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

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

1) International News and Global Economy

Ukraine, Russia accuse each other of nuclear plant strikes

Kyiv and Moscow accused each other on Saturday of striking the Zaporizhzhia nuclear plant in southeastern Ukraine, which has been shelled repeatedly in the past week. Zaporizhzhia is the biggest nuclear power plant in Ukraine and in Europe. The plant has been under Russian control since March, and Ukraine has accused Moscow of basing hundreds of soldiers and storing arms there. Kyiv and Moscow have traded accusations over several rounds of shelling on the plant this month, raising fears of a nuclear catastrophe and leading to an emergency meeting of the UN Security Council on Thursday. Ukraine said the first strikes on August 5 damaged a power cable and forced one of the reactors to stop working. Then strikes on Thursday damaged a pumping station and radiation sensors. Ukraine, backed by Western allies, has called for a demilitarised zone around the plant and for the withdrawal of Russian forces.

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Russian shelling heavy in the east, Ukraine strikes key bridge

Russia’s military pounded residential areas across Ukraine overnight, claiming gains, as Ukrainian forces pressed a counteroffensive to try to take back an occupied southern region, striking the last working bridge over a river in the Russian-occupied Kherson region, Ukrainian authorities said on Saturday. Kramatorsk is the headquarters for Ukrainian forces in the country’s war-torn east. The attack came less than a day after 11 other rockets were fired at the city, one of the two main Ukrainian-held ones in Donetsk province, the focus of an ongoing Russian offensive to capture eastern Ukraine’s Donbas region.

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Threats grow for nuclear power plant in Ukraine

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26 countries commit over €1.5bn to boost Ukrainian capabilities

A coalition of 26 countries has pledged over €1.5bn to meet the current and future needs of Ukrainians amid Russian aggression, reported Reuters, citing Denmark Defence Minister Morten Bodskov. The commitment was made at the Copenhagen Conference for Northern European Defence Allies of Ukraine, hosted by Denmark, Ukraine, and the UK. The support will be delivered in the form of cash, equipment, and training. Existing missiles and ammunition will be restocked, weapon production will be increased, and de-mining activities will be taken up in the war-torn areas of Ukraine as part of the latest commitment. Poland, Slovakia, and the Czech Republic will enhance the production of artillery systems and other military equipment for the cause of Ukraine, reported the news agency, citing Bodskov. The countries also agreed to expand the International Fund for Ukraine (IFU). In this regard, the UK pledged an additional €300m, including multiple-launch rocket systems (MLRS) and precision-guided M31A1 missiles that can hit targets over 80km away. Canada, Denmark, Finland, Sweden, Norway, Germany, and Latvia have decided to join forces for the initiative.

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Taiwan goes on the offensive, holds military drills to counter China’s war games; Accuses Beijing of preparing for an invasion

Beleaguered Taiwan turned belligerent and conducted its own military drills to counter China’s unprecedented war games around the breakaway island which entered its fifth day with no respite in sight. Launching its own military live-fire drills, Taiwan has accused Beijing of using US House Speaker Nancy Pelosi’s visit to Taipei last week to prepare for the invasion of the self-ruled island that China claims as part of the mainland under its one-China policy. The Taiwanese military has launched its firing target flares and artillery for several hours, Lou Woei-jye, the spokesman for Taiwan’s Eighth Army Corps told the media in Taipei. China’s official media reports said the continuation of the drills will be a new normal around Taiwan aimed at crippling the island which broke away from China in 1949 opting to be a democracy opposing the Chinese Communist Party rule.

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US, Indonesia, and Australia hold drills amid China concerns

Soldiers from the US, Indonesia, and Australia joined a live-fire drill, part of annual joint combat exercises on Sumatra island amid growing Chinese maritime activity in the Indo-Pacific region. A total of more than 5,000 personnel from the US, Indonesia, Australia, Japan, and Singapore are participating in this year’s Super Garuda Shield exercises, making them the largest since they began in 2009. The expanded drills are seen by China as a threat. Chinese state media have accused the US of building an Indo-Pacific alliance similar to NATO to limit China’s growing military and diplomatic influence in the region.

