Endeavor Careers Choicest Blogs: Weekly Current Affairs: September 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

Zelensky accuses Russia of war crimes, and sees no early end to war

President Volodymyr Zelensky has again accused Russia of committing war crimes in Ukraine’s northeast and said it was too early to say the tide of the war was turning despite rapid territorial gains by his forces this month. The Ukrainian leader also told Reuters in an interview that the outcome of the war with Russia, now in its seventh month, hinged on the swift delivery of foreign weapons to his country. Russia regularly denies targeting civilians during what it calls its “special military operation” in Ukraine and has said in the past that accusations of human rights abuses are a smear campaign.

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Russia accused of torture and murder after 450 graves found in east Ukraine – BBC News

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For Russia’s Putin, military and diplomatic pressures mount

Pressure on Russian President Vladimir Putin mounted on the battlefield and in the halls of global power as Ukrainian troops pushed their counteroffensive to advance farther into Ukraine’s partly recaptured northeast. Western officials and analysts said Russian forces were apparently setting up a new defensive line in Ukraine’s northeast after the counteroffensive punched through the previous one, allowing Kyiv’s soldiers to recapture large swaths of land in the northeastern Kharkiv region that borders Russia. Putin, at a high-level summit in Uzbekistan this week, vowed to press his attack on Ukraine despite the recent military setbacks but also faced concerns from India and China over the drawn-out conflict.

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This is ‘not an era of war’: India’s Modi publicly criticizes Putin

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In a first, European Union moves to cut Hungary’s funding over damaging democracy

The European Union executive recommended on Sunday suspending some 7.5 billion euros in funding for Hungary over corruption, the first such case in the 27-nation bloc under a new sanction meant to better protect the rule of law. The EU introduced the new financial sanction two years ago precisely in response to what it says amounts to the undermining of democracy in Poland and Hungary, where Prime Minister Viktor Orban subdued courts, media, NGOs, and academia, as well as restricting the rights of migrants, gays, and women during more than a decade in power.

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Afghanistan sees a sharp rise in deaths as the Taliban struggle to take on ISIS, NRF

With both the principal challengers to the Taliban regime – the National Resistance Front (NRF) and Islamic State-Khorasan Province (Da’esh) – intensifying operations, the security situation deteriorated through August in Afghanistan. Despite the Taliban’s claims that Da’esh does not physically exist in Afghanistan and does not pose a threat, the group had claimed responsibility for deadly attacks on mosques, schools, and cars. Since the Taliban took control of Afghanistan last August, the country has been mired in violence. The adverse situation is likely to persist as there have been no signs of the Taliban consolidating its dominance in the near future.

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Nancy Pelosi condemns Azerbaijan’s attacks on Armenia

U.S. House of Representatives Speaker Nancy Pelosi on Sunday strongly condemned what she said were “illegal” border attacks by Azerbaijan on Armenia, using a visit to the Russian ally to pledge American support for its sovereignty. Pelosi cast her trip to Armenia, a sliver of land the size of the U.S. state of Maryland that is wedged between Azerbaijan, Georgia, Turkey, and Iran, as an attempt to strengthen support for what she cast as a beacon of democracy. Speaking in the ancient city of Yerevan, Pelosi said her trip had significance following the “illegal and deadly attacks by Azerbaijan on Armenian territory” that triggered border clashes in which more than 200 people were killed.

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Why ARE Azerbaijan & Armenia at war again: Deadly brew of geography, politics, religion & ethnicity

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Japan tells 2m to shelter from ‘very dangerous’ Typhoon Nanmadol

Two million people in Japan have been told to seek shelter before the arrival of Typhoon Nanmadol, the national broadcaster, NHK, said, as the weather agency issued a rare “special warning” about the powerful storm. NHK, which compiles alerts issued by local authorities, said level four evacuation instructions – the second highest – were in place for people in Kagoshima, Kumamoto, and Miyazaki in the southern Kyushu region. Japan’s weather agency had issued its highest alert for the Kagoshima region. It is the first typhoon-linked special warning issued outside the Okinawa region since the current system began in 2013.

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Japan: Typhoon Nanmadol makes landfall

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2) India

National Logistics Policy | Govt to integrate 30 systems from different ministries for faster, cheaper services

India will integrate 30 systems belonging to different ministries to create an integrated digital logistics system for faster, cheaper, and safer logistics services. Prime Minister Narendra Modi launched the National Logistics Policy on September 17. The policy introduces an integrated digital system (IDS) that will bring on one platform departments belonging to ministries of road transport, railways, customs, aviation, foreign trade, and commerce. All these departments have their own digital data which will be integrated under IDS. This will help smooth cargo movement. The National Logistics Policy has been keenly awaited after the commerce ministry released a draft logistics policy for consultation in 2019. The policy will facilitate a unified policy and regulatory environment for end-to-end logistics services and an overarching institutional framework that will govern the logistics sector and enhance its competitiveness.

