Important Current Affairs 3rd July

NATIONAL:

India seeks to buy $2.2 billion warships to meet China challenge .

• India sought bids for purchase of warships and support vessels for its navy and coast guard as it ramps up security of its maritime border in the Indian Ocean region.

• The shipbuilders invited include private shipyards Larsen & Toubro Ltd. and Reliance Naval & Engineering Ltd., apart from the state-run Mazagon Dock Shipbuilders Ltd., Garden Reach Shipbuilders and Engineers Ltd., Goa Shipyard Ltd., Hindustan Shipyard Ltd. and Cochin ShipyardNSE 0.10 % Ltd., people with knowledge of the matter said. They asked not to be identified citing rules.

INTERNATIONAL:

Zimbabwe runs out of passports amid economic crisis.

• Zimbabwe has run out of passports as the country has no adequate funds to pay for special imported paper, ink and other raw materials required to print the passports. Citizens seeking to apply for a passport face a minimum wait time of 18 months. Zimbabwe is facing its worst economic crisis in over a decade, with inflation at almost 100%.

BANKS AND ECONOMICS:

Ola Electric invests $250million funding from SoftBank.

• SoftBank invested around $250 million in Ola Electric Mobility.

The electric vehicle unit Ola becomes the newest unicorn from India. The likes of Flipkart, Zomato, Paytm in the parent company are with the Registrar of Companies.

Ola Electric issued 4,326 fully and compulsorily convertible series B preference shares of face value of Rs 10 each having the privileges and preferences.

Japanese investor paid a total of Rs 1,725.04 crore (around $250 million)

The SoftBank funding was received on Tuesday in light of a special resolution passed by the board of Ola Electric on June 25.

Tata Sons' Chairman Emeritus Ratan Tata invested an undisclosed amount in Ola Electric.

This investment is a part of company's series-A round of funding, was in Ratan Tata's personal capacity.

Ola Electric announced raising Rs 400 crore in a funding round

This is led by Tiger Global and Matrix India.

Ola raised $300 million from South Korean carmaker Hyundai Motors along with its affiliate Kia Motors.

As part of the deal, Hyundai plans to introduce its EVs in the cab fleet of Ola by 2021.

Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions.

The company claimed they would introduce a fleet of 10,000 electric vehicles over the next year.

Ola Electric initially established to enable Ola's electric mobility pilot program in Nagpur in 2017.

Airtel Payments Bank ties up with Bharti AXA Life to sell term insurance.

• India's first payments bank Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer a life term insurance plan through its extensive network of banking points across the country.

• The product, Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana, is a pure life term insurance plan which is aimed at the under-insured and uninsured segments in India. Both the partners will leverage vast network to reach deep rural pockets and serve the under-insured.

APPOINTMENTS AND RESIGNATIONS:

TSSOCA chief is new ISTA vice-president.

• Director of Telangana State Seed and Organic Certification Authority (TSSOCA) K. Keshavulu was elected vice president of International Seed Testing Association (ISTA), the body that regulates seed certification at the global level, during the ongoing 32nd ISTA Congress being held here.

• He is not only the first Indian but also first from any Asian country to hold one of the top executive posts in ISTA. Mr. Keshavulu is also tipped to be elected as the next president of ISTA at its 33rd Congress to be held in New Zealand in 2022 as is the practice in the organisation. He will hold the vice president’s post for a three-year term.

• teve Jones of Canada, who has been the vice president till the election of the new executive body on Tuesday, has been elected president for the 2019-22 term. The new committee will also have immediate past president Craig McGill of New Zealand and eight others as members at Large representing Zimbabwe, United Kingdom, France, Germany, Italy, Philippines, Finland and Argentina.

SPORTS:

World Cup 2019: Ambati Rayudu retires from International cricket, Iceland Cricket’s special offer to Rayudu.

• Ambati Rayudu retires from International Cricket. Rayudu made the announcement after the Indian cricket team management repeatedly ignored him in the ongoing world cup. Ambati Rayudu was named as one of the five stand-bys for the Indian world cup squad but he was snubbed twice, after the Indian selectors preferred Rishabh Pant and Mayank Agarwal over him.