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

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

Bali Declaration: G20 members differ on the Russia-Ukraine war but agree on some red lines

Reflecting the divisions within the G20, the Bali Declaration said the member nations “reiterated our national positions” as expressed at the UN Security Council and the General Assembly. “Most” members strongly condemned the war in Ukraine, it said but noted that there were “other views and assessments” of the situation. The declaration welcomed the Turkey and UN-brokered Black Sea Grain Initiative that secured a Russia Guarantee to allow the export of Ukrainian grain but is lapsing in the next few days. Russia is now seeking concessions from the West to let the deal continue. As the summit ended, India took over the G20 presidency for the coming year with Modi promising an “inclusive” and “ambitious” agenda for the group that includes the world’s major economies.

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G20 summit in Bali: What agreements were reached? | DW News

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COP27 strikes deal on a fund for poorer countries vulnerable to climate change

A deal was struck at United Nations climate talks on Saturday to set up a fund that would pay for climate-related damage in countries deemed particularly vulnerable, officials said, handing a victory to poorer nations that have pushed for the move for years and removing a major sticking point in broader negotiations to address global warming. The fund would earmark money for what is known as loss and damage: When rising seas, more powerful storms, and other effects that scientists link to climate change cause destruction that is sudden or potentially irreparable. Negotiators representing developed and developing countries agreed to the measure in the final hours of the COP27 U.N. climate summit.

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US redeploys bomber in South Korea day after North Korea missile launch

A US B-1B strategic bomber was redeployed to the Korean peninsula on Saturday for a joint air drill with South Korea, Seoul’s military said, a day after Pyongyang launched an intercontinental ballistic missile. “South Korea and the US conducted a joint air drill today with the US Air Force’s B-1B strategic bomber redeployed on the Korean peninsula,” the South Korean Joint Chiefs of Staff said in a statement. Some of the most advanced jets in the US and South Korean air forces, including the F-35 stealth fighter, also joined the drill, it said. North Korea is particularly sensitive about US-South Korean joint air drills, experts say, as its air force is one of the weakest links in its military, lacking high-tech jets and properly trained pilots. While the B-1B no longer carries nuclear weapons, it is described by the US Air Force as “the backbone of America’s long-range bomber force” that can strike anywhere in the world.

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North Korea openly threatens nuclear attack on U.S; UNSC convenes an emergency session

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10 million Ukrainians without power, Kyiv says; Evidence of ‘gross sabotage’ found at Nord Stream blast site

Swedish investigators examining the Nord Stream pipeline explosion that took place in late September say they have found evidence of “gross sabotage” and remnants of explosive materials at the blast site, but have so far not named suspects. Russia launched another barrage of missiles at Ukrainian cities, hitting power facilities and leaving millions of people without electricity or water just as the first snow of the season falls on parts of the country. Authorities in some regions ordered forced blackouts as engineers raced to restore power in different areas. The U.N. warns that a greater humanitarian crisis lies ahead for Ukraine, while the Kremlin — whose missile strikes threaten to make major cities of Ukraine unlivable — blames the situation on Kyiv and its refusal to negotiate.

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Nord Stream pipelines show evidence of damage from explosives, Sweden says

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Blocked Russian fertilizer to be shipped out to avoid food insecurity: UN

A breakthrough has been made on hundreds of thousands of tons of Russian-made fertilizer blocked in European ports, which is vital to avoid a global food insecurity crisis next year, a senior United Nations official said on Friday. Nearly 11.2 million tons of essential foodstuffs have been shipped from three Ukrainian ports since the Black Sea Grain Initiative was signed on July 22 by Turkey, Ukraine, Russia, and the United Nations. The agreement is aimed at ensuring food supplies to global markets amid the Russia-Ukraine armed conflict. However, 300,000 tons of Russian fertilizer remain stranded in various European ports, according to United Nations Conference on Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan.