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Logistics policy: What is the scope | Vineet Agarwal, TCI and Arindam Guha of Deloitte|Business News

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India cuts windfall tax on crude oil to Rs 10,500 per tonne

The Indian government reduced windfall profit tax on locally produced crude oil, and on the export of diesel and aviation turbine fuel, amid a decline in global crude oil prices. New Delhi has cut cess on crude to Rs 10,500 per tonne, according to a notification from the Ministry of Finance. India has also lowered the windfall tax on diesel to Rs 10 per liter and on ATF to Rs 5 per liter. On September 1, the government increased the windfall tax on domestic crude oil to Rs 13,300 per tonne from earlier Rs 13,000 per tonne. It also revised the cess on the export of ATF to Rs 9 per liter from Rs 2 per liter and increased excise duty on the export of diesel to Rs 12 per liter from Rs 6 per liter.

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Saudi beats Russia to become India’s second-largest oil supplier in August

Saudi Arabia has replaced Russia as the second-biggest oil importer to India after a three-month gap, even as New Delhi’s share of oil from OPEC dipped to at least a 16-year low of 59.8% as it cut African imports. Iraq remained the top oil supplier to India in August. India had become Russia’s biggest oil buyer after China as the West cut purchases following Moscow’s invasion of Ukraine in late February. India and China are keen to secure raw materials at discounts compared with supplies from other countries. However, as Moscow narrowed the discounts offered for its oil, India’s monthly oil imports from Russia have been declining after hitting a record in June.

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India takes over SCO rotating presidency

Uzbekistan on Friday handed over the rotating presidency of the eight-member Shanghai Cooperation Organisation (SCO) to India in this historic city of Samarkand. Uzbek President Shavkat Mirziyoyev chaired the 22nd SCO summit in Samarkand which was attended by Prime Minister Narendra Modi. As a result, India will host the next SCO summit as a chairman of the Organisation in 2023. Launched in Shanghai in June 2001, the SCO has eight full members, including its six founding members, China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. India and Pakistan joined as full members in 2017.

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India PM reintroduces extinct cheetahs on birthday

Cheetahs are set to roam in India for the first time since they were declared officially extinct in 1952. A group of eight cats arrived from Namibia on the occasion of Prime Minister Narendra Modi’s birthday on Saturday. They will undergo a month-long quarantine before being released in a national park in central India. Wildlife experts, veterinary doctors, and three biologists accompanied the animals as they made the transcontinental journey in a modified passenger Boeing 747 plane. From Gwalior, the cheetahs were transferred by helicopter to Kuno National Park in Madhya Pradesh state, where they were released by a delegation led by Mr. Modi.

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3) Economy

The world could face a recession next year: World Bank report

The world could face a recession next year amid simultaneous tightening of monetary policy by central banks around the world, the World Bank has said in a new report that called for boosting production and removing supply bottlenecks to ease inflation. Several indicators of global recessions are already “flashing signs”, the report said. The global economy is now in its steepest slowdown following a post-recession recovery since 1970, it added. Global interest rate hikes by central banks could reach 4%, double that in 2021, just to keep core inflation — which strips out volatile items such as food and fuel — at 5% levels, the bank said. From the US to Europe and India, countries are aggressively raising lending rates, which aim to curb the supply of cheap money and thereby help bring down inflation. But such monetary tightening has costs. It dampens investment, costs jobs, and suppresses growth, a trade-off faced by most nations, including India.

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World Business Watch: World Bank sees rising risk of a global recession in 2023 amid rate hikes

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India’s Forex reserve loses $80 bn in 8 months as RBI defends rupee, quarterly CAD at an alarming level

Shekhar Gupta looks at India’s declining Foreign Exchange Reserves and the rising Current Account Deficit. He also explains what these mean for the Indian economy and why RBI’s quest to save the rupee may be harming the economy.

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4) Markets, Banking, and Finance

Policy amended, international trade can now be settled in Rupee

The government has amended the Foreign Trade Policy to allow international trade invoicing, payment and settlement in the Indian rupee, activating the mechanism announced by the Reserve Bank of India (RBI) to facilitate trade in the domestic currency. The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry notified the changes to the policy. The government has amended the Foreign Trade Policy to allow international trade invoicing, payment and settlement in the Indian rupee, activating the mechanism announced by the Reserve Bank of India (RBI) to facilitate trade in the domestic currency.

