Endeavor Careers Choicest Blogs: Weekly Current Affairs: November 2021, Week 01

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

1) International News and Global Economy

After Evergrande, another Chinese real estate developer Kaisa at risk of default

After China’s property giant Evergrande Group faced a debt repayment deadline, another real estate developer Kaisa Group is at risk of default, escalating fears of further problems in the country’s embattled property sector. Chinese state-run financial newspaper Securities Times reported that the company told the outlet about its liquidity issues, and admitted to missing a payment related to its wealth management products. According to the report, Kaisa said that it was experiencing multiple headwinds, such as a challenging real estate market environment and the recent downgrading of its credit ratings by international agencies, reported CNN. Another real estate developer Modern Land is also struggling to pay its debts now. In recent weeks, a slew of developers has disclosed their own cash flow issues, asking lenders for more time to repay them or warning of potential defaults. Kaisa faced a setback last week as Fitch and S&P Global Ratings both downgraded the company, citing debt concerns.

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Kaisa misses payment; Evergrande holders eye founder’s assets

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Stocks rise as Fed tapers without the tantrum

Share markets firmed after the U.S. Federal Reserve engineered an orderly start to unwind its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields. As expected, the Fed announced it would trim its bond-buying by $15 billion a month from this month, while leaving open the option to quicken or slow the pace as needed. Fed Chair Jerome Powell did sound slightly less sure inflationary forces would prove to be fleeting, enough to hit longer-term bonds and bear steepen the yield curve.

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Roads, transit, internet: What’s in the infrastructure bill

The House has passed a $1 trillion bipartisan plan to rebuild roads and bridges, modernise public works systems and boost broadband internet, among other major improvements to the nation’s infrastructure. The legislation now goes to President Joe Biden for his signature. The bill cleared the House late Friday on a 228-206 vote, ending weeks of intraparty negotiations in which liberal Democrats insisted the legislation be tied to a larger, $1.75 trillion social spending bill — an effort to pressure more moderate Democrats to support both.

The five-year spending package would be paid for by tapping $210 billion in unspent COVID-19 relief aid and $53 billion in unemployment insurance aid some states have halted, along with an array of other smaller pots of money, like petroleum reserve sales and spectrum auctions for 5G services.

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US House passes Biden’s $1 trillion infrastructure bill | DW News

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China successfully launches 3 new remote sensing satellites

China successfully launched three new remote sensing satellites from the Xichang Satellite Launch Centre in the country’s southwestern Sichuan province, official media reported. This launch marked the 396th mission for the Long March series carrier rockets. The Long March carrier rocket series, developed by the China Aerospace Science and Technology Corporation, is responsible for about 96.4 per cent of all the launch missions in China. It took 37 years for the Long March rockets to complete the first 100 launches, 7.5 years to complete the second 100 launches, and only about four years to accomplish the final 100, with the average number of launches per year increasing from 2.7 to 13.3 and then to 23.5, Xinhua reported in 2019.

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New infections hit record as Russia’s COVID-19 wave persists

Russia’s COVID-19 cases hit another one-day record as the country struggles to contain a wave of infections and deaths that has persisted for more than a month. Officials cite Russia’s low vaccination rate as a major factor in the sharp rise in cases that began in mid-September. The task force reported about 57.2 million full-course vaccinations or less than 40% of the country’s 146 million people. Russia has recorded more than 8.75 million confirmed virus cases and 245,635 deaths in the pandemic, according to the national task force, which counts only deaths directly attributed to the virus.

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Russia reports record-high COVID-19 deaths, 60% rise in cases in a month

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Iran begins annual war games ahead of nuke talks with West

Iran’s military began its annual war games in a coastal area of the Gulf of Oman, state TV reported, less than a month before upcoming nuclear talks with the West. The report said navy and air force units, as well as ground forces, were participating in a more than 1 million square-kilometre area east of the strategic Strait of Hormuz. Nearly 20 per cent of all oil shipping passes through the strait to the Gulf of Oman and the Indian Ocean. The drill comes amid heightened tensions between Iran and the US in the wake of former President Donald Trump’s unilateral withdrawal of America from Iran’s 2015 nuclear deal with world powers.  After the US withdrew from the deal in 2018 and restored sanctions on Iran, the Islamic Republic gradually – and publicly – abandoned the deal’s limits on its nuclear development. Iran says its stockpile of 20 per cent enriched uranium has reached over 210 kilograms, the latest defiant move ahead of upcoming nuclear talks with the West. Under the historic nuclear deal, Iran was prohibited from enriching uranium above 3.67 per cent. Enriched uranium above 90 per cent can be used for nuclear weapons, though Tehran insists its nuclear program is peaceful.

