Endeavor Careers Choicest Blogs: Weekly Current Affairs: April 2022, Week 02

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – of 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.

1) International News and Global Economy

Ukraine war in maps: Tracking the Russian invasion

Russia invaded Ukraine on 24 February, but its forces have now fully withdrawn from northern Ukraine to Belarus and Russia, according to the UK Ministry of Defence. Russian units which have been withdrawn from around the capital Kyiv are unlikely to “regain combat effectiveness for some time” and it is unclear if they will be redeployed, according to the Institute for the Study of War (ISW). Ukrainian forces have retaken areas around Kyiv and to the north of the city as the Russian forces have withdrawn. Analysts at the ISW suggest the threat from Russian units around Kyiv is so low that some Ukrainian forces could be redeployed to bolster defenses in the east. Images from several of the liberated towns show huge amounts of damage and destruction to lives and property, with allegations of war crimes having been committed by Russian troops.

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Putin appoints new General to lead War in Ukraine, Russia holds War Games near NATO Territory

Russia has reportedly reorganized the command of its operations in Ukraine. The commander of Russia’s southern military district, Gen Alexander Dvornikov, now leads the invasion. Meanwhile, the UK’s Defence Ministry has also claimed that Russian air activity is expected to increase in Ukraine’s south and east. As per reports, Russian operations continue to focus on the Donbas region, Mariupol and Mykolaiv.

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Ukraine war: EU chief promises speedy start for Ukraine’s membership at meeting in Kyiv

Ukraine will get the green light to begin its membership process for the European Union within weeks, the European Commission president has signaled. Ursula von der Leyen handed Ukraine’s leader Volodymyr Zelensky the official questionnaire to kick off its long-sought membership of the bloc on Friday. The questionnaire is the formal process for the Commission to assess the readiness of Ukraine to move forward with the accession process, ahead of being granted candidate country status and opening accession negotiations.

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Imran Khan ousted as Pakistan’s PM after vote

Pakistan’s Prime Minister Imran Khan has been ousted from power after losing a no-confidence vote in his leadership. The vote was held past midnight after opposition parties brought a motion against him, following days of drama. The motion was first brought last week, but the former cricket star blocked it by dissolving parliament. Opposition leader Shehbaz Sharif said Pakistan and its parliament were “finally freed from a serious crisis”, adding in a tweet: “Congratulations to the Pakistani nation on a new dawn.” Mr. Khan is the first Pakistani prime minister to be ousted by a no-confidence motion, with opposition parties securing 174 votes in the 342-member House in support of the no-confidence motion. His replacement, who will be voted in by parliament on Monday, will be able to hold power until October 2023, when the next election is due to be held.

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Pak political power play: Imran Khan ousted, what it means for the world?

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IEA details a plan to release 120 mln barrels of oil over 6 months to cool prices

The International Energy Agency (IEA) on Thursday listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine. The release of stocks by the U.S.-allied members of the IEA, which is made up of 31 most industrialized countries but not Russia, would be their second coordinated release in a month and would be the fifth in the agency’s history to confront oil market disruption. It is the largest release from non-U.S. IEA countries are on top of the biggest release by the United States. The United States will match the 60 million barrel draw tapped by the other IEA countries in its 180 million barrel draw from the U.S. Strategic Petroleum Reserve announced in March. Global oil prices are headed for their second weekly drop with Brent falling about $10 to below $100 a barrel since the United States announced its largest-ever oil reserve release in late March. Prices hit 14-year highs last month as Western sanctions on Russia disrupted crude and oil product exports from the world’s number two crude exporter.

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Shanghai lockdown snarls the world’s busiest port and China’s supply chains

Shanghai’s grinding coronavirus lockdown is slowly clogging China’s supply chains, as delays hit the world’s busiest container port where staff is tangled in a morass of Covid controls. Beijing has refused to tack away from its strict zero-Covid strategy that has protected its public health system through the pandemic but at a mounting economic cost. China’s financial hub Shanghai — home to multinational firms and its busiest port — has been sealed off almost entirely for a week following an outbreak fuelled by the Omicron virus variant. Industry groups say hard lockdowns on major cities such as Shanghai are unsustainable, especially with many Omicron cases presenting light or no symptoms.

