourced from the Internet.
• The model can “generate an endless variety of playable (action-controllable) worlds from synthetic images, photographs, and even sketches.”
• It is the first generative interactive environment that has been trained in an unsupervised manner from unlabelled internet videos.
• Specifications: When it comes to size, Genie stands at 11B parameters and consists of a spatiotemporal video tokenizer, an autoregressive dynamics model, and a simple and scalable latent action model.
• These technical specifications let Genie act in generated environments on a frame-by-frame basis even in the absence of training, labels, or any other domain-specific requirements.
• Genie can be prompted to generate a diverse set of interactive and controllable environments although it is trained on video-only data.
• It makes playable environments from a single image prompt.
• It can be prompted with images it has never seen. This includes real-world photographs, and sketches, allowing people to interact with their imagined virtual worlds.
• It is trained more on videos of 2D platformer games and robotics.
• Genie is trained on a general method, allowing it to function on any type of domain, and it is scalable to even larger Internet datasets.
• The standout aspect of Genie is its ability to learn and reproduce controls for in-game characters exclusively from internet videos.
• This is noteworthy because internet videos do not have labels about the action that is performed in the video, or even which part of the image should be controlled.
• It allows you to create an entirely new interactive environment from a single image.

Services pact with voluntary obligations comes into force

About General Agreement on Trade in Services (GATS)

• It is a treaty of the World Trade Organization (WTO).
• It was created to extend the multilateral trading system to the service sector, in the same way, the General Agreement on Tariffs and Trade (GATT) provides such a system for merchandise trade.
• It was signed at the Uruguay Round of Multilateral Trade Negotiations’ conclusion and entered into force on January 1, 1995. 
• Members: All WTO members are at the same time members of the GATS including India.
• Basic obligations under the GATS may be categorized into two broad groups:
• General obligations that apply to all members and services sector.
• Specific commitments: These are obligations that apply only to the sectors inscribed in a member''s schedule of commitments. Such commitments are laid down in individual schedules whose scope may vary widely between members.
• The GATS applies in principle to all service sectors, with two exceptions.
• Services supplied in the exercise of governmental authority: These are services that are supplied neither on a commercial basis nor in competition with other suppliers.
• These include social security schemes and any other public service, such as health or education that is provided at non-market conditions.
• The Annex on Air Transport Services exempts from coverage measures affecting air traffic rights and services directly related to the exercise of such rights.

New obligations

• The new obligations under their schedules in GATS seek to mitigate the unintended trade-restrictive effects of measures related to licensing requirements and procedures, qualification requirements and procedures and technical standards among themselves.
• The disciplines will be applied on a “most-favoured nation” principle, meaning that they will benefit all WTO members. 
• These disciplines have been named Services Domestic Regulation (DSR) and came into force in the 13th Ministerial Conference of the WTO.

SBI junks plans to raise Rs 12k cr via AT-1 bonds

About Additional Tier-1 (AT-1) Bonds:

• AT-1 bonds are perpetual bonds with no maturity date.
• Investors in these bonds do not get their principal back. 
• However, the interest continues forever. AT-1 bonds have a higher interest rate than other bonds.
• Due to the perpetual nature of AT-1 bonds, these are often treated and viewed as equity, not debt. 
• How are AT-1 Bonds Issued?
• AT-1 bonds are issued by banks in accordance with the directions of the Reserve Bank of India (RBI).
• Financial institutions usually issue such bonds to fulfil their capital adequacy requirements (CAR).
• CAR is an assessment of a bank’s capital and its risk-weighted assets.
• Capital adequacy norms were formulated under the Basel III accord of 2009 after the credit crisis of 2008. 
• The money raised through these bonds is kept aside as a shock absorber by the bank.
• These bonds are contingent convertible bonds (CoCos), a type of debt instrument that the bank can convert into equity if its capital levels fall below the specified levels. This helps the bank reduce debt while managing capital. 
• AT-1 bonds have a call option, which allows the banks to buy back the bonds from the investors.
• These bonds provide high returns but also carry greater risk. 
• If the banking institution fails, these bonds are at risk.  
• Suppose the RBI finds a bank in an unstable condition, under pressure, and in a situation where it demands rescue. In that case, it can ask the bank to immediately withdraw their AT-1 Bonds without seeking permission from the investors, therefore making AT-1 Bonds risky. 
• Further, the issuer can also skip the interest payout if it is under financial stress.
• Investors cannot return their bonds to the bank as there is no put option against these bonds. However, these bonds are listed on the stock exchanges, so the investor can liquidate them whenever needed.
• Subordinate debt: In case of default, these bonds rank lower than the other debt, which is why these are subordinate debts.

