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

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

Lviv governor says 35 killed in Russian attack on Ukraine’s western military base

Governor of Ukraine’s Lviv region has said that 35 people were killed in a Russian attack on Ukraine’s western military base, news agency Reuters reported. The assault brought the war closer to the border with Poland after a senior Russian diplomat warned that Moscow considered foreign shipments of military equipment to Ukraine “legitimate targets.” The governor of the Lviv region, Maksym Kozytskyi, said Russian forces fired more than 30 cruise missiles at the Yavoriv military range, located 30 kilometers (19 miles) northwest of the city of Lviv and 35 kilometers (22 miles) from Ukraine’s border with Poland. The United States and NATO have regularly sent instructors to the range, also known as the International Peacekeeping and Security Center, to train Ukrainian military personnel. The facility has also hosted international NATO drills.

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Russia widens assault on Ukraine with deadly hit on a military base near Poland – BBC News

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‘Unthinkable’ has happened, we’ve war in Europe, says IMF MD

Russia’s invasion of Ukraine has consequences not only on that country but also in the region and the world, IMF Managing Director Kristalina Georgieva has warned, saying the “unthinkable” has happened in Europe. The top official of the International Monetary Fund (IMF), during a media round table on Thursday on the Russian invasion of Ukraine, told a select group of reporters that the world got through a crisis like no other with the pandemic. “And we are now in an even more shocking territory. The unthinkable happened-we have a war in Europe,” Georgieva said. “We have a tragic impact of the war on Ukraine. We have contractions on a significant basis in Russia. And we see the likely impact on our World Economic Outlook. We will come up with, next month, a downward revision of our growth projections,” she said. Globally, the economic fallout of the war is being transmitted through three key channels, she said. “First and most impactful, higher commodity prices. Second, impact on reducing real income because also of inflation and how that reflects in the real economy. And three, the impact on financial conditions and business confidence,” Georgieva said.

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Hundreds of Planes are stranded in Russia. They may never be recovered.

Hope has faded quickly for a handful of Western companies eager to recover planes leased to airlines in Russia, with the authorities, their intent on keeping foreign-registered aircraft within the country, and President Vladimir V. Putin openly discussing nationalizing the assets of foreign businesses. As of Thursday, there were 523 aircraft leased to Russian carriers by companies outside the country, according to IBA, a consulting firm. Of those, 101 are on lease to S7 Airlines and 89 to Aeroflot. Both airlines have stopped flying internationally, eliminating any chance of repossessing the planes on foreign soil.

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Shale drilling climbs most in a month as Biden calls for more oil

Shale explorers returned to growth mode this week, adding the most rigs in a month as the Biden administration calls on them to unleash more crude to offset a ban on Russian oil. The number of rigs drilling for crude in the US rose by 8 to 527 this week, the biggest gain since February 11, according to Baker Hughes Co. data. Most of the expansion, which follows last week’s drop of three oil rigs, came in the world’s busiest shale patch, the Permian Basin of West Texas and New Mexico. The plea for more production collides with commitments that major shale explorers have made to prioritize financial discipline overgrowth, though, and many are wary given Biden’s historic hostility toward fossil fuels and the risk that new drilling won’t pay off over the long term.

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China encroaching into Nepal’s territory

A Nepalese government report, dated September 2021, has accused China of encroaching into Nepal’s territory along their shared border. The report, commissioned after it was reported that China was trespassing in the Humla district in the far west of Nepal, claims that Chinese forces threatened Nepal’s border police. According to the report, surveillance activities by Chinese security forces had restricted religious activities on the Nepalese side of the border at a place called Lalungjong. It further said that China had been limiting grazing by the cattle stock of the Nepalese farmers. It further found that China was building a fence around a border pillar and attempting to construct a canal and a road on the Nepalese side of the border. The report also suggested the deployment of Nepalese security forces in the area to step up security.