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Sri Lanka calls for restructuring of $1 bn debt and stability

Sri Lanka must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to demands for a change in government amid the country’s worst economic crisis in decades. The opposition and some partners of the ruling coalition rejected calls this week for a unity government from President Gotabaya Rajapaksa after he disbanded his cabinet, hoping to quell weeks-long street protests over shortages of fuel, power, food, and medicine. “We must look at how to structure the $1 billion international sovereign bond payment maturing in July. We must go to the IMF, there is no other solution that I can see,” said Ali Sabry, who sent his resignation to Rajapaksa on Tuesday, a day after he was moved to finance from the justice ministry.

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2) India

What you should know about the Criminal Procedure (Identification) Bill?

Union Home Minister Amit Shah addressed the Parliament on The Criminal Procedure (Identification) Bill, 2022. He said that the government wants to strengthen the law with the Criminal Procedure (Identification) Bill, 2022.

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Nepal’s prime minister visits India, meets Modi to deepen ties

Nepal’s Prime Minister Sher Bahadur Deuba met his Indian counterpart Narendra Modi and inaugurated the Himalayan nation’s only railway link with its southern neighbor on Saturday in a summit meant to deepen relations. Deuba’s first trip to India since becoming prime minister in July comes a week after a visit by Chinese Foreign Minister Wang Yi to Nepal. After the meeting, Deuba and Modi jointly flagged off Nepal’s only railway link between Janakpur in Nepal and the border town of Jaynagar in India. The 35-km (22-mile) railway was reconstructed by India as a grant. The two prime ministers also remotely inaugurated an electricity transmission line that will supply hydroelectric power generated in the Solukhumbu area, where Mount Everest is located, to Nepal’s national power grid. Both countries agreed to speed up the Pancheswar hydroelectric project on their border in west Nepal, which Modi said would be a “game-changer” for the development of the region. Analysts said the visit would help further promote the multi-faceted relations between India and Nepal.

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India’s food security scheme helped avert extreme poverty during a pandemic: IMF report

India has averted the rise in extreme poverty through the food security scheme, Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), according to the International Monetary Fund report. A new IMF paper found that extreme poverty (less than PPP USD 1.9 per person per day) in India is less than 1 percent in 2019 and it remained at that level even during the pandemic year 2020.

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3) Economy

S&P cuts Russia’s foreign currency rating to ‘selective default’

S&P on Saturday lowered Russia’s foreign currency ratings to “selective default” on increased risks that Moscow will not be able and willing to honor its commitments to foreign debtholders. Facing waves of sanctions over its invasion of Ukraine, Russia could face its first sovereign external default in over a century after it made arrangements to make an international bond repayment in rubles this week, even though the payment was due in dollars. Russia’s finance minister on Thursday said the country will do everything possible to pay its creditors, but investors in Russia’s international bonds face an increasingly uncertain path to recover their money should the country default. S&P assigns a selective default rating when it believes the debtor has selectively defaulted on a specific issue or class of obligations but will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.

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RBI revises economic growth downwards, pegs it at 7.2% for FY23

The RBI revised downwards India’s growth projection for the current fiscal (FY2022-23) to 7.2% percent from its earlier estimate of 7.8 percent on the back of the hardening of prices of commodities and tightening of interest rates globally. The RBI has assumed crude oil prices at $100 per barrel for 2022-23 to arrive at the growth estimation. It also revised its inflation forecast upwards for FY23 to 5.7%. The RBI, which has been stubbornly pro-growth, kept interest rates unchanged in the first monetary policy review of the current financial year. The stance has also been kept accommodative and any changes are expected only in the June policy review. Economists and other agencies have also pared their growth estimates for FY2022-23 because of surging oil prices.

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4) Markets, Banking, and Finance

HDFC twins conjoined: HDFC to be merged into HDFC Bank, create a financial behemoth with a $169-billion market cap

Housing Development Finance Corporation (HDFC) chairman Deepak Parekh was at his eloquent best on Monday: “After 45 years in housing finance and providing 9 million homes to Indians, we have found a home for ourselves…,” he said, grinning from ear to ear. That search for a “home” has led to the mother of all mergers in Indian corporate history as the mortgage major is set to merge into HDFC Bank, creating a financial behemoth with a $169-billion market capitalization (the second-largest in India) and among the 10 most valued banks in the world. The merged entity will be twice the size of ICICI Bank, the third-largest bank in the country, and will shrink the gap with the State Bank of India (SBI), the market leader. Parekh said the merger is a coming together of equals. “Customers of both HDFC and the bank will be the biggest beneficiaries. However, over the last few years there have been certain regulatory changes for banks and NBFCs (non-banking financial companies), which have considerably reduced the barriers for a potential merger,” he said. The deal will significantly expand the room for cross-selling financial products to customers of both institutions, he added.

