Endeavor Careers Choicest Blogs: Weekly Current Affairs: May 2022, Week 03

Endeavor Careers Posted on May 16, 2022

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

Russian Navy logistics vessel ‘on fire’ after Ukrainian attack in the Black Sea

Ukrainian forces have reportedly attacked and damaged a Russian Navy logistics support vessel in the Black Sea, reported the Ukrainian media. The Russian logistics ship, Vsevolod Bobrov, caught fire after being attacked by the Ukrainian Navy near Zmiinyi Island. Serhiy Bratchuk, a spokesman for the Odesa regional military administration, confirmed the attack against the Vsevolod Bobrov, one of the newest ships of the Russian Navy.

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Russian ship hit in Snake Island; Ukraine steps up aggression in the Black Sea | Explained

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Ukraine thwarts Russian columns at a river in Donbas region

Ukrainian forces destroyed parts of a Russian armored column as it tried to cross a river in the Donbas region, video from Ukraine’s military showed, as the Ukrainian defence minister predicted many weeks of grinding fighting ahead. Ukrainian forces have driven Russia from the second-largest Ukrainian city of Kharkiv in their fastest advance since Kremlin troops pulled away from Kyiv and the northeast over a month ago to focus their offensive on the Donbas region bordering Russia. The city, which had been under fierce bombardment, has been quiet for at least two weeks and Reuters journalists have confirmed Ukraine now controls territory stretching to the Siverskyi Donets River, around 40 km (25 miles) to the east. However, Moscow is still bombarding villages north of Kharkiv.

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Ukraine forces regain the upper hand, pushing Russian troops to the border

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Finland to apply for NATO membership: President, PM

Finland will apply for NATO membership, the Nordic country’s president and the prime minister announced, as a result of Russia’s invasion of Ukraine. As the next step, the Finnish parliament will convene on Monday to debate the decision, with current projections showing a large majority of the country’s 200-member parliament supporting the bid. Sharing a 1,300-kilometre (800-mile) border with Russia, Finland has remained militarily non-aligned for 75 years. But after its powerful eastern neighbor invaded Ukraine in February, political and public opinion swung dramatically in favor of membership, with the Finnish president and prime minister calling for the country to join NATO “without delay”.

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Finland’s nod for NATO membership provokes Kremlin; Russia calls it a ‘hostile move’

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Europe’s gas supply crisis grows after Russia imposes sanctions

Pressure on Europe to secure alternative gas supplies has as Moscow imposed sanctions on European subsidiaries of state-owned Gazprom a day after Ukraine stopped a major gas transit route. Gas prices surged, with the key European benchmark gaining 12% as buyers were unsettled by the mounting threats to Europe’s supply given its high dependence on Russia. Moscow has already cut off supply to Bulgaria and Poland and countries are racing to fill dwindling gas reserves before winter. Moscow’s sanctions came just a day after Ukraine halted a gas transit route, blaming interference by occupying Russian forces, the first time exports via Ukraine have been disrupted since the invasion. While the European Commission said the Ukrainian suspension does not present an immediate gas supply issue, there are concerns in the market about winter, when heating demand will rise and global supply constraints will bite.

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How Europe became dependent on Russian Gas

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India and Pakistan are among 12 countries that abstained from the UNHRC vote on Ukraine

India and Pakistan were among the 12 countries which abstained from voting on a UN Human Rights Council resolution seeking to address the deteriorating situation in Ukraine “stemming from Russian aggression” while China and Eritrea were the only two countries to vote against it in the 47-member body. In another balancing act, while participating in discussions that preceded the voting, India called for respect and protection of the human rights of people in Ukraine and reiterated its “abiding commitment to global promotion and protection of human rights”. The resolution sought an additional mandate for the Commission of Inquiry established earlier to specifically probe violations in Kyiv, Kharkiv, Chernihiv, and Sumy in Ukraine. Adopted with 33 votes in favor, it also urged Moscow to provide international agencies unhindered access to people who have been “transferred” from conflict-affected areas of Ukraine and are allegedly being held in Russian territory. Moscow claims these people entered Russia of their own free will.