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North Korea stages artillery firing drill in a latest weapons test

North Korea has conducted artillery firing exercises to bolster its defence capability, state media reported, its latest weapons test as Pyongyang continues to pressure Washington and Seoul to abandon what it calls their hostile policy toward it. An artillery firing competition among mechanized units was held, with senior government and military officials present, the official Korean Central News Agency reported. Leader Kim Jong Un was not mentioned in the report, suggesting he did not observe the training. This year’s drills were designed to inspect the mechanized units’ progress in their mobile combat capabilities and to further intensify competitive training throughout the North’s military, KCNA said. Since September, North Korea has test-launched a series of newly developed missiles, including nuclear-capable weapons that place US allies South Korea and Japan within striking distance.

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China has built a village in Arunachal Pradesh: Pentagon

China has built a large village in a disputed area in Arunachal Pradesh and has been taking incremental action to press its claims on the Line of Actual Control, a report by the Pentagon to the US Congress has said. Pentagon’s annual report on the Chinese military said that dialogue between India and China to resolve the border crisis has made limited progress, and firmly blamed the PLA for the series of confrontations that started in May 2020, resulting in the bloody clash at Galwan where 21 Indian soldiers, and an undisclosed number from China, died. The report mentioned a new village established by the Chinese government in Arunachal Pradesh last year, in a disputed area along the Tsari river. Indian officials have described such new settlements by the PLA along the border as ‘dual purpose’, with a likely military role as well.

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Latest Pentagon report on China’s plans for PLA and world domination, implications for India

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Global food prices hit fresh 10-year high, UN says

Global food prices have hit the highest level in over a decade after rising by more than 30% in the last year, the United Nations Food and Agriculture Organization (FAO) says. The agency’s figures highlighted the soaring cost of cereals and vegetable oils around the world. Vegetable oil prices hit a record high after rising by almost 10% in October. Disruptions to supplies, high commodity prices, factory closures and political tensions are helping to push up prices. Brigit Busicchia from Macquarie University said speculation on global markets is also contributing to price volatility: “Since the 1990s, the deregulation of commodity futures trading has made it possible for institutional investors to enter this market on a large scale.” This is having a particular impact on countries that rely on food imports.

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2) Climate

COP26: World leaders meet to keep the planet from heating drastically

Before a two-week United Nations climate conference started on Sunday, leaders from around the world had failed to set policies that would keep global warming “well below” 2 degrees Celsius — in continuing defiance of promises they made at a summit in Paris six years ago. The UK government, which is hosting the event, is pushing leaders to promise to cut their carbon pollution sooner and faster. It has put “coal, cars, cash, and trees” at the top of the agenda. The cash part of that slogan is particularly tricky. Rich countries have failed to deliver on a promise made at a previous climate summit to pay poorer ones $100 billion a year (€86.5 billion) in climate finance by 2020 — an amount that covers neither the costs of adapting to changes nor greening economies. Delegates from poor and vulnerable countries, some of whom are reportedly unable to attend the summit because of coronavirus restrictions and the cost of travel, are also calling for rich polluters to pay for losses and damages from climate change-fuelled weather extremes they have done little to cause.

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COP26: Leader of nearly 200 countries meet to discuss climate change in the UK

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Thousands protest in Glasgow and around the world for action against climate change

Thousands of people gathered in Glasgow, Scotland, and around the world to protest a lack of global action to combat climate change. Activists are pushing global leaders to take action to ensure that the planet does not warm more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial levels. It’s a goal that was laid out in the Paris Agreement, but in the years since, the world has not been on track to meet that standard. Demonstrations have extended beyond Glasgow in observance of a global day of action for climate justice. Thousands are protesting all over the world, with events planned on six continents. Glasgow is the host city of the United Nations COP26 summit, which started Oct. 31. The gathering has drawn more than 100 world leaders for talks that are slated to last for another week.

