Current Affairs

1. JENNY ERPENBECK’S ‘KAIROS’ WINS INTERNATIONAL BOOKER PRIZE –

• German author Jenny Erpenbeck and translator Michael Hofmann have won the prestigious International Booker Prize for their novel “Kairos.” The book, which tells the story of a tangled love affai r during the final years of East Germany’s existence, beat out five other finalists from a pool of 149 submitted novels.
• The International Booker Prize recognizes fiction from around the world that has been translated into English and published in the UK or Ireland. The £50,000 ($64,000) prize money is divided equally between the author and the translator, celebrating their collaborative efforts in bringing literary masterpieces to a wider audience.
• Eleanor Wachtel, the chair of the five-member judging panel, praised Erpenbeck’s novel as “a richly textured evocation of a tormented love affair, the entanglement of personal and national transformations.” Set in the dying days of the German Democratic Republic (GDR), leading up to the fall of the Berlin Wall, “Kairos” captures the complexities of a society undergoing profound change.
• Wachtel commended Hofmann’s translation for capturing the “eloquence and eccentricities” of Erpenbeck’s prose. The translator, who is the first male to win the International Booker Prize since its current form in 2016, acknowledged the synergy between his style and the author’s, describing the English-language book as “a mixture of her order and my chaos.”

 

2. INDIA’S MARKET CAPITALIZATION   REACHES      $5       TRILLION MILESTONE –

• In a significant stride, India’s market capitalization has surged to $5 trillion, marking a historic achievement. This remarkable feat was accomplished in under six months since surpassing the $4 trillion mark, showcasing the nation’s robust economic resilience and investor confidence.
• Joining the elite league of countries with a $5 trillion market cap, India stands alongside stalwarts like the US, China, Japan, and Hong Kong. However, on a closing basis, India’s market cap currently stands at $4.97 trillion on the BSE and $4.93 trillion on the NSE.
• India’s market cap witnessed a staggering surge of over 60% from its lows in March 2023, propelled by a rally in shares of small- and mid-sized firms. This uptick is attributed to a re-rating of valuations, fueled by improved economic and earnings growth prospects, surpassing global and emerging market peers.
• The growth trajectory of India’s market cap is further fueled by the emergence of mega newly listed companies, such as the Life Insurance Corporation (LIC), contributing significantly to the nation’s market value. Additionally, the increase in market value of the public sector undertaking (PSU) pack has bolstered India’s standing, with the nation now boasting 100 stocks with an m-cap above $10 billion.

 

3. SPAIN BECOMES     99TH  MEMBER      OF       INTERNATIONAL   SOLAR ALLIANCE –

• Spain has officially become the 99th member of the International Solar Alliance (ISA). The Instrument of Ratification was handed over by Spain’s Ambassador to India, José María Ridao Domínguez, to Abhishek Singh, Joint Secretary in the Ministry of External Affairs (MEA), during a meeting in New Delhi. MEA spokesperson Randhir Jaiswal confirmed the development in a post on X.
• The ISA, launched by India and France during COP21 in Paris, aims to implement the Paris Climate Agreement through extensive deployment of solar energy. It serves as a collaborative platform for member countries to increase the use of solar energy technologies, enhance energy access, ensure energy security, and drive the global energy transition.
• As of now, 116 countries are signatories to the ISA Framework Agreement, with 94 having completed the ratification process. Spain’s inclusion follows Panama, which ratified the agreement in March, becoming the 97th member.
• The Sixth Assembly of the ISA was held in New Delhi from October 30 to November 2, 2023, marking another significant event in the organization’s ongoing efforts to promote solar energy globally.