Endeavor Careers Choicest Blogs: Weekly Current Affairs: March 2023, 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

Xi Jinping names Li Qiang as China’s new Premier

Chinese President Xi Jinping on March 11 nominated Li Qiang, 63, to become Premier during the ongoing annual meeting of China’s rubber-stamp parliament, the official Xinhua news agency reported. A long-time Xi ally, Mr. Qiang, succeeds Li Keqiang, a Hu Jintao ally who has retired after two terms. The new Chinese Foreign Minister Qin Gang, who recently visited India for the G20 meeting, will likely be appointed on Sunday as one of several new State Councillors, taking over from Wang Yi, who has been promoted to the Politburo. The appointment likely means Mr. Qin will take over as Special Representative on the India-China border negotiations.

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Chinese President Xi Jinping names Ally Li Qiang as New Premier

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China helps Saudi Arabia and Iran reconcile

Regional rivals Iran and Saudi Arabia agreed on Friday to restore ties and reopen diplomatic missions in Chinese-brokered talks; they said in a joint statement, seven years after relations were severed. The move caps a broader realignment and efforts to ease tensions in West Asia. Riyadh cut ties with Tehran after Iranian protesters attacked Saudi diplomatic missions in the Islamic republic in 2016 following the Saudi execution of Shia cleric Nimr al-Nimr. Shia-majority Iran and Sunni Muslim Saudi Arabia support rival sides in several conflict zones across West Asia, including in Yemen where the Houthi rebels are backed by Tehran, and Riyadh leads a military coalition supporting the government.

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Ukraine and Russia claim hundreds of rival casualties in the battle of Bakhmut

Both Russia and Ukraine claimed heavy casualties of enemy troops running into hundreds in a day during the battle for the Bakhmut city in the eastern part of the country. Ukrainian military spokesperson Serhiy Cherevatyi claimed that 221 pro-Moscow troops were neutralized and more than 300 wounded in Bakhmut. On the other hand, Russia’s defence ministry alleged that about 210 Ukrainian soldiers were killed in the broader Donetsk part of the frontline, reports Reuters news agency. Both sides admitted to suffering and inflicting significant losses in Bakhmut, while the exact number of casualties is difficult to verify independently.

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Russia’s non-stop strikes on Ukraine; 3 more regions pounded | Kyiv gets fighter jets to stop Putin

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France faces another day of nationwide protests against Macron’s pension plans

France faced a seventh day of demonstrations on Saturday against President Emmanuel Macron’s unpopular pension reform plans amid ongoing rolling strikes which have affected refineries, public transport, and garbage collections. A coalition of French unions, maintaining a rare show of unity since the protest movement was launched at the end of January, hopes to keep up to pressure on the government to withdraw the reform, whose key measure is a two-year extension of the retirement age to 64. According to interior ministry figures, up to 1 million people are expected to take part in over 200 marches throughout the country while the Senate continues to review the reform, with a possible vote on the text from the upper house of the Parliament expected by Sunday night.

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Israel sees one of its biggest-ever protests

Hundreds of thousands of Israelis rallied against the government’s judicial plans on Saturday night in what organizers said were the biggest street protests in Israel’s history. Prime Minister Benjamin Netanyahu says the changes - which would curb the power of courts - will restore the balance between the branches of government. Opponents say they threaten democracy. At one of Saturday’s rallies, opposition leader Yair Lapid said this was Israel’s “greatest crisis.” In a separate development, Israeli troops shot dead three armed Palestinians near the West Bank city of Nablus on Sunday, the Israeli army said. It said the gunmen had fired at an Israeli army post. Palestinian officials have not commented on the incident. There has been a marked surge in violence between Palestinians and Israel in recent months.

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Explained | What is the new U.K. policy on refugees?