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India will reach net-zero emissions by 2070, PM Modi says at COP26 as he promises ‘panchamrit’

India will achieve net-zero emissions by 2070, Prime Minister Narendra Modi said in Glasgow, while announcing India’s new climate commitments. He was speaking at the ‘High-Level Segment for Heads of State and Government’ during the UNFCCC’s 26th Conference of Parties (COP). The net-zero commitment is among five new climate change targets Modi announced at the climate summit after much anticipation. The Indian government had been tight-lipped about its commitments at the COP26 and had maintained that a net-zero target by 2050 was off the table despite pressure from developed countries. Net-zero means removing as many emissions of carbon dioxide from the atmosphere as produced. The commitment is significant since India is the third-largest emitter of carbon dioxide in the world, after China and the US. Calling them the “gift of five elixirs” (panchamrit), PM Modi announced India’s four other commitments — all by 2030. These are increasing non-fossil energy capacity to 500 gigawatts (GW), fulfilling 50 per cent of energy requirements from renewable sources, reducing the carbon intensity of an economy by 45 per cent, and reducing total projected carbon emissions by 1 billion tonnes.

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At Glasgow COP-26 PM Modi speaks, & a look at how China is now the world’s no. 1 polluting ‘superpower’

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Developed nations presenting $100 bn annual support till 2025 ‘unacceptable’: India at COP26

Developed nations have not only failed to meet the USD 100 billion goals per year of support to developing nations since 2009 but also continue to present it as the ceiling of their ambition all the way to 2025, Union Environment Minister Bhupender Yadav said at the international climate conference COP 26 here. Yadav underlined that developing countries must be accorded time, policy space and support to transition towards a low emissions future. The minister mentioned that COP 26 must aim for higher global ambition on climate finance and adaptation as well, along with recognition of parties’ differing historical responsibilities and the developmental challenges faced by developing countries, compounded by the COVID-19 pandemic. In the statement, Yadav recalled the bottom-up nature of the Paris Agreement and the freedom of parties to determine their NDCs and progressively update them based on the outcomes of the global stocktake cycle and call of science.

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Net-zero, Paris Agreement, COP26, Carbon budget — understanding climate change buzzwords

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 3) India  

Covid update

Covaxin: WHO approves India Covid vaccine for emergency use

The World Health Organization (WHO) has granted approval for emergency use to India’s government-backed Covid-19 vaccine, Covaxin. The vaccine was approved in India in January while the third phase of clinical trials was still underway, sparking some concern and criticism. Bharat Biotech, which makes the vaccine, has since published data suggesting 78% efficacy. The WHO said in a tweet it believed the benefits far outweighed the risks. Some experts had pointed to a fast-track approval and incomplete data, but the firm’s chairman, Dr Krishna Ella, said the vaccine was “200% safe”.

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India reaches out to more countries to accept Covaxin

Buoyed by the World Health Organization’s approval of Covaxin for emergency use, India has launched a diplomatic initiative to expand the list of countries that would mutually recognise vaccine certificates enabling smoother travel for Indians. The Ministry of External Affairs (MEA) and India’s diplomatic missions globally have been holding negotiations with their interlocutors to secure mutual recognition of vaccine certificates and the WHO’s decision on Bharat Biotech’s locally made Covaxin has boosted their efforts, ET has learnt. Simultaneously efforts are ongoing to impress upon countries to recognise Covaxin, said people aware of the matter. The list of countries accepting Indians vaccinated with Covaxin is expected to rise following the WHO’s decision, they said.

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Other updates

India, Bhutan formalise seven entry-exit points for trade

India and Bhutan have formalised seven additional entry-exit points for trade, following a Commerce Secretary-level meeting on trade and transit issues in New Delhi. The Indian delegation was led by Department of Commerce Secretary BVR Subrahmanyam, and the Bhutanese delegation was led by Dasho Karma Tshering, Secretary, Bhutan Ministry of Economic Affairs, a statement from the Ministry of Commerce and Industry informed. The two sides held extensive discussions on the current trade and transit issues including measures to further strengthen bilateral trade relations and issues of mutual interest, on ways to increase trade connectivity between the two countries, the statement said.

