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News in Short

News in Short - 18-November-2021

Saudi Arabia launches largest floating industrial complex in the world

Date: 18 November 2021 Tags: Miscellaneous
  • Saudi Arabia’s Crown Prince Salman announced the establishment of OXAGON, the world’s largest floating industrial complex.
  • It is located on the Red Sea near the Suez Canal, and south on the line, it will include the present-day port of Duba, which is now part of OXAGON.
  • Approximately 13 percent of global trade passes through the Red Sea, and OXAGON is positioned to be one of the world’s most technologically advanced logistics hubs with state-of-the-art integrated port and airport connectivity.

Russia conducts ASAT test

Date: 18 November 2021 Tags: Miscellaneous
  • Russian Federation conducted a destructive test of a direct-ascent anti-satellite missile against one of its own satellites.
  • The test generated a debris field in low-Earth orbit that endangered the International Space Station.
  • Russia is not the first country to conduct anti-satellite tests in space. The United States performed the first in 1959, when satellites were rare and new.

Biden and Xi hold guardrail summit

Date: 18 November 2021 Tags: Miscellaneous
  • United States President Joe Biden and China’s President Xi Jinping agreed on the need to “responsibly” manage a competitive relationship during a summit.
  • The two leaders spoke for over three hours in their first virtual summit, convened from the Roosevelt Room in the White House and the Great Hall of the People in Beijing.
  • The change in tone was obvious from a March meeting in Alaska between senior officials that saw accusations traded in front of the cameras and marked a turbulent start to the Biden administration’s engagement with China.

China overtakes US to become wealthiest nation

Date: 18 November 2021 Tags: Reports & Indices
  • China has surpassed the United States to become the richest nation in the world as global wealth tripled over the past two decades.
  • The report has been prepared after examining the national balance sheets of 10 countries, representing more than 60 per cent of world income.
  • China’s wealth jumped to $120 trillion in 2020 from just $7 trillion in 2000. This marks a jump of $113 trillion in 20 years, helping the nation surpass the United States in terms of net worth.

Centre reopens Kartarpurcorridor

Date: 18 November 2021 Tags: Historical Places
  • The Centre has decided to reopen Kartarpur Corridor, which connects Dera Baba Nanak Sahib Gurudwara on the Indian side of the border with GurdwaraDarbar Sahib in Pakistan.
  • The proposal for the special corridor was first pitched back in 1999 by former prime minister Atal Bihari Vajpayee and his then Pakistani counterpart Nawaz Sharif.
  • Sikh pilgrims from India earlier used to take a bus to Lahore to eventually get to Kartarpur, which made the journey almost 125km long.