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Rishi Sunak visits President Zelensky in Kyiv as he pledges £50m in aid

Rishi Sunak pledged £50m in defence aid to Ukraine as he met President Volodymyr Zelensky on his first visit to Kyiv since becoming prime minister. Mr. Sunak said it was “deeply humbling” to be in Kyiv and that the UK would continue to stand by Ukraine. “Since the first days of the war, Ukraine and the UK have been the strongest of allies,” Mr. Zelensky said following the meeting. The aid package is intended to counter Russian aerial attacks. The £50m defence aid comprises 125 anti-aircraft guns and technology to counter deadly Iranian-supplied drones, including dozens of radars and anti-drone electronic warfare capability. Mr. Sunak also announced the UK will increase the training offered to Ukraine’s armed forces, sending expert army medics and engineers to the region to offer specialized support.

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Moody’s accords negative credit outlook to countries on high prices, slowing growth

Moody’s on Tuesday gave a ‘negative outlook’ to the credit worthiness of countries globally for 2023, saying high prices of food and energy would curb economic growth and raise social tensions. Tighter financial conditions and economic scarring will push some debt burdens to unsustainable levels, while rising borrowing costs will erode debt affordability, according to Moody’s. It forecast that as many as 13 nations, including India, would spend over 20 percent of their government revenue in servicing debt next year. The policy dilemma between servicing creditors and meeting populations’ demands for social and economic developments will intensify as governments dedicate a growing share of their revenue to interest payments, it added.

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Artemis mission | NASA’s mightiest rocket lifts off 50 years after Apollo

NASA’s next-generation rocketship was on course Wednesday for a crewless voyage around the moon and back, launched from Florida on its debut flight half a century after the final lunar mission of the Apollo era. The much-delayed launch kicked off Apollo’s successor program, Artemis, aimed at returning astronauts to the lunar surface this decade and establishing a sustainable base there as a stepping stone to future human exploration of Mars. The three-week Artemis I mission marks the first flight of the combined SLS rocket and the Orion capsule together, built by Boeing Co and Lockheed Martin Corp, respectively, under contract with NASA. After decades with NASA focused on low-Earth orbit with space shuttles and the International Space Station, Artemis I also signals a major change in direction for the agency’s post-Apollo human spaceflight program.

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IMF Chief says trade divide could cost the global economy $1.4 trillion

The rise of trade barriers against China and other countries over the past year could cost the global economy $1.4 trillion, on top of the severe damage being done by the war in Ukraine, the head of the International Monetary Fund said. For Asia, the potential loss could be twice as bad, or more than 3% of GDP, because the region is more integrated into the global value chain, Georgieva said on the sidelines of the Asia-Pacific Economic Cooperation’s economic leaders gathering this week. The IMF has also cautioned that inflation is hitting developing countries hardest, urging central bankers to keep up their fight to dampen price growth and bring some relief, especially in food costs. Dollar appreciation in double-digits so far this year is continuing to cause headaches across emerging markets as investors flock to safe havens amid signs that much of the global economy could be headed toward a recession.

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The world population just passed 8 billion. Here’s what it means

Global population growth is a testament to the progress of our species. Yet despite increases in global GDP, life expectancy, and equality, progress has not been evenly distributed enough. India’s population is set to rise to 1.515 billion in 2030 from 1.417 billion in 2022, which is set to make it the world’s most populous country in 2030 according to the latest edition of the United Nations’ World Population Prospects. China is currently just in front of India with the world’s largest population, but the two countries remain significantly ahead of the rest – no other nation will surpass 360 million as we move into the next decade. Looking beyond 2030, other significant changes include that the share of the global population aged above 65 is projected to grow by the end of the century, while the share below 25 is expected to fall.

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There are 8 billion people on Earth, but soon we’ll hit a decline we might never reverse | ABC News

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2) India

Centre slashes export duties on steel products and iron ore

The center has removed export duties on certain steel products and iron ore imposed in late-May effective from Saturday. In a notification issued on Friday, the Finance said the amendments have been made “on being satisfied that it is necessary for the public interest to do so”. Exports of iron ore lumps and fines with less than 58% Fe and iron ore pellets will attract nil duty compared with the 50% and 45% duties, respectively. On the finance ministry on May 22 imposed export duties ranging from 15% to 45% on inputs for iron and steel in a move to increase their availability for domestic manufacturers. Similarly, the export duty on iron ores and concentrates was raised to 50% from 30%. The move was aimed to keep input prices under check for small businesses.