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India, France to expand defence, security partnership

In a significant move, India and France agreed to strengthen defence and security partnerships by enhancing intelligence and information sharing, bolstering mutual capabilities, expanding military drills and pursuing new initiatives in maritime, space and cyber domains. The two countries resolved to expand the defence ties at a meeting of India-France strategic dialogue in Paris that was co-chaired by NSA Ajit Doval and Emmanuel Bonne, the Diplomatic Advisor to French President Emmanuel Macron. The embassy said it was agreed that the emerging trends in global affairs reinforce the need for closer partnership between India and France, including in the UN Security Council and other UN forums. It said the two sides will pursue these objectives through enhanced bilateral cooperation, deepening engagement in regional institutions and forums and jointly working with and assisting other countries in the Indo Pacific region.

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Strategic partnership between India, France relevant in 21st century for future of Indo-Pacific: EAM

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Agusta scam: India decides to lift the ban on Italian defence firm Leonardo with conditions

In a significant development, the government has decided to lift the ban on business dealings with defence major Leonardo SpA (earlier name Finmeccanica) that was banned in connection with the Rs 3600 crore VVIP chopper scam. The defence ministry’s decision to resume business with Leonardo SpA is “subject to certain conditions imposed on the company”, top government sources told TOI. Under the conditions, Leonardo SpA cannot make any commercial claims or file any civil suit against the Indian government for any previous deal. Moreover, new business dealings will take place “without any prejudice” to the ongoing investigations into the alleged VVIP helicopter scam by the CBI and Enforcement Directorate, which will continue, the sources added. The MoD decision to lift the ban was taken after a high-level committee examined the matter on a request made by Leonardo SpA and submitted its recommendations after consultations with the law ministry. Sources said the ban on Leonardo SpA and its subsidiaries had “limited India’s options” in the international arms market because the conglomerate produces a wide array of weapon systems ranging from torpedoes and 127mm naval guns to radars and short-range surface-to-air missiles.

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Ban to be lifted on Leonardo Co blamed in Agusta Scam case

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Haryana local jobs quota: India Inc calls for re-look, says it will lead to cos moving out of state

With the Haryana government notifying the law providing 75 per cent reservation to locals in private jobs, India Inc called for a re-look at the legislation saying it will lead to multinational firms moving out of the state. Industry bodies argued that reservation hurts competitiveness and said the state government can give a 25 per cent subsidy to the industry as an incentive for each local hired. In a strongly worded response, the Confederation of Indian Industry (CII) said, “At a time when it is important to attract investments at the state level, governments should not impose restrictions on the industry. Reservation affects productivity and industry competitiveness.” Another body PHD Chamber of Commerce and Industry (PHDCCI) said it is of the view that any Indian should be allowed to work in any state of India without any restrictions.

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4) Economy

Economy expected to grow by 10% or more in current fiscal: Niti Aayog Vice-Chairman Rajiv Kumar

Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said. “According to the IMF, India will be the fastest growing major economy for the next five years. These are underestimations,” Kumar said. The Reserve Bank of India (RBI) has lowered the growth projection for the current financial year to 9.5 per cent from 10.5 per cent estimated earlier while the IMF has projected a growth of 9.5 per cent in 2021 and 8.5 per cent in the next year.

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Octoberfest: Manufacturing gathers steam; exports up 42.3% & GST mop-up rises 24%

India’s merchandise exports increased for the eleventh consecutive month in October, growing 42.33% on year to $35.47 billion, led by engineering goods, petroleum products and gems and jewellery. Government data showed a 62.48% rise in imports to $55.37 billion, leaving a trade deficit of $19.9 billion compared with $9.15 billion a year earlier. In September, the trade gap was $22.59 billion, a 14-year high. “This (data) has not only added a positive sentiment for exports but has also further enthused the exporters to perform with much more vigour and zeal, thereby achieving the $400 billion merchandise export target in the current fiscal,” Federation of Indian Export Organisations President A Sakthivel said. Economic recovery, increased compliance and an upward trend in returns filed leading to timely payment of taxes all aided GST collections last month. The government’s action against tax evaders to plug revenue leaks also helped. The October collection is 24% higher on-year and 36% more compared with two years earlier. This was the fourth straight month when the revenue crossed the ?1 lakh-crore mark – it has crossed the mark in six of the first seven months this fiscal year.

