Weekly Current Affairs

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

1) International News and Global Economy

Ukraine war: Russia claims its forces captured the last major Ukrainian-held city in Luhansk

Ukrainian fighters spent weeks trying to defend Lysychansk and to keep it from falling to Russia, as neighboring Sievierodonetsk did a week ago. Russia’s defense minister says Moscow’s forces have taken control of the last major Ukrainian-held city in Ukraine’s Luhansk province. Luhansk and neighboring Donetsk are the two provinces that make up the Donbas, where Russia has focused its offensive since pulling back from northern Ukraine and the capital, Kyiv, in the spring. Taking Lysychansk would open the way for the Russians to move west into Donetsk province, where the sizable Ukrainian-held city of Slovyansk has come under rocket attacks several times since Russia invaded Ukraine on Feb. 24. Elsewhere in the war, the exiled mayor of the Russia-occupied city of Melitopol said Sunday that Ukrainian rockets destroyed one of four Russian military bases in the city.

For details visit here.

Russia, Ukraine claim control of Lysychansk as fighting rages on | DW News

Watch video:

Russia moves to take control of the Sakhalin-2 oil and gas project

Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project. The move could force Shell and Japan’s Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads. Oil giant Shell said: “We are aware of the decree and are assessing its implications. The decree said a new firm would take over all rights and obligations of Sakhalin Energy Investment. Shell said in February that it would sell its Russian investments due to the conflict in Ukraine, including the flagship Sakhalin 2 facility in Russia’s far east. It said in April it would take a £3.8bn hit by leaving Russia. Shell has already written off the value of its Russian assets.

For details visit here.

Watch video:

Turkey drops objections to Finland and Sweden joining NATO, removing a major hurdle to two nations joining the alliance

Finnish President Sauli Niinistö said that Turkey has agreed to support Finland and Sweden’s NATO membership bids, removing a major hurdle to the two countries joining the alliance. Niinistö said in a statement that a joint memorandum on the matter was signed by Turkey, Finland, and Sweden on Tuesday in Madrid ahead of what is shaping up to be a critical summit. US and European officials had been eyeing the summit for potential progress in moving Finland and Sweden’s applications forward to join NATO. The two nations formally applied to be part of the security alliance in May, propelled by Russia’s invasion of Ukraine. But Turkish President Recep Tayyip Erdo?an had said repeatedly Turkey wouldn’t support the bids, accusing the two countries of harboring members of the separatist militant Kurdistan’s Workers Party, also known as PKK, which Turkey views as a terrorist organization.

For details visit here.

Turkey removes objection to Finland and Sweden joining NATO | DW News

Watch video:

Worldview with Suhasini Haidar | What were the outcomes of the G7 Summit?

The Summit of G-7 leaders, the group of the world’s “most industrialized economies”, was held in Germany this week. India, along with Indonesia and a few other countries, was a special invitee. In this episode of Worldview, we discuss the outcomes of the G-7 Summit and understand how India is navigating the diplomatic tightrope between the G7 and Russia-China.

Watch video:

Amid huge power crisis, Pak may face internet shutdown

Amid the power outages in Pakistan, the telecom operators have warned to shut down their mobile and internet services. Meanwhile, Pakistani Prime Minister Shehbaz Sharif warned the country that they might face increased load shedding in the month of July. He said that Pakistan could not get the required liquefied natural gas (LNG) supply, however, the coalition government was trying to make the deal possible. Pakistan is facing an escalation of its power crisis after it failed to agree on a deal for natural gas supply next month. Tenders for July were scrapped due to high price, and low participation as the nation is already taking action to tackle widespread blackouts. Pakistan’s government is attempting to boost energy conservation, has cut working hours for public servants, and ordered shopping malls to factories to shut early in various cities, including Karachi.

For details visit here.

Israeli parliament votes to dissolve, triggering the fifth election in four years

The Israeli parliament, the Knesset, voted Thursday to dissolve itself, triggering new elections. On Friday, Foreign Minister Yair Lapid will officially take over as caretaker prime minister under the terms of a coalition agreement made between outgoing Prime Minister Naftali Bennett and Lapid last year. Because Lapid — a former journalist and star TV anchor — is a caretaker prime minister, there will be no formal swearing-in ceremony. Thursday’s 92-0 vote finally concludes the slow-motion ending to Bennett’s run as prime minister — one of the shortest terms in Israeli history — and gives former Prime Minister Benjamin Netanyahu a potential path to return to power.