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Amid China-India LAC tussle, now Nepal Govt report accuses China of encroaching on its territory

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The US ends asylum restrictions for children traveling alone

Unaccompanied child migrants trying to enter the United States will no longer be denied a chance to seek asylum under new guidance announced by U.S. health authorities. The Centers for Disease Control and Prevention, in announcing the change late Friday night, said: “that expulsion of unaccompanied non-citizen children is not warranted to protect the public health.” The change was announced shortly before a court order was to take effect that would have allowed the Biden administration to expel unaccompanied children seeking asylum under Title 42 authority, which was introduced in March 2020 to prevent the spread of COVID-19. The order remains in place for adults and families traveling with children. Testing and other preventive measures allow children traveling alone to be released to sponsors in the United States, the CDC said. Sponsors are typically family or other close relatives.

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Sri Lanka tightens trade rules to boost currency reserves

Sri Lanka’s Central Bank tightened trade restrictions on Saturday, ordering exporters to repatriate foreign exchange earnings within 180 days of transactions in a bid to improve the country’s depleting foreign exchange reserves. Sri Lanka is tackling its worst financial crisis in over a decade, struggling to pay for critical imports including fuel, food, and medicines, and with just $2.31 billion of reserves. The bank’s moves include mandatory currency conversion for exporters of goods and services to change their foreign exchange earnings into Sri Lankan rupees. “All licensed banks are required to strictly monitor receipts of goods to Sri Lanka,” the central bank stated in a notification, adding that it “has the right to initiate action against non-compliance by any exporter or licensed banks”.

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India says it accidentally fired a missile into Pakistan

India said on Friday it had accidentally fired a missile into Pakistan this week because of a “technical malfunction” during routine maintenance, giving its version of events after Pakistan summoned India’s envoy to protest. Military experts have in the past warned of the risk of accidents or miscalculations by the nuclear-armed neighbors, which have fought three wars and engaged in numerous smaller armed clashes, usually over the disputed territory of Kashmir. “On 9 March 2022, in the course of a routine maintenance, a technical malfunction led to the accidental firing of a missile,” the Indian Ministry of Defence said in a three-paragraph statement.”It is learned that the missile landed in an area of Pakistan. While the incident is deeply regrettable, it is also a matter of relief that there has been no loss of life due to the accident.” The ministry said the government had “taken a serious view and ordered a high-level Court of Enquiry”. Pakistani officials said the missile was unarmed and had crashed near the country’s eastern city of Mian Channu, about 500 km (310 miles) from the capital Islamabad.

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Ballistic missiles hit Iraq’s Kurdish capital, Iran’s Revolutionary Guard claim responsibility

Iran’s Revolutionary Guards claimed responsibility for a dozen ballistic missiles that struck Iraq’s northern Kurdish regional capital of Erbil in the early hours of Sunday, Iran’s state media reported, adding that the attack was against Israeli “strategic centers” in Erbil. The missile attack comes as talks to revive the 2015 Iran nuclear deal face the prospect of collapse after a last-minute Russian demand forced world powers to pause negotiations for an undetermined time despite having a largely completed text. The missiles, which targeted the U.S. consulate’s new building, caused only material damage and one civilian was injured, the Kurdish interior ministry said. An Iraqi security official told Reuters that the missiles were manufactured in Iran. “Any repetition of attacks by Israel will be met with a harsh, decisive, and destructive response,” the Revolutionary Guard said in a statement reported by state media.

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Saudi Arabia puts 81 to death in its largest mass execution

Saudi Arabia on Saturday executed 81 people convicted of crimes ranging from killings to belonging to militant groups, the largest known mass execution carried out in the kingdom in its modern history. The number of executed surpassed even the toll of a January 1980 mass execution for the 63 militants convicted of seizing the Grand Mosque in Mecca in 1979, the worst-ever militant attack to target the kingdom and Islam’s holiest site. The number of death penalty cases being carried out in Saudi Arabia had dropped during the coronavirus pandemic, though the kingdom continued to behead convicts under King Salman and his assertive son, Crown Prince Mohammed bin Salman. The state-run Saudi Press Agency announced Saturday’s executions, saying they included those “convicted of various crimes, including the murdering of innocent men, women, and children.” The kingdom also said some of those executed were members of al-Qaida, the Islamic State group, and also backers of Yemen’s Houthi rebels.