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Sri Lankan President Gotabaya Rajapaksa says will consider the abolition of executive presidency; mum on resignation

Sri Lanka’s embattled President Gotabaya Rajapaksa, under immense pressure from the public and the Opposition to quit over the island nation’s worst economic crisis, said that the abolition of the executive presidency, a move that will curb his powers, will be considered by Parliament. Abolishing the presidential system of governance, in existence in the country since 1978, and replacing it with a system that reinforces constitutional democracy, has been one of the key demands of the Opposition. Last month, the main Opposition Samagi Jana Balavegaya (SJB) presented a constitutional amendment bill that among other provisions sought to abolish the presidential system of governance. While the president will remain the head of state and the commander in chief, the president has no personal discretion in appointing or dismissing the prime minister, according to the proposal. The prime minister shall be the head of the Cabinet of ministers and the ministers are to be appointed by the president on the prime minister’s advice, it added.

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Ranil Wickremesinghe sworn in as Sri Lanka’s new prime minister

Ranil Wickremesinghe was sworn in as Sri Lanka’s prime minister for the sixth time on Thursday, though the veteran politician has never completed a full term in office. The 73-year-old’s political career appeared to be drawing to a close before this week when he agreed to helm a unity administration and help steer the South Asian island nation through a crippling economic crisis. Wickremesinghe is the sole parliamentary representative of the United National Party, a once-powerful political force that was nearly wiped out in Sri Lanka’s last elections. Wickremesinghe returns to the office to replace Mahinda Rajapaksa, who resigned on Monday after his supporters attacked anti-government demonstrators, and later had to be rescued from his residence by the military. He will serve at the pleasure of President Gotabaya Rajapaksa, Mahinda’s younger brother, who has fought off calls for his own resignation over the government’s mismanagement of the economic crisis.

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Ranil Wickremesinghe appointed Sri Lanka’s New Prime Minister

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UAE’s newly elected ruler Sheikh Mohammed bin Zayed al-Nahyan sees Iran, and Islamists as threats to Gulf safe haven

United Arab Emirates strongman Sheikh Mohammed bin Zayed al-Nahyan, who was formally elected president on Saturday, led a realignment of the Middle East that created a new anti-Iran axis with Israel and fought a rising tide of political Islam in the region. Working behind the scenes for years as de facto leader, Sheikh Mohammed, 61, transformed the UAE military into a high-tech force, which coupled with its oil wealth and business hub status, extended Emirati influence internationally. Mohammed began wielding power during a period when his half-brother President Sheikh Khalifa bin Zayed, who died on Friday, suffered bouts of illness, including a stroke in 2014.

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Pakistan: Chinese Power Producers threaten to shut down if dues worth Rs 300 Bn are not paid

Hundreds of Chinese power producers in Pakistan have stated they may be compelled to shut down their plants this month unless they receive Rs 300 billion in back payments. More than 30 Chinese businesses operating under the landmark multibillion-dollar China-Pakistan Economic Corridor (CPEC) brought up a slew of objections during a meeting presided over by Planning Minister Ahsan Iqbal on May 9. Approximately 25 representatives from Chinese independent power producers (IPPs) spoke one after the other, complaining about the accumulation of their dues and warning that if they did not receive upfront payments, they would shut down within days. The IPPs claimed that the government was pressuring them to increase generation to meet peak summer demand, but “this is impossible for us in view of serious liquidity issues”.

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‘Pay Rs 300 Billion or…’: Chinese companies threaten power shutdown in Pak | Report

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Shehbaz Sharif govt to abolish China-Pakistan Economic Corridor authority: Report

Pakistan government decided to abolish China-Pakistan Economic Corridor (CPEC) Authority, local media reported, adding that all the matters of the project will be handed over to the Planning Commission. The ministry officials informed the mega project would be handed over to the Planning Commission. They also added that the authority had not done any significant work, therefore, its disbanding is being considered, and a final decision will be taken soon. Gilgit Baltistan has been witnessing a spurt in local protests against the Pakistan Army over land issues. The local people are angry at the ‘land grabbing’ spree of the army, all in the name of the China-Pakistan Economic Corridor (CPEC).