For details visit here.

Israel set for the Fifth election in less than Four years after the vote to dissolve parliament

Watch video:

Monkeypox cases triple in Europe: WHO; Africa calls for sharing supplies

The World Health Organization’s Europe chief warned that monkeypox cases in the region have tripled in the last two weeks and urged countries to do more to ensure the previously rare disease does not become entrenched on the continent. And African health authorities said they are treating the expanding monkeypox outbreak as an emergency, calling on rich countries to share limited supplies of vaccines to avoid equity problems seen during the COVID-19 pandemic. WHO Europe director Kluge also said the procurement of vaccines must apply the principles of equity. The main vaccine being used against monkeypox was originally developed for smallpox and the European Medicines Agency said this week it was beginning to evaluate whether it should be authorized for monkeypox.

For details visit here.

2) India

India raises import tax on gold to 12.5% from 7.5%

India has raised its basic import duty on gold to 12.5% from 7.5%, the government said in a notification, as the world’s second-biggest consumer of the precious metal tries to dampen its demand. India fulfills most of its gold demand through imports, which were putting pressure on the rupee which hit a record low earlier this week. The tax hike comes on the back of a widening current account — the broadest measure of trade. It is now nearly double the level seen in the previous year. India’s gold purchases had been picking up in the past year after buying slumped during the pandemic and the country imported the most gold in a decade in 2021, according to the World Gold Council.

For details visit here.

Chirag Sheth shares his insights on the hike in basic import duty on Gold

Watch video:

Govt slaps export tax on petrol, diesel; windfall tax on domestic crude oil

The government on Friday raised export duty on diesel by Rs 13/liter and that on petrol by Rs 6/litre. The government also imposed a cess of Rs 6 per liter on exports of ATF. According to the finance ministry, the objective to increase the taxes is to increase the domestic availability of fuel. However, it will not impact the domestic prices as per the statement issued. The government also slapped a Rs 23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices, a separate government notification showed.

For details visit here.

How will Windfall Tax on domestic crude oil impact the industry?

Watch video:

India makes a big push for oil and gas exploration in Andaman deep water basin

India is making a big push for oil and gas exploration in Andaman deep water basin with the government planning to fund an ONGC-led drilling campaign and easing clearances. Increasing exploration at a break-neck speed is at the center of the government’s plan to raise domestic production of oil and gas and cut imports at a time when high fuel prices are tormenting consumers. The government has acquired 22,500-line kilometers of 2D seismic data under its “National Island Exploration Project” over the area classified as a “No-Go” zone and is planning to fund the drilling of a few assessment wells in these areas. High oil and gas prices have lent an urgency to the government’s exploration push, which in recent years has involved the award of large acreages to state and private companies and the launch of the government-funded plan to acquire vast geological data to identify hydrocarbon potential across the country.

For details visit here.

Government approves deregulation of sale of domestically-produced crude oil

The Cabinet has approved the deregulation of the sale of domestically-produced crude oil, Union Minister Anurag Thakur announced on Wednesday. From October 1, conditions in Production Sharing Contracts (PSC) to sell crude oil to the government or its nominee or government companies will be waived. This essentially means producers will be free to sell oil from their fields in the domestic market. At present, the central government decides which state-run refinery gets how much crude from each producer. Post this, the price is worked out on a traditional formula with Brent as a marker, instead of the global practice of a ‘five-cut’ – or yield of five most-used refined products – norm.

For details visit here.

Assam flood situation worsens due to incessant rain, 24.9 lakh people affected

The flood situation in Assam worsened following incessant rain, with five more people losing their lives in the deluge and the number of affected people rising to 24.92 lakh, while Silchar town in Cachar district continued to remain inundated for the last 10 days, officials said. The town has remained submerged for the last 10 days due to a breach of a dyke in Bethkundi. Deputy Commissioner Keerthi Jalli said work is underway to repair it. She said the priority was being given to reaching out to the affected people with clean drinking water and food while medical camps are being organized by the health department to ensure the prevention of water-borne diseases.

For details visit here.

Explained: Why does Assam flood every year and what’s the government doing about it?