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Mission Prarambh | Vikram-S takes off: All you need to know about India’s first private sector rocket

The country’s first privately developed rocket Vikram-S blasted off on its maiden flight from the Indian Space Research Organisation’s Sriharikota spaceport, about 115 km from Chennai, at 11.30 am on November 18. The Mission Prarambh (the beginning) is a major milestone in India’s space journey, making Skyroot Aerospace the first private company to launch its rocket two years after the sector was opened to private players. Named after Vikram Sarabhai, the founder of India’s space program, Vikram-S carries three satellites, including one by SpaceKidz India called FunSat, parts of which were developed by school students. The Vikram rockets will be able to carry between 290 kg and 560 kg payloads into sun-synchronous polar orbits. The rocket is one of the world’s first all-composite rockets that has 3-D printed solid thrusters for spin stability of the launch vehicle.

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Vikram S | India’s first privately built Rocket launched | Mission Prarambh | ISRO x Aerospace

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3) Economy

Indian economy resilient but sensitive to formidable global headwinds: RBI

The Reserve Bank of India in its November bulletin noted that while the domestic macroeconomic situation of India has been resilient, it remains sensitive to formidable global headwinds, which are clouded with downside risks. “The outlook in the global economy remains clouded with downside risks. Global financial conditions have been tightening and deteriorating market liquidity is amplifying financial price movements. Markets are now pricing in moderate increases in policy rates and risk-on appetite has returned,” it said in its report. On the growth front, RBI said that based on high-frequency indicators, its nowcasting, and full information models, real GDP growth in Q2 has been pegged between 6.1 and 6.3 percent. “If this is realized, India is on course for a growth rate of about 7 percent in 2022-23,” it said.

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India’s retail inflation eases to 3-month low in October; stays above RBI comfort band again

India’s retail inflation eased sharply to 6.77 percent on an annual basis in the month of October from 7.41 percent in September 2022. The number has remained above RBI’s tolerance band of 2-6 percent for the 10th consecutive month. Sequentially, the headline inflation grew by 0.80 percent from 0.57 percent in the preceding month. The decline in headline inflation can be attributed to a favorable base effect. However, the supply-chain disruptions due to ongoing geopolitical factors and the hardening of commodity prices globally continue to thrust ahead the inflationary pressure. While exogenous price shocks are among the factors to be blamed for India’s trouble with rising consumer prices, analysts believe the outlook is still bleak with various factors for an elevated inflation rate. In fact, rating agencies, including Moody’s, have recently cut India’s growth estimates assuming high inflation and high-interest rates.

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4) Markets, Banking, and Finance

India, EU standoff over clearing houses to affect BNP to HSBC

Indian and European regulators are clashing over whether to broaden oversight of securities settlement, a dispute that risks disrupting the operations of BNP Paribas SA to HSBC Holdings Plc, or at the least bump up their costs. The potential damage stems from the European Securities and Markets Authority’s move to withdraw recognition — effective May 2023 — to six Indian central counterparties after the Reserve Bank of India resisted ESMA’s request to be allowed to join the RBI in overseeing Indian transactions. Recent changes in European Market Infrastructure Regulation demanded that ESMA must establish cooperation arrangements with countries that have their own central counterparties. A key clause was an exchange of information, “including access to all information requested by ESMA.” The authorities also wanted countries to “develop and submit to the commission for endorsement draft regulatory technical standards” related to the class of derivatives.