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Bloodshed’: How Saudi Arabia is drawing global flak after the biggest mass execution in recent history

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WHO is exploring when and how to declare the end of Covid emergency

Public health experts at the World Health Organization have begun discussing how and when to call an end to the global Covid-19 crisis, exploring what would be an important milestone more than two years after the emergence of the virus. The WHO said it isn’t currently considering such a declaration. While cases have fallen in many places, fatalities have spiked in Hong Kong, and this week China reported more than 1,000 new daily cases for the first time in two years. “The International Health Regulations Emergency Committee on Covid-19 is looking at the criteria needed to declare the public health emergency of international concern as terminated,” the agency said in an email. “As of now, we are not there yet.” Researchers have also warned that even if Covid-19 cases fall to lower levels, the disease is still likely to cause thousands of deaths annually, not unlike other endemic illnesses such as malaria and tuberculosis. And the potential for new, dangerous variants is unpredictable. The WHO’s discussions could have implications for drugmakers such as Pfizer Inc. and Merck & Co. that have agreed to allow generic competition to their Covid treatments until the pandemic ends.

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China’s daily local COVID cases hit a two-year high

Mainland China reported more than 1,500 new local COVID-19 infections on Saturday, the most since the first nationwide outbreak in early 2020, as the Omicron variant prompted Beijing to introduce self-testing kits for the first time. China’s current case count is far fewer than those of many other countries, but the growing number could complicate Beijing’s “dynamic-clearance” ambition to suppress contagion as quickly as possible. The National Health Commission on Saturday said it had found 476 locally transmitted cases for Friday, including five people initially classified as asymptomatic who developed symptoms later.

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2) India

India finalizing alternative payment system to carry on Russian trade

India is stepping closer to setting up an alternative payments system to maintain its trade with Russia, identifying a potential bank, as a top panel examining the issue recommended prioritizing edible oil and fertilizer imports as well as payments owed to India. The top inter-ministerial panel has been tasked with scrutinizing the impact of a barrage of economic sanctions imposed by the West on Russia on India’s economy. It is led by economic affairs secretary Ajay Seth and includes the ministries of food and consumer affairs, fertilizers, commerce, external affairs, and petroleum. The sanctions have already impacted developed and emerging economies alike, de-valuing many currencies, including the rupee, firing up oil prices, disrupting supply chains, and heightening worries of inflation, which erodes households’ incomes.

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BrahMos Missile’s Air-Launched version can hit targets 800 km away: report

India is developing a new air-launched version of the BrahMos supersonic cruise missile which would be able to strike at enemy targets at more than 800 kilometers. The missile earlier had the capability of hitting targets at around 300 kilometers after being released from a Su-30MKI combat aircraft. “The range of the BrahMos missile has been increased already and with the advantage of being airborne at high altitudes, the missile can travel a longer distance and can hit targets at 800 km and beyond,” sources known to ANI said. India has enhanced the range of the tactical missile recently and it can go beyond 500 kilometers with just an upgrade in its software.

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3) Economy

India GDP growth forecast cut to 7.9 pc: Morgan Stanley

As higher oil prices torpedo economic recovery worldwide, Morgan Stanley has cut India’s GDP forecast for the fiscal year beginning April 1 by 50 basis points to 7.9 percent, raised retail inflation projection to 6 percent, and expects the current account deficit to widen to 3 percent of GDP. “Even as we expect the cyclical recovery trend to continue, we expect it to be softer than we previously projected,” it said in a report. “We believe that the ongoing geopolitical tensions exacerbate external risks and impart a stagflationary impulse to the economy.” “Building in higher oil prices, we trim our F23 GDP growth forecast 50bps, to 7.9 percent, lift our CPI inflation forecast to 6 percent, and expect the current account deficit to widen to a 10-year high of 3 percent of GDP,” it said.