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Inflation momentum to ease in Q3: RBI economists

The Reserve Bank of India stuck to its stance that inflationary pressures would ease later in the fiscal year which is also helped by softening commodity prices, especially crude, its monthly report on the State of the Economy showed. But the central bank economists are for front-loading rate increases to anchor inflation expectations which signal a half-a-point increase during the month-end review. “We maintain our view that inflation momentum should ease in Q3 and turn mildly negative in Q4. With base effects being favorable in the second half of 2022- 23, inflation should moderate, although upside risks are in the air” said the economists in an article titled “State of the Economy” published in RBI’s latest monthly bulletin published on Friday. The authors base their optimism on the softening of global commodities and crude prices. “On the downside, imported inflation pressures are letting up, helped by the stability in the exchange rate, and input costs have eased, which could temper the pass-through to selling prices.”

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RBI is ready to bring card tokenization norms into effect from Oct 1

The Reserve Bank of India (RBI) is ready to bring its card-on-file tokenization norms into effect from October 1 after various complaints were filed regarding the misuse of debit or credit cards. Tokenization means the details of your cards such as 16-digit numbers, names, expiry dates, and codes that you used to save earlier for future payments will now be replaced by a token. The token is used by the merchant’s website for the transaction. The RBI is implementing these norms of tokenization in order to secure the card details of the customers. Currently, the bank card details are saved by a merchant during a transaction. If the merchant’s website is hacked, the details of the customers will be exposed. Post implementation of these norms all the customers’ data will be with the bank and not with the merchant website.

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5) Business

Vedanta-Foxconn signed a deal with Gujarat for a $20 billion chip foray

Vedanta Ltd and Taiwan’s Foxconn signed an agreement on Tuesday with India’s Gujarat, Prime Minister Narendra Modi’s home state, to set up a $20 billion semiconductor project. The joint venture obtained subsidies including capital expenditure and electricity from Gujarat. They plan to build a chip and display facility near the western state’s largest city, Ahmedabad. Gujarat Chief Minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with India’s richest state, Maharashtra. Foxconn is acting as the technical partner, while oil-to-metals conglomerate Vedanta is financing the project as it looks to diversify into chip manufacturing. Vedanta is the third company to announce a chip plant location in India after international consortium ISMC and Singapore-based IGSS Ventures, which are set up in the southern states of Karnataka and Tamil Nadu, respectively.

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India to get first semiconductor plant; Vedanta-Foxconn to invest ?1.54 Lakh Cr in Gujarat

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Hero MotoCorp to enter EV segment next month, to launch 1st model under Vida brand

Hero MotoCorp, the country’s largest two-wheeler manufacturer, plans to enter the electric segment next month with the launch of its first model in the domestic market. The company confirmed in a quarterly report that “a new era in mobility is about to begin,” referring to an event under its Vida brand on October 7, 2022. In March of this year, Hero MotoCorp announced a USD 100 million roughly Rs 760 crore global fund to train over 10,000 entrepreneurs in ESG solutions, including its upcoming electric vehicles.

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Mahindra Group sells 30% stake in renewables arm for Rs 2,317 crore

Mahindra Susten has sold its 30 percent stake at an equity value of Rs 2,371 crore ($300 million) to Ontario Teachers’ Pension Plan Board. Mahindra Group and Ontario Teachers’ will also jointly explore the sale of an additional 9.99 percent stake in Mahindra Susten by May 31, 2023. The proposed investment would also include setting up an Infrastructure Investment Trust (InvIT) for listing renewable energy assets. The company expects to float the InvIT by 2024. Mahindra Susten is the renewable energy firm of the Mahindra Group. The move follows the decision at the Mahindra Group in 2020, to take its 10 companies public and unlock their value for its shareholders. This includes its footprint in mobility, clean energy, rural, financial services, infrastructure, and technology, among others.

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6) Technology

White House unveils framework on regulating digital assets

The White House has issued a comprehensive framework for regulating digital assets. This explores how the US financial services industry should evolve to facilitate borderless transactions while minimizing fragmentation in the crypto space. The framework comes six months after US President Joe Biden urged federal agencies to examine the risks and benefits of digital assets and report their findings. The framework spotlights the potential benefits of a central bank digital currency (CBDC). CBDC would be a digital version of the US dollar that is completely regulated, centralized, and backed by the Federal Reserve. The new mandates are set to make the US a leader in terms of regulation and management of digital assets on both a national and international level, said Brian Deese, Director of the National Economic Council, and National Security Advisor Jake Sullivan.

