Endeavor Careers Choicest Blogs: August 2021, Week 01

Welcome to the Endeavor Editors’ Current Affairs Choicest Blog series. Get a  weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

 Current Affairs August 2021 – Week 1

1) International News and Global Economy

More than 3.6 million Americans at risk of eviction from homes after Biden, Congress fail to extend ban

More than 3.6 million Americans are at risk of eviction, some in a matter of days, as nearly $47 billion in federal housing aid to the states during the pandemic has been slow to make it into the hands of renters and landlords owed payments. The moratorium expired at midnight of 31st July. Hours before the ban was set to expire, Biden called on local governments to “take all possible steps” to immediately disburse the funds. However, the White House and Congress, each expected the other to act, which exposed a rare divide between the president and his allies on Capitol Hill, and one that could have lasting impact as the nation’s renters face widespread evictions.

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Here’s what’s in the $550 billion bipartisan infrastructure deal

After weeks of haggling behind closed doors, a bipartisan group of senators finally reached an agreement on the key details of a sweeping infrastructure bill that will include $550 billion in new spending. The legislation would pour federal money into physical infrastructure projects such as roads, bridges, passenger rails, drinking water and waste water systems, as well as expanding high-speed internet and climate-related infrastructure. The White House says the investments will add an average 2 million jobs per year as part of President Joe Biden’s agenda.

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What to know about President Joe Biden’s bipartisan infrastructure deal?

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Corps Commander-level talks: India, China discussing disengagement at Gogra Heights, Hot Springs area

India and China are discussing disengagement of troops from friction points including Gogra Heights and Hot Springs area during the 12th round of Corps Commander-level talks, said Indian Army sources. India and China have already disengaged from the banks of Pangong lake after extensive talks and the Gogra Heights and Hot Springs areas are left to be resolved as these friction points were created post-Chinese aggression last year.

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The India-China border dispute, explained

India and China claim vast swathes of each other’s territory along their Himalayan border. It erupted in a deadly war in 1962. And although a truce is in place with a “Line of Actual Control,” the border remains disputed.

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Israel’s NSO blocks some government clients from using its spyware over misuse claims: Report

Israeli cybersecurity company NSO Group, which is at the centre of the Pegasus snooping scandal, has temporarily blocked several government clients around the world from using its spyware technology as the firm probes its alleged abuses, according to a US media report. The suspensions are in response to an investigation by the Pegasus Project, a consortium of media outlets that reported the company’s Pegasus spyware was linked to hacks and potential surveillance. The Israeli government has also faced pressure since it regulates the sale of spyware technology to other countries. It has launched a probe into allegations against NSO.

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Israel ‘raids’ NSO as France ups pressure over Pegasus.

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SEC slaps new disclosure requirements on Chinese IPOs amid Beijing’s crackdown

The Securities and Exchange Commission said it will require additional disclosures from Chinese companies seeking a listing on U.S. stock exchanges, following Beijing’s intensified crackdown on oversea share issuance. The SEC will ask Chinese companies to clearly distinguish the shell company’s management services from the operating company, while stating any risk from future actions from the Chinese government. The move came as Beijing stepped up its oversight on the flood of Chinese listings in the U.S. ride-hailing app Didi became the latest victim of the clampdown.

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Euro zone rebounds strongly, inflation above ECB target

The euro zone economy grew faster than expected in the second quarter, pulling out of a recession caused by the COVID-19 pandemic as curbs to stop the virus were eased, while inflation shot past the European Central Bank’s 2 percent target in July. Among the outperformers were the euro zone’s third and fourth largest economies, Italy and Spain, with quarterly growth respectively of 2.7 percent and 2.8 percent. Portugal’s tourism-heavy economy expanded by 4.9 percent. The euro zone has suffered two technical recessions – defined as two quarters of contraction – since the start of 2020, with coronavirus curbs hitting most recently in the period spanning the end of 2020 and the start of 2021. The zone’s GDP was largely dragged down in the first three months of this year by weakness in Germany where a lockdown from November had curbed private consumption.

