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News in Short

News in Short - 29-April-2020

Airtel signs $1 billion deal with Nokia

Date: 29 April 2020 Tags: Basics of Economics
  • Nokia and Bharti Airtel announced a multi-year agreement to deploy Nokia’s SRAN solution across nine circles in India.
  • The deal is pegged at close $1 billion, will help Airtel to enhance the network capacity of its networks, in particular 4G, and improve customer experience.
  • India is the second largest telecoms market in the world and is expected to reach 920 million unique mobile customers by 2025, which will also include 88 million 5G connections.

Axis Bank to acquire 29% stake in Max life insurance

Date: 29 April 2020 Tags: Miscellaneous
  • The board of Axis Bank has approved purchase of an additional 29% stake in Max Life Insurance which will take the private lender's total stake in the insurer to 30%.
  • Axis Bank also has a minor stake in the life insurer. Axis Bank is the third largest private bank and Max Life is the fourth largest private life insurer in India.
  • Post completion of the series of transactions, Max Life will become a 70:30 joint-venture between Max Financial Services and Axis Bank. The proposed transactions are subject to approval of requisite corporate and regulatory authorities.

Trump appoints Indian- American as US envoy to OECD

Date: 29 April 2020 Tags: Appointments & Resignations
  • US President Donald Trump has nominated senior Indian-American diplomat Manisha Singh as America's next envoy to the Organisation for Economic Cooperation and Development or OECD.
  • Singh is currently Assistant Secretary of State for Economic and Business Affairs at the State Department. She previously served as the Acting Under Secretary of Economic Growth, Energy and the Environment, and as a Deputy Assistant Secretary in the Bureau of Economic, Energy and Business Affairs at the State Department.
  • Headquartered in Paris, France, the OECD is an intergovernmental economic organisation with 36 member countries to stimulate economic progress and world trade.

Pakistani cricketer Umar Akmal banned for 3 years

Date: 29 April 2020 Tags: Sports
  • Pakistan batsman Umar Akmal was banned for three years by the PCB for failing to report corrupt approaches ahead of the country's premier T20 league this year.
  • The 29-year-old appeared before the panel at the National Cricket Academy in Lahore after not challenging a show cause notice issued to him by the PCB Anti-Corruption for not reporting an alleged offer to spot-fix in the 2020 Pakistan Super League.
  • Akmal last played a Test for Pakistan in late 2009 but his last international appearance was in last October in the T20 home series against Sri Lanka.

Ban on high speed internet in J&K extended

Date: 29 April 2020 Tags: Miscellaneous
  • The Jammu and Kashmir government extended the ban on high-speed mobile internet in the Union Territory till 11 May.
  • According to the order issued by the Home Department, Jammu and Kashmir government, the internet speed will be restricted to 2G only. 2G mobile internet services shall be available to postpaid sim cardholders and only to verified pre-paid sim card holders.
  • According to the order, fixed-line internet connectivity will be available with Mac-binding, effective from 28 April till 11 May. Such restrictions have been placed in order to curb uploading, downloading and circulation of provocative videos, guard against rumour mongering/fake news.