Current Affairs for BANK, IBPS Exams - 07 January 2022

::National::

India dismisses Pakistan’s fresh offer to host SAARC summit

India dismissed Pakistan’s fresh offer to host the long-pending summit of the South Asian Association for Regional Cooperation (Saarc), saying there is no consensus that will allow the holding of the meeting.
The last summit of the eight-nation grouping was held in Nepal in November 2014. India and other countries had pulled out of the 19th summit that was to be held in Islamabad in November 2016 following the Uri terror attack that was blamed on Pakistan-based terrorists.
Pakistan foreign minister Shah MahmoodQureshi had reiterated his country’s offer to host the summit in 2022, saying India could attend the meet virtually if it does not wish to participate in-person.
“We have seen media reports regarding the Pakistan foreign minister’s remarks about the Saarc Summit. You are aware of the background as to why the Saarc Summit has not been held since 2014,” external affairs ministry spokesperson ArindamBagchi told a regular media briefing.

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::International::

India joins Quad partners, Japan and South Korea for Sea Dragon exercise

India and its partners in the Quadrilateral Security Dialogue or Quad along with Canada and South Korea are participating in the multinational exercise Sea Dragon at Guam in the Western Pacific.
The exercise, primarily focused on anti-submarine warfare (ASW) training, will involve more than 270 hours of in-flight training and activities ranging from tracking simulated targets to tracking a US Navy submarine. Each event will be graded and the country scoring the highest points will receive the Dragon Belt award.
The wargame, being held at Andersen Air Force Base in Guam, includes contingents from the Indian Navy, the US Navy, Royal Australian Air Force, Royal Canadian Air Force, Japan’s Maritime Self-Defense Force and the South Korean Navy.
Two P-8A Poseidon maritime patrol aircraft of the US Navy are participating in the drill. During classroom training sessions, pilots and flight officers from all the countries will build plans and discuss tactics incorporating the capabilities and equipment of their nations, the US Pacific Fleet said in a statement.
The Royal Canadian Air Force won the Dragon Belt at last year’s exercise and is defending the title at Sea Dragon 2022.
“This exercise is an annual, multi-national high-end ASW training exercise,” said CmdrTomoyukiMichiyama, commanding officer of Flight Division 31 of Air Patrol Squadron 3 of Japan’s Maritime Self-Defense Force.
“I believe that by conducting a wide range of training, from classroom training on the ground to actual training targeting a submarine, we will be able to improve our tactical skills. In addition, through training, exchange of opinions, and various types of exchanges, we expect to strengthen cooperation and deepen mutual understanding among the participating navies and air forces.”

::Economy::

US-based fund TFCC tops India's PE fund investor list of 2021

In a ranking of the top ten fund managers of PE funds last year, US-based fund TFCC came out on top in terms of the money invested here, according to research by VCCEdge which tracks private equity investments.
In December, TFCC acquired a 46 per cent stake in little known Chennai-based Ramcharan which is currently in chemicals distribution. However, it will now invest in the environment, energy management systems, and renewable energy system devices.
This catapulted TFCC to the top of the list with investments of $4.1 billion. For TFCC, which has a portfolio of $20 billion invested in South Asia, this was its first foray in India.
The top ten fund managers who run the PE funds have collectively invested over $12.18 billion. This accounts for around a fifth of the total investments for which public announcements on the specifics have been made by PE players in the country last year.
In second place is CPP Investment Board, a global investment management organization which invests the assets of the Canadian Pension Plan. With a fund size of $541.5 billion, CPP has invested in multiple projects. To mention just two, it has invested $257 million in the infrastructure investment trust set up by the National Highways Authority of India for the acquisition of brownfield road projects and $800 million in Flipkart, its largest investment in 2021.

Bharti Airtel's African arm completes $176 mn tower sale deal in Tanzania

BhartiAirtel’s African arm has completed the first part of its $176 million telecom tower sale deal in Tanzania. The sale is part of its overall deleveraging strategy, which netted over $800 million through fund raise and asset sales in 2021.
Airtel Africa’s tower assets in Tanzania have been acquired by a joint venture company owned by SBA Communications Corporation and Paradigm Infrastructure Ltd.
Under the terms of the transaction, Airtel’s business unit in Tanzania will continue to develop, maintain and operate its equipment on the towers under separate lease agreements.
“With the first closing approximately $159 million of the proceeds of the transaction has now been paid with the balance installments upon the completion of transfer of remaining towers to the purchaser,” the company said in a press release. Around $60 million from the proceeds will be used to invest in network and sales infrastructure in Tanzania and for distribution to the Tanzanian government according to a settlement agreement. The balance amount will be used to reduce debt at the group level.
Airtel operates in 14 African countries and provides mobile service and mobile money services in the continent. The African business contributes to around 30 per cent of the company’s consolidated revenue. As of March 2021, it had 118 million customers in Africa.

::Sport::

Where does India stand in WTC points table after loss to South Africa in 2nd Test?

South Africa produced a stellar performance in the Johannesburg Test against India to clinch a seven-wicket victory. Captain Dean Elgar led from the front as he remained unbeaten on 96 in the 240-run chase, as the South Africa batters displayed enormous grit on a tricky Wanderers surface.
After their victory, South Africa has made a huge leap in the World Test Championship points table. The side was reeling at 8th position after the loss to India in Centurion, but has now reached within touching distance of the visitors.
With 50 percentage points, the Protease stands fifth on the table. India, however, endured a loss of 9.07 PCT but retained their fourth place in the tally.