The Conservative government of the U.K. is proposing to adopt a new, stricter policy to deal with asylum seekers who arrive on the island via boat. The Bill, when passed into law by the U.K. Parliament, will require that the Home Secretary detain and remove those arriving in the U.K. illegally, either to Rwanda or another “safe” third country; it would deny migrants the right to bail or judicial review for the first 28 days of their immigration detention; would only allow migrants who are minors, medically unfit to fly or at risk of serious harm in the country of their removal to delay their departure from the U.K., and to block such migrants from returning to the U.K. or seeking British citizenship going forward. The Bill would also seek to set a cap on the number of refugees who will be permitted to settle in the U.K. through “safe and legal routes” — which at the moment only apply to people from Afghanistan and Ukraine or British National status holders in Hong Kong. A relatively miniscule number of refugees also can enter the U.K. through the U.K. Resettlement Scheme, the Community Sponsorship Scheme, the Refugee Family Reunion, and the Mandate Resettlement Scheme.

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BBC crisis escalates as players, stars rally behind Lineker

The BBC was forced to scrap much of its weekend sports programming as the network scrambled to stem an escalating crisis over its suspension of soccer host Gary Lineker for comments criticizing the British government’s new asylum policy. Presenters, analysts, and English Premier League players rallied in support of Lineker by boycotting the airwaves on Saturday, as Britain’s national broadcaster was accused of political bias and suppressing free speech, and received praise from Conservative politicians. The broadcaster said it would air only “limited sport programming” this weekend after hosts of many of its popular sports shows declined to appear in solidarity with Lineker. The former England captain was suspended from “Match of the Day,” a popular soccer highlights show after he criticized the government’s plan to detain and deport migrants arriving by boat in a Twitter post that compared lawmakers’ language about migrants to that used in Nazi Germany.

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Indonesia’s Merapi volcano spews hot clouds in a new eruption

Indonesia’s Mount Merapi erupted Saturday with avalanches of searing gas clouds and lava, forcing authorities to halt tourism and mining activities on the slopes of the country’s most active volcano. Merapi, on the densely populated island of Java, unleashed clouds of hot ash and a mixture of rock, lava, and gas that traveled up to 7 kilometers (4.3 miles) down its slopes. A column of hot clouds rose 100 meters (yards) into the air, said the National Disaster Management Agency’s spokesperson Abdul Muhari. It was Merapi’s biggest lava flow since authorities raised the alert level to the second-highest in November 2020, said Hanik Humaida, the head of Yogyakarta’s Volcanology and Geological Hazard Mitigation Center.

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2) India

India, Australia agree for early conclusion of talks to expand trade pact; eye $100-bn trade

India and Australia on Saturday expressed their commitment to concluding the negotiations for expanding the scope of the existing free trade agreement by the end of this year with an aim to push the bilateral trade to $100 billion. The issue came up for discussion during the meeting of the joint ministerial commission between commerce and industry minister Piyush Goyal and his Australian counterpart Don Farrell. Mr. Farrell is accompanying Australian Prime Minister Anthony Albanese who is here on an official visit. On December 29, last year, India and Australia implemented an economic cooperation and trade agreement (ECTA) and are now negotiating to expand its scope for a comprehensive economic cooperation agreement (CECA).

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3) Economy

IIP growth inches up to 5.2% in January

The index of industrial production (IIIP) grew 5.2% on year in January, thanks to the creditable performance by the mining, electricity, and capital goods sectors and a favorable base effect that is yet to wane. However, consumer durables output contracted in January even on a shrunken base. The index had risen by 4.7% (revised from 4.3%) in December 2022 and 2% in January 2022. While January growth was the second highest in any month since July 2022, analysts anticipate the IIP to reflect the slowing pace of the economy in the coming months; GDP growth in Q4FY23 is widely expected to be below 5%, with some seeing the expansion hovering around 4%. Not just an export slowdown but a moderation in domestic demand is also expected to dampen production.