Watch video:

Council approves GST rate hikes

The Goods and Services Tax (GST) Council on Tuesday decided to remove a host of tax exemptions and hike rates for an even larger number of mass-consumption items. Saurabh Agarwal, tax partner, EY India, said: “The focus of the GST Council appears to be on rationalizing GST rates, rectifying inverted duty structure for specified products, allowing GST refund on the export of electricity, etc. The contentious issue of GST compensation between the Centre and states may not achieve conclusion during this meeting.”

For details visit here.

New Wage Code: From in-hand salary to work hours, here’s how the new labor codes impact you

Union government’s new labor codes speculated to come into effect from July 1, allow capping daily working hours from the current 8 to 12 while weekly work hours stay capped at 48. Employers can step towards a 4-day work week, but the codes allow them to increase daily work hours from 8 mandated now to 12 daily.

Watch video:

3) Economy

CRISIL cuts FY23 GDP growth estimate to 7.3% from 7.8% on high inflation

Domestic rating agency Crisil lowered its real GDP growth forecast for India to 7.3 percent in FY23 from 7.8 percent estimated earlier. It attributed the downward revision to higher oil prices, slowing of export demand, and high inflation. This is in line with the RBI’s estimate of 7.2 real GDP growth for this fiscal year. Crisil said there is a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand-side driver of private consumption remains weak. The only bright spots are the uptick in contact-intensive services and the forecast of a normal and well-distributed monsoon, it said, lowering its growth outlook.

For details visit here.

4) Markets, Banking, and Finance

RBI Financial Stability Report: Banks’ asset quality improving, GNPAs at 6-year low

Policy support, including regulatory dispensations, helped India’s banking sector navigate the COVID-19 pandemic and led to an improvement in asset quality in FY22, the Reserve Bank of India said in its Financial Stability Report released on June 30. The gross non-performing assets (GNPA) ratio of scheduled commercial banks declined to a six-year low of 5.9 percent in March 2022 from 7.4 percent in March 2021, the RBI said. The net non-performing assets (NNPA) ratio also fell by 70 basis points during FY22 and stood at 1.7 percent as of March-end. Indian banks are just about recovering from the pandemic that shriveled borrowers’ income. A combination of measures by the RBI and credit guarantee schemes by the government helped borrowers and banks throughout the pandemic. Banks made adequate provisions and raised capital to cushion their balance sheets. Non-performing assets of most banks have also declined.

For details visit here.

RBI Financial Stability Report: No NPA worries but RBI wary of Inflation, Cyber Threat | News Centre

Watch video:

5) Business

Mukesh Ambani sets succession plan in motion

The 65-year-old tycoon has made way for his first-born Akash Ambani to become the chairman of India’s No. 1 wireless carrier Reliance Jio Infocomm Ltd. Akash’s twin sister Isha, 30, is set to be appointed chair of Reliance’s retail arm. Bloomberg News reported last year that the mogul’s favored succession plan shares elements with that of Walmart Inc.’s Walton family, a framework that would allow the biggest transfer of wealth in recent times. The changes at the top come at a crucial time for Reliance. In a pivot from its legacy oil refining and petrochemicals business, the conglomerate is diversifying into e-commerce, green energy, and expanding its retail footprint across the country. In 2020, technology venture Jio Platforms Ltd. lured more than $25 billion from marquee Silicon Valley investors including Meta Platforms Inc. and Google. It has also unveiled ambitious plans to take on Amazon.com Inc. in the country, including streaming.

For details visit here.

JSW Steel to invest Rs 10,000 cr to increase the use of renewable energy: Sajjan Jindal

To reduce its carbon footprint, JSW Steel has earmarked a sum of Rs 10,000 crore to increase the use of renewable energy to replace thermal power and other green initiatives, its Chairman Sajjan Jindal said. Various steel makers use coal to generate thermal power for captive use. According to a Ministry of Steel document, globally, the iron and steel industry accounts for around 8 percent of total carbon dioxide (CO2) emissions. In India, it contributes 12 percent to the total CO2 emissions. Thus, the Indian steel industry needs to reduce its emissions substantially in view of the commitments made at the COP26 climate change conference. The company’s ongoing expansion projects are oriented toward producing steel with higher use of renewable power, best-in-class digitalization to achieve operational efficiency, and the best available technologies to reduce associated CO2 emissions.

For details visit here.

