North Korean leader Kim Jong Un has inspected the country’s first military spy satellite, giving the go-ahead for what state media described as a “future action plan”.

• Kim met the committee leading the satellite’s development before viewing the satellite, the state-run Korean Central News Agency (KCNA) reported.
• KCNA did not provide any details on when the launch might take place.
• The North Korean leader gave the green light last month when it was announced that construction of the satellite had been completed.
• That announcement came about a week after Pyongyang tested what it said was a new solid-fuel intercontinental ballistic missile, marking a significant breakthrough for its banned weapons programmes.

India’s economy is expected to grow by 6.7 percent in the calendar year 2024, supported by resilient domestic demand, according to a UN report which said higher interest rates and weaker external demand will continue to weigh on investment and exports this year for the country. 

• The World Economic Situation and Prospects as of mid-2023 report released recently said India’s economy, the largest in the South Asian region, is expected to expand by 5.8 percent in 2023 and 6.7 percent in 2024 (calendar year basis), supported by resilient domestic demand.
• However, higher interest rates and weaker external demand will continue to weigh on investment and exports in 2023, it said.

Recently, the U.S. government released its latest report on International Religious Freedom. The US report on religious freedom listed a number of examples of alleged violence against Christians, Muslims, and Dalits in India and criticized Indian anti-conversion laws.

• The Ministry of External Affairs rejected the report which includes a chapter on India and said it was based on “misinformation” and also stated that India “values” its partnership with the United States and would continue to have “frank exchanges” on the issues involved.
• Among its key findings, the report calls out several countries including India, China, Russia, and Iran for violations of explicitly targeting members from certain faith communities.

The Indian Institute of Science (IISc) and the Department of Telecommunication (DoT) are hosting international experts in deliberations on enhancing the quality of television content transmission.

• The meetings featuring the International Telecommunication Union (ITU)’s Study Group 9 commenced at the IISc campus here on May 9 and will be on till May 18.
• DoT’s Telecommunication Engineering Centre is IISc’s partner in organising the SG9 meetings, , being hosted by India for the first time.
• Themed around broadband cable and TV/audiovisual content transmission and integrated broadband cable networks, the meetings were attended by over 200 delegates from countries including Brazil, China, Congo, Egypt, France, Germany, India, Japan, Kenya, Korea, Switzerland, and Ukraine, and representatives of ITU, IISc said on Tuesday.

Russian President Vladimir Putin and Iranian leader Ebrahim Raisi witnessed the signing of a deal to finance and build an Iranian railway line as part of the North–South Transport Corridor that involves more than a dozen countries.

• The Rasht-Astara railway is seen as an important link in the corridor, intended to connect India, Iran, Russia, Azerbaijan and other countries by rail and sea.
• Russia said the project can rival the Suez Canal as a trade route. He also said the 162km railway along the Caspian Sea coast would help to connect Russian ports on the Baltic Sea with Iranian ports in the Indian Ocean and the Arabian Gulf.

The capital markets regulator has proposed sweeping changes to the way mutual funds charge fees to investors for managing their money. The Securities and Exchange Board of India said in a discussion paper that mutual funds must make the total expense ratio - the annual fee that these asset managers collect from unitholders - uniform for scheme categories such as equity or debt.

• Sebi has proposed that the total expense ratio slabs should be at the level of the AMC and not at the scheme level. This means all equity schemes belonging to a fund house can charge a TER on the basis of the money managed. The same holds for non-equity assets like debt. Currently, every scheme is allowed to charge a separate TER based on the asset size.
• The regulator has proposed to allow mutual funds to charge a maximum TER of 2.55% for equity assets under management of less than Rs. 2,500 crore.

According to a release from the Ministry of Jal Shakti, the Jal Jeevan Mission (JJM) has reached a key milestone by supplying safe and clean drinking water through taps to over 12 crore rural homes across the country.

• Prime Minister Mr. Narendra Modi launched the programme on August 15, 2019, when only 3.23 crore rural families had access to piped water connections.
• According to the ministry, the union and state governments' tireless efforts have also resulted in the provision of tap water in 9.06 lakh (88.55%) schools and 9.39 lakh (84%) Anganwadi centres across the country.
• Only 21.64 lakh (7.84%) of the 112 aspirational districts in the country had a tap water connection when JJM was launched. However, this number has since climbed to 1.67 crore (60.51%).

A Nepalese Sherpa mountain guide has regained the record for most climbs of Mount Everest. On Wednesday(17 May, 2023) , 53-year-old Kami Rita Sherpa reached the top of the 8,849-meter mountain for the 27th time. He was guiding a climber along the traditional southern route.

• Three days earlier, another Nepali, Pasang Dawa Sherpa, reached the top for the 26th time, tying Kami Rita’s earlier record, set last year.
• The season’s first groups of climbers reached the summit over the weekend. Earlier, Sherpa guides had placed ropes and made paths for the hundreds of people expected during the climbing season.

Gajraj Corps of the Indian Army conducted a Joint Flood Relief 'Exercise Jal Rahat' at Hagrama Bridge on Manas River, Assam to validate joint drills and coordinate preparedness by multi-agency flood relief columns.