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India may relook inflation, growth projections, says RBI deputy governor Michael Patra

India’s central bank may review its forecast for growth and inflation at its next policy meeting, a top official said, as the global economy feels the ripple effects of Russia’s war in Ukraine. Geopolitical developments pose an upside risk to the Reserve Bank of India’s projection for inflation to ease to 4% by the October-December quarter of next fiscal year, and the April meeting provides an opportunity to thoroughly review the forecasts, Deputy Governor Michael Patra said in a speech. The central bank last month forecast GDP growth in the year beginning April to slow to 7.8% from an 8.9% pace estimated by the government for this year. The RBI also saw full-year inflation easing to 4.5% next fiscal from 5.3% now.

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4) Markets, Banking, and Finance

Sebi’s new strict IPO valuation scrutiny jolts Start-Ups eyeing listing, says report

The Securities and Exchange Board of India (Sebi) has strengthened scrutiny of IPO-bound companies by questioning how key internal business metrics are used to arrive at valuations. This new process of checks and balances has unsettled some bankers and companies which now fear delays in listing plans, as sources have told Reuters. It is said that after the Paytm debacle, the regulator has come up with stricter norms. The decision by the Sebi hints at the flop listing of online payments firm Paytm’s $2.5-billion IPO in November last year which sparked criticism of lax oversight of how loss-making firms price issues at what some say are lofty valuations, according to the Reuters report.

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EPFO interest rate slashed to 8.1%, lowest in four decades

The Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO), the country’s largest retirement fund, has recommended a return of 8.10 percent for its over 6 crore active subscribers for the financial year 2021-22. This is the lowest interest rate in at least four decades but remains higher than that of other small-savings instruments. The EPFO, which has an active subscriber base of more than 6.7 crores and 6.9 lakh contributing establishments, will be left with an estimated surplus of Rs 450 crore after disbursing the interest rate of 8.1 percent. Over the years, the finance ministry has questioned the high rate retained by EPFO and has been nudging it to reduce it to a sub-8 percent level in line with the overall interest rate scenario. EPFO rate continues to be the highest among other savings instruments.

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Explained: Russia-Ukraine crisis hits India’s IPO market; what is the way ahead?

For the primary markets, 2021 proved to be the best year to date in terms of cumulative fundraising by way of initial public offers (IPOs). However, the ongoing Russia-Ukraine crisis has dampened the mood of the IPO market. According to the latest report by Axis Capital, 49 companies have received approvals from SEBI to go ahead with their listing plans. “As of date, there are 95 companies that have filed the DRHP with SEBI, out of which 50 have received SEBI Observations and can potentially launch the IPO. Institutional investors, however, are in a risk-off mode right now due to heightened market volatility arising out of ongoing geopolitical tensions,” Ashish Kumbhat, Executive Director & Co-Head Equity Capital Markets, Axis Capital told Business Today. “We believe that the markets will become conducive for any kind of fundraise in a few weeks, once global tensions ease out,” he added. “Historically, activity in the primary market is seen only when the secondary market is buoyant. While markets have been choppy since October, the last couple of months have seen an exceptional amount of volatility as a result of which just 3 IPOs have been launched in this calendar year (2022),” said Pranav Haldea, Managing Director at PRIME Database.

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5) Business

And, the winner is Vistara!

