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News in Short

News in Short - 02-July-2021

Abhimanyu Mishra becomes youngest Chess Grandmaster

Date: 02 July 2021 Tags: Sports
  • Indian-origin American Abhimanyu Mishra has become the youngest-ever chess Grandmaster in the world.
  • At 12 years, four months and 25 days, he surpassed the long-standing record held by Sergey Karjakin, who was 12 years and seven months old when he attained the title.
  • Three years ago, India’s R Praggnanandhaa had almost surpassed him, but missed the opportunity by a whisker.
  • Abhimanyu had become the world’s youngest International Master last year. He achieved the feat at the Vezerkepzo GM Mix in Budapest.

Tourism losses expected to be $4trillion

Date: 02 July 2021 Tags: World Economy
  • The collapse of international tourism due to COVID-19 could cost the world at least $4 trillion in terms of global GDP for 2020 and 2021 according to a report from two United Nations (UN) institutions.
  • India experienced a 54% drop in tourist arrivals in 2020 according to COVID-19 and Tourism: An Update, a joint report released by the UN Conference on Trade and Development (UNCTAD) and the UN World Tourist Organisation (UNWTO).
  • Tourism is not expected to return to pre-COVID levels until 2023 or later, costing the world somewhere between $1.7 trillion and $2.4 trillion in 2021.
  • On average, in the absence of any economic stimulus, a drop in tourist sales leads to a 2.5 fold loss in real GDP due to linkages with upstream sectors like agriculture.

Europe troops return from Afghanistan

Date: 02 July 2021 Tags: Miscellaneous
  • Most European troops have already pulled out of Afghanistan, quietly withdrawing months before the U.S.-led mission was officially expected to end.
  • Germany and Italy declared their missions in Afghanistan over and Poland's last troops returned home, bringing their deployments to a low-key end.
  • NATO agreed in April to withdraw its roughly 7,000 non-American forces from Afghanistan to match U.S. President Joe Biden's decision to pull all American troops from the country, starting May 1.

Pune officially becomes biggest city of Maharashtra

Date: 02 July 2021 Tags: Miscellaneous
  • Pune has become the city with the largest geographical area in Maharashtra after the state government issued an order for extending the boundaries of Pune Municipal Corporation (PMC).
  • The PMC will now have a geographical area of 516.18 sq km, thus replacing the Brihanmumbai Municipal Corporation (BMC), which has 440 sq km area.
  • With the new urban limits, Pune also becomes the seventh largest city in the country. The state government had first declared its intention to include 34 villages in PMC limits in 2014.
  • The process was delayed and only 11 villages were merged in the PMC, that too after an intervention by the Bombay High Court in 2017.

World Bank approves $800 mn loan for Pakistan

Date: 02 July 2021 Tags: Miscellaneous
  • The World Bank has approved a loan of USD 800 million to cash-strapped Pakistan, financing schemes on clean energy and human capital development.
  • The loan amount would be utilised for schemes which are not covered due to the budget deficit for 2021-22 fiscal.
  • The board of directors of World Bank approved financing for two programmes - Pakistan Program for Affordable and Clean Energy (PACE) and Securing Human Investments to Foster Transformation (SHIFT-II).
  • The programme would help improve health and education services, increase income-generation opportunities for the poor, and promote inclusive economic growth.