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As fears grip Afghanistan, hundreds of thousands flee

Across Afghanistan, a mass exodus is unfolding as the Taliban press on in their brutal military campaign, which has captured more than half the country’s 400-odd districts, according to some assessments. And with that, fears of a harsh return to extremist rule or a bloody civil war between ethnically aligned militias have taken hold. So far this year, around 330,000 Afghans have been displaced, more than half of them fleeing their homes since the United States began its withdrawal in May, according to the United Nations. Many have flooded into makeshift tent camps or crowded into relatives’ homes in cities, the last islands of government control in many provinces. Thousands more are trying to secure passports and visas to leave the country altogether. Others have crammed into smugglers’ pickup trucks in a desperate bid to slip illegally over the border.

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Myanmar army ruler pledges elections, ASEAN cooperation

Myanmar’s military ruler Min Aung Hlaing again promised new multi-party elections and said his government is ready to work with any special envoy named by the Association of Southeast Asian Nations (ASEAN). He spoke in a televised address six months after the army seized power from a civilian government after disputed elections won by Nobel laureate Aung San Suu Kyi’s ruling party, which he called “extremists” and accused of inciting violence.

The army seized power on Feb. 1 from the civilian government led by Aung San Suu Kyi after her ruling party won elections that the military argues were tainted by fraud. It has said its takeover was in line with the constitution. The country’s electoral commission has dismissed the fraud allegations. Since the coup, military authorities have faced protests, strikes that have paralysed public and private sectors, and a resurgence of armed conflicts in the borderlands.

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Delta variant rampant in Asia; Tokyo, Thailand post record infections

The Olympics host city Tokyo, as well as Thailand and Malaysia, announced a record number of COVID-19 infections, mostly driven by the highly transmissible Delta variant of the disease. Cases surged in Sydney as well, where police cordoned off the central business district to prevent a protest against a strict lockdown that will last until the end of August.

Malaysia, one of the hotspots of the disease, reported 17,786 coronavirus cases, a record number of infections. The government said the Delta variant accounted for more than 60% of the cases in the country and 80% of the cases in Bangkok. Tokyo hit a new record of infections which came a day after Japan extended its state of emergency for Tokyo to the end of August, expanding it to three prefectures near Tokyo and the western prefecture of Osaka in light of the recent spike in infections.

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2) India  

Covid update

Kerala not yet free from COVID second wave, extra caution needed to prevent third wave: Health minister

Kerala is not yet free from the second wave of COVID-19 and therefore people should be extra cautious and vigilant against transmission of the infection to prevent a third wave from occurring, Health Minister Veena George said. At a special meeting held to review the state’s preparedness to handle a third wave, George said about half of the population of Kerala was susceptible to the virus and therefore, precautions have to be taken as presence of the highly contagious delta variant has been detected, according to a state government release. The minister said if a third wave hits before the vaccination reaches everyone, the severity of the infection and those requiring hospitalisation would be high.

For details visit.

Other updates

Blinken trip takeaway: India, US find common Afghan ground

India and the US have come “closer than ever before” on the situation in Afghanistan with both sides agreeing that violence or a power-grab will not lead to stability there. This was one of the key takeaways from visiting US Secretary of State Antony J Blinken’s meeting with External Affairs Minister S Jaishankar. However, both countries did not appear to be on the same track on Pakistan, at least in public. While Jaishankar said Afghanistan’s independence and sovereignty will only be ensured “if it is free from malign influences”, the US Secretary was silent on Pakistan’s role. Against the background of the Government’s confrontation with Big Tech, the US side did make a case for India to support the ideals of “international freedoms”. But there was a “gentle pushback” from the Indian delegation during the two-hour meeting.

For details visit.

