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News in Short

News in Short - 11-October-2021

Dream 11 suspends Karnataka operations

Date: 11 October 2021 Tags: Miscellaneous
  • Dream11, one of India’s most popular gaming apps backed by Tiger Global, has suspended operations in the state of Karnataka after a complaint was registered against its founders claiming it was in violation of a new state gambling law.
  • Dream11, which provides a fantasy gaming platform for various sports, last year became India’s first gaming startup to be valued at over $1 billion. It has faced legal challenges in the past due to the similarities of fantasy gaming to gambling.
  • The state law, which came into effect last week, bans online games involving betting and wagering and “any act or risking money, or otherwise on the unknown result of an event including on a game of skill”.

Father of Pakistan’s nuclear programme AQ Khan passes away

Date: 11 October 2021 Tags: Obituaries
  • A.Q. Khan, a scientist known as the father of Pakistan’s clandestine nuclear programme, passed away after a brief illness. He was 85.
  • The nuclear physicist faced criticism in 2004 when he was forced to accept responsibility for nuclear technology proliferation and was forced to live a life of official house arrest.
  • Khan was born in 1936 in Bhopal and migrated to Pakistan along with his family after the Partition in 1947.

Bangladesh signs deal with UN to help Rohingya refugees on island

Date: 11 October 2021 Tags: Miscellaneous
  • U.N. officials signed a deal with Bangladesh to help provide basic services to thousands of Rohingya Muslim refugees who have been moved to camps on a remote island in the Bay of Bengal.
  • The Bangladeshi government has moved nearly 19,000 Rohingya refugees to Bhasan Char island from border camps despite protests by some refugees and opposition from rights groups, who say the low-lying island is vulnerable to flooding and storms.
  • Authorities in Bangladesh eventually want the island to accommodate about 10% of the 1million Rohingya refugees who currently live in ramshackle border camps after fleeing violence in neighbouring Myanmar.

Tata Sons win Air India bid

Date: 11 October 2021 Tags: Miscellaneous
  • Tata Sons will regain control of Air India as it takes over 100 per cent of the government’s stake in the national carrier.
  • The conglomerate placed a winning bid of ? 18,000 crore, of which ? 2,700 crore will be paid in cash and the remaining ? 15,300 crore will be the absorbed from the over ? 60,000 crore debt the airline had as of August 31, 2021.
  • The government, in 1953, had taken control of the airline from the Tata Group, which founded the carrier as Tata Airlines in 1932.

CEA KVSubramanian steps down

Date: 11 October 2021 Tags: Appointments & Resignations
  • Chief economic adviser KV Subramanian has stepped down from his post and said he will return to academia after completing his three-year term in the finance ministry.
  • Subramaniam took over as the CEA in December 2018 following Arvind Subramanian’s decision to quit the post in June 2018.
  • Before joining the government, Subramanian was an associate professor and executive director at the Centre For Analytical Finance at the Indian School of Business (ISB) in Hyderabad, specializing in banking, corporate governance and economic policy.
  • Subramanian was in the 21-member Uday Kotak panel that proposed governance reforms for listed companies in October 2017.