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News in Short

News in Short - 18-September-2021

China applies to join Asia-Pacific free pact

Date: 18 September 2021 Tags: Miscellaneous
  • China has applied to join an 11-nation Asia-Pacific free trade group in an effort to increase its influence over international policies.
  • The treaty originally was the Trans-Pacific Partnership promoted by US. China was not included in the initial group before Trump pulled out in 2017.
  • Other members include Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam. Britain is negotiating to join.
  • China’s government has promised to increase imports of goods but faces complaints it is failing to carry out promises made when it joined the World Trade Organisation in 2001 to open finance and other service industries.

New Zealand abandons Pakistan tour

Date: 18 September 2021 Tags: Sports
  • New Zealand Cricket (NZC) have abandoned their tour of Pakistan following a New Zealand government security alert.
  • The side was set to play Pakistan in the first of three ODIs in Rawalpindi, before moving to Lahore for a five-match T20I series. New Zealand was slated to play their first match on Pakistan soil since 2003.
  • International teams have avoided touring Pakistan ever since the 2009 terror attack on the Sri Lankan cricket team, while it was on its way to the Gaddafi Stadium in Lahore for a Test match.

Computing pioneer Clive Sinclair dies

Date: 18 September 2021 Tags: Obituaries
  • Clive Sinclair, the British inventor who pioneered the pocket calculator and affordable home computers, died at the age of 81.
  • Clive Sinclair’s ground-breaking products included the first portable electronic calculator in 1972.
  • The Sinclair ZX80, launched in 1980 and sold for less than £100 at the time, brought home computing to the masses in Britain and beyond.
  • Other early home computers such as the Apple II cost far more, and Sinclair’s company was the first in the world to sell more than a million machines.

Union cabinet approves to form bad banks

Date: 18 September 2021 Tags: Miscellaneous
  • The Union Cabinet has cleared a proposal to provide ? 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL) as part of resolution of bad loans.
  • NARCL proposes to acquire stressed assets of about ? 2 lakh crore in phases within extant regulations of Reserve Bank of India (RBI). It intends to acquire these through 15% cash and 85% in SRs.
  • NARCL has been incorporated under the Companies Act and has applied to RBI for license as an Asset Reconstruction Company (ARC).
  • NARCL has been set up by banks to aggregate and consolidate stressed assets for their subsequent resolution. PSBs will maintain 51% ownership in NARCL.

Virat Kohli to leave T20I captaincy after T20 world cup

Date: 18 September 2021 Tags: Sports
  • Virat Kohli has announced he will step down as India’s T20 captain after the T20 World Cup in UAE but will continue to lead the side in ODIs and Test cricket.
  • For some time, there has been speculation about Kohli’s future as white-ball captain especially in the backdrop of Rohit Sharma’s brilliant track record of winning five IPL titles for Mumbai Indians.
  • Rohit Sharma is Kohli’s deputy in the white-ball formats and is most likely to take up the leadership role. Kohli took over India’s limited-overs captaincy in 2017, succeeding Mahendra Singh Dhoni.