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Important Current Affairs 22nd April 2020

National

IIT-Mandi develops high-speed magnetic RAM

• Indian Institute of Technology (IIT) Mandi, Himachal Pradesh has developed a high-speed magnetic Random Access Memory (RAM).

• This Magnetic Random Access Memory (RAM), is faster, energy-efficient and stores more data in a smaller volume as compared to existing data storage technologies.

Guj Govt's Water Conservation Scheme Begins

• Gujarat Chief Minister Vijay Rupani has given the green signal for the third edition of his government’s ‘Sujalam Sufalam Jal Sanchay Abhiyan’. It is a conservation plan to deepen water bodies in the state before the monsoon.

• The scheme will see the deepening of lakes, check dams and rivers by removing silt. This will be done till June 10, 2020 with people’s participation as well as under MNREGA.

International

US crude oil prices fall below $0 mark

• In a historic first, the US crude oil prices crashed below $0 mark on April 20, 2020. The price of best quality of crude oil West Texas Intermediate (WTI) turned negative to - USD 40.32 a barrel.

• This is the worst ever slash in crude oil prices in the history of mankind. The last such fall in oil prices was reported right after the World War II.

Acquisitions and Mergers

Facebook buys 9.99% stake in Reliance Jio platform

• Facebook has announced the investment of Rs. 43,474 crores in Reliance Jio for 9.99 per cent stake on April 22. It is the largest Foreign Direct Investment (FDI) in India’s tech sector.

• The announcement of signing a binding agreement for an investment of Rs. 43,474 crore was made by Jio Platform Ltd, Reliance Industries Ltd. and Facebook.

• As per a statement by Reliance Industries Ltd., the investment by Facebook translates into a 9.99% of the equity stake in Jio on a fully diluted basis. The declared investment now values Jio Platforms at Rs. 4.62 lakh crore pre-money enterprise value.

Appointments and Resignations

N Kamakodi to be reappointed as the MD & CEO of City Union Bank

• N Kamakodi will be reappointed as the MD&CEO of City Union Bank. He has been reappointed for a period of three years with effect from May 1, 2020.

• City Union Bank has received approval for this reappointment from the Reserve Bank of India.

David Li becomes new CEO of Huawei India

• David Li has been appointed as the Chief Executive Officer of Huawei Telecommunications India. He has replaced Jay Chen who has been promoted to handle Asia Pacific level business role.

Days

Earth Day

• On 22nd April 2020, World Earth Day will be celebrated across the globe via ‘digital means’.

• PM Narendra Modi expressed his gratitude towards Mother Earth for the abundant gifts given by her.