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Scientists unveil an image of a huge black hole at the Milky Way’s center

Scientists on Thursday provided the first look at the monster lurking at the center of our Milky Way galaxy, unveiling an image of a supermassive black hole that devours any matter wandering within its gargantuan gravitational pull. The black hole – called Sagittarius A*, or SgrA* – is only the second one ever to be imaged. The feat was accomplished by the same Event Horizon Telescope (EHT) international collaboration that in 2019 unveiled the first-ever photo. Sagittarius A* possesses 4 million times the mass of our sun and is located about 26,000 light-years – the distance light travels in a year, 5.9 trillion miles (9.5 trillion km) – from Earth.

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Astronomers capture the first image of the Milky Way’s huge Black Hole

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2) India

Finance Minister meets UAE Minister of Economy

Finance Minister Nirmala Sitharaman had a courtesy meeting with Abdulla Bin Touq Al Marri, Minister of Economy, United Arab Emirates (UAE). Both sides discussed the strong economic and commercial engagement between India and the UAE and the comprehensive strategic partnership which is driving the multifaceted bilateral relations, the finance ministry said in a statement. Marri and a high-level UAE delegation are in New Delhi for India-UAE Economic Partnership Summit — ‘India-UAE CEPA: Unleashing the Golden Era’. The CEPA is expected to boost bilateral trade to $100 billion in the next five years from $60 billion at present. Under the trade agreement, domestic exporters in various sectors like textiles, agriculture, dry fruits, gems, and jewelry are availing duty-free access to the UAE market. The UAE is one of the largest trading partners of India and that country is a gateway to the Middle East, North Africa, Central Asia, and sub-Saharan Africa.

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Assam flood’s first wave affects 24,000 people in 6 districts, kills three | Key points

Assam, along with neighboring Arunachal Pradesh and Meghalaya saw incessant rainfall in the past couple of days following which the water level of several rivers has gradually increased and the water in the Kopili river is flowing above the danger level mark, news agency ANI reported. Till Saturday, a total of 24,681 people in 94 villages in six districts – Cachar, Dhemaji, Hojai, Karbi Anglong West, Nagaon, and Kamrup (Metro) – have been affected due to floods, the Assam State Disaster Management Authority said. Floodwaters have submerged 1732.72 hectares of cropland in the affected districts. Incessant rains triggered landslides in 12 villages parts of the Dima Hasao district on Saturday.

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Wheat Crisis Explained: What led to India’s Export Ban, Will prices fall now?

The government has banned the export of wheat with immediate effect in order to control food prices in the domestic market. The daily average retail price of wheat increased 19.34 percent to Rs 29.49 per kg on May 9, compared with Rs 24.71 per kg a year ago. According to the consumer affairs, food & public distribution ministry, the decision to restrict wheat exports will control food prices, strengthen the food security of India and countries facing a deficit, and that India remains a reliable supplier as it is honoring all contracts. International wheat prices have been going up. Since the beginning of the Russia-Ukraine war, global wheat prices have so far increased by over 40 percent. Food Secretary Sudhanshu Pandey has said retail prices of wheat and wheat flour in India have risen in the past year by up to 19 percent, and the government’s decision to ban wheat export is expected to cool down the domestic prices in a week or so. Pandey has said the decision will definitely help in softening the prices. However, it will not be possible to predict how much prices will fall.

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Will worsen crisis’: Why India’s wheat export ban move has irked G7 nations

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Five key points from the Supreme Court order on colonial sedition law used to jail Tilak, Gandhi

As the Supreme Court puts sedition trials on hold and asks the government to re-examine them, Shekhar Gupta explains five key points from the order on the colonial-era penal law. The episode will further simplify the definition and give historical anecdotes to explain sedition.