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India’s home-loan market set for a churn after HDFC-HDFC Bank merger

India’s home-loan market is set for a dramatic change in the coming years as the country’s biggest housing finance company folds into a bank. HDFC Ltd is set to merge with HDFC Bank Ltd in 12-18 months, subject to regulatory approval. HDFC’s market share in overall housing loans was 31 percent in FY21, second only to State Bank of India (SBI), the largest bank in the country. HDFC’s amalgamation into HDFC Bank would do three key things to the housing loan market. Firstly, the obvious outcome would be a reduction in the market share of housing finance companies (HFC) and a concurrent increase in that of the banking sector. Secondly, it would impact the growth and margins of HFCs as the heft of a large balance sheet coupled with access to low-cost borrowing would be tough to compete with. Lastly, HFCs may be driven towards riskier developer loans, which come with asset quality risks.

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Explained: What is SDF, the RBI’s new tool to absorb excess liquidity to control inflation?

While retaining the reverse repo rate at 3.35 percent, the Reserve Bank of India (RBI) on Friday (April 8) introduced the Standing Deposit Facility (SDF), an additional tool for absorbing liquidity, at an interest rate of 3.75 percent. The main purpose of SDF is to reduce the excess liquidity of Rs 8.5 lakh crore in the system and control inflation. By removing the binding collateral constraint on the RBI, the SDF strengthens the operating framework of monetary policy. The SDF is also a financial stability tool in addition to its role in liquidity management. The SDF will replace the fixed-rate reverse repo (FRRR) as the floor of the liquidity adjustment facility corridor. Both the standing facilities — the MSF (marginal standing facility) and the SDF will be available on all days of the week, throughout the year.

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Decoding RBI Policy

Inflation will now take precedence over growth, says RBI governor even as Monetary Policy Committee announces a status quo policy for the 11th time in a row. Latha Venkatesh gets the key highlights from the policy and tells you what it means for your EMIs & deposits

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5) Business

What’s next for Unacademy as it slashes 1,000 jobs in a massive cost-cutting exercise

Edtech startup Unacademy has laid off around 1,000 employees, including on-roll and contractual staff, in the past few weeks, said people with knowledge of the development. This includes employees at Unacademy group firm Prepladder, which it acquired in 2020. The group comprises Unacademy, PrepLadder, CodeChef, Graphy, and Relevel. Of the 1,000 fired, about 300 were educators who worked with Unacademy on a contractual basis while the rest were in sales, business, and other functions. Until recently, Unacademy is said to have had a monthly burn rate of about $15 million, which will now be reduced as part of cost-cutting measures that are also being extended to certain marketing initiatives. Unacademy’s cost-cutting exercise is aimed at focussing on core businesses. It, therefore, decided to shut Mastree, a skills programme for kids, and its K-12 businesses. Sources briefed on company plans said it will now largely focus on two products—the core test preparation business and the job-tech vertical of Relevel.

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Tata packs power brands in the mega app to rival Amazon, Ambani

The $103 billion Tata Group will roll out its long-awaited all-in-one e-commerce app allowing users to buy everything from apparel to airline tickets as the sprawling Indian conglomerate vies for a piece of the fiercely competitive sector currently dominated by Amazon.com Inc., Walmart Inc., and Reliance Industries. Mumbai-based Tata Digital Pvt.’s digital services platform, Tata Neu, which will go live to consumers on Thursday, will have in-house brands including Croma, Westside, AirAsia India, the Taj chain of luxury hotels, and BigBasket, according to the group’s website. Described as a “super-app” and in the pipeline since at least mid-2020, the website called it “a unified platform that connects several brands across the Tata universe like never before.” The e-commerce project was closely overseen by Natarajan Chandrasekaran, chairman of the main holding company Tata Sons Pvt. who has been championing the digitization drive in the group. Pratik Pal, chief executive officer at Tata Digital, which developed Tata Neu, has helped with digital transformation at some of the world’s largest retail chains including Walmart, Tesco Plc, Target Corp., Best Buy Co., and Marks & Spencer Group Plc.

