Ola Electric to launch global electric two-wheeler; buys dutch scooter firm


(Ola Electric), the ride-hailing firm’s electric vehicle arm, has acquired Etergo BV, an Amsterdam-based electric scooter original equipment manufacturer. Ola did not disclose the amount it was paying to acquire Etergo, which was last valued at about $90 million and which has raised total funding of $20 million, according to the sources.

This acquisition marks Ola’s entry into the premium electric two-wheeler market, both globally and nationally. Ola Electric aims to launch its global electric two-wheeler in India in 2021. This acquisition will further bolster Ola Electric’s strong engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading automotive like Tesla, General Motors, Ferrari, Jaguar, and Etergo’s team will continue to be based out of Amsterdam as they join Ola Electric. Etergo has about 70 employees in the Netherlands and “the company would play a key role in providing the technology” to help Ola launch its first electric two-wheeler next year, said a person familiar with the development. The move would also put the firm in direct competition with electric two-wheeler makers such as Ather Energy, Hero Electric and TVS Motor Company.

US Declares Hong Kong No Longer Enjoying Autonomy


US Secretary of State Mike Pompeo declared Wednesday that Hong Kong no longer enjoys the autonomy promised by Beijing, stripping the financial hub of its special status under US law.

Hours before Beijing will hold a key vote on a controversial new security law on Hong Kong, Pompeo sent a notice to Congress that China was not living up to obligations from before it regained control of the territory from Britain in 1997.

“I certified to Congress today that Hong Kong does not continue to warrant treatment under United States laws in the same manner as US laws were applied to Hong Kong before July 1997,” Pompeo said in a statement.

“No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground.”

Under a law passed last year by Congress aimed at supporting Hong Kong’s pro-democracy movement, the administration has to certify that the territory is still autonomous to enjoy its separate status with the US for trading purposes.

Pompeo had initially delayed the report, saying the United States was waiting to see the session of China’s rubber-stamp parliament, the National People’s Congress.

The legislature is expected on Thursday

Row for Rio over rock shelter



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Land trouble? Scrap portions of proposed contracts, NHAI tells branches


To reduce build-up of arbitration cases, the Authority of India (NHAI) has asked its project managers to cancel portions of the proposed contracts in case of hurdles in the process.

Chairman Sukhbir Singh Sandhu, in a letter to the authority’s regional offices and project director, has said the matter of should not be left pending as it leads to litigation cases in the future.

“In future, the stipulated land would be acquired and handed over encumbrance free to the contractor in time or that part of the project will be cancelled if the land is not handed over,” Sandhu wrote in the letter, a copy of which is with Business Standard.

Such disputes mostly land in arbitration, for which contracts have provision. It is not just the projects that get delayed but also the invested money — either of the government or the private party — gets stuck in the dispute. It is learnt that not just for future projects, the has done the same for some project stretches in the past. “The idea is to stay away from any future litigation and arbitration,

Reliance Power wins lawsuit challenging validity of arbitration award


Netherlands BV, a wholly-owned subsidiary of Anil Ambani-owned Ltd, has won a lawsuit in the Central Jakarta district court of Indonesia challenging the validity of Singapore arbitration award favouring

Kokos Jiang and Prestige Capital Holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award.

As per the Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier known as Kokos Leo Lim) and Prestige Capital Holdings Ltd in Seychelles to pay Reliance Power Netherlands BV a sum of 43.2 million dollars along with default interest.

ALSO READ: SC junks plea to link social media accounts with Aadhaar, PAN, Voter ID

The total dues payable by Kokos Jiang and Prestige Capital Holdings stands at 68 million dollars as on the day of judgement. With this judgement, the Indonesian court has further reinforced the ongoing award execution process.

“Reliance Power is on track to execute the award for a sum of 68 million dollars (Rs 510 crore) during FY 2020-21,” it said in regulatory filings at Indian stock exchanges on Tuesday.

Reliance Power

French Airport Buzzes With Activity As Others Fall Silent


Most airports have become ghost towns since measures to contain the coronavirus pandemic drastically reduced air traffic, but one in central France is buzzing with activity.

The closure of borders around the world prompted airline companies to seek out a place to park their fleets.

Chateauroux airport, outside the town of the same name in central France, rapidly became a popular destination for these immobile planes, as it inherited large amounts of space from its military history and is cheaper for airlines than airports near Paris.

Grounded planes require extensive maintenance, spurring a flurry of activity at Marcel-Dassault airport despite the lack of passengers.

In total, 40 aeroplanes lie dormant at Chateauroux, belonging to British Airways, Hong Kong Airlines, Air Caraibes, Egyptair, Brazilian company Azul and Chinese company Loong Air, amongst others.

Usually, the airport is a quiet departure point for a handful charter flights mainly to summer holiday destinations.

“We will be welcoming another fifteen planes in the coming days. We have space for a dozen more,” said airport head Didier Lefresne.

Many international airlines have parked their planes here

The airport was built in 1936 by the engineer and politician Marcel Dassault, known for

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