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Bajaj Finserv’s Sanjiv Bajaj takes over as CII President

Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv Ltd has assumed office as the President of the Confederation of Indian Industry (CII) for 2022-23 on Thursday. He takes over from T V Narendran, CEO & Managing Director of Tata Steel Ltd. Pawan Munjal, Chairman and CEO, Hero MotoCorp Ltd has taken over as CII President-Designate for 2022-23 while R Dinesh, Executive Vice Chairman, TVS Supply Chain Solutions takes over as Vice President for this period. Bajaj has led CII National Committees on Insurance & Pensions and CII Taskforce on Fintech. He is an alumnus of the Harvard Business School, the USA, and a Member of the Board of Indian School of Business (ISB), Member of the International Advisory Board (IAB), Allianz SE, and the International Technology Advisory Panel (ITAP) of Monetary Authority of Singapore (MAS) and Regional Stewardship Board for India and South Asia 2019-2020 of the World Economic Forum.

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3) Economy

Morgan Stanley cuts India GDP growth forecasts on inflation, global slowdown

Morgan Stanley has lowered its forecasts for India’s economic growth in the next two fiscal years, saying a global slowdown, surging oil prices, and weak domestic demand would take a toll on Asia’s third-largest economy. Gross domestic product growth will be 7.6% for fiscal 2023 and 6.7% for fiscal 2024, 30 basis points lower than the previous estimates, the brokerage said in a note dated Tuesday. The cut reflects a pronounced economic impact of the Russia-Ukraine conflict that has driven up crude prices, pushing retail inflation in India – the world’s third-biggest oil importer – to its highest in 17 months. “The key channels of impact will likely be higher inflation, weaker consumer demand, tighter financial conditions, the adverse impact on business sentiment, and a delay in CAPEX recovery,” said Upasana Chachra, Morgan Stanley’s chief economist for India.

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4) Markets, Banking, and Finance

Cryptos can lead to dollarisation of economy: RBI officials to the parliamentary panel

Cryptocurrencies can lead to “dollarisation” of a part of the economy which would be against India’s sovereign interest, top officials of the RBI have told a parliamentary panel, according to sources. Briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, top officials of the RBI, including its governor Shaktikanta Das, clearly expressed their apprehensions about cryptocurrencies and said these pose challenges to the stability of the financial system, sources told PTI. Pointing out that cryptocurrencies have the potential to be a medium of exchange and replace the rupee in financial transactions both domestic and cross border, central bank officials said these currencies “can replace a part of monetary system it will also undermine the RBI’s capacity to regulate the flow of money in the system”.

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5) Business

Elon Musk’s delay in disclosing Twitter stake triggers SEC probe: Report

U.S. regulators are investigating Elon Musk’s delayed disclosure of his sizable stake in Twitter Inc last month, the Wall Street Journal reported. Musk disclosed a 9.2% stake in Twitter to the U.S. Securities and Exchange Commission (SEC) on April 4, a delay of at least 10 days since surpassing the 5% threshold for revealing a shareholding, the report said. An investor who crosses a 5% stake must file a form with the SEC within 10 days. It serves as an early sign to stakeholders that a big investor could seek to control the company. In April, the Information reported that the Federal Trade Commission is investigating whether Musk violated a law that requires companies and people to report certain large transactions to antitrust-enforcement agencies.

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Adani group wins race to acquire Holcim India assets for $10.5 bn

Adani Group has entered into an exclusive agreement to buy Swiss building material maker Holcim Ltd’s India assets—Ambuja Cements and ACC Ltd, two people with direct knowledge of the matter said. The Gautam Adani-led group bid about $10.5 billion (Rs. 80,000 crores) to emerge as the top bidder, the people said. The companies are expected to make an announcement soon, and an open offer for the two Holcim-owned cement makers listed on stock exchanges in India will follow. Adani Group is likely to spend an additional $3-3.5 billion to buy shares from the public shareholders, which may raise the total acquisition cost to around $13.5 billion.

