Today in History (September 8th, 1967)
On this day, in 1967, September 8 was designated as International Literacy Day to raise public awareness and inform the public about the importance of education in the creation of a literate, sustainable and civil society. The theme of International Literacy Day 2023 is “Promoting Literacy for a World in Transition: Building the Foundation for Sustainable and Peaceful Societies.”
Summary of Today’s News
Floating Interest Rate
A floating interest rate, also known as an adjustable or variable rate, fluctuates based on economic or market conditions. It is determined by adding a margin to a reference rate, which is typically beyond the parties’ control. This reference rate, often a recognized benchmark like the prime rate, is what commercial banks charge their most creditworthy clients. The formula for a floating interest rate is: Floating Interest Rate = Base Rate + Spread. This rate can be adjusted quarterly, half-yearly, or annually. Economic factors such as the repo rate, government policies, inflation, fiscal deficit, and global interest rates influence the calculation of floating interest rates.
Linguistic Diversity Index (LDI)
The Linguistic Diversity Index (LDI) measures the decrease in the number of native language speakers globally over around 30 years. It quantifies the likelihood of two randomly chosen individuals in a population having different mother tongues, ranging from 0 (everyone speaks the same language) to 1 (no two individuals share the same mother tongue). Notably, the UK displays a moderate level of linguistic diversity with an LDI of 0.139. Conversely, India exhibits high linguistic diversity with an LDI of 0.930. Despite English predominance, the USA has an LDI of 0.353, reflecting the impact of substantial immigrant populations and their linguistic contributions. The countries with the highest LDIs are Papua Guinea (0.990), Vanuatu (0.972), and the Solomon Islands (0.965).
ASEAN-India Summit
During the ASEAN-India Summit, Prime Minister Narendra Modi outlined a 12-point plan to enhance cooperation with ASEAN. The plan focused on areas like connectivity, trade, digital transformation, and establishing a rules-based global order post-COVID. PM Modi proposed a multi-modal corridor linking Southeast Asia, India, West Asia, and Europe. India offered to share its digital infrastructure with ASEAN partners. The proposal stressed joint efforts against terrorism, its financing, and cyber disinformation. Modi, at the East Asia Summit, urged for cooperative measures to safeguard sovereignty and territorial integrity. He advocated for a robust code of conduct in the South China Sea in line with UNCLOS.
Heat Index
The heat index, or apparent temperature, assesses how hot the weather feels to humans, taking into account air temperature and humidity levels. It was developed by Dr. Robert Steadman in 1979, factoring in elements like humidity, wind, radiation, and barometric pressure. The dew point, indicating air saturation and condensation, is a crucial component in this calculation.