Vistara, the TATA – SIA group joint venture, has been the winner in the previous year. The airline added 59 percent more flights in 2021 over 2020 and deployed 64 percent more capacity by ASKs in the same period. It also came very close to its pre-pandemic performance with departures being just 5.17 percent shy of 2019 and ASKs being just over a percent lower than during 2019. However, the airline has not been able to attract as many passengers. The airline carried 55 percent additional passengers in 2021 than in 2020. When compared to 2019, while its departures and ASKs are nearly the same, the passengers carried were 17.8 percent less. The growth in passengers over 2020 was 55 percent. The airline had a similar performance in 2020 when it outpaced its peers in terms of both capacity deployment and passenger growth. That is one of the reasons it grew 1.5 times its size. For a carrier like IndiGo, such growth would have meant increasing about 140 aircraft a year. For Vistara, it meant the additional deployment of about 15-20 aircraft.

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After the port terminal deal, the Adani group bags power projects in Sri Lanka

India’s Adani Group has signed a deal for two large power projects in Sri Lanka’s Northern Province, six months after it bagged a strategic port terminal project in Colombo that it is now executing with majority stakes. Revealing the details of the MoU, Sri Lanka’s weekend newspaper The Sunday Morning said the two renewable energy projects, involving the Adani Group, were aimed at generating a combined capacity of 500 MW, at a cost of $ 500 million. Both projects are in the Northern Province, where New Delhi objected to a Chinese energy project last year, citing proximity to the Tamil Nadu coast.  The agreement was inked on Friday, the same day that the National Thermal Power Corporation (NTPC) of India and the Ceylon Electricity Board (CEB) agreed to set up a 100 MW solar power project in Sampur, in the eastern Trincomalee district. Sri Lanka has a daily peak demand of over 2000 MW and is currently experiencing a severe fuel and power shortage, resulting in right hour-long power cuts across the country that citizens’ groups have been protesting.

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Samsung S22 series pre-booking breaks record, co expects to outpace industry growth

Buoyed by record pre-booking of its flagship devices in the S22 series, South Korean electronics major Samsung on Wednesday said it expects to outpace the industry growth with expansion of product ecosystem and by making premium foldable smartphones more mainstream. Samsung India senior vice president Raju Anthony Pullan told PTI that the company will work on bringing affordability in the premium foldable smartphones through easy upgrade options and providing finance options in tier 3 and 4 towns as well. According to Cybermedia Research, Samsung registered a 41 percent growth on a year-on-year basis and clocked an 18 percent market share in the Indian smartphone segment in the first quarter of 2021.

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BigBasket’s valuation jumps to $2.7 billion after the secondary share sale

E-grocer BigBasket has seen its valuation jump to $2.7 billion following a secondary share sale earlier this year. Brand Capital, the strategic investment arm of the Times Group, has part sold its stake in the firm to Tata Digital, people briefed on the matter said. The news comes as Tata Digital seeks additional cash from holding company Tata Sons to fuel its ambitious growth plans, as we reported on March 9. Existing investors – Tata Digital and others – internally value the firm at $4-5 billion on the basis of its gross sales and projected annual growth in the coming years, sources told us. “Given the strong growth BigBasket is planned for, its valuation is much higher than the recent secondary share sale. The company has projected annual growth of at least 40% in its gross sale in the next couple of years,” a person briefed on the matter said.

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6) Technology

Byju’s closes $800 million pre-IPO fundraise at a valuation of $22 billion

Byju’s has raised $800 million in fresh funding as part of a pre-IPO round, the education technology firm said on Friday. Founder and chief executive Byju Raveendran has invested $400 million in his personal capacity, people in the know told ET. The round, which comes ahead of its planned initial public offering (IPO), values the Bengaluru-based company at about $22 billion, people aware of the development told ET. The mammoth post-money valuation makes it India’s highest valued start-up. The founder group consisting of Raveendran, wife Divya Gokulnath, some family members as well as top management and employees will own about 29% stake following the round, up from 25% cumulatively earlier, the people added.