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India’s foreign exchange reserves log the fastest pace of growth since August 2021 after rising by a whopping $14.72 billion

India’s foreign exchange stockpile recorded the biggest-ever weekly increase in the period that ended November 11, with a record $14.7-billion surge reflecting the impact of an estimated $8 billion worth of recent overseas currency purchases by the central bank amid rising global appetite for local growth assets. The reserves had climbed $16.7 billion in the week ended August 27, 2021, but those additions included $12.6 billion worth of one-time Covid restructuring support from the International Monetary Fund (IMF). “Select investment flows to corporates in India, coupled with a falling dollar index, triggered this surge in forex reserves,” said Bhaskar Panda, executive V-P, HDFC Bank. “Excess flows were sterilized, which helped shore up the depleting forex reserves. Such a move should help the rupee gain stability.” Forex reserves, including gold and special drawing rights (SDR) of the IMF, are at $544.8 billion as of November 11.

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India’s CAPEX revival to push credit growth beyond 15% in this and next fiscal years: CRISIL

A full-fledged revival in Capex in FY ’24 will push the corporate credit growth in double digits, pushing the overall credit growth to over 15 percent for two consecutive years in FY’23 as well as FY ’24, according to a study by rating firm Crisil. Besides, a broad-based economic recovery and stronger, cleaner balance sheets will allow lenders to expand credit, it said. The estimate factors an expected 7% increase in the gross domestic product (GDP) this fiscal in addition to factors like the government’s infrastructure push, higher working capital demand in a high-inflation environment, and some substitution of debt capital market borrowings.

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5) Business

Amazon staff laid off as tech giants cut costs, according to LinkedIn posts

Technology giant Amazon has started laying off staff, according to LinkedIn posts by workers who say they have been impacted by job cuts. This week it was reported that the company is planning to cut 10,000 jobs or around 3% of its office staff. It comes as thousands of jobs are being shed across the technology industry as firms see sales slow amid growing concerns about an economic downturn. Last week Meta – which owns Facebook, Instagram, and WhatsApp – announced that it would cut 13% of its workforce. The first mass lay-offs in the firm’s history will result in 11,000 employees losing their jobs. Shortly after Elon Musk took over Twitter it was confirmed that he would cut the social media platform’s headcount by around 50%.

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Elon Musk says the new Twitter policy is ‘freedom of speech & not freedom of reach’ as resignations mount

For social media giant Twitter, it is definitely one of the most tumultuous times in its 16-year-long existence. Ever since the richest man in the world came on board as the new owner of the microblogging site, Twitter has been witnessing an upheaval of monumental proportions. In the run-up to becoming the acquirer of the world’s most famous social media platform, Elon Musk on numerous occasions had made it clear that he will make Twitter a space that will uphold freedom of speech. Amid the spate of mass resignations at Twitter, the 51-year-old took to his Twitter account to announce a new content moderation policy. Musk also reinstated some accounts that were earlier banned from the platform. The surge of resignations was a result of the ultimatum issued by Musk to commit to a hardcore and intense work environment or take a 3 months severance and leave.

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Musk’s ultimatum spurs the Twitter exodus

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Air India to make a substantial investment in “historic” aircraft order

Air India will make substantial investments in a historic aircraft order as it prepares for a long-term growth model, chief executive officer, and managing director Campbell Wilson said. The airline is also working on restoring some older planes which are currently grounded. In addition, the full-service carrier has finalized leases for 30 aircraft which will be delivered over the next 12 months. The delivery of these 30 planes will commence next week and the airline is set to lease more aircraft and is in the final stages of negotiation for the same, Wilson said. The Tata Group acquired Air India and Air India Express under a government-led strategic divestment program in January this year. The Tata Group also runs Vistara in partnership with Singapore Airlines in a 51:49 venture. Recently, it also took complete control of AirAsia India after the exit of AirAsia from the venture. The Tata Group has already announced the merger of Air India Express and AirAsia India to make it a single low-cost model and is working on a consolidation between Air India and Vistara to make a single full-service airline. The two kinds of models are expected to be on one single platform of the brand Air India.