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Sri Lanka allows docking of Chinese research ship at Hambantota port from August 16-22

The Sri Lankan government said on Saturday that it has allowed a high-tech Chinese research ship to dock at the southern port of Hambantota from August 16 to 22 for “replenishment purposes,” days after Colombo asked Beijing to defer the port call amidst India’s concern over the vessel’s presence in its neighborhood. The Chinese ballistic missile and satellite tracking ship, ‘Yuan Wang 5’, was earlier scheduled to arrive on Thursday and remain at the port until August 17 for replenishment. However, the Sri Lankan foreign ministry requested the Chinese embassy here last week to postpone the vessel’s visit following security concerns raised by India. Subsequently, the vessel did not dock at the Hambantota port on Thursday as planned.

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Joe Biden signs $280 billion CHIPS act in a bid to boost the US over China

President Joe Biden signed a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration’s push to boost U.S. competitiveness over China. Flanked by scores of lawmakers, union officials, local politicians, and business leaders, Biden feted the legislation, a core part of his economic agenda that will incentivize investments in the American semiconductor industry in an effort to ease U.S. reliance on overseas supply chains for critical, cutting-edge goods. The bill has been more than a year in the making, but finally cleared both chambers of Congress late last month with significant bipartisan margins. The administration has also repeatedly portrayed this legislation as a critical component in countering the influence of a rising China and ensuring the U.S. can maintain a competitive edge against Beijing, particularly in semiconductor manufacturing. Administration officials have held multiple briefings for lawmakers to sketch out the national security implications of this bill, and Biden noted during his remarks Tuesday that the Chinese government had lobbied U.S. businesses against the legislation.

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US President Joe Biden Signs $54 Bn Bill to boost US Chipmakers, Expert Discuss | New centre

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China blocks India-US bid to sanction JeM leader at UNSC

China has blocked a move by India and the US to list Pakistan-based Jaish-e-Mohammed (JeM) leader Abdul Rauf Azhar as a global terrorist at the UN Security Council, the second time Beijing has resorted to such a step in less than two months. Azhar is the younger brother of JeM founder Masood Azhar and the deputy leader of the terrorist group that has its main base at Bahawalpur in Pakistan’s Punjab province. Azhar was designated as a terrorist by the US treasury department in December 2010. China blocked the joint bid by India and the US to designate Azhar at the UN Security Council on Wednesday by placing a “technical hold” on the proposal on the ground that more time is required to study the matter. People familiar with the matter said this was the same position taken by China in the past to block proposals for sanctioning other terrorists based in Pakistan, its traditional ally.

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Worldview with Suhasini Haidar| UNSC terror designations: Why did India lash out at China?

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India ‘opposes unilateral change to Taiwan status quo’

India said it opposed any unilateral change to the status quo over Taiwan and did not explicitly refer to the One China Policy, unlike most countries including G7 nations. “We urge the exercise of restraint, avoidance of unilateral action to change the status quo, de-escalation of tensions, and efforts to maintain peace and stability in the region,” MEA spokesperson Arindam Bagchi said in carefully worded comments in what was India’s first reaction. Bagchi added, “Like many other countries, India too is concerned over the recent developments”. Addressing a weekly media briefing, the MEA spokesperson said, “India’s relevant policies are well known and consistent and they do not require reiteration.” After US House Speaker Nancy Pelosi paid a visit to Taiwan against China’s wishes, Beijing started holding large-scale military exercises while threatening to take over the self-ruled island. After more than a week-long training near Taiwan, China on Wednesday announced that it has concluded its military drills, simulating an attack on the self-ruled island.

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IMF money to arrive in Pakistan by August-end: Report

The International Monetary Fund (IMF) convened a meeting of its executive board on August 29 to approve a bailout package for cash-starved Pakistan, including disbursement of about USD 1.18 billion, before the close of the current month. The move follows the completion of the USD 4 billion in bilateral financing from four friendly nations and would pave the way for immediate disbursement, expected to be in Pakistan’s account before the end of working hours on August 31. Finance Minister Miftah Ismail said that a letter of intent (LOI) was received early Friday from the lender for the revival of the programme under the staff level agreement (SLA) and memorandum of economic and fiscal policies (MEFP) signed last month.