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RBI directs Paytm Payments Bank to stop onboarding new customers

The central bank Friday barred SoftBank-backed Paytm Payments Bank from adding new customers due to likely gaps in its technology systems, potentially denting its small-finance-bank aspirations and further roiling investors skeptical of the fintech’s ability to boost earnings after an expensive initial share sale. “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by the Reserve Bank of India (RBI) after reviewing (the) report of the IT auditors,” the central bank said in a statement late Friday. “This action is based on certain material supervisory concerns observed in the bank.”

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ETSA 2021: Early-stage deal flow remains robust despite market volatility

Despite the fall in tech firms’ valuations worldwide since the start of 2022, deal flow for early-stage startups continues to be robust. Several top-tier venture capital funds have shifted their focus towards early-stage investing and trying to catch companies early. Accel recently set up a $650 million fund that will focus on early-stage investments. Sequoia has also been focusing on early-stage startups with the launch of its seed accelerator program Surge. Despite the fall in tech firms’ valuations worldwide since the start of 2022, deal flow for early-stage startups continues to be robust. Several top-tier venture capital funds have shifted their focus towards early-stage investing and trying to catch companies early. Accel recently set up a $650 million fund that will focus on early-stage investments. Sequoia has also been focusing on early-stage startups with the launch of its seed accelerator program Surge.

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Explained: The legal considerations of blockchain gaming in India

Blockchain games are online video games that are developed integrating blockchain technology into them. Since blockchain is merely the underlying technology, there is no express regulation of it in India. This renders any questions over its legality moot. It would, however, be pertinent to explore the legality of the games from the lens of existing Indian gaming regulation. It is important to note that most of the gaming laws were brought into effect prior to the internet era and, therefore, only contemplate regulation of gaming activities taking place in physical premises. Other than states such as Sikkim, Nagaland, and Telangana, which recognize online gaming, in most Indian states and union territories, there is currently a lacuna in gaming law and there are lingering question marks on its interpretation and applicability to online gaming.

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7) Politics

BJP reigns supreme in western UP amid SP-RLD rise in 2022 polls

The BJP reigned supreme on nearly 70 percent of constituencies in western Uttar Pradesh despite losing 15 seats in the 2022 assembly polls, even as the Samajwadi Party (SP) and its ally Rashtriya Lok Dal (RLD) showed a rise in the region. While the BJP completely swept some districts like Agra, Mathura, Ghaziabad, and Gautam Buddh Nagar, the Opposition alliance too scored 100 percent in Shamli and Moradabad and put up a good show in Muzaffarnagar and Meerut. In the 2017 assembly polls, the Bharatiya Janata Party (BJP) had swept over 300 of the 403 seats across Uttar Pradesh, the most populous state in the country. The party won 255 seats this year, while the SP with its allies notched up victory on 125 seats of the state, nearly double from its last electoral outing.

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Assembly Elections 2022 Explained: How BJP held on to 4 states, AAP swept Punjab

Four of the five states that went to the polls voted the BJP to power, while the Aam Aadmi Party swept Punjab. The results were a resounding endorsement of Prime Minister Narendra Modi’s policies and his party’s “double-engine” electoral plank. What were some of the reasons behind the BJP’s win in Uttar Pradesh, Uttarakhand, Manipur, and Goa? How did the AAP claim the largest mandate in recent years to win Punjab?

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AAP’s Bhagwat Mann stakes claim to form government in Punjab; to be sworn in on 16 March

Punjab chief minister-designate Bhagwant Mann on Saturday staked a claim to form government in the state after meeting Governor Banwarilal Purohit here. After the meeting, Mann told reporters outside the Raj Bhawan that he handed over a letter of support of his party MLAs to the governor who accepted it. “We staked claim to form the government and the governor sahib approved it,” said Mann. Mann was elected as the AAP Legislature Party leader at a meeting of the party MLAs in Mohali on 11 March 2022. The 48-year-old Mann was elected the AAP Legislature Party leader at a meeting of the party MLAs in Mohali on Friday.