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India’s Oct services growth strongest in over a decade, input costs surge

India’s dominant services industry expanded at the fastest pace in more than a decade on improved domestic demand despite high inflation, driving firms to take on staff at a rate not seen since the onset of the pandemic, a private survey showed. The IHS Markit Services Purchasing Managers’ Index accelerated to 58.4 last month from 55.2 in September, above the 50-mark separating growth from contraction for a third straight month. The survey showed Asia’s third-largest economy was on a sustained recovery path but rising prices could prompt the Reserve Bank of India to hike interest rates earlier than expected, putting the brakes on growth. Input prices rose sharply last month on higher fuel and material costs, pushing companies to pass on some of the extra cost burden to customers. Prices charged rose at the sharpest rate since July 2017, suggesting inflation will remain elevated, with the biggest upturn in transport and storage costs as a consequence of the recent surge in global crude prices to near $85 a barrel. Despite demand increasing at the strongest pace in 10 years, business confidence remained muted.

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Centre’s fiscal deficit touches 35% of annual target at H1-end

The union government’s fiscal deficit has worked out to be Rs 5.26 lakh crore or 35 per cent of the budget estimates at the end of September 2021, as per the data released by the Controller General of Accounts (CGA). The deficit figures in the current fiscal appear much better than the previous financial year when it had soared to 114.8 per cent of the estimates mainly on account of a jump in expenditure to deal with the COVID-19 pandemic. The fiscal deficit for 2020-21 was 9.3 per cent of the gross domestic product (GDP), better than 9.5 per cent projected in the revised estimates in the budget in February.

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5) Markets, Banking and Finance

Bad loan scam or defaulters dodging debt? The story behind former SBI chairman’s arrest

The case in which former State Bank of India (SBI) chairman Pratip Chaudhuri was arrested earlier this week centres on a hotel project in Jaisalmer dating back 14 years. SBI sanctioned a loan of Rs 24 crore for a project of the Gaudavan Group — Garh Rajwada — in 2007. However, the project could not be completed and Gaudavan Group owner Dilip Singh Rathore passed away in April 2010, and the company allegedly defaulted on the loan. The allegation against Chaudhuri is that he “connived” with a company named Alchemist Asset Reconstruction and “violated Reserve Bank of India guidelines” to wrongly declare the loan a non-performing asset (NPA), and sold company property worth Rs 200 crore for Rs 25 crore. The SBI also said in a statement that the sale followed the laid-down process in line with the policy of the bank.

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Former SBI Chairman Pratip Chaudhuri arrested in loan scam case

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RBI tweaks norms for initiating prompt corrective action against banks

According to a revised circular on the central bank’s website, capital, asset quality and leverage will be the parameters used for identifying lenders weak enough to enter PCA. The RBI also tweaked the stipulation under the total capital adequacy ratio (CRAR) parameter for risk threshold 3. Banks that see their CRAR dropping more than 400 basis points (bps) below the minimum regulatory prescription for CRAR, and the applicable capital conservation buffer will now be liable to be brought into PCA under risk threshold 3. “The PCA framework would apply to all banks operating in India, including foreign banks operating through branches or subsidiaries based on breach of risk thresholds of identified indicators,” the regulator said.

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6) Business

JLR expects gradual recovery in semiconductor situation to begin in the second half of FY22

Tata Motors-owned Jaguar Land Rover (JLR) expects the semiconductor shortage situation to gradually start recovering in the remaining part of the current financial year. The British multinational automotive company in the meantime will continue to take steps to contain the impact of the shortage on its operations across the globe. “Looking ahead, the supply shortage of semiconductors remains dynamic and difficult to forecast. However, JLR expects to see a gradual recovery starting in the second half of Fiscal 2022,” the automaker said in its interim report for the three and six-month period ended September 2021.

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Explained: Semiconductor Shortage & its impact

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Cipla unit gets notice from US firm for termination of the acquisition deal

Drug major Cipla said its subsidiary InvaGen Pharmaceuticals has received a notice from US-based Avenue Therapeutics for termination of the acquisition deal they inked in 2018. In November 2018, Cipla had announced that InvaGen Pharmaceuticals Inc has entered into definitive agreements to acquire the US-based speciality business firm Avenue Therapeutics for up to USD 215 million (around Rs 1,560 crore). Cipla at that time had stated that it intends to acquire Avenue Therapeutics, a Fortress Biotech company, in two stages. Since the second stage closing could not be completed as per the agreed timelines, in the terms of the SPMA, InvaGen has received a notice of termination from Avenue, the Mumbai-based drug major said in a regulatory filing.