For details visit here.

White House releases crypto blueprint for future regulation

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The Ethereum Merge is done, Opening a New Era for the Second-Biggest Blockchain

The massive overhaul of Ethereum known as the Merge has finally happened, moving the digital machinery at the core of the second-largest cryptocurrency by market value to a vastly more energy-efficient system after years of development and delay. Ethereum’s developers say the upgrade will make the network – which houses a $60 billion ecosystem of cryptocurrency exchanges, lending companies, non-fungible token (NFT) marketplaces, and other apps – more secure and scalable, too. The Merge retires Ethereum’s proof-of-work system, where crypto miners competed to write transactions to its ledger – and earn rewards for doing so – by solving cryptographic puzzles.

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Why the Ethereum Merge matters

Ethereum plans to make a radical technological shift. It intends to merge its blockchain with a separate one through the ‘Ethereum Merge’ upgrade. The network claims this will lower its energy consumption by 99.95%.

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Byju reports widening losses after a prolonged audit delay

Indian education provider Byju’s finally released audited financial statements after months of delay, but the disclosures are unlikely to resolve the swirl of controversy around the country’s most valuable startup. The company reported a 13-fold widening in losses in the year through March 2021, with net losses swelling to 45.7 billion rupees ($575 million) as it boosted spending to bolster growth. Sales were little changed from the previous 12 months, however, at 24.3 billion rupees. Byju’s blamed the performance on changes in accounting practices that led it to defer revenue to subsequent years. It also released unaudited numbers for the year through March 2022 and the following four months showing significant sales growth.

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India stands fourth in Global Crypto Adoption Index 2022, despite ban China remains active in space

A Chainalysis 2022 Global Crypto Adoption report has revealed that for the second consecutive year, Vietnam is ranked first in cryptocurrency adoption with an overall index ranking of 1.000, and India stood at 4th with an index score of 0.663. Interestingly, the report cited that overall crypto adoption has slowed down worldwide in the bear market, but remains above pre-bull market levels. “Our data shows that global adoption has leveled off in the last year after growing consistently since mid-2019,” says Chainalysis in a blog post.

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Blinkit partners with Apple reseller Unicorn to deliver iPhones and more in minutes

Blinkit CEO and founder Albinder Dhindsa announced on Twitter on Friday that the quick-commerce startup has tied up with Apple reseller Unicorn to sell Apple products, including the newly launched iPhone 14. “Blinkit’s tie-up with Unicorn marks the first time Apple products are [being] made available to customers on a quick-commerce platform like Blinkit, where they can get their hands on iPhone, Apple Watch, Airpods, and multiple Apple accessories within minutes,” a company spokesperson said in a statement. Unicorn has 38 points of interaction nationwide, with Apple Mono Brand Stores and Apple Authorised Service Centers in Mumbai, Pune, Gurgaon, Ahmedabad, Lucknow, Chandigarh, and New Delhi. Last month, Blinkit announced to deliver printouts to users’ doorsteps in 11 minutes, a move that will be useful for parents and working professionals alike.

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Cred to invest $10 million in P2P lending platform LiquiLoans

Fintech startup Cred will invest $10 million to acquire a minority stake in peer-to-peer (P2P) non-banking financial company LiquiLoans, the two companies said on Friday. Cred will pick up about 5-6% in the company, valuing it at around $200 million. The round is a mix of primary and secondary capital, sources aware of the discussions told ET. The deal will give an exit to early angel investors in LiquiLoans. Last August, the Kunal Shah-led company partnered with LiquiLoans to enable P2P lending for users through the launch of a new investment product, Cred Mint. The offering allowed Cred users to ‘invest’ their savings in a capital pool, which would be used to lend to customers seeking personal loans on the platform.

For details visit here.

7) Politics

Capt Amarinder Singh to Join BJP on Monday, Merge his newly formed Punjab Lok Congress

Captain Amarinder Singh, the two-time former chief minister of Punjab, will join the BJP on Monday in the presence of Bharatiya Janata Party national president JP Nadda at 4.30 pm in Delhi. Singh will also merge his newly-formed Punjab Lok Congress (PLC) with the saffron party. Seven former MLAs and one former MP, who joined the PLC, will also be among those to follow Singh, as per party spokesperson Pritpal Singh Baliawal. Singh, who recently returned from London following spinal surgery, had floated the PLC last year after quitting the Congress following his unceremonious exit as chief minister and had even allied with the BJP in Punjab to contest the assembly elections.