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Congress G-23 leaders meet to introspect drubbing in Assembly results, likely to target party leadership

Following the Congress’s drubbing in the five Assembly elections, party president Sonia Gandhi has decided to convene a Congress Working Committee meet soon to introspect the results. Ahead of that, on Friday, a few leaders from the ‘Group of 23’ that had earlier questioned the party leadership and sought organizational overhaul, met at the residence of the former leader of Opposition in Rajya Sabha Ghulam Nabi Azad in New Delhi. Among those who met Azad were party MPs Anand Sharma, Kapil Sibal, and Manish Tewari. According to India Today, G-23 members have demanded a new Congress president “as soon as possible”. They have asked for speeding up the electoral process for the same.

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8) Sports

India vs Sri Lanka, 2nd Test, Day 2: India in control as Sri Lanka lose 1 wicket in chase of 447

Rishabh Pant put the Sri Lankan attack to the sword with a record-breaking half-century while Shreyas Iyer yet again conjured up a measured fifty to let India grab complete control of the second Test in Bengaluru on Sunday. Pant’s 31-ball 50 and Iyer’s 67-run knock after useful contribution from top-order batters meant that India set Sri Lanka a mammoth 447-run target after declaring their second innings at 303 for nine. The struggling visitors would need no less than a miraculous show to save the match after ending the second day at 28 for one. The Indians scored at a good pace throughout the day with Lankan bowlers failing to exploit the spin-friendly conditions.

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ICC Women’s World Cup: Smriti Mandhana, Harmanpreet Kaur Star As India Beat West Indies By 155 Runs

India rode on brilliant centuries from opener Smriti Mandhana and vice-captain Harmanpreet Kaur to beat West Indies by 155 runs and register their second win in the ICC Women’s ODI World Cup on Saturday. Indian captain Mithali Raj won the toss and elected to bat against Stafanie Taylor-led West Indies. Yastika Bhatia stole the show early on in the innings with a quick-fire knock of 31 runs in only 21 balls. Opener Smriti Mandhana scored a brilliant hundred to lay down a brilliant platform for India to put up a huge total on board. Indian women’s team vice-captain Harmanpreet Kaur also brought up a fine hundred to help India post 317/8 in 50 overs. India eventually bundled out the West Indies team for 162 runs in 40.3 overs to register a 155-run victory in Hamilton.

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Beijing Winter Paralympics declared closed

The Beijing Winter Paralympics were officially declared closed on Sunday, after a controversy-hit Games which banned Russian and Belarusian athletes from competing over the invasion of Ukraine. Andrew Parsons, president of the International Paralympic Committee (IPC), declared the event finished and praised its “awesome organization, vibrant venues and sensational sport” at the closing ceremony in the Chinese capital’s “Bird’s Nest” stadium. He also praised the athletes, who he called “beacons of hope, and champions for peace”. The lead-up to the Games was overshadowed by controversy over whether athletes from Russia and ally Belarus should be allowed to compete. The IPC initially said it would allow the athletes to compete as neutrals, but after threats of boycotts from other competitors and tensions rising in the athletes’ village, organizers banned them from the Games.

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9) Opinion

What the War in Ukraine means for the World Order | Ian Bremmer

Russia’s invasion of Ukraine has created previously unthinkable changes in geopolitics, seemingly overnight. In this vital conversation, political analyst Ian Bremmer takes a closer look at the global implications of the war, including NATO and the EU’s renewed sense of purpose, the spiral of escalation, energy politics, and the significant, potentially permanent shifts in the world order.