6) Technology

ONDC to give public access by August; the first round of fundraising is nearly complete

Open Network for Digital Commerce (ONDC), the private non-profit company established by the Department for Promotion of Industry and Internal Trade of the Government of India to level the e-commerce playing field, aims to open up the network for public access by August. The section 8 company has extended the pilot to Lucknow, the sixth city after Delhi NCR, Bengaluru, Bhopal, Shillong, and Coimbatore. A UPI-type protocol, ONDC will enable the discovery and shopping of products and services from partnering entities across the member applications on its network. The solution aims to break the duopoly of Amazon and Walmart-backed Flipkart on the e-commerce market in India and provide a level-playing field for digital sellers in the country. As of now, seven entities are live and another 10 are in advanced stages of integration including three on the buyer side, four sellers, and three logistic providers. Koshy said another 15 of them are in the early stages of the integration process. Over 150 entities have signed up on the network to integrate their apps.

For details visit here.

Demystifying ONDC: All you need to know about Govt plans to Take On Amazon, Flipkart

ONDC, a commerce ministry-led initiative, was established on December 30, 2021. Spearheaded by T Koshy, a former partner at consulting firm EY along with a nine-member advisory council that includes names such as Infosys’ Nandan Nilekani and National Health Authority’s RS Sharma. The initiative aims to democratize digital commerce through an open network. Currently, the Indian e-commerce sector is ruled by the duopoly of Amazon and Flipkart with little competition from Social Commerce platforms such as Meesho and Trell. Platforms taking local stores online such as Paytm, eSamudaay, Neomart, and KiranaLinker. Hyper-local and Quick Commerce platforms like Zepto, Blinkit, Dunzo, and Instamart. While these platforms provide everything under one roof while delivering a better experience to consumers and larger markets to sellers. They also become walled gardens and the sellers have to play by their rules. Sellers not only have to pay hefty commissions to these platforms, but they also do not get any consumer behavior data to learn from and build consumer loyalty.

For details visit here.

7) Politics

Eknath Shinde takes oath as chief minister of Maharashtra

Shiv Sena MLA Eknath Shinde on Thursday took oath as the chief minister of Maharashtra. Bharatiya Janata Party’s Devendra Fadnavis has been appointed as the deputy chief minister of Maharashtra. The two leaders had met Maharashtra Governor Bhagat Singh Koshyari to stake a claim to form the government after holding a meeting in Mumbai. On Wednesday, Shiv Sena chief Uddhav Thackeray resigned as the Maharashtra chief minister. This was after the Supreme Court rejected the Shiv Sena’s plea against Maharashtra Governor Bhagat Singh Koshyari’s decision asking the Uddhav Thackeray-led government to face a floor test to prove its majority in the state Assembly on Thursday.

For details visit here.

BJP unfolds ambitious new strategy by making Shinde Maharashtra CM, goes for Shiv Sena’s jugular

Watch video:

Rahul Narwekar is the new Maharashtra Assembly Speaker

BJP legislator Rahul Narwekar was elected the Maharashtra Assembly Speaker today as he polled 164 votes, nearly 50 votes more than Uddhav Thackeray-led Shiv Sena candidate Rajan Salvi. Mr. Narwekar is the son-in-law of senior NCP leader Ramraje Naik-Nimbalkar, who is also chairman of the Maharashtra legislative council. He was the spokesperson of the Youth Wing of Shiv Sena before quitting the party in 2014. After his stint in the Sena, he moved to Sharad Pawar’s Nationalist Congress Party. Mr. Narwekar joined the BJP before the 2019 Maharashtra assembly polls. He won the assembly elections from Colaba, defeating Congress’ Bhai Jagtap.

For details visit here.

Reversing MVA govt. the decision, Maharashtra Cabinet plans to move Metro car shed project to Aarey

In his first cabinet meeting after taking charge as Maharashtra deputy chief minister, Devendra Fadnavis on Thursday overturned the decisions of former chief Uddhav Thackeray to shift the Metro 3 car shed out of the Aarey Milk colony and ordered a restart of the Jalyukt Shivar Abhiyan — the flagship water conservation scheme from his previous regime as the CM, functionaries familiar with the matter said. After taking over as CM in 2019, Thackeray stayed the construction of the Colaba-Bandra-Seepz metro 3 corridor and appointed a committee to look for alternative plots. Subsequently, his government designated the Aarey colony as a reserve forest. The Maharashtra government and the Centre were engaged in a battle over the proposed car depot plot in Kanjurmarg, thus delaying the 33-km underground metro project. The Thackeray government decided to shift the metro depot out of the Aarey colony, following protests by activists against construction in one of the few remaining green spots in Mumbai.

