Sovereign Bonds

Why in news?

Recently, Sovereign bonds with the 10-year yield fell to a near-one-year low. 

More about the news

• The yield on the 10-year benchmark government security closed at 6.978%, its lowest level since June 2023. 
• A fall in government bond yields lowers borrowing costs across the economy as sovereign debt yields are the benchmarks for determining the price of corporate borrowing.
• Yields are at a downward trajectory after the RBI announced transfer of a record-high surplus dividend of ₹2.1 lakh crore to the government.
• A higher dividend amount provides a great deal of flexibility to the central government on the fiscal side and this positive surprise enthused all the markets with lower bond yields, rupee appreciating and the stock markets hitting new highs.

About Sovereign Bonds

• A government bond or sovereign bond is a form of bond issued by a government to support public spending. 
• It generally includes a commitment to pay periodic interest, called coupon payments, and to repay the face value on the maturity date.
• They can be denominated in both foreign and domestic currency. 
• They also have a rating associated with them which essentially speaks of their credit worthiness.
• The Yield of the sovereign bond is the interest rate that the government pays on issuing bonds. Countries with volatile economies and high inflation rates have to issue higher interest returns on their bonds compared to more stable ones.
• The Yield of the bonds are dependent on primarily 3 factors

• Creditworthiness – The issuing countries’ perceived ability to repay their debts. This can be obtained from rating agencies.
• Country Risk – External/Internal factors like unrest and wars tend to jeopardize a country’s ability to pay off their debts.
• Exchange Rates- In cases where bonds are issued in foreign currency, fluctuations in exchange rate may lead to increased pay out pressure on the issuing government.

RuPay Service in Maldives 

Why in news?

Recently, the Maldives’s Minister of Economic Development and Trade said that Maldives will soon launch India’s RuPay service.

About RuPay

• RuPay is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India.
• RuPay is the first-of-its-kind domestic Card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India.
• It is a highly secure network that protects against anti-phishing. 
• The name, derived from the words ‘Rupee and ‘Payment’, emphasizes that it is India’s very own initiative for Card payments. RuPay service India’s answer to international payment networks, expressing pride over our nationality.
• RuPay fulfills RBI’s vision of initiating a ‘less cash’ economy. This could be achieved only by encouraging every Indian bank and financial institution to become tech-savvy and engage in offering electronic payments.
• RuPay’s service is already operational in Singapore, Bhutan, UAE, Bahrain, and Saudi Arabia.

Cyclonic Remal

Why in news?

Recently, the cyclone Remal made landfall on the coasts near the Bay of Bengal.

About Cyclones 

• Cyclones are caused by atmospheric disturbances around a low-pressure area distinguished by swift and often destructive air circulation. It rotates counterclockwise in the Northern Hemisphere. 
• They are accompanied by strong winds and heavy rainfall.
• The favourable conditions for the formation and intensification of tropical storms are

• Large sea surface with a temperature higher than 27° C
• Presence of the Coriolis force
• Small variations in the vertical wind speed:

• Cyclones are named by the regional specialised meteorological centres (RSMCs) and Tropical Cyclone Warning Centres (TCWCs). 

• As an RSMC, the IMD names the cyclones developing over the north Indian Ocean, including the Bay of Bengal and the Arabian Sea.

Terms associated with Cyclones 

• A cyclone is a system of winds rotating counterclockwise in the Northern Hemisphere, characterized by low-pressure centres, rotating winds, and atmospheric instability.
• Occurrence: They originate over warm tropical oceans except the equatorial belt. They are known by various names in different parts of the world. It is called a ‘typhoon’ in Japan and the Philippines, Hurricanes in the Americas and willy-willies in Australia, etc.
• Air circulation: The air circulates clockwise in the Southern Hemisphere and anticlockwise in the Northern Hemisphere.
• Eye: The eye is a region of mostly calm weather at the centre of a tropical cyclone. It is marked by clear sky, warm temperatures, and low atmospheric pressure.
• Eye-wall: The eyewall consists of a ring of tall thunderstorms that produce heavy rains and usually the strongest winds.
• Storm surge- The abnormal rise in sea level due to cyclonic storms.

Narva River

Why in news?

Recently, the European Union demands Russia explain its unilateral demarcation of the Narva River on the Estonian-Russian border.

About Narva River 

• Russia removed 24 out of 50 navigation buoys from the Narva River, which demarcates the border between Estonia and Russia. 

• This move has raised concerns about border security and territorial integrity.

• The Narva River has its source at the northeastern end of Lake Peipus.
• The river runs along the border of the Republic of Estonia and the Russian Federation.
• The river flows 77 kilometres before empties itself into Narva Bay, Gulf of Finland.
• The Narva River is a vital shipping route for Estonia, and any disruption due to territorial disputes could have significant economic repercussions.