3 new moons discovered around Uranus and Neptune will be named after Shakespeare characters and Greek goddesses

About the International Astronomical Union (IAU):

• The IAU is a senior body governing international professional astronomical activities worldwide.
• It was established in 1919 as the first of a series of international unions for the advancement of specific branches of science.
• Its mission is to promote and safeguard the science of astronomy in all its aspects, including research, communication, education, and development, through international cooperation.
• The IAU is made up of various divisions, commissions, and working groups representing the various areas of astronomical research, teaching, and other endeavours.
• Membership:
• Its individual members are professional astronomers from all over the world, at the Ph.D. level and beyond, who are active in professional research, education, and outreach in astronomy. 
• The IAU also has junior members.
• IAU membership spans 92 countries. Out of those countries, 85 are National Members.
• IAU activities range from the definition of fundamental astronomical and dynamical constants and unambiguous astronomical nomenclature, rapid dissemination of new discoveries, organization of international observing campaigns, and promotion of educational activities in astronomy to early informal discussions of possible future international large-scale facilities.
• It is the only organization recognized professionally for the naming of astronomical bodies, which it does solely on the basis of merit, history, or discoverer’s privilege. 
• The IAU holds a general assembly every three years in varying parts of the world at which professional astronomers meet to discuss research, new cooperative ventures, and similar matters of professional interest.
• The IAU also works to promote research, education, and public outreach activities in astronomy for the public.
• Headquarters: Paris, France.

Why is NATO’s Steadfast Defender 2024 military exercise significant? | Explained

About Steadfast Defender 2024:

• It is NATO’s most extensive military exercise since the Cold War era.
• It involves 90,000 forces from 31 member countries and NATO partner Sweden and is conducted across various NATO nations.
• The exercise will feature an impressive array of military hardware, including over 50 naval vessels ranging from aircraft carriers to destroyers, and a formidable air contingent of more than 80 units comprising fighter jets, helicopters, and drones.
• The ground forces are equally robust, with at least 1,100 combat vehicles, including 133 tanks and 533 infantry fighting vehicles, demonstrating NATO’s ground capabilities.
• The purpose of Steadfast Defender 2024 is to put NATO''s new regional defense plans to the test. 
• These plans, the first of their kind in decades, outline the alliance''s response mechanisms to potential threats, notably addressing concerns regarding Russian aggression.

What is NATO?

• Formed in 1949 with the signing of the Washington Treaty, NATO is a security alliance of 31 countries from North America and Europe.
• NATO’s fundamental goal is to safeguard the Allies’ freedom and security by political and military means.
• It is a system of collective defence where independent member states agree for mutual defence in case of any attack by an external party.
• Article 5 of the Washington Treaty states that an attack against one ally is an attack against all.
• This article forms the core of the Alliance, a promise of collective defense.
• Headquarters: Brussels, Belgium.
• Functions:
• Political: NATO promotes democratic values and enables members to consult and cooperate on defence and security-related issues to solve problems, build trust, and, in the long run, prevent conflict.
• Military: NATO is committed to the peaceful resolution of disputes. If diplomatic efforts fail, it has the military power to undertake crisis-management operations. These are carried out under Article 5 of the Washington Treaty or under a United Nations mandate, alone or in cooperation with other countries and international organisations.

Ex-SC judge Justice A M Khanwilkar appointed Lokpal chairperson

About Lokpal:

• It is a statutory body established under the Lokpal and Lokayuktas Act 2013.
• Mandate: To inquire into allegations of corruption against certain public functionaries and for related matters.
• Organisational Structure:
• The Lokpal will consist of a chairperson and a maximum of eight members. 
• The Chairperson should be either the former Chief Justice of India, or a former Judge of the Supreme Court, or an eminent person who fulfils the eligibility criteria as specified. 
• Out of the maximum eight members, half will be judicial members. The judicial member of the Lokpal should be either a former Judge of the Supreme Court or a former Chief Justice of a High Court. 
• A minimum of fifty per cent of the Members will be from SC / ST / OBC / Minorities and women. 
• How are members appointed?
• The Chairperson and the Members are appointed by the President of India on the recommendation of a selection committee composed of the Prime Minister as the Chairperson, the Speaker of Lok Sabha, the Leader of Opposition in Lok Sabha, the Chief Justice of India or a Judge nominated by him/her, and one eminent jurist.
• They hold office for aterm of five years from the date on which they enter upon the office or until they attain the age of 70 years, whichever is earlier. 
• The salary, allowances, and other conditions of services of the Chairperson are the same as that of the Chief Justice of India.
• The salary, allowances, and other conditions of services of the members are the same as that of a Judge of the Supreme Court.
• Jurisdiction:
• It has jurisdiction to inquire into allegations of corruption against anyone who is or has been Prime Minister, a Minister in the Union government, or a Member of Parliament, as well as officials of the Union Government under Groups A, B, C, and D. 
• It covers chairpersons, members, officers, and directors of any board, corporation, society, trust, or autonomous body either established by an Act of Parliament or wholly or partly funded by the Union or State government.
• It also covers any society, trust, or body that receives a foreign contribution above Rs 10 lakh.
• Exceptions for Prime Minister:
• Lokpal cannot inquire into allegations against the PM relating to international relations, external and internal security, public order, atomic energy, and space. 
• Also, complaints against the PM are not to be probed unless the full Lokpal bench considers the initiation of the inquiry andat least 2/3rds of the members approve it. 
• Powers of Lokpal:
• It has powers to superintendence over and to give direction to the CBI.
• If it has referred a case to the CBI, the investigating officer in such a case cannot be transferred without the approval of Lokpal.
• Powers to authorize CBI for search and seizure operations connected to such cases.
• The Inquiry Wing of the Lokpal has been vested with the powers of a civil court.
• Lokpal has powers of confiscation of assets, proceeds, receipts, and benefits arising or procured by means of corruption in special circumstances.
• Lokpal has the power to recommend the transfer or suspension of public servants connected with the allegation of corruption.
• Lokpal has the power to give directions to prevent the destruction of records during the preliminary inquiry.
• In terms of Section 48 of the said Act, the Lokpal is required to present annually to the President a report on the work done by it, which is caused to be laid in both the Houses of Parliament. 

General Diary Entry Cannot Precede Registration of FIR, Except Where Preliminary Inquiry Is Needed: Supreme Court

About General Diary (GD):

• General Diary, also called Station Diary or Daily Diary in some States, is maintained under the provisions of Section 44 of the Police Act, 1861, in the States to which it applies, or under the respective provisions of the Police Act(s) applicable to a State or under the Police Manual of a State, as the case may be. 
• Section 44 of the Police Act, 1861 states that it shall be the duty of every officer in charge of a police station to keep a general diary in such form as shall, from time to time, be prescribed by the State Government and to record therein all complaints and charges preferred, the names of all persons arrested, the names of the complainants, the offences charged against them, the weapons or property that shall have been taken from their possession or otherwise, and the names of the witnesses who shall have been examined. 
• It is a record of all important transactions/events taking place in a police station, including the departure and arrival of police staff, the handing over or taking over of charges, the arrest of a person, details of law-and-order duties, the visit of senior officers, etc.
• Additionally, the GD summarizes each First Information Report (FIR) registered at the police station, as FIR registration is a significant event there.
• Simultaneously, the GD entry reference is noted in the FIR Book, while the FIR number is mentioned in the GD entry. This parallel documentation ensures that both records are kept up to date.
• The GD is maintained in chronological order, with a new entry starting with number 1 each day. 

What is a First Information Report (FIR)?

• It is a written document prepared by a Police officer based on information given by an aggrieved person or any other person, either in writing or made orally, about the commission of a Cognizable Offence.
• The investigation is started only after the filing of the FIR.
• Who can lodge an FIR?
• Anyone who knows about the commission of a cognizable offence can file an FIR. It is not necessary that only the victim of the crime should file an FIR.
• A police officer who comes to know about a cognizable offence can file an FIR himself/herself.
• An FIR can only be lodged in cases of cognizable offences.

General Diary (GD) vs. First Information Report (FIR):

• A copy of each FIR is sent to the superior officers and to the concerned Judicial Magistrate.
• A copy of GD is not sent to the Judicial Magistrate, though its copy is sent to a superior police officer. 
• The Magistrate of the district shall be at liberty to call for any inspection of such GD.
• The signature of the complainant is obtained in the FIR Book as and when the complaint is given to the police station. On the other hand, there is no such requirement to obtain the signature of the complainant in the general diary.
• The general diary is an internal police record, while in the case of F.I.R., a copy of these will be provided to the complainant.