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Reliance Industries to acquire dozens of brands in $6.5 bln consumer goods play

India’s biggest retailer Reliance will acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business to challenge foreign giants like Unilever. Reliance plans to build a portfolio of 50 to 60 grocery, household, and personal care brands within six months and is hiring an army of distributors to take them to mom-and-pop stores and bigger retail outlets across the nation. The consumer goods push under a vertical named Reliance Retail Consumer Brands will come on top of Ambani’s brick-and-mortar store network of more than 2,000 grocery outlets and ongoing expansion of “JioMart” e-commerce operations in India’s nearly $900 billion retail market, one of world’s biggest.

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Reliance top-ranked Indian firm on the Forbes Global 2000 list

Billionaire Mukesh Ambani’s Reliance Industries Ltd climbed two spots to No. 53 on Forbes’ latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value, Forbes said releasing the 2022 ranking of the world’s top 2,000 companies. Other top 10 Indian firms on the list include state-owned Oil and Natural Gas Corporation (ONGC) at 228 ranks, Housing Development Finance Corporation Ltd (HDFC) at No. 268, Indian Oil Corporation (IOC) at No.357, Tata Consultancy Services Ltd at No. 384, Tata Steel at No. 407 and Axis Bank at No. 431. Some notable newcomers to the list include billionaire Gautam Adani’s companies: Adani Enterprises Limited, Adani Transmission Ltd, and Adani Total Gas Ltd.

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Vodafone in talks to merge UK operations with CK Hutchison’s Three, report says

Vodafone Group Plc is in talks to merge its UK operations with Three UK, which is owned by Hong Kong-based CK Hutchison Holdings Ltd, the Financial Times reported. The move comes as Vodafone faces pressure from Europe’s largest activist fund Cevian Capital to simplify its portfolio, enhance its strategy in key markets and boost returns. The telecom group’s Chief Executive Nick Read had said in February the company was pursuing mergers with rivals in multiple European markets, spurred on by more favorable signals from regulators who have realized the value of network investment during the COVID-19 pandemic.

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Tata Sons Names SIA’s Campbell Wilson as Air India’s New CEO

Tata Sons said it has appointed Campbell Wilson, a veteran at its partner Singapore Airlines, as the new chief executive of Air India. “The Air India board approved the appointment of Wilson subject to requisite regulatory approvals. Wilson, 50, has 26 years of aviation industry expertise across both full-service and low-cost airlines,” Tata Sons said in a statement. Wilson is currently the CEO of Scoot, Singapore Airlines’ low-cost, medium-to-long haul subsidiary airline. Former Vistara chief Leslie Thng will replace Wilson at Scoot. As the new chief of Air India, Wilson will helm the aviation-to-automobile conglomerate’s ambitious mission of turning around the beleaguered airline, implementing a much-needed revv up of its service standards, and integrating operations with its AirAsia India and possibly Vistara, Tata’s jointly owned airline with SIA. Air India recently made AirAsia India its wholly-owned subsidiary. It will likely be merged with its low-cost international unit Air India Express. Wilson started off as a management trainee with Singapore Airlines (SIA) in New Zealand in 1996.

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Campbell Wilson is Air India’s first foreign boss; NZ Aviation veteran is Maharaja’s new CEO and MD

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Tata Motors goes big bang with Rs 32,000-crore CAPEX plan

Tata Motors has increased its capital expenditure by 30% or Rs 9000 crore or 900 million pounds in FY-23 hoping to extend a strong recovery path after the pandemic and buoyed by hopes of the supply chain scenario improving. Tata Motors will be making its highest ever domestic investment of Rs 6000 crore in the current financial year to fund the expansion of its portfolio of capacity across all its businesses – commercial vehicles, passenger vehicles, and electric vehicles under both businesses. Whereas Jaguar Land Rover will be investing about 2.6 billion pounds or Rs 26000 crore. Compared to FY-22’s CAPEX of Rs 23000 crore, Tata Motors will be spending about Rs 32000 crore at a consolidated level in FY-23. The company will use this money to accelerate its shift towards EVs across all businesses right from Jaguar Land Rover, to the truck and bus and car businesses, and in debottlenecking capacity and supply chain to deliver more cars.

