Daily Current Affairs Quiz8 February, 2025 International Affairs 1. U.S. Sanctions International Criminal Court (ICC) Context: Former U.S. President Donald Trump has signed an executive order imposing sanctions on officials investigating the US and its allies, particularly after the recent arrest warrants issued by the court’s presiding judge against Israeli Prime Minister Benjamin Netanyahu and a former Israeli defense minister for their alleged roles in the Gaza conflict. Key Highlights: International Criminal Court (ICC) International Criminal Court is an independent international, international criminal law tribunal with The Hague, Netherlands base. The base was established through the 2002 Rome Statute, where Individuals may be prosecuted based on their genocide crimes against humanity, war, crimes and aggression. International Court of Justice that was created to assist in disputes regarding states. History Structure & Functioning The ICC has four key bodies: 2. The Global Trading System Context: The international trading system has failed America and other trade deficit countries, mainly because free trade doesn’t truly exist. The global economy has become distorted by countries like China, Germany, and Vietnam, which manipulate policies to run chronic trade surpluses. This imbalance has led to massive economic consequences, including job losses, wage stagnation, and declining industrial competitiveness in the US and other deficit nations. Global Trading System The global trading system, also known as the international trading system, is a network of rules and agreements between countries that govern the import and export of goods and services.  Key Highlights: The Failure of the Global Trading System The system hasn’t failed because free trade doesn’t work, but because true free trade has never existed. Effects on the US and other Deficit Countries The transfer of US wealth overseas would total $20 trillion over 20 years The Human Cost: Wages, Inequality, and Declining Life Expectancy Millions of good paying jobs lost, leaving workers poorer. Real wages stagnated for two decades in many industries. The Demand for a New Trade Regime A system for democratic nations that are mostly free economies. Should find unity and implement a new fair trade. Proposed Solution: A Two Tier Tariff System National Affairs 1. AI Technology Context: It hugely transforms the very nature of the global industries, economies, and geopolitics. So, this field’s proper governance is extremally necessary now. India ranks among the most rapid adopters of AI technology in the entire world. Hence, its vibrant contribution to international initiatives for developing AI safety assures that the high-tech future can be made a safe one. India embraces AI so highly and it has a big population of users in AI and still, no national AI safety institute is in existence and this country hasn’t also joined global efforts to address crucial AI governance issues. Key Highlights: Dangers of Unchecked AI International AI Safety Programs and India’s Lack Cross Border Nature of AI and Necessity of International Collaboration. The Geopolitical Risks of AI Leverage AI governance strengths for India 2. Theatre Level Operational Exercise (TROPEX) Context: Indian Navy’s biennial capstone Theatre Level Operational Exercise (TROPEX) is under way in the Indian Ocean Region, in which the combined fleet, comprising approximately 65 Indian Navy ships, nine submarines, and over 80 aircraft, are being “put through complex maritime operational scenarios to validate and refine the Navy’s Concept of Operations”. TROPEX 25 TROPEX 25, the Indian Navy’s flagship Theatre Level Operational Exercise is underway in the Indian Ocean Region. It is a biennial exercise that involves all operational Indian Naval units and is participated upon by significant numbers from the IA, IAF, and the ICG to validate core warfighting capabilities and ensure a synchronized response to maritime security threats. Duration & Phases Key Highlights: 3. Olive Ridley Turtles Context: A spate of Olive Ridley sea turtle deaths has been witnessed off Tamil Nadu’s coast. Fisherfolk and conservationists have recorded an unusually high number of carcasses stranding along the coast since January 2025. Conservationists had tallied 1,200 dead turtles more than three times the annual average. Olive Ridley Turtles: Ecological and Cultural Importance The second-smallest and most abundant in the Cheloniidae family. Possible Causes of Mass Deaths Government and Conservation Responses Challenges and the Way Forward UPSC Civil Services Examination, Previous Year Questions (PYQs) Prelims Q. Which one of the following is the national aquatic animal of India? (2015) (a) Saltwater crocodile (b) Olive ridley turtle (c) Gangetic dolphin (d) Gharial Ans: C Q. Consider the following statements: (2019) Which of the statements given above are correct? (a) 1 and 3 only (b) 2, 3 and 4 only (c) 2 and 4 only (d) 1, 2, 3 and 4 Ans: (d) Banking/Finance 1. RBI Cuts Repo Rate Context: The Reserve Bank of India (RBI) cut the policy repo rate by 25 basis points to 6.25%, the first cut in almost five years, driven by weakening inflation and slowing economic growth. Key takeaways from the policy announcement, its economic implications, and the market reaction are as follows: Key Takes of the RBI Verdict Why Rate Cut? Key Regulatory Announcements Rate Cut Implications The RBI is actually playing the game of juggling between supporting growth and containing inflation. In doing so, however, the market reaction to the move remains muted in that the market has priced the move, or is careful on future uncertainties regarding the economy. The central bank remains bullish about India’s long term 7%+ growth potential, nonetheless, challenges related to growth are persistent over the near term. Source: Business Standard 2. Liquidity Coverage Ratio (LCR) Context: The RBI has postponed the implementation of the proposed Liquidity Coverage Ratio (LCR) guidelines to at least March 31, 2026, from April 1, 2025. This gives banks more time to adjust and prevent disruption. In addition, there is no fixed timeline for Expected Credit Loss (ECL) and project finance norms, so it will ensure a more balanced regulatory approach. Liquidity Coverage Ratio (LCR) The LCR is one of the most significant financial metrics that indicates a bank’s ability to meet short term liabilities. It makes sure banks are sufficiently exposed to HQLA in order to survive any form of financial