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4) Markets, Banking, and Finance

The collapse of Silicon Valley Bank and its impact on Indian startups

California-based Silicon Valley Bank (SVB), a cornerstone of the US technology and startup industry, went belly up, making it one of the largest bank failures after the 2008 financial crisis. This came barely two days after SVB announced it was conducting a share sale to cover up for the faster-than-expected decline it was witnessing in deposits. Following the news, both investors and customers of the bank started jumping off a sinking ship. Early Thursday, the SVB Financial Group announced it was raising $2.25 billion in a share sale in addition to having sold $21 billion worth of securities from its portfolio. The company also said that it booked a massive after-tax loss of $1.8 billion on sales of these investments. With the US Federal Reserve raising interest rates aggressively to rein in inflation, the value of existing bonds that were issued at lower interest rates has fallen. Banks, who bought these bonds, are, as a result of the falling values, sitting on steep unrealized losses. Another facet of the rising interest rates was the decline in funding for startups as the venture capital ecosystem took its foot off the gas pedal.

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5) Business

Oil giant Saudi Aramco has profits of $161 billion in 2022

Oil giant Saudi Aramco said Sunday it earned a $161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits. It made the announcement on Riyadh’s Tadawul stock exchange. In 2021, Aramco declared profits of $110 billion, as compared to $49 billion in 2020, when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions, and oil prices briefly going negative. Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record $42.4 billion profit in the third quarter of 2022 off the back of that price spike.

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Campa Cola is back: Mukesh Ambani’s Reliance rolls out iconic beverage brand

Reliance Consumer Products (RCPL), the fast-moving consumer goods arm and a subsidiary of Reliance Retail Ventures (RRVL), on Thursday, announced the launch of the iconic brand, Campa, made for a new-age India. The Campa portfolio will initially include Campa Cola, Campa Lemon, and Campa Orange in the sparkling beverage category. The launch of this brand was in line with the company’s strategy to promote homegrown Indian brands that not only have a rich heritage but also boast a deep-rooted connect with Indian consumers, Reliance Consumer Products (RCPL) said in a statement on Thursday.

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India’s Adani tells investors all share-backed loans have been paid back – Bloomberg News

Indian billionaire Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group’s shares; senior executives told investors at a meeting in London, Bloomberg News reported on Wednesday, citing people who attended the meeting. The investor meeting was part of a worldwide roadshow launched by the conglomerate aimed at reassuring investors that the conglomerate’s finances are under control, the report said. Another Bloomberg report earlier in the day said the Adani group had repaid a $500 million bridge loan that was due Thursday. Adani’s efforts to rebuild investor confidence come as the group seeks to allay concerns about its debt by pre-paying loans in the aftermath of a scathing U.S. short-seller report.

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GoMechanic Finds A Buyer In CarTrade, Beleaguered Startup Valued At Over $30 Mn

Almost two months after Sequoia-backed GoMechanic’s cofounder Amit Bhasin publicly admitted to financial misreporting, the after-sales service startup has reportedly found a buyer in auto marketplace CarTrade. CarTrade has valued GoMechanic at a little over $30 Mn, according to a report by The Morning Context. This is a steep decline from the post-money valuation of $285 Mn it achieved in June 2021 when GoMechanic raised $42 Mn in a funding round led by Tiger Global. Besides CarTrade, another investment firm is also involved in the deal; the report said, citing a source. During a discussion with potential buyers, Bhasin said the startup was looking to sell itself for INR 250 Cr, and it found a buyer willing to cover INR 200 Cr. After this, the startup was looking for another buyer who could get the remaining INR 50 Cr.

For details, visit here.

6) Technology

Explained | Why is crypto trade within PMLA ambit?

