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Daily News Digest:21 May 2019

Sensex posts biggest one-day gain in 10 years

Indian markets jumped sharply on 20 May, posting their biggest one-day gain in 10 years, after exit polls showed BJP-led NDA getting a comfortable majority in Lok Sabha elections.

Most of the exit polls predicted a majority for the Prime Minister Narendra Modi's BJP and its allies after the six-week-long general election ended on 19 May.

The rupee also jumped against the US dollar.

The Sensex rose 1,421 points to 39,352 while Nifty surged to settle at 3.7% higher at 11,828, their highest close ever. The results of Lok Sabha elections will be announced on 23 May 2019.

Google uninstalls Huawei

Google has suspended business ties with Huawei, cutting the Chinese telecom major off from its technology.

As the trade war intensifies between USA and China, the next economic war will be fought on technology fronts.

As Huawei loses access to updates on the Android operating system, anyone using a Huawei smartphone is sure to be miffed.

But future versions of Huawei smartphones would have to do without proprietary apps such as Gmail, Google Chrome and YouTube.

SIMBEX 2019

The Indian Navy and the Republic of Singapore Navy began a major bilateral naval exercise on 20 May in the South China Sea.

The exercise, code-named SIMBEX 19, will run through May 22. Last year’s exercises took place in the Indian Ocean, off India’s Andaman and Nicobar Islands.

On the Indian side, two vessels that have been on a two-month-long deployment to East Asia are participating. INS Kolkata, the lead ship of the Kolkata-class guided missile destroyers, and INS Shakti, a Deepak-class fleet tanker, participated in the exercise.

Chief Risk Officers for NBFCs

The Reserve Bank of India (RBI) has asked non-banking finance companies (NBFCs) with asset size of more than Rs5,000 crore to appoint a chief risk officer (CRO) with clearly specified role and responsibilities.

RBI’s move to tighten regulations comes in the backdrop of the increasing role of NBFCs in direct credit intermediation, especially in view of the IL&FS imbroglio and its ripple effects on the financial sector.

ArcelorMittal to pay ₹ 42K cr for Essar Steel takeover

Global steel major ArcelorMittal on 20 May told the National Company Law Appellate Tribunal (NCLAT) that it would pay ₹ 42,000 crore, including a minimum of guarantee of ₹ 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process.

The NCLAT would continue to hear the Essar Steel insolvency case on May 21.

GK of the day: What is Data Localisation and India’s stand?

Data localisation laws refer to regulations that dictate how data on a nation’s citizens is collected, processed and stored inside the country.

Access to data by Indian law agencies, in case of a breach or threat, cannot be dependent on the whims and fancies, nor on lengthy legal processes of another nation that hosts data generated in India.

Methanol, water ice, and organic molecules is found on Ultima Thules surface

NASA's New Horizons mission team has found evidence for a unique mixture of methanol, water ice, and organic molecules on Ultima Thule’s surface which is the farthest world ever explored by mankind.

The U.S. space agency has published the first profile of Ultima Thule, an ancient relic from the era of planet formation, revealing details about the complex space object.

The researchers analyzed the first sets of data collected during the New Horizons spacecraft’s New Year’s 2019 flyby of the Kuiper Belt object called 2014 MU69, also known as Ultima Thule.

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