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Maruti Suzuki to invest Rs 11,000 crore in the first phase at Sonipat

The country’s largest carmaker Maruti Suzuki said it will invest Rs 11,000 crore to make operational the first phase of its new manufacturing facility in Sonipat, Haryana. ET had reported on Jan 24, 2022, that Maruti Suzuki will shortly commence work on its new manufacturing facility in Sonipat (Haryana), which could emerge as the largest production base for the company in the country. Maruti Suzuki has been in discussion with the Government of Haryana for investment in a new manufacturing site for its proposed capacity expansion. The first plant with a manufacturing capacity of 250,000 vehicles per annum is expected to be commissioned within the year 2025 subject to administrative approvals.

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PM Modi launches New Startup Policy & Exclusive VC Fund for Madhya Pradesh

In a virtual conference on May 14, 2022, Indian Prime Minister Narendra Modi launched the Madhya Pradesh Startup Policy alongside a new startup portal during the state’s Startup Conclave. The policy includes provisions for concession in stamp duty to register startups in the state and discounts and assistance in investment, program planning, lease rental, extension, and patents to startups and incubators. Selected startups and innovators will also be given INR 1 Cr special incentives. The move by the Madhya Pradesh government comes shortly after the Delhi government also launched the Delhi Startup Policy comprising a set of initiatives that would ease entrepreneurship in the nation’s capital.

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6) Technology

Cryptocurrency Luna crashes 100 percent to $0 in seven days

The sister token of stablecoin TerraUSD Luna crashed to $0 on May 13, showing a 100% erosion in its value. It was trading at an all-time high of $116 on April 5. The market capitalization of the token slumped from around $40 billion to around $6 million during the last seven days, according to Coinmarketcap. Luna’s downfall started when its sister token UST, which is also a stablecoin, was ‘depegged’ from its $1 value as big investors started dumping it. Meanwhile, Binance, the world’s largest crypto exchange, temporarily delisted UST and Luna on May 13. Binance CEO Changpeng Zhao said that while the firm “always aims to be neutral,” it “will break that rule this time.” Over the last few weeks, the crypto market has been in a free fall. Bitcoin’s price is currently Rs 22.85 lakh. The world’s biggest cryptocurrency has dropped 35.75 percent YTD and has lost more than half its value since it hit an all-time high of $69,000 in November last year.

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Nazara Technologies reports almost fourfold growth in FY22 PAT At Rs 50.7 Cr

Mumbai-based gaming company Nazara Technologies reported a consolidated profit after tax (PAT) of INR 50.7 Cr in FY22, up 273% year-on-year (YoY). Nazara’s revenue from operations grew 37% YoY to INR 621.7 Cr in FY22, primarily helped by growth in its esports business segment. The company’s revenue jump comes at a time when the gaming industry is already facing headwinds from changes in Apple’s app store policies and India’s overall challenging regulatory environment for real money gaming. Revenue from its real-money gaming business more than doubled to INR 29.7 Cr in FY22, contributing 5% of the total operating revenue as against 3% in FY21. Nazara is a diversified gaming and sports media platform with its presence in India and across both emerging and developed global markets such as Africa and North America.

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7) Politics

Manik Saha to be the new Tripura CM; replaces Biplab Deb

State BJP president Dr. Manik Saha has been named as the new Chief Minister of Tripura. The development comes hours after former CM Biplab Deb’s sudden resignation, just a year before the state goes to the polls. Manik Saha was elected to the state’s lone Rajya Sabha seat in March. Manik Saha, who quit Congress and joined the BJP in 2016, was made the party’s state president in 2020. He had replaced Biplab Kumar Deb who had led the saffron party to a phenomenal victory in the 2018 Assembly elections ending a 25-year-old Communist rule.

