Daily Current Affairs: 26 February 2014

1) Navy chief Admiral DK Joshi quits after another submarine fire: In an unprecedented step, Navy chief Admiral Devender Kumar Joshi resigned on Wednesday, owning "moral responsibility" for warship and submarine accidents over the last six months, including the latest mishap on board submarine INS Sindhuratna off Mumbai. The incident involving INS Sindhuratna that left two officers feared dead and seven sailors injured on Wednesday proved to be the final trigger for Admiral Joshi's shock resignation. Equally stunning for the armed forces was its quick acceptance.

2) Supreme Court issued non-bailable warrant against Sahara chief Subrata Roy: The Supreme Court on Wednesday issued non-bailable arrest warrants against Sahara owner Subrata Roy over his failure to appear before the country's highest court to explain why two Sahara Group firms had failed to obey the court's order to pay Rs19,000-odd crore to market regulator Sebi.

3) DK Sarraf to become new ONGC head: Prime Minister has cleared appointment of DK Sarraf as chairman and managing director of state-run explorer Oil and Natural (ONGC) by denying an extension to incumbent Sudhir Vasudeva, which was proposed by Oil Minister Veerappa Moily, senior oil ministry officials said.

4) Hyderabad tops list of world's 10 least expensive office market: : Hyderabad has become the world's most affordable office locations due to rupee depreciation and fall in rentals amid political instability over Telangana, according to global realty consultant DTZ. Four other Indian cities -- Chennai, Pune, Bangalore and Kolkata --- figure in the DTZ's list of top 10 least expensive office space market in the world.

5) German Chancellor Angela Merkel has been awarded with Israel’s highest civilian honour, the “Medal of Distinction”: German Chancellor Angela Merkel on Tuesday became the first European leader to receive the Presidential Medal of Distinction. All political figures upon whom the medal was previously conferred were Americans, beginning with former US secretary of state Henry Kissinger, then President Barack Obama, and after him former president Bill Clinton. Israeli President Shimon Peres awarded Merkel the honor at a ceremony in Jerusalem.

6) Vodafone to launch M-Pesa in south India by March-April: Vodafone on Wednesday said its mobile commerce initiative called M-Pesa will be launched in south India in March-April. This service allows customers to transfer money to any mobile phone, remit money to any bank account, make utility payments, recharge of mobile, DTH payment and earn interest on deposits.

7) India won Asia Cup match against Bangladesh: Captain Virat Kolhli hit a solid ton, and put up a huge partnership with Ajinkya Rahane to help India to a six-wicket win in the second match of the Asia Cup at Fatullah, Bangladesh, on Wednesday.