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Zomato confirms laying off under 3% of staff in nationwide cost-cutting

Food aggregator Zomato on Saturday confirmed that it will lay off under 3 percent of its staff across the organization. The company said that the laying offs are based on regular performance. The Gurugram-based company had around 3,800 employees before this churn. Zomato last laid off 520 employees, or 13 percent of its staff, in May 2020 in response to the downturn in business following the coronavirus pandemic. The layoffs come soon after three top-level exits from the company in the last few weeks.  Zomato’s co-founder Mohit Gupta quit the organization on Friday. This follows the exits of Rahul Ganjoo, who was the new initiatives head, and Siddharth Jhawar, the former head of Intercity Legends service, earlier this month.

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6) Technology

Australia eyes digital services pact with India

Australia is eyeing a pact on digital services as part of the Comprehensive Economic Partnership Agreement with India as the two countries aim to upgrade the bilateral relationship. Watts was in India to attend the Bengaluru Tech Summit and represent Australia at the Third Ministerial Conference on Counter-Terrorism Financing. Australia is keen on improved access for service suppliers, and modern investor protection to increase investor confidence and drive investment, with appropriate safeguards for governments’ rights to regulate. According to the Australian government’s India Economic Strategy to 2035, an agreement could facilitate digital trade by including modern and forward-looking rules that support the use of digital tools to enable trade. Experts believe that the Australia-India Comprehensive Economic Cooperation Agreement would present a unique opportunity for the two countries to strengthen their digital trade relationship.

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Open gets RBI nod for payment aggregator gateway

The neobanking platform Open has received the Reserve Bank of India’s (RBI) approval for a payment aggregator gateway. The in-principle license comes a few months after RBI’s strong regulatory crackdown on fintech firms, which were lending through prepaid payment instruments (PPIs). The Bengaluru-based fintech platform also offers credit cards to businesses, among other banking products. Open also received RBI’s approval on a cross-border payment product, earlier this year. Started in August 2017 by former PayU executives Anish and Mabel Chacko, and Deena Jacob, who was heading finance at Tapzo, Open is a neobanking platform focussed on small businesses and enabling them to manage cash flows, automate accounting and get easy access to the credit line. The platform claims SMEs can easily collect, send, and reconcile payments, manage payroll and expenses, automate accounting, and avail credit to grow their business.

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7) Politics

Retired bureaucrat Arun Goel appointed Election Commissioner

Retired bureaucrat Arun Goel has been appointed as an Election Commissioner ahead of the crucial assembly election in Gujarat. The third post in the country’s top poll body has been vacant for nearly six months. Retired bureaucrat Arun Goel has been appointed as an Election Commissioner ahead of the crucial assembly election in Gujarat. The third post in the country’s top poll body has been vacant for nearly six months. Till recently, Mr. Goel was the heavy industries secretary and has also served in the Union Culture ministry. He was to retire on December 31, 2022, but his voluntary retirement came into effect on November 18.

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Row over Savarkar: What the Hindutva leader said about Ram, Akbar, and Buddha

Recent comments by Congress leader Rahul Gandhi on Hindutva ideologue VD Savarkar have caused a furor in Maharashtra, with Uddhav Thackeray, whose Shiv Sena is a Congress ally in the state, saying he does not agree with Rahul. Savarkar is a much-debated figure, as he took hardline as well as rational positions on various subjects. His views on the cow being just a useful animal are cited as going against the conservative Hindutva stand. His mellow attitude towards the British post his release from Andaman’s Cellular Jail is used to question his credentials as ‘veer’ (the title he used for himself, meaning brave) and as a freedom fighter. But what is agreed upon beyond debate is that he was among the foremost ideologues of Hindutva, defining the term in his 1923 treatise, ‘Essentials Of Hindutva’.

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Ahead of MCD polls, three-time Congress MLA Mahabal Mishra joins AAP

Ahead of the crucial MCD polls in Delhi, former Congress MP and an influential leader of the Purvanchal community Mahabal Mishra joined the Aam Aadmi Party (AAP) on Sunday. A three-time Congress MLA and a councilor, Mahabal Mishra, joined Delhi’s ruling party in the presence of Chief Minister Arvind Kejriwal and Deputy CM Manish Sisodia. Mahabal Mishra is the son of Vinay Mishra, the AAP MLA from Dwarka. The voting for the 250 wards of the MCD polls will be held on December 4 and the counting of votes will be held on December 7.

