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News Highlights provides you with the best compilation of the Daily News Highlights taking place across the globe: National, International, Sports, Science and Technology, Banking, Economy, Agreement, Appointments, Ranks, and Report and General Studies
1.
THE CENTRE has extended a special subsidy of Rs 3,500 per tonne on diammonium phosphate (DAP), which was to end on December 31, for a further one- year period from January 1, 2025. The decision, cleared by the Union Cabinet, is aimed at containing any surge in farmgate prices of India's second most-consumed fertiliser. That pressure is more, given the rupee's recent slide against the US dollar. The Modi government has informally frozen the maximum retail prices (MRP) of all non- urea fertilisers. This is despite them being "decontrolled" on paper, unlike urea whose MRP has been statutorily fixed at Rs 266.50 per 45-kg bag (after neem-coating and goods and services tax) since November 2012.
2.
INDIA EXPERIENCED its warmest year since 1901, beating the previous temperature record of 2016, the India Meteorological Department said. The annual mean land sur- face temperature averaged over the country was up by 0.65 degrees Celsius, making 2024 the warmest in 123 years. Notably, the sharpest rise in the temperatures have all been recorded in the recent past. IMD's temperature data (long period average based on 1991 2020) suggested that the top five warmest years have been: 2016 (0.54 degrees Celsius), 2009 (0.40 degrees Celsius), 2010 (0.39 degrees Celsius) and 2017 (0.38 degrees Celsius). Seasonally, the post monsoon (October December) reported the sharpest jump (0.83 degrees Celsius) followed by monsoon (June - September) - 0.71 degrees Celsius in the year.
3.
One species of velvet ant, found across the tropical savanna and dry shrub desert in Brazil, is known for its distinct black-and-white markings. A team of scientists led by Vinicius Lopez, an entomologist at the Federal University of Triângulo Mineiro in Brazil, recently found that the black parts on female velvet ants were actually ultrablack so matte that they absorbed nearly all visible light. The discovery, published in the Beilstein Journal of Nano- technology last month, makes this species (Traumatomutilla bifurca) the first known insect among Hymenoptera - the group of animals comprising bees, wasps and ants to display such a striking shade. In nature, some blacks are blacker than others. There's your run-of-the-mill black, which is caused by the presence of melanin and displays some sheen, like the feathers on a crow.
4.
THE INDIAN BANKING system continues to record improvement across several parameters. As per the RBI's latest Financial Stability Report, bad loans of banks have fallen to a 12-year low of 2.6 per cent in September 2024. This improvement in asset quality is being observed across all sectors. Banks have also reported a healthy increase in their profitability. Their provision coverage ratios are high and their capital position is healthy. The stress tests carried out by the RBI also suggest that even if the macroeconomic environment takes a turn for the worse, banks would remain well capitalised, with only four banks falling short of the minimum capital requirement in one adverse scenario.
5.
HIGHER GAS COSTS will lead to faster consolidation in the city gas distribution (CGD) sector. The sector is facing headwinds from a sharp cut in the allocation of gas supplied under the administered price mechanism (APM) for the priority sectors - domestic piped natural gas (D-PNG) and compressed natural gas (CNG). The APM gas allocation for these segments has reduced from 72 per cent in the second quarter of the financial year to 44 per cent effective. This will compel players to rely on higher- cost alternate gas sources such as high pressure high temperature (HPHT) gas or imported regasified liquified natural gas (RLNG), which costs one-and-a-half and two times respectively of the APM gas costs.
6.
THE GROWTH in non-food credit of scheduled commercial banks slowed to 11.8 per cent in November 2024 on a year-on- year (y-o-y) basis, compared to 16.5 per cent, the Reserve Bank of India (RBI) data showed. The industry segment witnessed a loan growth of 8.1 per cent in November 2024, compared to 5.5 per cent in the year ago period. Within industry, though loans to micro and small segment saw moderation, it continued to see a double-digit growth at 10.1 per cent in November 2024 (vs 16.9 per cent in November 2023). Advances to medium industry rose by 20 per cent in November 2024, as against 12 per cent a year- ago, the RBI data showed.
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