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Nokia, Vodafone Idea partner to trial 5G services using E-band

Nokia on Wednesday announced its partnership with Vodafone Idea to trial 5G services through E-Band in areas where fibre is challenging to deploy. Vodafone Idea is currently conducting 5G trials in India using the trial spectrum in the 3.3GHz-3.6GHz band and mmWave band (24.25GHz-28.5GHz). Vi has been allocated mmWave high bands like 26 GHz by the DoT, along with the traditional 3.5 GHz spectrum band, for 5G network trials. Earlier, Vodafone Idea said it achieved peak speed of over 3.7 Gbps during its ongoing 5G trials in Pune. The company also claimed to have achieved peak download speed of up to 1.5 Gbps in 3.5 Ghz band 5G trial network in Gandhinagar and Pune. The DoT had approved applications of Reliance Jio, Bharti Airtel and Vodafone in May, and MTNL later for 5G trials.

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Audi expects robust business growth in India over the next few years

The company, which has shifted its entire product range in the country to petrol and electric lines since April last year, has already introduced eight new products in the market in the first nine months of the year and is now gearing up to bring in the new version of its bestseller model Q5 SUV. German luxury carmaker Audi expects its business to stay robust in India over the next few years as it looks to expand its sales network and roll out new products, including electric vehicles, as per a top company official. The company, which has shifted its entire product range in the country to petrol and electric lines since April last year, has already introduced eight new products in the market in the first nine months of the year and is now gearing up to bring in the new version of its bestseller model Q5 SUV.

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White Oak Capital Group completes acquisition of Yes Asset Management

White Oak Capital group announced the completion of the transaction to acquire the mutual fund business of Yes Bank. GPL Finance and Investments, a subsidiary of White Oak Capital group, received capital markets regulator Sebi’s approval to acquire Yes Asset Management from the current sponsor, Yes Bank in September. White Oak Group has now successfully integrated Yes Asset Management into its fold, the company said in a statement. We welcome the Yes Asset Management team and their investors as well as channel partners into the White Oak family. Together with them we are excited to further build upon the foundation laid by all of us till date,” Prashant Khemka, Founder of White Oak Capital Group, said.

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Plastic labware maker Tarsons India’s first company to foray into Rs 24,000 crore global market for PCR, cell culture products

Life sciences firm Tarsons Products, which is expected to hit the capital market with an IPO size of Rs 1,000-1,200 crore this month, is likely to become the country’s first company in the manufacturing of PCR and cell culture products segment. Globally, the market for such laboratory products is estimated at Rs 24,000 crore and dominated by a few developed countries, an official said. The company got approval from the capital market regulator SEBI on October 29 for the initial public offering. It will raise Rs 150 crore fresh capital, while 1.32 crore shares will be on offer for sale from promoters and a private equity investor. There is no company in India into PCR and cell/tissue culture space. Globally, there are a few firms in this segment. The company has already developed the first two phases of the PCR products in the last five months and will develop the next two phases by the end of this financial year.

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7) Technology

Cricket NFT Platform Faze raises $17.4 Mn; partners with ICC to launch marketplace & tokens

Mumbai-based Faze Technologies, which allows fans to collect, use, play and interact with cricket through NFTs, has raised a seed round of $17.4 Mn. Led by Tiger Global, the round also saw participation from Coatue Management, Sequoia Capital India, Dapper Labs, Samsung Next and Courtside Ventures. Founded by Anshum Bhambri, Sundar Raman (the founding COO of the Indian Premier League (IPL) and former CEO of Reliance Sports), and Kushagra Kohli, the start-up plans to use the funds to build an NFT Marketplace, acquire a user base, hire talent across functions. It will further launch its tokens on Flow blockchain, in partnership with Dapper Labs. Faze claims to be building a metaverse for the cricket fandom. It also recently partnered with the International Cricket Council (ICC) to create exclusive digital collectibles of the great moments from the cricket world.

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Esports to become largest segment in portfolio of Nazara Technologies in FY22 says CEO

Online gaming company Nazara Technologies expects the esports segment to continue its growth momentum in the second half of the financial year to make it the largest segment for the company. Esports, which currently contributes 40 per cent to the overall business of Nazara Technologies, saw a 62 per cent growth in revenues in the first half of FY22. This was higher than its largest segment – gamified early learning – which contributes 41 per cent and saw 35 per cent growth in revenues during the same period. “Esports is expected to be a larger segment than gamified in the second half. Plus, the acquisitions have happened including OML and Publishme, which will further accelerate the growth of this segment. Esports will become the largest segment in our portfolio,” Manish Agarwal, CEO, Nazara Technologies, told Moneycontrol.