Antony Blinken’s visit to India: key takeaways | Worldview with Suhasini Haidar

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Amid row with Mizoram, Assam ends border dispute with Nagaland

The north-eastern states of Assam and Nagaland signed agreements to immediately withdraw their forces from the border locations in a bid to de-escalate tensions between the states. Crediting Nagaland Chief Minister Neiphiu Rio for the efforts to restore peace, Assam CM Himanta Biswa Sarma expressed his gratitude over the “historic” step. Meanwhile, Assam is also engaged in a decades old land dispute with its other neighbour, Mizoram. Both the neighbours claim land on the border between Assam’s Cachar and Mizoram’s Kolasib district, and accuse each other of encroachment. The festering dispute erupted into a bloody conflict on July 26 and the situation currently in and around the place of clash along the Assam-Mizoram border remains tense.

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Why Assam-Mizoram fratricide show the return of chronic crises in NE crisis

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India takes over UNSC presidency for August; maritime security, counter-terrorism key priorities

India assumed the presidency of the United Nations Security Council for the month of August and is set to organise key events in three major areas of maritime security, peacekeeping and counter-terrorism. As part of its new role, India will decide the UN body’s agenda for the month and coordinate important meetings on a range of issues. “Security Council will also have on its agenda several important meetings including Syria, Iraq, Somalia, Yemen, and the Middle East. Security Council will also be adopting important resolutions on Somalia, Mali, & UN Interim Force in Lebanon,” India’s Permanent Representative to the UN Ambassador TS Tirumurti said. Prime Minister Narendra Modi will be the first Indian PM to preside over a meeting of the UNSC.

For details visit.  

J&K on high alert ahead of second anniversary of Article 370 dilution

Ahead of the second anniversary of abrogation of Article 370, which granted special status to Jammu and Kashmir, the Union government has sounded an alert and asked security forces in the region to remain vigilant. The advisory is part of the comprehensive guidelines issued ahead of the Independence Day celebrations and cites intelligence reports suggesting that militants may try to target temples in Jammu and may use drones to drop improvised explosive devices (IEDs) at crowded places.

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3) Economy

CMIE consumer pyramid household survey hints at ongoing V-shaped recovery based on jobs numbers

The consumer pyramid household survey indicates that a V-shaped recovery is underway once again after the second wave of Covid-19 that struck India in April with faster recovery in employment rate and labour participation, the Centre for Monitoring Indian Economy said.

CMIE data shows that the four weeks from May 10 through June 6 were the worst hit by the second wave when the employment rate averaged at 34.5%. “The recovery since that trough has been quick. Half of the recovery was achieved in the first week of the process. This was the week ended June 13 when the employment rate sprung back to 36.3 per cent. The remaining recovery came relatively gradually during July,” it said.

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IMF cuts India’s growth forecast for FY22 to 9.5% from its previous projection of 12.5%

The International Monetary Fund (IMF) has slashed India’s growth forecast for FY22 to 9.5% from its previous projection of 12.5% citing the severe second Covid-19 wave during March-May. “Growth prospects in India have been downgraded following the severe second COVID wave during March–May and expected slow recovery in confidence from that setback,” the IMF said in its latest edition of World Economic Outlook. This forecast for 2021-22 is lower than the 12.5% growth in GDP that IMF had projected in April before the second wave took a grip. For 2022-23, IMF expects economic growth of 8.5%, larger than the 6.9% it had projected in April.

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Eight core sectors’ output up 8.9% in June

The output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 per cent, while it was 60.9 per cent in April largely on account of base effect.

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Exports poised to see major growth in FY22: India Ratings

India Ratings & Research said that, led by strong momentum, rising import demand across India’s major export destinations and favourable global trade outlook, India’s exports are poised to see major growth in FY22. It said that North America is set to see major import growth of 11.4% and Europe of 8.4% in 2021. The report said that India’s exports, which have been languishing for quite some time, can take advantage of the favourable trade growth outlook of 2021 and consolidate its position further than what has been witnessed in the first quarter of FY22.

