DAILY GK UPDATE - 1st May !

1.    International Labour Day being observed today

i. It is observed on May 1 every year to celebrate the achievements of workers.

ii. Labour Day has its origins in the labour union movement, specifically the eight-hour day movement, which advocated eight hours for work, eight hours for recreation, and eight hours for rest

iii. The day was then marked internationally as a time for demonstrations and riots. In 1904, the International Socialist Conference in Amsterdam called on all organizations and trade unions of all countries to demonstrate on May 1, and demand the legal establishment of the eight-hour work day.

iv. In India, the frist Labor Day was celebrated in 1923 in Chennai. Today, organizations and trade unions across India organize pageants and contests for kids to educated them about workers rights

2.    Exim Bank to set up project development company with African Development Bank

i. In a bid to enhance India�s limited presence in the infrastructure space in Africa, Exim Bank will soon set up a Project Development Company (PDC) in association with the African Development Bank, a multilateral institution for 55 African countries.

ii. The PDC will identify opportunities in Africa and bring these opportunities towards financial closure.� State Bank of India and Infrastructure Leasing & Financial Services will be the other partners in the PDC.

iii. Each of the four partners in the PDC will chip in $5 million to start the venture. The project reports that PDC will put together will save precious time and money that companies otherwise would have to spend in undertaking techno-economic feasibility studies.

3.    CARE sees GDP growth at 5.2-5.5% this fiscal on new govt

i.  The economy would grow by 5.2�5.5 per cent in the current fiscal driven largely by a new government which is expected to focus on growth, Care Ratings said today.

ii. Care Ratings expects the new government to be more responsible on the fiscal management front, and said that it expects the fiscal deficit to get contained to 4.1 per cent in FY15, an improvement from the 4.6 per cent in FY14.

iii. The agency expects industrial growth to revive to the 2�3 per cent levels, after struggling for a better part of the just concluded, where it is expected to come at 0.2�0.3 percent levels.

4.    British actor Bob Hoskins dies at 71

i. British actor Bob Hoskins, who was best known for roles in The Long Good Friday and Who Framed Roger Rabbit, has died of pneumonia. 
ii. He was 71. Bob Hoskins had won a Bafta and was nominated for the Oscars in 1987 for crime drama Mona Lisa, in which he starred opposite Sir Michael Caine and Robbie Coltrane. He retired from acting in 2012 after being diagnosed with Parkinson's disease.

5.    Michael Hudson McHugh, the ex-Australian judge appointed as arbitrator by SC

i. The Supreme Court of India on 29 April 2014 appointed former judge of the High Court of Australia, Michael Hudson McHugh as the third arbitrator to resolve the dispute between the Central government and Mukesh Ambani-led Reliance Industries Ltd (RIL) on KG basin.

ii. McHugh was named as the Chairman of the Arbitral Tribunal after the apex Court on 2 April 2014 withdrawn the appointment of James Spigelman, ex-Chief Justice and LG of New South Wales, Australia.

iii. His name was withdrawn after the Court was informed by the Centre that his name was mentioned in the list of names proposed by the Reliance group for appointment as an independent arbitrator.

iv. On the issue of appointment of the independent arbitrator as the Chairman of the Arbitral Tribunal was passed by Justice Nijjar on 31 March 2014. The other two members of the tribunal are former Chief Justices of India, SP Bharucha and VN Khare.
� Former Justice Bharucha was nominated by Reliance as its arbitrator
� Former Justice Khare nomination was chosen by Centre as its arbitrator

6.    For the first time London got its Web Domain name .London

i. London on 29 April 2014 got its domain name .london for the first time. Officially, .london will come into effect from the summer 2014. 

ii. Domain name of London will join the club of Germany and Austria as .berlin in Germany and .wien in Austria.

iii. Since January 2014, a little-known organization that regulates global Internet names has been issuing new city-specific domain names. Roughly 60 cities have received approval for their own domains so far.

iv. The new .city names are expected to help local enterprises boost their web presence, improve their online search rankings and increase their sales by directing locals and tourists to relevant nearby businesses.

7.    George Clooney stepped down from UN role

i. George Clooney on stepped down from his role as UN�s Messenger of Peace amid the reports of his engagement with the human rights lawyer, Amal Alamuddin (36-year-old). He has served UN as Messenger of Peace since January 2008. 

ii. The end of the service of the Academy award winning Hollywood actor, George Clooney (52-year-old) as a UN Messenger of Peace was informed by UN Secretary General Ban Ki-moon's spokesperson Stephane Dujarric

George Clooney 
� George Clooney has won three Golden Globe Awards
� He is also a winner of two Academy Awards one for acting and the other for producing
� He is an American actor, film director, producer and screenwriter and was born on 6 May 1961

8.    Mahatma Gandhi Pravasi Suraksha Yojana scheme launched in UAE

i. Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) was launched in the UAE in the fourth week of April 2014.

ii. A leading Indian financial and health care service player has tied up with the UAE Exchange to offer Mahatma Gandhi Pravasi Suraksha Yojana Scheme in the Gulf country. 

iii. The implementation of the MGPSY scheme will be facilitated by UAE Exchange that is offered by the India�s Ministry of Overseas in association with Alankit Assignments.  

About Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) 
i. Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme is a pension and life insurance scheme and is recognised by the Indian government. 
ii. Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) is a special social security scheme for overseas Indian workers on temporary work permit in 17 Emigration Check Required (ECR) countries.

9.    India regains No.1 position in T20I rankings

i. India on Thursday climbed up a position and regained its number one ranking in Twenty20 Internationals after the annual update of the ICC Rankings, which was announced in Dubai.

ii. In another major move in the table, the West Indies have slipped two places to be at seventh position. This drop has helped Australia and New Zealand up by one place each to be at fifth and sixth spots, respectively.

10.  India slip to 5th in ICC's annual list for Test teams

i.  India's dismal performance in the international season gone by pushed them down the ladder in the ICC Test rankings with the team finishing fifth in the annual updated list issued today.

ii.Australia top both the formats for the first time since December 2008. Australia last held the number-one Test ranking in August 2009, when they were displaced after losing 2-1 to England.

iii. India, who were thrashed during trips to South Africa and New Zealand in their most recent Test assignments, have slipped from third to fifth in the table after dropping 10 ratings points.

iv. Australia captain Michael Clarke was delighted with the news that his side was now on top of both the Test and ODI tables.

11.  MCX CEO Manoj Vaish quits

i. Manoj Vaish, Managing Director & CEO of Multi Commodity Exchange of India Ltd (MCX), has quit citing health reasons.He had taken up the position on February 1.

ii. In a communication to the stock exchanges, MCX said Vaish had submitted his resignation from the services of the exchange, subject to the approval of the board, on health grounds.