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8) Politics

Joy Banerjee quits BJP, says ‘won’t tolerate more neglect’

Actor-turned-BJP leader Joy Banerjee said he has decided to resign from the primary membership of the party, after having “faced neglect” in recent years. Mr Banerjee, who joined the BJP in 2014 and unsuccessfully contested Lok Sabha elections twice, also said that he has written to Prime Minister Narendra Modi, informing him about his decision to sever all association with the saffron party. To a question, if he had any plan to join the Trinamool Congress, Mr Banerjee said he hasn’t taken any such decision as yet.

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Himanta Biswa Sarma rules out reshuffle in the council of ministers for at least a year

Despite BJP and its allies winning five seats in recent bypolls in Assam, Chief Minister, Himanta Biswa Sarma rules out a reshuffle in the council of ministers for at least a year. Sarma told media persons, “We have a team and there is no possibility of any change in the council of ministers for at least a year.” The BJP led government in Assam romped back to power for a second consecutive term and in May this year Sarma was sworn in as the chief minister.

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Bypolls setback for BJP in Himachal, Bengal & Rajasthan, Assam & Telangana the face-savers

The Bharatiya Janata Party (BJP) suffered a setback in parliamentary and assembly bypolls in Himachal Pradesh, West Bengal, Karnataka and Rajasthan, even as it registered a big win in Assam. The bypoll results for 29 assembly constituencies across 13 states and the Union Territory of Dadra and Nagar Haveli were announced Tuesday. Out of the three Lok Sabha seats, the BJP and Congress are leading in one seat each while the Dadra Nagar Haveli Lok Sabha seat was won by Shiv Sena’s Kalaben Mohanbhai Delkar. A number of BJP leaders The Print spoke to said the reason the party lost in some states was mainly because of ticket distribution at the local level and infighting in some of the state party units.

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9) Sports

T20 World Cup: India out of contention for semi-final berth as New Zealand beat Afghanistan

The pre-tournament favourites have been knocked out of the race to the semi-final of the ongoing ICC T20 World Cup in the UAE after New Zealand beat Afghanistan by eight wickets in Abu Dhabi to join Pakistan in the knockouts. This is the third time New Zealand have qualified for the semi-finals of a T20 World Cup having earlier reached the stage in 2007 and 2016. India, on the other hand, has now failed to reach the semis for the fourth time. The semi-final fate of three teams depended on the Sunday game at the Sheikh Zayed Stadium. With three wins in four games, New Zealand needed nothing more than a win to qualify for the knockouts. Afghanistan, standing fourth in the table (ahead of the game) with four points, also needed a win, but stay in contention for the semis while expecting other results to fall in place.

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President’s Cup: Saurabh Chaudhary wins silver; Abhishek Verma bags bronze

Wroclaw [Poland], India’s Saurabh Chaudhary won silver while Abhishek Verma clinched bronze in the men’s 10m air pistol at the inaugural edition of the President’s Cup in Wroclaw, Poland on Saturday. Earlier, Manu Bhaker failed to make the final of the women’s 10m air pistol. Bhaker finished third in the first semi-final with a score of 23. Only the top-two in each semi-final went through to the final. India has now won three medals at the President’s Cup. Manu Bhaker had won the mixed team 10m pistol gold with Iran’s Javad Foroughi on an opening day.

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10) Opinion

China may be in trouble, Xi’s no-show in G20 hints. Time for India to be Asia’s new leader

The 16th in-person G20 with ‘People, Planet, Prosperity as its theme, held in October after the pandemic-infused global health and economic crisis, was focused on the economic and health recovery of the world. The two notable absentees were China and Russia. Chinese President Xi Jinping has not left the country for nearly two years. While the pandemic is an important reason, the fast-deteriorating relations with most of the G20 members is believed to be another reason behind Jinping avoiding a handshake with world leaders. China, incidentally, is considered to be the biggest source of greenhouse gas (GHG) emissions. Its role in and commitments towards reducing GHG emissions in a phased manner is expected to be a major contribution to the climate change issue. However, Xi’s no-show in the conference has set the rumour mills working overtime. He said that China’s goals to achieve carbon peak and carbon neutrality would mean a “broad and profound economic and societal change,” and that will be done “step by step and (through) hard work,” adding that Beijing will “do what it says” when it comes to its green and low-carbon development.