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Tata Neu launched | Will the ‘Super’ App work in India?

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Maruti reports lowest market share in 8 years, Tata Motors at 13 years high

It was an arduous treadmill year for the heavyweights in India. The bulkiest among the lot, Maruti Suzuki India (MSIL) slimmed its market share to an eight-year low of 43% in the financial year ending March 31, 2022, an exceptional loss of over 8 percent points in just three years. Maruti Suzuki reported a 42% market share in FY 13-14. MSIL had been maintaining a market share of about 50% in the Indian passenger vehicle space for a long time and kept the crown of 51% until FY20. So, why did MSIL lose the game?

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IndiGo becomes sixth-largest airline in the world by passengers: Official Airline Guide

India’s low-cost airline IndiGo has emerged as the world’s sixth-largest carrier by passenger volume for March, according to the UK-based Official Airline Guide (OAG). The airline carried more than 2.02 million passengers in the month, the most by any Asian carrier, according to statistics collected till March 28. IndiGo was also named the world’s fastest-growing airline by OAG, with a 41.3 percent growth in frequency in March. The airline also ranked among the top 10 airlines in the world by seat capacity for March. The OAG data includes airport and route capacity as well as a list of the 20 largest worldwide airlines by flights based on monthly data. IndiGo is the only airline from India to appear on this list.

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6) Technology

Talentedge’s owner takes stake in upGrad at $2 billion value after integration

Edtech major upGrad on Thursday said it has integrated all of Talentedge’s business, which will operate under its own name, as its owner Sekhsaria Family Office took a stake in upGrad at $2 billion value. upGrad in December last year announced to acquire Gurugram-based ed-tech rival Talentedge reportedly for Rs 350-400 crore. Talentedge was valued at Rs 205 crore and the near 100% share swap transaction was done at an upGrad value of $2 billion. “The coming together of Talentedge with upGrad cement our leadership position in India’s lifelong learning market and we see great synergies, cost savings, and our ability to scale and consolidate,” said Mayank Kumar, co-founder, and MD, upGrad.

For details visit here.

Coinbase stops payments via UPI in India, volumes down after Mobikwik withdrew services

US-based crypto exchange Coinbase has had to halt the option of purchasing cryptocurrencies through the Unified Payments Interface (UPI), just three days after it announced its plans to launch crypto trading in India. The Nasdaq-listed company had announced that it will allow users to use UPI in a mega event on April 7. The same night, the National Payments Corporation of India (NPCI) issued a statement saying it is ‘not aware of any crypto exchange using UPI.’ Currently, the app shows that the users can sell via IMPS method. Buying option is unavailable at the moment. Notably, Mobikwik wallet, which had partnered with major crypto exchanges, has stopped supporting crypto trading. Further, only a few exchanges are currently allowing crypto trading using bank transfers. “Altogether, the trading volumes have significantly dropped,” said an industry source. This has come as a major setback for the industry, which was already witnessing a slowdown in India after the imposition of a 30% tax on gains from cryptocurrencies.

For details visit here.

Crypto 101 | Decentralised Finance Explained

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7) Politics

Congress names Amarinder Singh Raja Warring as its new Punjab chief, Bajwa is CLP leader

Congress president Sonia Gandhi Saturday appointed Amarinder Singh Brar (Raja Warring) as the party’s new Punjab chief in place of Navjot Singh Sidhu, and former Rajya Sabha member Pratap Singh Bajwa as the new legislature party leader. While Warring won the recent assembly elections from the Gidderbaha constituency, Bajwa was elected as an MLA from the Qadian assembly constituency.

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Women’s Reservation Bill in Rajya Sabha: What it is and the political hold-up against it

First introduced in 1996 by the United Front government led by Deve Gowda in the Lok Sabha, the Women’s Reservation Bill seeks to reserve one-third of seats in the Lok Sabha and state assemblies for women. As per a report by India Today, the idea for this reservation bill came from a constitutional amendment that was passed in 1993. Even though it was at a smaller level, the constitutional amendment stated a random one-third of the village council leader, or Sarpanch, positions in the gram panchayat should be reserved for women. By introducing the Women’s Reservation Bill in the House, the Deve Gowda government aimed to extend this reservation to Lok Sabha and state legislative assemblies. Thereafter the bill was introduced three times in 1988, 1999, and 2008. In 2008, it was introduced in the Rajya Sabha and after scrutiny by the standing committee, it was passed by the Upper House in 2010 and sent to the Lok Sabha. After its reintroduction, the bill was passed by Rajya Sabha on 9 March 2010 but was still left pending in Lok Sabha. All four bills lapsed with the dissolution of those governments. Even though most of the national political parties have supported the bill over the years, some resistance from within has held it from being passed.