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Centre, states collect ?1.16 trillion in GST in July

The revenues for the month of July 2021 are 33% higher than the GST revenues in the same month last year. Central and state governments collected ?1.16 trillion in goods and services tax (GST) revenue in July, showing consumption is picking up with the easing of mobility restrictions. GST collection remained above the ?1 trillion mark for eight months in a row, but dropped below ?1 trillion in June 2021 as collections were impacted by regional lockdowns and restrictions imposed in the wake of the covid-19 pandemic during the period, the finance ministry said in the statement.

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4) Markets, Banking and Finance

Public sector units freed from 25% public shareholding norm

The Finance Ministry has tweaked the Securities Contracts (Regulation) Rules, 1957 to exempt listed public sector companies from the minimum public shareholding norm. The move comes just ahead of the expiry of the three-year timeframe given to listed PSUs to conform to this norm. Rule 19 A of the Securities Contracts (Regulation) Rules prescribes that a listed entity must have at least 25 per cent of public shareholding, that is, anyone other than a promoter. It could be an institution or an individual. The move comes as the government prepares for the initial public offer (IPO) of Life Insurance Corp (LIC) of India, likely to be the biggest listing ever.

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IMF sees “critical role” as world transitions to digital money

The International Monetary Fund must ramp up its resources as it seeks to “monitor, advise on, and help manage this far-reaching and complex transition” to digital money, according to an IMF paper. Digital money can make payments more accessible, faster and cheaper, the paper said. But to make that happen, policymakers must step up to key challenges: digital cash must be trustworthy, must protect domestic economic and financial stability, and the stability of the international monetary system should remain. “The Fund has a critical role to play to help its members harness the benefits and manage the risks of digital money,” the paper said.

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IMF intends to ‘ramp up’ digital currency monitoring

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5) Business

US-based Dana to buy minority stake in Ashok Leyland’s EV arm for $18 m

Dana Incorporated, a US-based drivetrain and e-propulsion systems company, will pick a minority stake (around 1%) in Switch Mobility, the EV subsidiary of Ashok Leyland, for $18 million. Switch Mobility announced that a strategic agreement with Dana Incorporated has been inked for the latter to make a strategic investment in the company. Dana will also be a preferred supplier of electric drivetrain components for the company’s e-bus and EV commercial vehicle offering – including e-axles, gearboxes, motors, inverters, software and controls, and electronics cooling, Switch said in a statement.

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Adani Enterprises incorporates new petrochemicals subsidiary

Adani Petrochemicals will carry on business of setting up of refineries, petrochemicals complexes, specialty chemicals units, hydrogen and related chemicals plants and other similar units. Adani Enterprises informed the regulators that it has incorporated Adani Petrochemicals Ltd (APL) as a wholly-owned subsidiary. This new unit marks the entry of Adani group into petrochemicals sector, which is a legacy business of Reliance Industries. This is the one of the numerous subsidiaries Adani group has incorporated since the beginning of this fiscal, with interests ranging from road construction to power transmission and wind turbine manufacturing. The conglomerate had ventured into cement business in June with its new subsidiary Adani Cement.

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Amid din, Parliament passes Bill to open up factoring sector, help MSMEs

Amid protests by the Opposition over the Pegasus scandal and the farm laws, Rajya Sabha passed the Factoring Regulation (Amendment) Bill, 2021 that broadens participation in that sector. Factoring firms provide working capital to micro, small and medium enterprises — which often have to wait long for payments — by buying their invoices. The opening up of the factoring sector to more non-banking financial corporations is expected to help MSMEs access working capital more easily. Finance Minister Nirmala Sitharaman, who tabled the Bill, said: “There are difficulties constantly faced by MSMEs in that their receivables get delayed, and therefore sending these to a third party. This Bill will ensure that their businesses run more smoothly and that there is a healthier cash flow. Many of the clauses of the Bill are based on the UK Sinha committee recommendations. The Bill was first introduced in September 2020 and the same month was referred to the standing committee of finance.’’

For details visit.