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Congress announces major organizational reforms – ‘one person, one post’ & ‘one family, one ticket’

The Congress on Sunday announced wide-ranging organizational reforms to make the party battle-ready for the next round of assembly and Lok Sabha polls, stressing wider representation to those under 50 years of age and enforcing ‘one person, one post’ and ‘one family, one ticket’ rules with riders. In its Udaipur Declaration adopted after deliberations at the ‘Nav Sankalp Chintan Shivir’, the Congress also decided to set up three new departments — public insight, election management, and national training. The party has also decided to provide 50 percent representation to those below 50 years of age at all levels of the organization. The party announced enforcing the ‘one family, one ticket’ rule with exception to being made only when another family member has been working in the party for at least five years. The party also decided that no person should hold one party position for more than five years to give opportunities to new people. The Congress president will set up an advisory group from among Congress Working Committee (CWC) members to deliberate on political challenges, the party announced.

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8) Sports

India beat Indonesia 3-0 to lift its maiden Thomas Cup trophy

A determined Indian men’s team etched its name in the history books by lifting the Thomas Cup title for the first time with a dominant 3-0 win over 14-time champions Indonesia in the final on Sunday. India dished out a performance for the ages with World Championships medallist Lakshya Sen, Kidambi Srikanth, and the world number 8 doubles duo of Chirag Shetty and Satwiksairaj Rankireddy producing memorable performances.

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Thomas Cup 2022 | History Made In Thailand | India Wins Thomas Cup 2022 | India vs Indonesia Final

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Avinash Sable breaks 30-year-old national record in 5000m

Top Indian runner Avinash Sable smashed the 30-year-old men’s 5000m national record at the Sound Running Track Meet at San Juan Capistrano, California in the USA. Sable, who also holds the national record in his pet event of 3000m steeplechase and competed in the Tokyo Olympics, clocked 13 minutes and 25.65 seconds while finishing 12th in the American Meet. The 27-year-old army man from a humble family in the Beed district of Maharashtra broke Bahadur Prasad’s long-standing record of 13:29.70s set in Birmingham in 1992. Norway’s Tokyo Olympics 1500m gold winner Jakob Ingebrigtsen won the race with a timing of 13:02.03s.

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Australian Cricket Star Andrew Symonds dies in a car crash

Swashbuckling former all-rounder Andrew Symonds has been killed in a car crash, Cricket Australia said Sunday, in another tragic blow for the sport after the recent deaths of fellow greats Shane Warne and Rod Marsh. The 46-year-old, who played 26 Tests and 198 one-day internationals for Australia from 1998 to 2009, was involved in a single-car accident outside Townsville in Queensland state on Saturday night. Police said emergency services attempted to revive the driver and sole occupant, but he died from his injuries after the car left the road and rolled. He was widely considered one of the most skilled all-rounders Australian cricket has seen, bowling both off-spin and medium pace, while playing many match-winning hands with his explosive middle-order batting. Symonds was also a top-rate fielder and was a key part of Australia’s back-to-back 50-over World Cups triumphs in 2003 and 2007.

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KKR beat SRH by 54 runs in a must-win IPL game

Kolkata Knight Riders defeated Sunrisers Hyderabad by 54 runs in a must-win IPL game. Opting to bat, KKR rode on Andre Russell’s counterattacking 28-ball 49 not out to post a fighting 177 for six. In reply, SRH could manage 123 for 8 in their stipulated 20 overs with opener Abhishek Sharma top-scoring with a 28-ball 43 and Aiden Markram scoring a 25-ball 32. Earlier, Russell and Sam Billings (34) shared a 63-run partnership to take KKR across the 150-mark after they were 94 for five in the 12th over. With Russell going strong, KKR scored 58 in the last five overs. Ajinkya Rahane (28) and Nitish Rana (26) also got starts but couldn’t extend their innings.

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China cites pandemic and withdraws as host of 2023 Asian Cup

China withdrew as host of soccer’s 2023 Asian Cup on Saturday in the latest cancellation of the country’s sports hosting duties during the COVID-19 pandemic. The Asian Football Confederation praised Chinese soccer officials for making “this very difficult but necessary decision in the collective interests of the AFC Asian Cup.” The 24-nation tournament was due to be played in 10 cities in most newly built stadiums in June and July of next year. China’s withdrawal could let Qatar or Saudi Arabia step up as hosts while both are bidding in a contest to host the 2027 edition. India and Iran are also candidates for the 2027 edition with a decision expected early next year.