On March 7, to further tighten the loosely regulated crypto market, the Finance Ministry said that all virtual digital assets (VDAs) would come within the ambit of the Prevention of Money Laundering Act, 2002 (PMLA). The gazette notification by the Ministry brings cryptocurrency transactions within the ambit of PMLA. This means that Indian crypto exchanges will have to report any suspicious activity related to buying or selling of cryptocurrency to the Financial Intelligence Unit – India (FIU-IND). This central agency is responsible for receiving, processing, analyzing, and disseminating information related to suspicious financial transactions to law enforcement agencies and overseas FIUs. In its analysis, if the FIU-IND finds wrongdoing, it will alert the ED. Under Sections 5 and 8(4) of the Act, the ED has discretionary powers to search and seize suspected property without any judicial permission.

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Centre to reconsider ‘safe harbor’ clause in IT law

The Union government on Thursday formally outlined the Digital India Act, 2023, which is a broad overhaul of the decades-old Information Technology Act 2000. Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, announced the changes in a presentation in Bengaluru. The government is reconsidering a key aspect of cyberspace — ‘safe harbor,’ which is the principle that so-called ‘intermediaries’ on the internet are not responsible for what third parties post on their websites. This is the principle that allows social media platforms to avoid liability for posts made by users. Safe harbor has been reined in recent years by regulations like the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which require platforms to take down posts when ordered to do so by the government, or when required by law.

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7) Politics

Explained | Rajasthan’s Right to Health Bill

The recently concluded Budget session of the Rajasthan Assembly revived the debate around the Right to Health Bill. The legislation, if passed, will provide mandatory free and affordable medical services in hospitals, clinics, and laboratories — both public and privately owned. Rajasthan would be the first State government to establish and protect the legal rights of patients to access equitable healthcare services. The Bill also provides for strengthening the public healthcare system. Faultlines have emerged around the legislation’s passage. Private hospital doctors object to the Bill, citing it is hastily drafted, ignores ground realities, and may tighten norms in an already over-regulated field.

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National parties collected ?15,077 crores from unknown sources between FY 2004-05 and 2020-21: ADR report

The national parties have collected more than ?15,077.97 crores from unknown sources between 2004-05 and 2020-21, an analysis by the poll rights body — Association for Democratic Reforms showed. The total income of national and regional parties from unknown sources for 2020-21 stands at ?690.67 crore. ADR considered eight national parties and 27 regional parties for this analysis. The analysis conducted on the basis of the parties’ Income Tax Returns (ITR) and donations statements filed with the Election Commission of India (ECI) found that between FY 2004-05 and 2020-21, the national parties have collected ?15,077.97 crores from unknown sources.

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Assam Congress initiates grand alliance move against BJP for 2024 Lok Sabha polls

The Assam unit of Congress has initiated a plan for a grand alliance of smaller parties to take on the Bharatiya Janata Party and its allies for the 2024 Lok Sabha polls. The move is an attempt to revive the 10-part Mahajot or grand alliance that failed to stop the BJP juggernaut in the 2021 Assembly polls but with a conspicuous omission. The Badruddin Ajmal-led All India United Democratic Front (AIUDF) is not in the scheme of things this time. Two other political parties – the Trinamool Congress and the Aam Aadmi Party – were also not invited to a meeting on March 10 to discuss the possibility of a grand alliance.

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8) Sports

Virat Kohli Slams 186, India Ahead By 88 Runs In Fourth Test Against Australia

Virat Kohli scored 186 as India ended their first innings at 571 in the fourth and final Test against Australia in Ahmedabad on Sunday. At stumps on the fourth day, Australia were three for no loss in their second essay, with Matthew Kuhnemann (0 batting) and Travis Head (3 batting) seeing through their six overs in the final session. Australia is behind by 88 runs. Resuming the penultimate day on 289 for three, India rode on Kohli’s first Test century in more than three years to get past the Australian first innings total of 480 in the final session.

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UPW vs. MI Highlights Updates, WPL 2023: Harmanpreet Kaur Guides Mumbai Indians To Fourth Straight Win

Mumbai Indians dished out an all-round show as they sauntered to an eight-wicket win over UP Warriorz to record their fourth straight win in the Women’s Premier League. Harmanpreet Kaur led her side with an unbeaten 53. Earlier, Alyssa Healy scored 58 runs, and Tahlia McGrath hit 50 as UP Warriorz posted 159 for 6. While the two shone with their respective knocks, the other UPW batters failed to imitate the effort.