For details visit here.

8) Sports

Jadeja, Pant script history with a 222-run partnership against England

Rishabh Pant and Ravindra Jadeja on Friday added a mammoth 222-run partnership stand for the sixth wicket against England on the first day of the fifth rescheduled Test at the Edgbaston cricket ground. The record partnership of 222 runs in 239 balls was shared between the two for the sixth wicket, which was the highest partnership by an Indian team in England. This was also India’s joint fourth-highest partnership in Test cricket. The duo equaled Sachin Tendulkar and Mohammad Azharuddin’s record which they set in 1997 against South Africa in Cape Town.

For details visit here.

Neeraj Chopra misses 90m mark by a whisker, finishes 2nd in Stockholm Diamond League

Olympic champion Neeraj Chopra clinched his first top-3 finish at the Diamond League meeting with a national record-shattering effort but missed the 90m mark by a whisker. The 24-year-old opened with a stunning throw of 89.94m, just 6cm shy of the 90m mark, the gold standard in the world of javelin throw, and that effort eventually turned out to be his best as he finished second. World champion and season leader Anderson Peters of Grenada won the competition with a best throw of 90.31m which he came up with in this third attempt.

For details visit here.

Sindhu loses to nemesis Tai Tzu Ying, exits Malaysia Open

Two-time Olympic medallist PV Sindhu crashed out in the women’s singles quarterfinals of the Malaysia Open Super 750 badminton after losing to nemesis Tai Tzu Ying of Chinese Taipei in a hard-fought three-game contest here on Friday. By virtue of the win, the Chinese Taipei shuttler extended her domination over the Indian ace, leading 16-5 on the head-to-head record. Sindhu has now lost six matches on the trot against Tai Tzu.

For details visit here.

9) Opinion

Fed U-turn is likely if the US enters recession but risk-appetite may rise only gradually

The final estimate for March quarter GDP in the US suggested the world’s largest economy shrank 1.6 percent in the quarter. But at the same time, Fed Chair Jerome Powell made a do-what-it-takes statement saying Fed would not let the economy slip into a higher inflation regime even if it means raising interest rates to levels that put growth at risk. Deepak Jasani of HDFC Securities said that even as the US Fed is expected to reverse the hawkish moves and start cutting rates once the economy enters recession, it may not result in an immediate turnaround in the equity markets as risk appetite may take its own time to build up. A US recession will impact global markets as flows will continue to dry up, said Pankaj Pandey, Head – Research, ICICIdirect, even as he feels fear of impending recession, essentially, might force the Fed to go slow in the hike cycle.

For details visit here.

Sweden and Finland are on the cusp of joining NATO. Here’s why that matters, and what comes next

Sweden and Finland are set formally to end decades of neutrality and join the North Atlantic Treaty Organization (NATO), in a historic breakthrough for the alliance that deals a blow to Russian President Vladimir Putin. The last major hurdle to the two nations’ entry to the bloc was removed when Turkey dropped its opposition on Tuesday.  The move was met with delight across the countries that make up NATO’s eastern front, many of which have expressed concern that they could be next in Russia’s crosshairs if it is successful in Ukraine. The reason most countries join NATO is because of Article 5 of the North Atlantic Treaty, which stipulates that all signatories consider an attack on one member an attack against all. Article 5 has been a cornerstone of the alliance since it was founded in 1949 as a counterweight to the Soviet Union.

For details visit here.

Snake Island: Why Russia couldn’t hold on to strategic Black Sea outcrop

This tiny, rocky outcrop in the northwest of the Black Sea was seized by Russia on the first day of its invasion of Ukraine, and it has played an outsized role in the war ever since. After more than four months of repeated Ukrainian bombardment, Russian forces have abandoned Snake or Zmiinyi Island, as it is known in Ukraine. Russia says it has withdrawn its garrison as a “gesture of goodwill” to prove it was not obstructing grain exports, but Ukraine dismissed that claim, as Moscow continued to shell its grain stores. The island is exposed to attacks from all directions from air and sea, and the small garrison tasked with defending it – first Ukrainians and later Russians – has been described as “sitting ducks” by military experts. Seized by the Russians on 24 February, Snake Island is located just 35km (22 miles) off Ukraine’s coast – well within the range of the missile, artillery, and drone strike from the shore. And Ukraine’s armed forces have done exactly that, claiming a series of devastating attacks on the island itself and any vessel bringing troop deployments and heavy weaponry.