PREFIRE Mission

Why in news?

Recently, Rocket Lab launched the first of two shoebox-sized satellites as part of NASA’s Polar Radiant Energy in the Far-InfraRed Experiment (PREFIRE) mission.

More about the news

• The two shoebox-sized cube satellites, or CubeSats, will measure how much heat the Arctic and Antarctica — two of the coldest regions on the Earth — radiate into space and how this influences the planet’s climate. 
• The mission has been named PREFIRE (Polar Radiant Energy in the Far-InfraRed Experiment) and was jointly developed by NASA and the University of Wisconsin-Madison (US).
• Currently, there is no detailed measurement of this energy transfer, which influences Earth’s temperature and climate.
• The CubeSats will also measure the amount of far-infrared radiation trapped by atmospheric water vapour and clouds at the poles and how this influences the greenhouse effect in the region.
• The mission will fill a gap in understanding of the Earth system, providing scientists a detailed picture of how Earth’s polar regions influence how much energy our planet absorbs and releases.

Carbon Fiber

Why in news?

Recently, the Vice President of India inaugurated the Carbon Fibre and Prepregs Centre at the National Aerospace Laboratory in Bengaluru.

About Carbon Fibre 

• Carbon fibre is a material consisting of thin, strong crystalline filaments of carbon, essentially carbon atoms bonded together in long chains. 
• The fibres are extremely stiff, strong, and light, and are used in many processes to create excellent structural materials. 
• Carbon fibre is a light weight polymer which is almost five times stronger and twice as stiff in comparison to steel.
• Carbon fibre offers a variety of benefits including:

• High stiffness and stiffness-to-weight ratio, high tensile strength and strength-to-weight ratio, high-temperature tolerance with special resins, low thermal expansion and high chemical resistance. 

Eucalyptus Tree

Why in news?

Recently, the Kerala government issued an order allowing the Kerala Forest Development Corporation (KFDC) to plant eucalyptus trees.

About 

• Eucalyptus is a genus of more than 700 species of flowering plants in the family Myrtaceae.
• Eucalyptus trees are the fastest and tallest growing trees in the world.
• The leaves are leathery and often hang obliquely or vertically, most species are evergreen.
• It grows well in deep, fertile, well-drained loamy soil with adequate moisture.
• These trees are native to Australia, where they are used as firewood, timber, and medicine.
• In India, it is widely grown in Tamil Nadu, Andhra Pradesh, Gujrat, Haryana, Mysore, Kerala, and in the Nilgiri Hill.
• Since a eucalyptus tree’s lateral roots spread up to 100 feet outward, they are known to grow into ditches, plumbing pipes, and septic tanks, damaging, clogging, and cracking them.

Nyishi Tribe

Why in news?

Mountaineer Kabak Yano became the first woman from the Nyishi tribe to successfully climb Mount Everest.

About Nyishi Tribes

• Nyishi community is the largest ethnic group in Arunachal Pradesh, they are geographically concentrated around the Dafla Hill range.
• The Nyishi language belongs to the Sino-Tibetan family. Polygyny is prevalent among the Nyishi.
• The Nyishi are agriculturalists who practice jhum cultivation. 
• The principal crops raised include paddy, maize, cucumber, ginger, yams, millet, pumpkin and beans etc. 
• The Nyishis, who traditionally wear cane helmets surmounted by the crest of a hornbill beak, have considerably affected the population of this bird.

Virupaksha Temple

Why in news?

The Archaeological Survey of India (ASI) will soon begin the restoration work of the collapsed saalu mantapa or the pavilion of the Virupaksha temple.

About the temple 

• Virupaksha Temple is the 7th century Shiva temple in Hampi, Central Karnataka. Hampi is a UNESCO World Heritage Site.  
• The temple was built by Lakkan Dandesha, a nayaka (chieftain) under the ruler Deva Raya II, also known as Prauda Deva Raya of the Vijayanagara Empire.
• Lord Virupaksha, also referred to as Pampapathi is the main deity in Virupaksha Temple. Virupaksha Temple complex also houses shrines of Bhuvaneshwari and Vidyaranya. 
• It exemplifies Dravidian architecture with grand gopurams (towering gateways), intricate carvings, and a sanctum sanctorum housing a Shiva lingam.
• Virupaksha Temple complex is surrounded by three gopuras (towers).
• The main tower, on the east is an imposing structure, 9 stories, 50 meters tall, built in the fifteenth century. 
• Eastern tower forms the main entrance to Virupaksha Temple. Eastern tower has extensive craftsmanship on each of its floors featuring hundreds of Hindu gods and goddesses.