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Explained: Why the Russia-Ukraine crisis may lead to a shortage in semiconductors

The supply of semiconductors, which plummeted due to Covid-related disruptions but had started picking up as manufacturing chains normalized, is now being threatened once again by the Ukraine crisis. This is on account of the supply of two key raw materials — neon and palladium — that are at risk of being constrained. The trigger point was the beginning of the Covid-19 pandemic and the subsequent lockdowns across the world that forced chip-making facilities to shut in countries like Japan, South Korea, China, and the US. A key feature in a chip shortage is that it almost always causes cascading effects, given that the first one creates pent-up demand that becomes the cause for the follow-up famine. According to a report by Moody’s Analytics, palladium and neon are two resources that are key to the production of semiconductor chips. Now that Russia supplies over 40 percent of the world’s palladium and Ukraine produces 70 percent of neon, “we can expect the global chip shortage to worsen should the military conflict persist”. Taking from past events, the report noted that during the 2014-15 Crimea invasion, neon prices went up several times over, serving an indication of the seriousness of the current crisis for the semiconductor industry.

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Explained: What revoking Russia’s ‘most favored nation’ status means

The United States, the European Union, Britain, Canada, and Japan were due to move jointly on Friday to revoke Russia’s “most favored nation” (MFN) status over its invasion of Ukraine, people familiar with the situation told Reuters. But what is MFN status and what does its removal mean? Revoking Russia’s MFN status sends a strong signal that the United States and its Western allies do not consider Russia an economic partner in any way, but it does not in itself change conditions for trade. It does formally allow the Western allies to increase import tariffs or impose quotas on Russian goods or even ban them and restrict services out of the country. They could also overlook Russian intellectual property rights.

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Ukraine, Israel, Turkey & Iran show how pesky drones are ‘guerillas’ of today’s warfare

Ukraine has sustained the Russian invasion for nearly two weeks. Shekhar Gupta looks at how and what made a weak military nation stand up to Russia’s military might. What are the Bayraktar drones-aiding Ukraine’s guerrilla war & how the unmanned vehicles are redefining the rules of the battlefield?

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Anger against existing parties led to AAP’s victory in Punjab, say political analysts

Disenchantment against established political parties, coupled with populist measures and leadership clarity, was among the primary reasons for the AAP’s thumping poll victory in Punjab, but the party did not get the same traction in Uttarakhand and Uttar Pradesh as the discontent was not high against the existing parties there, political analysts observed. The AAP swept the Punjab assembly polls, results of which were announced on Thursday, bagging 92 seats in the 117-seat assembly. Sanjay Kumar of the Centre for Study of Developing Societies, Delhi, said it is the combination of several factors that contributed to the AAP’s stupendous performance. He said the percentage of votes bagged by the AAP in Punjab shows that there was massive disenchantment against the ruling Congress and the SAD. But factors such as populist measures and leadership were also major determinants that led to the AAP’s victory in Punjab, Kumar noted.

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Meaning of the rise of AAP, now India’s most successful political startup ever

After AAP’s sweeping victory in Punjab, Shekhar Gupta traces the trajectory of the Kejriwal-led Aam Aadmi Party as it inches closer to becoming a national party. We look at AAP’s journey so far and ideology.

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10) Weekly special

Beams Fintech Fund is looking to power growth stage fintech in India says Navin Surya

Beams Fintech Fund, a $100 million fund launched by India’s largest early-stage investment firm Venture Catalysts Group, has roped in Navin Surya, a fintech veteran and industry expert as a Fintech Expert Partner and Founding Member (non-executive), and plans to power growth-stage fintech in India. Observing the importance of Beams for a Fintech market like India, Navin Surya, said, “We founded Beams to fill the gap in the growth stage ecosystem of the fintech space in India. Despite financial services being the largest sector in India, and fintech’s increasingly partnering with banks and financial institutions, there are no fintech-focussed or fintech experts growth stage funds. Therefore, we set out to create a platform that is not only an equity investing platform for high-quality founders and companies but also to provide an ecosystem of capital, strategic guidance, relationships, partnerships, and network that we all have built over the years in the financial services space. Some of these are unique to Beams beyond the capital – which is provided by most venture capital funds.”

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With that, we come to an end for our Weekly Current Affairs March 2022 -Week 2. Hope you have liked it. Write your feedback in the comments below and let  us know if there is anything else you would like us to cover.

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