6) Technology

Netflix execs explain why they’re getting into video games — to learn from users

For the first time, Netflix executives spoke at length about the company’s video gaming aspirations. Netflix will start offering mobile games to subscribers for no additional charge to add value to the service. Subscribers in the U.S. and Canada declined by 400,000 in the second quarter, a sign the business may be reaching a near-term saturation point. Adding video games may entice new customers while reducing churn. “The success of this initiative is about great games, fundamentally,” Netflix chief operating officer and chief product officer Greg Peters said during his company’s second-quarter earnings conference call.

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Netflix plans to offer Video Games in push beyond films, TV

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Blackstone, ICICI Group and BPCL backed Fino Payments Bank files for Rs 1,300 cr IPO; first by a profitable fintech firm

Mumbai-based Fino Payments Bank which is backed by numerous marquee investors including BPCL, ICICI Group, Blackstone, IFC and Intel Capital has filed its DRHP with market regulator Sebi to raise around Rs 1300 crores via an initial public offer. Fino Payments Bank turned profitable in the fourth quarter of FY 20 and the move makes it the first profitable fin-tech to file for an IPO. It counts Airtel Payments Bank, Indian Post Payments Bank, Paytm Payment Bank, Jio Payments Bank & NSDL Payment Bank as its rivals. Fino Payments Bank is a scheduled commercial bank serving the emerging India market and the company is a fully owned subsidiary of Fino Paytech Limited (FPL), a pioneer in technology enabled financial inclusion solutions.

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Centre working on blockchain-enabled info bank for start-ups

The Centre is preparing a blockchain-based validation mechanism for start-ups that will lessen the compliance encumbrance and expedite processes. The Department for Promotion of Industry and Internal Trade (DPIIT) has begun working on a framework that will facilitate many agencies such as the Central Board of Direct Taxes (CBDT) and Public Sector Undertakings (PSUs) among others to access, validate or approve documents and data available to all stakeholders on the chain. The system will help curtail the need for separate submissions by start-ups to authorities, regulators, intermediaries since individual verified documents will be accessible on blockchain.

For details visit.

7) Politics

BJP leader Babul Supriyo decides to leave politics, will resign as an MP

Former Union Minister and BJP leader Babul Supriyo said that he has decided to quit politics and will be resigning as an MP. He hinted the decision was partly due to losing the ministerial berth and also differences with the state BJP leadership. Supriyo, who had held several portfolios as MOS in the Narendra Modi government since 2014, was removed earlier this month during a major cabinet reshuffle. The two-time MP from Asansol was among the several ministers who were dropped from the union cabinet on July 7 as part of a major rejig. He unsuccessfully contested assembly polls against Trinamool Congress’s Aroop Biswas in the last assembly elections.

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Jan Ashirwaad Yatra: 43 central ministers to travel 400 km each from August 16, BJP plans to cover 150 Lok Sabha seats

Prime Minister Narendra Modi was not allowed to introduce his 43 new and upgraded ministers in the Monsoon Session of Parliament but the party will now introduce them to the general public as part of a three-day long Jan Ashirwaad Yatra starting August 16 in 19 states.

Modi wants that every minister of his council is connected to the people and the public also feels a connection with Ministers,” a party directive mentions. Nineteen states will be covered – Delhi, UP, Bihar, Rajasthan, Tripura, Jharkhand, Gujarat, Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Tamil Nadu, Odisha, Manipur, Maharashtra, Assam, Madhya Pradesh, West Bengal, Telangana and Karnataka.

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Opposition ups ante against Kerala minister V Sivankutty, demands his ouster

The Opposition Congress-led UDF and BJP stepped up the demand for the resignation of Kerala’s general education minister V Sivankutty, one of the six persons ordered to face a trial by the Supreme Court in the 2015 Kerala Assembly ruckus case. The SC bench of justices D Y Chandrachud and M R Shah dismissed appeals filed by the Kerala government for the withdrawal of criminal cases against then LDF MLAs in connection with the ruckus created. On March 13, 2015, several LDF MLAs, then in Opposition, had gone on a rampage inside the Kerala Assembly trying to disrupt the presentation of the budget by then finance minister late K M Mani, who was facing allegations of corruption at the time.