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Sitaram Yechury re-elected as general secretary of CPI(M) for the third time

Senior CPI(M) leader Sitaram Yechury was re-elected as the General Secretary of the party for the third consecutive time here on Sunday. Speaking to the delegates after being re-elected to the top post at CPI(M)’s 23rd Party Congress, Yechury said the principal task of the party was to isolate and defeat the BJP, which is pursuing the Hindutva communal agenda of the fascistic RSS. The Party Congress also selected a 17-member polit bureau and an 85-member central committee to lead the party for the next three years. A senior leader from West Bengal, Ram Chandra Dome was elevated to the polit bureau from the central committee and has become the first Dalit representation in PB ever. Two new faces – LDF convener A Vijayaraghavan from Kerala and All India Kissan Sabha president Ashok Dhawle – have also been selected to the polit bureau of the CPI(M). Meanwhile, senior leaders S Ramachandran Pillai, Biman Bose, and Hannan Mollah were dropped from the PB as they crossed the upper age limit of 75 years. However, all three of them are now special invitees to the central committee. Among the 85-member central committee, 17 are fresh faces, while 15 are women members.

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8) Sports

IPL 2022 KKR vs DC Highlights: Kolkata all out for 171, Delhi win by 44 runs

Delhi Capitals dished out a clinical performance to beat Kolkata Knight Riders by 44 runs in an IPL match here on Sunday. Invited to bat, Prithvi Shaw (51 off 29 balls) and David Warner (61 off 45 balls) struck half-centuries as Delhi Capitals piled up a commendable 215 for 5. In reply, skipper Shreyas Iyer smashed a 33-ball 54 but Kolkata Knight Riders were bowled out for 171 in 19.4 overs. The spin-pace duo of Kuldeep Yadav (4/35) and Khaleel Ahmed (3/25) shared seven wickets between them, while Shardul Thakur (2/30) and Lalit Yadav (1/8) also chipped in. Sunil Narine was the best KKR bowler with figures of 2 for 21.

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Korea Open: PV Sindhu, Kidambi Srikanth lose in semifinals

PV Sindhu and Kidambi Srikanth’s impressive run ended in the semifinals after they went down in straight games at the Korea Open Super 500 badminton tournament in Suncheon on Saturday. Former world champion Sindhu, who came into the tournament after claiming the Swiss Open, suffered her fourth successive defeat to 20-year-old An Seyoung, losing 14-21 17-21 in 48 minutes. For world championships silver medallist Srikanth, it ended in yet another semifinal finish as he came up short against Asian Games champion Jonatan Christie, going down 19-21 16-21 in 50 minutes.

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9) Opinion

Putin’s forces retreat from Kyiv | Will Russia launch a fresh onslaught to take Ukraine’s Capital?

In the first phase of the war on Ukraine, Russia failed to capture Kyiv. Kyiv held strategic importance for the Red Army as it was the capital of Ukraine. In this episode of Crux DeCode, let’s look at where did Putin’s plan go wrong and answer the question, Was Russia even interested in capturing Kyiv?

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Imran Khan: What led to charismatic Pakistan PM’s downfall

When Imran Khan was elected prime minister in 2018, he seemed to have almost everything in his favor. Mr. Khan undoubtedly had significant, genuine public support, but he also had the covert backing of what in Pakistan is referred to as “the establishment” or the military. The army has either directly or indirectly controlled the country for most of its existence, and critics labeled Imran Khan’s government a “hybrid regime”. The support for Mr. Khan exemplified itself in a host of different ways. During the 2018 election campaign, media outlets reporting sympathetically on his opponents had their distribution curtailed, while some candidates standing for election were either cajoled or coerced into joining his party. Mr. Khan has insisted his focus is on improving governance, and he has made some impressive expansions to the social welfare system, introducing a health insurance scheme in large parts of the country, for example. However, in other areas, he has faltered. His decision to appoint an inexperienced and underqualified political newcomer to a key position, chief minister of Punjab, the country’s most populous province, was widely ridiculed.