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Rushdie taken off ventilator and able to talk; the accused pleads ‘not guilty’

Salman Rushdie has been taken off a ventilator and was able to talk, a day after the Mumbai-born author was stabbed, in what US authorities said was a “targeted, unprovoked, preplanned” attack. Rushdie, who faced Islamist death threats for years after writing “The Satanic Verses”, was stabbed by a 24-year-old New Jersey resident identified as Hadi Matar, a US national of Lebanese origin, on stage on Friday while he was being introduced at a literary event of the Chautauqua Institution in Western New York.

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2) India

India, Italy negotiate legal assistance treaty

India and Italy are finetuning a Mutual Legal Assistance Treaty (MLAT) that would help the two countries obtain formal assistance in investigations related to criminal cases. Though the two countries have held two rounds of negotiation, the final agreement is said to be stuck amid concerns that the maximum punishment for heinous crimes in India is the “death penalty,” while capital punishment has been abolished in Italy. Earlier, Germany had also refused to sign MLAT with India on death penalty grounds. According to the Ministry of Home Affairs, “Mutual Legal Assistance is a mechanism whereby countries cooperate with one another in order to provide and obtain formal assistance in prevention, suppression, investigation, and prosecution of crime to ensure that the criminals do not escape or sabotage the due process of law for want of evidence available in different countries.” While India has so far signed MLAT with 45 countries, India and Italy do not have a bilateral agreement on criminal matters so far.

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World Biofuel Day: PM Modi to dedicate 2G ethanol plant in Panipat to nation

On the occasion of World Biofuel Day, Prime Minister Narendra Modi will dedicate the 2nd generation (2G) Ethanol Plant in Panipat, Haryana to the nation. According to Prime Minister’s Office (PMO), the dedication of the plant is part of a long series of steps taken by the government over the years to boost the production and usage of biofuels in the country. “This is in line with the Prime Minister’s constant endeavor to transform the energy sector into being more affordable, accessible, efficient, and sustainable,” added the press release. The 2G Ethanol Plant has been built at an estimated cost of over Rs. 900 crores by Indian Oil Corporation Ltd. (IOCL) and is located close to the Panipat Refinery. Based on state-of-the-art indigenous technology, the project will turn a new chapter in India’s waste-to-wealth endeavors by utilizing about 2 lakh tonnes of rice straw (parali) annually to generate around 3 crore liters of Ethanol annually.

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Electricity (Amendment) Bill: Govt Proposes Automatic Monthly Change in Power Tariff Based on Fuel Cost

The electricity bill of people is likely to vary with the change in fuel cost, power purchase cost, and transmission charges, as per the draft Electricity (Amendment) Rules, 2022. The draft suggested that Fuel and Power Purchase Adjustment Surcharge (FPPAS) means the increase in the cost of power, supplied to consumers, due to change in fuel cost, power purchase cost, and transmission charges with reference to the cost of supply approved by the State Commission. FPPAS shall be calculated and billed to consumers, automatically, without going through a regulatory approval process, on monthly basis, according to the formula, prescribed by the respective State Commission, subject to true up on an annual basis as decided by the State Commission. The Ministry of Power has sought comments from the National Solar Energy Federation of India, FICCI, ASSOCHAM, Electric Power Transmission Association, CMDs/MDs of Discoms/Gencos of all state governments, and others on the draft rules by September 11.

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Fight over the new law & India has excess power, people starved & sellers bankrupt

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ITBP hoists the national flag at high altitudes borders as India observes the ‘Har Ghar Tiranga’ campaign

Mountain-trained border guarding Force Indo-Tibetan Border Police (ITBP) on Saturday hoisted the national flag across the borders, its centers, and deployments in the various areas across the country amid the ‘Har Ghar Tiranga’ campaign being observed from today till Independence Day. The Force is hosting the national flags at its Border Out Posts located at high altitudes at the 3,488 km India China borders and promoting the campaign among the border population as well. The government has amended the Flag Code of India to allow the tricolor to be displayed in the open and on individual houses or buildings day and night. Earlier, Indian citizens were allowed to hoist the national flag only on select occasions. However, the change came after a decade-long legal battle by industrialist Naveen Jindal that ended with a Supreme Court judgment that came on January 23, 2004, which declared that it is the right of the citizen to fly the national flag with respect and dignity within the meaning of Article 19(1) (a) of the Constitution of India.