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8) Sports

Tokyo Olympics 2021 Updates: PV Sindhu wins bronze medal; India beat Great Britain to enter men’s hockey semis

The country rejoiced at badminton ace P V Sindhu winning her second Olympic medal with the sports fraternity hailing her feat and President Ram Nath Kovind lauding her for setting “a new yardstick of consistency, dedication and excellence”. Sindhu became only the second Indian and first woman to win two Olympic medals, securing a bronze after a straight-game win over world no.9 He Bing Jiao of China in the women’s singles third-place play-off in Tokyo. The Indian men’s hockey team defeated Great Britain 3-1 in a quarterfinal match to qualify for the semi-finals of the Olympics Games after 49 years. India will take on world champions Belgium in the semi-final on Tuesday.

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BCCI to have new CEO, interim CEO Amin can apply too

The Indian cricket board will have a new CEO in the coming months, a post which was vacated by Rahul Johri last year. The eligibility criterion for the post of BCCI CEO is more 10 years of experience of working in top management position in a company which has Rs 100 crore annual turnover.

For details visit.

9) Opinion

Here’s how Zuckerberg thinks Facebook will profit by building a ‘metaverse’

Tech companies, primarily Facebook are increasingly boosting the concept of the “metaverse,” the classic sci-fi term for a virtual world you can live, work and play inside.

Facebook CEO Mark Zuckerberg is the most bullish on the concept, announcing his plans earlier this month to pivot Facebook from a social media company to a metaverse company in the coming years. It’s less clear how tech companies can profit off the metaverse concept. Zuckerberg, his executive team and Wall Street analysts spent a lot of time on the company’s earnings call on discussing the metaverse, how much it’ll cost Facebook to build and how Facebook plans to profit from it.

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Facebook CEO Mark Zuckerberg lays out ‘metaverse’ plans

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Car chip shortage to abate, smartphones could be next: Industry executives.

The semiconductor shortage that has gripped the world could last well into 2022 and hit smartphone production next, foreshadowing deficient supply for a range of appliances and industrial equipment, according to industry executives. The automotive sector has suffered the most this year but supply to the sector could improve relatively soon, with China taking up some production demand that Taiwan could not meet, according to ING Greater China chief economist Iris Pang. Taiwanese semiconductor companies are tailoring making chips for autos, so the chip shortage should be solved for autos in a few weeks, but other electronics’ chip shortage problem persists,” Pang said

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Indian billionaire’s new airline may give Boeing a chance to regain lost ground

Indian billionaire Rakesh Jhunjhunwala’s plan to launch an ultra-low-cost airline, could give plane maker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say. Jhunjhunwala, known as “India’s Warren Buffett” for his successful stock investments, plans to team up with former CEOs of IndiGo, the country’s biggest carrier, and Jet Airways to tap into demand for domestic air travel. While Jhunjhunwala’s Akasa Air comes at a time when India’s aviation industry is reeling from the impact of the pandemic, with airlines losing billions of dollars, the sector’s long-term prospect makes it a hot market for plane makers Boeing and Airbus.

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Rakesh Jhunjhunwala on his foray into Aviation

Billionaire investor Rakesh Jhunjhunwala on his plans to set up an ultra-low-cost airline and the motivation behind his foray into aviation.
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What is the IPCC and what does it do?

The IPCC is a UN body that evaluates climate science. Its scientists look at the current impacts and future risks of a changing climate, presenting options to mitigate the damage and adapt to global heating.  Founded in 1988 by the World Meteorological Organisation and the United Nations Environment Programme, the IPCC produces major assessments every few years. These are presented in a non-technical style for a broad readership, especially by policymakers. The last assessment report, the fifth, was released in full in 2014. It laid the groundwork for the 1.5-degree Celsius warming target set out in the 2015 Paris Agreement on climate change.

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With that, we come to an end for our Weekly Current Affairs August 2021 -week 1. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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