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9) Opinion

Off The Cuff with Kishore Mahbubani

Distinguished Fellow Asia Research Institute, National University of Singapore, Kishore Mahbubani, talks to ThePrint Editor-In-Chief Shekhar Gupta about the implications of the war in Ukraine on the world order, China-Russia relations, re-emerging western solidarity, the future of India-China relations and much more.

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India-UAE CEPA to boost remittance corridor; help create interoperable digital solutions: LuLu Financial

The Comprehensive Economic Partnership Agreement between India and the UAE will boost the remittance corridor between the two countries as well as create a supportive environment to build interoperable digital solutions, according to leading financial services company LuLu Financial Holdings. The CEPA between India and the UAE was signed on February 18 and came into force on May 1. The agreement covers trade in goods, rules of origin, trade in services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, dispute settlement, and digital trade, among other areas. “The relationship between UAE and India is at the highest peak at this time… there is a lot of interest by UAE companies to invest in India… CEPA is going to be the foundation on which things are going to be built,” LuLu Financial Holdings’ Managing Director Adeeb Ahamed told PTI. With the fintech industry growing significantly in India and UAE, he said it was imperative to make payments affordable for the masses and that requires greater access to critical technologies, new investments, and homegrown solutions that can enable real-time money transfer on mobile payment solutions.

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When the Economist sees India under Modi as the fastest-growing economy; Causes for tailwinds & caution

The Economist magazine recently did a cover story on India’s promising economic growth and the way forward. Breaking from the unfavorable coverage that the Modi government receives from Western media outlets, it praised India’s economic planning and highlighted its concerns. In this episode, Shekhar Gupta discusses what went right and what shouldn’t go wrong in the future for India to realize its growth aspirations.

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Chinese minister, Putin & CIA chief make it a crucial weekend in geopolitics, Ukraine to Indo-Pacific

Chinese vice-foreign minister Le Yucheng delivers a significant speech on Ukraine, Indo-Pacific, Chinese politics & the US. Shekhar Gupta reads into his speech and the CIA chief’s interview on Putin.

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10) Weekly special

Prem Watsa backed Digit Insurance when it was just an idea. Here’s why

Prem Watsa needs no introduction. The founder of Fairfax Financial Holdings has often been referred to as the “Canadian Warren Buffet” and is the name behind several top businesses worldwide. His investments in India include stakes in Bangalore International Airport, and Catholic Syrian Bank, among others. But it was his investment in Indian insurtech unicorn Digit Insurance that made heads turn when it made a whopping $1.4 billion gain after a recent share sale by the startup. When the opportunity to invest in Digit first came to him, it was nothing more than an idea. But he still went ahead and put money into the private general insurer, making many wonder why. He explains he always knew Digit Insurance was set to grow significantly within 10 years. “Today when you look at it, the industry grows at 20-25 percent, and Digit grows at 40 percent plus.”

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10) Did you know?

What is the controversy surrounding the monument of the love Taj Mahal?

The Allahabad High Court on Thursday dismissed a petition by a Bharatiya Janata Party functionary seeking a “fact-finding inquiry” and the opening of 22 rooms in the Taj Mahal to see “the truth, whatever it is”. A day before the High Court’s decision, BJP MP Diya Kumari claimed that the land on which the Taj Mahal is built belonged to the Jaipur royal family and that the Mughal emperor Shah Jahan had “occupied” it. Kumari is a member of the erstwhile royal family of Jaipur. This is not the first time that such claims have been made about the Taj Mahal. Right-wing Hindu organizations and revisionist history writers have claimed in the past that the Taj Mahal was a Hindu temple. Historians have, however, not found merit in these claims.

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With that, we come to an end of our Weekly Current Affairs May 2022 -Week 3. 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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