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The Semiconductor Shortage: What caused the supply crunch and how long will it last?

The surge in sales for electronic devices during the pandemic created a huge demand for semiconductors. But COVID-19 is not the only factor behind the shortage. The tense relationship between the United States and China is also a factor, since many US companies do business with Chinese companies. A report published by Gartner in May estimates that the chip shortage across categories of devices could continue well into the second quarter of 2022. “The semiconductor shortage will severely disrupt the supply chain and will constrain the production of many electronic equipment types in 2021. Foundries are increasing wafer prices, and in turn, chip companies are increasing device prices,” said Kanishka Chauhan, principal research analyst at Gartner.

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The coming shock that will transform the US economy

The teleshock, or the rise in telecommuting, received a major impetus from the pandemic when so many Americans were forced to work from home. As it turns out, many prefer this new arrangement. In any case, a fair amount of “work from a distance” is likely to persist, most of all in the technology industry, where the fundamental products are digital. Microsoft, for example, has announced that work from a distance will continue indefinitely. Employers are only beginning to adjust to these new circumstances, however, so the full consequences of the teleshock are not yet clear. The key development will be this: To the extent that the work can be done online, companies can hire the best workers from around the world. This has long been the case in computer programming, where it is standard practice to hire talent from India. Similar trends will come to many more sectors, revolutionizing labour markets. A given job could go to someone from Nigeria, Sweden, the Philippines, Pakistan or many other locales.

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Let rupee gain to contain imported inflation, boost exports: Report

The RBI should let the rupee rally against the dollar to contain imported inflation coming in mainly from crude prices and help push exports, as the current account risks from rising oil price can be contained at 1.4 per cent of GDP, according to a report. The Reserve Bank has been continuously making forex purchases, and in FY21, it bought Rs 5.1 lakh crore worth of forex and the forex reserves swelled by USD 103.72 billion. Despite the second wave, the rupee gained strength and even went below 73 to a dollar, SBI Research said on Thursday in its report. Taking everything into account — robust FDI inflows amid some volatility in FPI inflows of late — our CAD projections stand at 1.4 per cent of GDP for the full year, which is comfortable, and if there is no extremely devastating third wave, the rupee is going to handle any taper news with relative calm, the report noted.

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How fintech can bridge the $3T-trade finance gap among MSMEs

With rapid advances in technology, artificial intelligence (AI), and machine learning (ML) no longer a dream, fintech companies are better placed than before to help digitise their clients in multiple ways, even attempting to bridge the $3 trillion global trade finance gap. With a strong tech foundation, fintech lenders can do what large banks and financial institutions cannot, that is, provide swift access to finance without demanding too much by way of collateral from the MSME borrowers. Trade finance is just one of the issues that MSMEs have to grapple with. Because of their small size and relative lack of connectedness to the global economy, MSMEs are often not in a position to predict where demand will come from and what global issues may affect trade. This, of course, is a minor problem than access to credit, but it’s a definite lacuna. Enter fintech companies, which use technology as an efficient and effective tool to rid MSME exporters of their biggest problems. One-way fintech companies can help MSMEs is by leveraging technology and electronic data across the entire trade cycle to predict market outcomes for their clients.

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11) Weekly special

Mastercard’s Raja Rajamannar in conversation with Meesho’s Vidit Aatrey

Rajamannar chats with ecommerce start-up Meesho’s Founder and CEO, Vidit Aatrey, who shares how he is building one of the most exciting, fast-growing companies and brands in India.

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12) Did you know?

What is a DAO?

With the rise of blockchain technology, a new type of organisation has emerged, where the structure is open-source and the entity is operated entirely by its community. These are known as DAOs, or Decentralised Autonomous Organisations. In 2016, an organisation known as “The DAO” was created on the Ethereum network and used smart contracts that enabled it to act as an autonomous venture fund. DAO tokens were sold in an Initial Coin Offering (ICO), and holders were given ownership and voting rights in the decentralised fund. However, due to vulnerabilities in the code base, a third of the funds were drained from The DAO in one of the largest hacks in crypto history. Now, interest in setting up new DAOs and implementing DAO features has rekindled, catalysed by improvements and developments in blockchain technology.

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

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