[Prelims Spotlight] Asian premium, OPEC, FATF & Swachh Bharat

Here are 2 Back2Basics collections from today’s news items

From news- India to ally with China on ‘Asian premium’
Asian premium

  1. Asia is far more dependent on oil imports from the Middle East (ME) than any other major importing region in the world
  2. Because of this dependence, it is widely believed that Asian customers have been paying a premium for the Middle East crude oil relative to those in the US and EU
  3. A number of studies have consistently identified higher prices for exports to Asia relative to US and EU prices
  4. This is called as “Asian premium”

Organisation of the Petroleum Exporting Countries (OPEC)

  1. OPEC  is an intergovernmental organization of 14 nations
  2. The 14 countries accounted for an estimated 44 percent of global oil production and 73 percent of the world’s “proven” oil reserves
  3. OPEC’s stated mission is “to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry
  4. The OPEC Conference is the supreme authority of the organization and consists of delegations normally headed by the oil ministers of member countries
  5. The Conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary

B2B #2: From news: Prevention of Money Laundering Act will need more changes

Financial Action Task Force (FATF)

  1. FATF is an inter-governmental body established in 1989 on the initiative of the G7 to develop policies to combat money laundering
  2. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system
  3. The FATF is, therefore, a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas
  4. The FATF has developed a series of Recommendations that are recognized as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction
  5. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally
  6. The FATF’s decision-making body, the FATF Plenary, meets three times per year

As a part of revision for Prelims 2018, Here’s a Factoid to brush up your concepts

Scheme: Swachh Bharat

Objectives: The objectives are as follows:

1. Eliminate open defecation,

2. Conversion of insanitary toilets to pour-flush toilets,

3. Eradication of manual scavenging,

4. 100% collection and scientific processing/disposal reuse/recycle of Municipal Solid Waste,

5. To bring about a behavioral change in people regarding healthy sanitation practices,

6. Generate awareness among the citizens about sanitation and its linkages with public health.

7. Strengthening of urban local bodies to design, execute and operate systems,

8. To create enabling environment for private sector participation in Capital Expenditure and Operation & Maintenance (O&M) costs

Nodal Ministry: Ministry of Urban Development