Apart from Indian Army- SSB, National Disaster Response Force (NDRF), State Disaster Response Force (SDRF), District Disaster Management Authority (DDMA) and police representatives took part.

• The event included coordination and rehearsals for rescue mission of people from inundated areas by joint efforts of specialist teams from Army, NDRF and SDRF.
• Practice on use of innovative expedients by the flood relief columns was also organised in which teams of Army and SSB demonstrated use of local resources during such calamity.
• The event was witnessed by senior dignitaries from the Army, Civil, CAPF, DC Offices, Bongaigaon & Chirang and SSB.

The Uttar Pradesh government has announced its plan to initiate a training program for 5G technology as part of the Skill Development Mission. The program aims to equip youth population with necessary skills in emerging and future employable technologies.

• The program proposes a target of training and providing employment to at least 1,000 candidates within eight months.
• It is expected that the program will commence soon in five out of the eight selected districts, which include Lucknow, Kanpur, Gautam Buddha Nagar, Moradabad, Agra, Gorakhpur, Varanasi, and Prayagraj.
• Besides, with an estimate spending of over Rs 2.8 crore, the program also envisages three courses. These are -

1. Telecom Rigger - 5G and Legacy Networks: To train 360 candidates in 450 hours, with an expenditure of more than Rs 22,000 per candidate and a total cost of around Rs 80 lakh 

2. Technician 5G - Active Network Installation: To run for 570 hours, in which a total amount of more than one crore will be spent on 360 candidates

3. Project Engineer - 5G Networks: To be completed in 660 hours, costing more than 90 lakhs with 280 candidate.

Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy released Rs. 123.52 crore under the YSR Matsyakara Bharosa scheme at a public meeting held at Nizampatnam in Bapatla district on May 16 (Tuesday).

• As a part of the scheme, financial assistance of Rs. 10,000 is given to each fisherman family for the annual ban period on marine fishing from April 15 to June 14. 
• The amount was directly credited into the bank accounts of 1,23,519 beneficiaries across the State. Thousands of fishermen attended the public meeting and thanked the Chief Minister for releasing the benefits for the fifth consecutive year.
• With the amount released on Tuesday, the total assistance provided under the scheme has gone up to Rs.538 crore, said Mr. Jagan Reddy. 

Brazil, the leading global exporter of chicken, has announced the first-ever instances of Highly Pathogenic Avian Influenza (HPAI) H5N1 in wild birds. The Brazilian government has identified two sick terns on beaches on the coast of Espirito Santo state in the southeast.

• The birds, plus a brown booby at the rescue facility, showed neurologic symptoms. One died, and the two others were euthanized. Samples from all three birds were positive for H5N1. T
• These cases, in accordance with guidelines from the World Organization for Animal Health (WOAH), do not warrant a ban on imports of Brazilian poultry products.
• A government source revealed that enhanced epidemiological surveillance will be implemented in the vicinity of the confirmed cases to detect any potential instances in both wild and commercial animals. Since the affected cases were restricted to wild animals, Brazil's designation as a "HPAI-free country" remains unaffected.

India has introduced new regulations to streamline and expedite the approval process for mergers and acquisitions (M&A) in the startup sector. M&A activities in startups and MSMEs can now obtain approval within 15 to 60 days.

• This regulatory update is expected to provide a significant impetus to the startup ecosystem, which has witnessed increased corporate restructuring in recent times, according to a notification from the corporate affairs ministry (MCA).
• There is now a maximum time limit of 60 days for either granting approval to a merger or amalgamation or presenting objections to the adjudicating authority.
• If the MCA fails to take action within this timeframe, it will be considered an automatic approval.
• This revision ensures a streamlined and time-bound process for mergers and acquisitions in the startup sector.
• Based on the notification, if the Registrar of Companies (RoC) and official liquidators do not raise any objections within 30 days and if it is deemed beneficial for the public or creditors of the companies involved, the Ministry of Corporate Affairs (MCA) can approve a merger or amalgamation within 15 days.
• The revised Companies (Compromises, Arrangements and Amalgamations) Rules, which will be effective from June 15, introduce these changes.

Former Vice-Governor of the National Bank of Slovakia Ludovit Odour has been named as Slovakia's new caretaker Prime Minister.

• Following the departure of former caretaker Prime Minister Eduard Heger on May 7, Slovak President Zuzana Caputova charged Odour with governing the country until the September snap elections.
• In his inaugural address, Odour expressed his commitment to bringing calm and professionalism to the governance of Slovakia

One 97 Communications Ltd, which owns Paytm, announced the appointment of Bhavesh Gupta as the president and chief operating officer (COO) of the firm.

• Bhavesh Gupta is a financial services professional with over 25 years experience building businesses grounds up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking, etc.
• Before joining Paytm in 2020, Gupta worked in multiple leadership roles including CEO of Clix Capital (formerly known as GE Capital), Head of SME & Business Banking at IDFC Bank and was also associated with ICICI bank in various roles.
• Gupta is a graduate from Delhi University and completed his MBA from Institute of Management Studies, Indore.