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News in Short

News in Short - 29-January-2022

Dr V AnanthaNageswaran appointed Chief Economic Advisor

Date: 29 January 2022 Tags: Appointments & Resignations
  • The government announced the appointment of Dr V AnanthaNageswaran as the Chief Economic Advisor.
  • Prior to the appointment, Nageswaran worked as a writer, author, teacher and consultant and has taught at several business schools and institutes of management in India and in Singapore.
  • He was the Dean of the IFMR Graduate School of Business and a Visiting Professor of Economics at Krea University. He has also been a part-time member of the Economic Advisory Council to the Prime Minister of India from 2019 to 2021.

Facebook to wind up its Cryptocurrency assets

Date: 29 January 2022 Tags: IT, Mobile & Computers
  • Meta Platforms Inc’s digital currency venture (FB.O) Diem Association is winding down and selling its technology to California-based Silvergate Capital Corp (SI.N) for about $200 million.
  • Meta, formerly Facebook Inc, first unveiled plans for Diem, known as Libra earlier, in June 2019, as part of an effort to expand beyond social networking into e-commerce and global payments.
  • The project immediately ran into fierce opposition from policymakers globally, who worried it could erode their control over the money system, enable crime, and harm users’ privacy.

SC refuses to lay down yardstick on SC/ST promotion

Date: 29 January 2022 Tags: Judiciary & Judgments
  • The Supreme Court refused to lay down the “yardstick” for determining the inadequacy of representation for granting reservation in promotions for Scheduled Caste/Scheduled Tribe candidates in government jobs.
  • The court stuck firm by its Constitution Benches decisions in Jarnail Singh and M. Nagaraj cases that the question of adequate representation of an SC/ST communities ought to be left to the respective States to determine.
  • The court held that “cadre” should be the unit for the purpose of collection of quantifiable data in relation to promotional posts.

Google invests $1 billion in Airtel

Date: 29 January 2022 Tags: Miscellaneous
  • Telecom major Bharti Airtel announced that internet giant Google plans to invest up to $1 billion in a multi-year agreement to push India’s digital ecosystem.
  • The investment includes a $700 million equity investment in Airtel at a price of 734 rupees ($9.77) per share and up to $300 million towards implementing commercial agreements, including investments in scaling Airtel’s offerings.
  • As a part of its first commercial agreement, Airtel and Google will work together to build on Airtel’s extensive offerings that covers a range of Android-enabled devices to consumers via innovative affordability programs.

SC removes suspension of MaharashtraMLAs

Date: 29 January 2022 Tags: Judiciary & Judgments
  • The Supreme court quashed the suspension of 12 Bharatiya Janata Party (BJP) MLAs from the Maharashtra assembly for one year over the alleged misbehaviour with the presiding officer.
  • On January 12, the SC had said the suspension of 12 BJP MLAs for one year is worse than expulsion and as per the constitutional provision, a constituency cannot go unrepresented for over six months.
  • The state government had accused the 12 MLAs of ‘misbehaving’ with presiding officer BhaskarJadhav in the Speaker’s chamber.