For details visit here.

Hong Kong handover: What will the next 25 years hold?

In 1997 Hong Kong was handed back to China, triggering the start of a grand political experiment. Many were anxious about how the capitalist, free-wheeling former British colony would fare under Communist Chinese rule. So Beijing promised Hong Kong’s civil liberties and freedom – unavailable on the mainland – would be preserved for at least 50 years under a novel arrangement called “one country, two systems”. Now, after a tumultuous 25 years, that experiment has reached its halfway point. What lies ahead over the next 25 years?

For details visit here.

What is the shape of India’s economic recovery?

Sales of two-wheelers have nosedived. FMCG is struggling due to weak demand. But the aviation sector is seeing a jump in traffic. Clearly, the divergent performances in various sectors are betraying the K-shaped recovery in the Indian economy. The pandemic seems to have no effect on the affluent class, which continues to splurge. While those at the bottom of the pyramid don’t have much to spend. A good monsoon, enhanced subsidy and excise duty cuts on fuel might help. But, the war in Ukraine might not end anytime soon. And RBI Governor Shaktikanta Das has said in a recent article that the retail inflation rate is likely to remain above the top end of the central bank’s mandated target band until December. This begs the question — how quickly will the shape of economic recovery change for the better?

For details visit here.

India will be among the top countries in spending on games in 4-5 years: Nazara Technologies founder

India will be among the top countries in terms of consumers spending money on gaming over the next four to five years, says Nitish Mittersain, Founder and Joint Managing Director of Nazara Technologies. For years, India has been one of the biggest markets for mobile game downloads on Google Play and Apple App Store. However, it has lagged significantly in terms of user spending. But Mittersain says that will soon change. Mittersain said the consumption versus monetization gap is largely because India is a mobile-first gaming country, unlike a lot of international markets such as the United States, China, or Korea, where consumer habits later evolved and they got into the habit of spending on games.

For details visit here.

10) Weekly special

TV Mohandas Pai on the Future of Fintech in India and the Power of Data & AI

Delivering the keynote address on the first day of Inc42’s Fintech Summit 2022, Aarin Capital Partners’ chairman TV Mohandas Pai spoke about the future of Indian fintech startups and said the opportunity for fintech companies in India is unparalleled in the world. While over 70,000 Indian startups have created approximately $450 Bn market value and 1.4 Mn jobs to date, the number of Indian startups will increase to 1 Lakh by 2025 and will create 3.25 Mn jobs, Pai insisted. Talking about account aggregators (AAs), Pai said they have made the entire data exchange based on a mutual contract basis. An AA acts as a digital intermediary to manage data flows based on consent from an individual. Keeping the AAs data blind further strengthens the data security and safety in the entire process. This will be extremely important as India goes from a data-poor country to a data-rich one by 2025, Pai said.

For details visit here.

11) Did you know?

What is a K-Shaped Recovery?

A K-shaped recovery occurs when different parts of the population recover from a recession at different paces. In some cases, it could be that different industries recover at different speeds, but it could also refer to the experiences of different individuals. A clear example of this can be seen during the COVID-19 pandemic. Restaurants were some of the hardest-hit businesses during the health crisis. According to the National Restaurant Association, by December 2020, roughly 17% of restaurants closed their doors for good, and those that were still up and running reported a 36% decline in revenue.2 At the same time, other industries thrived. As companies transitioned to remote work, they became more reliant on video services like Zoom. As a result, the web conferencing industry has grown rapidly and is expected to grow from $2.1 billion in 2019 to $78.5 billion by 2030.3 In this example, web conferencing companies would represent the upper part of the K in the recovery, while restaurants would represent the lower part. It’s clear that the industries are having vastly different experiences as the overall economy recovers.

For details visit here.

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


Here’s a faster and easier way to stay updated –

Follow us on Telegram
Subscribe to our Youtube
Follow us on Instagram
Like us on Facebook
Follow us on Twitter

1 comment thought on “Endeavor Careers Choicest Blogs: Weekly Current Affairs: July 2022, Week 01”

  1. I am grateful that I was able to learn something useful from this article. After reading it, I believe you possess excellent expertise. Thank you for sharing that. Keep up the good work.

Leave a Reply to my opinion book Cancel reply

Your email address will not be published. Required fields are marked *