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A “recession shock” is coming, BofA warns

The macro-economic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, BofA strategists warned in a weekly research note. “‘Inflation shock’ worsening, ‘rates shock’ just beginning, ‘recession shock’ coming”, BofA chief investment strategist Michael Hartnett wrote in a note to clients, adding that in this context, cash, volatility, commodities, and cryptocurrencies could outperform bonds and stocks.  The Federal Reserve on Wednesday signaled it will likely start culling assets from its $9 trillion balance sheet at its meeting in early May and will do so at nearly twice the pace it did in its previous “quantitative tightening” exercise as it confronts inflation running at a four-decade high.

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View: Private sector driving renewable energy wave in India

To mitigate this climate risk, India has set ambitious targets for renewable energy. The government has recognized that free solar and wind energy, backed up by batteries, and other clean technologies such as electric vehicles and green hydrogen, are necessary alternatives to increasingly obsolete high-emitting fossil fuel generation plants – coal, LNG, and gas. Supply growth is being led by private sector players, despite initially being led by the public sector. Large power producers with coal constituting a large part of their portfolios including Adani Group, Jindal, and Tata Power, have announced big renewable energy targets and investments to match. India faced coal shortages from August to October 2021 which led to high prices at the power exchange. Then in January 2022, Indonesia announced a coal export ban. The crisis exposed price volatility and energy security risks for India, showing imported coal as an unreliable source of electricity generation being heavily dependent on a long supply chain. The largest business houses in the country responded by changing track, turning their attention to cheaper, cleaner, reliable renewable energy. It shows economics are driving such decisions, coupled with the return on investment being much higher for renewable energy projects.

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Tata Motors expects EV volumes to double in FY-23, says PV market may hit a new peak

Tata Motors expects electric vehicle sales to more than double in the current financial year backed by a strong tailwind for cleaner vehicles amid rising fuel prices in the country. Given the sustained rise in the order book, the company expects the Indian passenger vehicle market to scale to a new peak. On its part, Tata Motors is working overtime to debottleneck its production and it hopes to bring in the incremental capacity of 10-15% or 50000 to 75000 units. Speaking on the sidelines of the new Tata Curvee Coupe concept vehicle showcase on Wednesday, Shailesh Chandra, president of Tata Motors Electric Vehicles Ltd said the demand is far exceeding supply and the company expects to sustain a monthly run rate of 3500 units a month. Chandra expects the share of EVs to be double-digit in FY-23 and by FY-26, it expects the share to increase to 20-25% of the total production.

For details visit here.

10) Weekly special

Entrepreneurial experience is now considered valuable in India: Info Edge’s Sanjeev Bikhchandani

Speaking at a virtual event, Bikhchandani reminisced about the early days of the Indian startup world. He said, “These days, it is desirable for highly educated and qualified people to aspire to take up entrepreneurship, unlike a couple of decades ago, when the youth dreamed of landing a job in companies.” Talking about the new mindset that was taking root in new-age startups, he further added, “Such a person will have a 360-degree view of the organization, can take risks, and can work across functions. The mindset has changed.” Bikhchandani also had a word of advice for the new wave of young entrepreneurs. He urged the Indian founders to find innovative solutions tailored to Indian markets that provided a better deal for the local population. Info Edge operates companies such as the online job portal Naukri, matrimony site Jeevansathi, proptech platform 99Acres, among others. The listed company has seen its value soar over the last few years and has a current market capitalization of INR 62K Cr.

For details visit here.

11) Did you know?

What is Space Warfare?

NATO has officially declared cyberspace a warfare domain and confirmed that a cyberattack on any of its allies will be considered an act of war. NATO officially recognizes cyberspace as the fifth domain of warfare so it could respond with conventional weapons in case of a powerful cyber attack. Space warfare is combat that takes place in outer space, i.e. outside the atmosphere. Space warfare, therefore, includes ground-to-space warfare, such as attacking satellites from the Earth, as well as space-to-space warfare, such as satellites attacking satellites.

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With that, we come to an end of our Weekly Current Affairs April 2022 -Week 2. 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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