BackNews in Numbers: Aircel stands to lose $7 billion as it faces bankruptcy
In other news, Indian economy grew 7.2% in the third quarter of 2017-18
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7.2%
What is it? The rate at which the Indian economy grew in the third quarter of 2017-18.
Why is it important? India has regained its status as the world’s fastest-growing economy, indicating that it has likely left behind the effects of the November 2016 demonetisation and the July 2017 shift to the goods and services tax system. By comparison, China’s economy grew 6.8% in the last three months of 2017. This could boost the BJP’s prospects in the 2019 general elections as it steps up investments to prop up economic growth.
Tell me more: However, the government has projected full-year GDP growth at only 6.6%, down from 7.1% in 2016-17 and the slowest since Prime Minister Narendra Modi assumed office in 2014, according to the second advance estimates by the Central Statistics Office.
1
What is it? The number of days for which Karti Chidambaram, son of former finance minister P. Chidambaram, has been sent to police custody by a Central Bureau of Investigation (CBI) court on Wednesday. He was arrested by a CBI team when he returned to Chennai from London earlier in the day.
Why is it important? Karti’s arrest comes after nine months of the CBI filing an FIR (first information report) against him for his involvement in the INX Media case. He is alleged to have received a payoff of up to Rs10 lakh in this case, which pertains to alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance given to INX Media for receiving overseas funds of Rs305 crore. P. Chidambaram was the finance minister then.
Tell me more: BJP leader and Rajya Sabha member Subramanian Swamy said all FIPB clearances given under Chidambaram’s tenure as finance minister are under the scanner and that there are 25 such cases. The Congress has termed this as “vendetta and vindictive politics" and a “classic diversionary tactic" to shift the spotlight from the Punjab National Bank-Nirav Modi case.
$7 billion
What is it? The amount Malaysian businessman T. Ananda Krishnan-backed Aircel stands to reportedly lose after its failed foray in the Indian telecom market. The company has filed for bankruptcy.
Why is it important? This is said to be his biggest loss on a soured investment. Krishnan’s net worth is $6.15 billion, according to Bloomberg Billionaires Index, and he is the third richest man in Malaysia. At present, Maxis Communications, the holding company of some of Krishnan’s telecom ventures, is unlikely to recover any amount from the potential sale of Aircel’s assets, though this situation could change at a later point of time.
Tell me more: Airtel, in which Maxis Communications owns 74%, cited intense competition due to the entry of a “new player" (referring to Reliance Jio), legal and regulatory challenges, mounting debts and increased losses for its decision.
2
What is it? The number of assembly seats from Madhya Pradesh for which bypolls were held following the death of sitting MLAs and the results for which were declared on Wednesday, with the Congress retaining both seats.
Why is it important? Even though the Congress has only retained the two seats of Mungaoli and Kolaras, it comes as a shot in the arm for the party in a state that has seen 15 years of BJP rule and which is due to vote later this year. In February, the BJP had faced defeat in three bypolls in Rajasthan, which is also due to vote this year.
Tell me more: The Congress coasted in Kolaras, but Mungaoli was a close fight. Results were also declared on Wednesday for the Bejipur seat in Odisha, which was won by the ruling Biju Janata Dal, with the BJP and Congress finishing second and third, respectively.
199
What is it? The number of goals scored by Argentinian Sergio Aguero for Manchester City in his seven seasons at the English club.
Why is it important? On Thursday, Manchester City visit Arsenal for a high-profile clash in the English Premier League (EPL), which comes just four days after a 3-0 romp in the Carabao Cup final, which included a goal by Aguero. For Arsenal, time is running out to salvage something from this season to match the expectations that follow a club of its stature. For City, which has opened daylight to its rivals, it’s more about cementing its hold at the top, staying in shape for a treble, and records like Aguero’s 200th.
Tell me more: In November 2017, Aguero became the top goal scorer of all time for Manchester City, passing Eric Brook’s 177 goals. Among all players in the EPL, with 143 goals, he’s ranked 12th among all players and third among foreign players.
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