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
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
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
ii. The
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
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.
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
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
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.
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
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