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Stalin announces new Rs 600-crore IT park in south Tamil Nadu

To make Madurai a technology hub, an information technology park would be set up here at a cost of about Rs 600 crore, Tamil Nadu Chief Minister M K Stalin said on Friday. Addressing the southern regional MSME meet here, Stalin said the park would be set up by the State-run TIDEL in association with the Madurai Corporation. The park would provide top-class infrastructure amenities and lead the Madurai region to economic growth. “In the first phase, we expect 10,000 people to get job opportunities.”

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The history of Hyderabad, Operation Polo & ‘liberation’ vs ‘integration’ fight over 17 September

Hyderabad is celebrating 75 years of ‘liberation’ or ‘integration’ today and the stage is set for a faceoff between Amit Shah & Telangana Chief Minister KCR today. But, how Hyderabad ‘joined’ India on 17 September 1948, what was Operation Polo & who was the last Nizam of the princely state?

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8) Sports

Roger Federer announces retirement; 20-time Grand Slam champion will play Laver Cup as final tennis event

Roger Federer is retiring from professional tennis at age 41 after a series of knee operations, closing a career in which he won 20 Grand Slam titles, finished five seasons ranked No. 1, and helped create a golden era of men’s tennis with rivals Rafael Nadal and Novak Djokovic. Federer said he intends to keep playing tennis, “but just not in Grand Slams or on the tour.” He had not played a competitive match since reaching the quarterfinals at Wimbledon in 2021 and announced in mid-August that he had undergone another knee surgery.

For details visit here.

World Wrestling Championships 2022: Bajrang Punia Claims Bronze

Indian wrestling icon Bajrang Punia bagged the bronze medal at the World Wrestling Championships 2022 in Serbia. Punia got the better of the Puerto Rican wrestler, Sebastian Rivera, as the Indian battled back from a position of disadvantage to come out on top as he sealed an 11-9 victory in the bronze medal bout. The Birmingham Commonwealth Games Gold medallist went down to John Michael Diakomihalis in the quarters but advanced to the repechage round as the American booked a spot in the finals of the 65Kg category. With Punia’s triumph, India has picked up two medals in the ongoing edition of the World Championships as he joins Vinesh Phogat, who also picked up a bronze medal in the 53Kg category.

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9) Opinion

China’s chip output shrinks as India, and the US ramp up local manufacturing

As India and the US double down on domestic semiconductor manufacturing, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand. According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 percent year on year to 24.7 billion units, marking the largest single-month decrease since 1997. This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 percent to 27.2 billion units. The slump in chip production in China is coming as both India and the US ramp up efforts to bolster local chip manufacturing. India’s semiconductor component market is likely to reach $300 billion in cumulative revenues by 2026, as ‘Make in India’ and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research. The Indian government has announced an outlay of Rs 76,000 crore (around $10 billion), under its PLI scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem. Meanwhile, US President Joe Biden has signed into law the Chips and Science Act, which provides nearly $52 billion in semiconductor production incentives.

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How Ukraine got the upper hand against Russia

Ukraine’s breakthrough counterattack explained.

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The real reason Egypt is moving its capital

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5 yrs back, India ‘legalized’ political corruption. Now, the time to end opaque funding is here

ThePrint Editor-In-Chief Shekhar Gupta explains why the Modi government’s electoral reforms in 2017, in the name of anonymous electoral bonds, instead ‘legalized’ political corruption. With Supreme Court finally listing the case for 19 Sept, why the time to end secret funding is here.

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10) Weekly special

Exclusive interview with Sangeet Aggarwal, Head of Product and Design- Housing.com, Makaan.com, and Proptiger.com

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11) Did you know?

What is a cloudburst and can it be predicted?

Cloudbursts have a disastrous impact on life and property. With climate change, these events are only going to increase in the future. Yet, not much known is about cloudbursts. This causes a hindrance to accurately monitoring and forecasting them. According to the IMD, 100mm of rain in an hour is called a cloudburst. They usually occur over a small geographical region of about 20 to 30 sq. km. Tall, cumulonimbus clouds causing cloudbursts can occur very quickly, in about 30 minutes. In India, cloudbursts often occur during the monsoon season. They occur mostly over the Himalayas, the Western Ghats, and the northeastern hill States of India. Satellites fail to detect cloudbursts. This is because the resolution of the precipitation radars is much smaller than the area of individual cloudburst events. Similarly, monitoring stations on the ground can hardly capture the cloudburst characteristics due to their highly localized and short occurrence.

For details visit here.

With that, we come to the end of our Weekly Current Affairs September 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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