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8) Sports

Massive scandal in FIFA World Cup 2022: Qatar accused of bribing Ecuador players 7.4 million dollars to lose opener

The FIFA World Cup 2022 is finally here, with hosts Qatar set to face Ecuador in the opener on Sunday, at the Al Bayt Stadium in Al Khor. The hosts have had to get past countless controversies to reach this point. Some of the accusations revolve around Qatar paying bribes to win their World Cup bid and also allegations of human rights abuse for their migrant workers. Now the Arab country finds itself caught in another fresh scandal, just a day before their World Cup opener. According to Amjad Taha, an expert in strategic political affairs and regional director of the British center in Saudi Arabia, Qatar allegedly bribed eight Ecuadorian players 7.4 million dollars to lose the opener.

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BCCI Scraps Selection Committee Led By Chetan Sharma, Invites Fresh Applications

The Board of Control for Cricket in India (BCCI) on Friday announced that they have invited applications for the position of National Selectors for the senior men’s team. The BCCI also said that the deadline to submit the applications is 6 pm IST on November 28. The board has scrapped the selection committee led by former India cricketer Chetan Sharma. The other members of the committee were Sunil Joshi (South Zone), Harvinder Singh (Central Zone), and Debashish Mohanty (East Zone).

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9) Opinion

Why is the World Cup important to Qatar?

Qatar is about to host the most expensive World Cup ever, costing as much as $300bn. Why has this small, gas-rich kingdom chosen to host football’s most prestigious event, and how does it fit into its broader plans for economic transformation?

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COP27: who should pay for a warming planet?

Campaigners who believe world leaders are not doing enough to combat climate change are taking matters into their own hands—and suing governments and fossil-fuel companies. But can the climate catastrophe really be resolved in court?

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India’s Tryst With 5G: Can Telcos deliver on their promise of Next-Gen services?

India’s 5G journey started in August 2018, when TRAI issued recommendations on the auction of 5G spectrum bands. Airtel already claims to have a million 5G customers, while Jio is yet to reveal any numbers; 5G is expected to be ubiquitous in India by late 2024. The initial 5G experience in India has received a mixed response. According to Ookla, 5G networks in India have reached a median download speed of 500 Mbps. From a neutral standpoint, that is impressive. In the context of 5G, which promises a theoretical speed limit of 20 Gbps, this is only 1/40^th of the true extent.

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No prospect of recession in India, economy to grow 6-7 pc in next fiscal: Rajiv Kumar

India will still grow at 6-7% in the next 2023-24 fiscal even as the economy may be affected by uncertain global conditions, former Niti Aayog Vice-Chairman Rajiv Kumar has said amid growing fears of the world slipping into a recession. “Thankfully, there is no such prospect of recession in India, because although our growth may be negatively affected by the global conditions, we will still manage to grow at 6-7% in 2023-24,” he told PTI in an interview. Replying to a question on high inflation, Kumar said retail inflation will probably be in the range of 6-7% for some more time. “After that, my estimate is that it should begin to peak and then come down,” he said. Kumar added that depends a lot on global oil prices as they can continue to rise because of the continued conflict in Ukraine. “But otherwise domestic drivers of inflation will cool down,” he noted.

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10) Weekly special

Tata 1MG’s growth prescription

A year after the Tata Group picked up a majority stake in healthcare platform 1MG, it is leveraging the group’s muscle to expand its presence in the lucrative diagnostics space, increasing its share of corporate tie-ups and bulking up e-pharmacy offerings.  “Our plan this year is to grow 80-85% year on year, and we’re well on track to achieve these numbers,” says Gaurav Agarwal, Co-founder, and CTO, of Tata 1MG. “The corporate business is a company priority. We think this can be a Rs 1,000 crore business in the next two years. This business is fundamentally lucrative as there is a fair bit of convenience and service revenue associated with it,” Gaurav says.

For details visit here.

With that, we come to the end of our Weekly Current Affairs November 2022 -Week 3. We hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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