For details, visit here.

9) Opinion

What the China-Russia axis mean for India? What is the US interest

As the Sino-Russia axis emerges, ThePrint’s Deputy Editor Snehesh Alex Philip, in #Crosshairs, speaks to Taiwan-based Print columnist and China expert Aadil Brar and Associate Fellow at the MPIDSA on what this means for India.

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What China-brokered deal between Iran & Saudi Arabia means for India & why it’s significant

In this edition of #ThePrintDebates, ThePrint’s Senior Consulting Editor, Jyoti Malhotra, spoke to India’s former ambassador to Saudi Arabia, Talmiz Ahmad, and India’s former ambassador to Iran and UAE K C Singh, on the significance of the China-brokered deal between Saudi Arabia and Iran and what impact it could have on India.

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The collapse of Silicon Valley Bank to impact Indian startup ecosystem, feel experts

The collapse of Silicon Valley Bank, the largest vendor in the startup ecosystem, is likely to adversely impact the Indian startup scenario, as well as it has injected a lot of uncertainty in the sector overnight, industry experts say. “Hopefully, the matter will get resolved, but I think it is a big hit for Indian startups,” Ashu Garg, a prominent Silicon Valley-based venture capitalist and early-stage investor for over two decades, told PTI in an interview. Over the past several years, SVB has been one of the most preferred choices of banking for startups and the tech industry in Silicon Valley, mainly because of its understanding of the industry and flexibility in many aspects suiting the startup ecosystem. Given that every third startup in Silicon Valley is founded by Indian Americans, experts feel a significantly large number of these founders would be impacted as early as next week in terms of even making basic payments and giving paychecks to their employees.

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How Neobanks Are Reshaping The Future Of Banking

Neobanks, the next generation of banks, are revolutionizing the way money is used across the globe. In a fleeting time, neobanks have disrupted a market previously dominated by large public and private banks with a massive network of branches and millions of customers. In India, banks and neobanks have struck a collaborative partnership. While banking remains the custodian of money, neobanks are emerging as the essential medium for empowering customers through data and technology. The global neobanking market size is expected to reach $333.4 Bn by 2026, a market growth of 47.1% CAGR over the next three years.

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10) Weekly special

Breaking the glass ceiling in tech: Meet the founders of Kinara Capital, Melorra, and Good Glamm Group

Today, women hold 17 percent of board seats in India, up from 9 percent in 2014, and this upward trend isn’t slowing. The glass ceiling is finally being broken, with more and more women making a name for themselves in the world of business and tech. Through our AWS Women In Tech Series, we put the spotlight on three inspirational leaders who are role models for many other women. On the occasion of Women’s Day, HerStory spoke to Hardika Shah, Founder and CEO of Kinara Capital; Saroja Yeramilli, CEO and Founder of Melorra and Priyanka Gill, Co-founder of The Good Glamm Group , to get a glimpse into the highs and lows of their professional journey, and learn about how they embraced the challenges they faced on their road to success.

For details, visit here.

11) Did you know?

Why is Indonesia moving its capital from Jakarta to Borneo?

Jakarta is congested, polluted, prone to earthquakes, and rapidly sinking into the Java Sea. Now the government is in the process of leaving, moving Indonesia’s capital to the island of Borneo. Indonesian officials say the new metropolis will be a “sustainable forest city” that puts the environment at the heart of the development and aims to be carbon-neutral by 2045. But environmentalists warn that the capital will cause massive deforestation, threaten the habitat of endangered species such as orangutans and imperil the homes of Indigenous communities.

For details, visit here.

With that, we come to the end of our Weekly Current Affairs March 2023 -Week 2. We 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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