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Rakesh Jhunjhunwala dies at 62, a week after 1st flight of his Akasa Air

Ace stock market investor Rakesh Jhunjhunwala passed away after a cardiac arrest at the age of 62. The veteran trader-cum-investor, known as the Big Bull of Dalal Street, was reported to have a net worth of around $5.8 billion. He was the 36th richest billionaire in India, according to Forbes’ 2021 listing. He had recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air – which took to the skies last week. Overall, Jhunjhuwala had investments in more than three dozen companies. Titan, Star Health, Tata Motors, and Metro Brands were some of his largest holdings. He was also the chairman of Hungama Media and Aptech. Prime Minister Narendra Modi condoled his death and said the legendary investor “leaves behind an indelible contribution to the financial world.”

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3) Economy

India at 75: Here’s how much our per capita income has zoomed since 1950

According to World Bank, India is the sixth largest country in the world by gross domestic product (GDP), with a size of around $3.17 trillion. Since 1950, the per capita income (PCI) has jumped over 500 times. In 1950, it stood at Rs 265. It increased to Rs 1,28,829 in 2020-21. Since the fold of the new millennium, in 2000-01, when it was Rs 18,667, the PCI has jumped seven times, the Economic Survey 2020-21 showed. India’s foreign reserves, which serve as a cushion against the shocks from the external world in today’s globalized world, have jumped 335 times since its independence. Since 1990 alone, when India opened up to the world through its liberalization, globalization, and privatization (LPG) reforms, the forex has jumped 60 times. In 1951-52, the forex stood at $ 1.82 billion. By 2021-22 it has risen to $607 billion, the fourth highest in the world. These foreign reserves have also helped the country maintain stability despite the disruption caused by the ongoing war in Ukraine.

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11% growth over the next decade could make India the world’s second-largest economy by 2031: RBI Deputy Governor

If India achieves a growth rate of 11% into the next decade, it would become the second largest economy in the world not by 2048 as projected earlier, but by 2031, said Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI) on Saturday. “Even if it does not sustain this pace and slows to 4-5% in 2040-50, it will become the largest economy of the world by 2060 [surpassing China],” Dr. Patra said while speaking at an event to celebrate Azadi Ka Amrit Mahotsav organized by the RBI in Bhubaneswar. Observing India’s progress in a cross-country setting, he said today, India was the world’s sixth largest economy in terms of market exchange rates. He said in spite of the pandemic and the war in Europe, India was going to contribute about 14% of global growth. In fact, India would be the second most important driver of global growth in 2022 after China, he emphasized.

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4) Markets, Banking, and Finance

Anshu Jain, ace banker and Deutsche Bank’s ex-chief, dies at 59

Anshu Jain, ace investment banker, and former co-chief executive officer of Deutsche Bank AG, has died of cancer, his family said on August 13. The 59-year-old was serving as the president of Cantor Fitzgerald LP. Jain, who is survived by his wife and two children, was fighting duodenal cancer for the past five years, his family said in a statement. He was diagnosed with the disease in January 2017.

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RBI issued additional guidelines for banks & regulated entities on loan recovery

In a bid to protect loan borrowers- RBI has issued additional guidelines for banks & regulated entities to desist from harassing borrowers for loan recovery.

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CPP Investments bets $1.2 billion in April-June quarter in India PE bets

Canada Pension Plan Investment Board (CPP Investments), Canada’s largest pension fund manager has agreed to invest $1.18 billion in India during the first quarter of 2023 fiscal at a time when asset managers in general, turned cautious about taking large exposure. CPP’s investments spread across sectors and include its $333 million exposure towards Sequoia’s tech-focused India fund, while many other investments were co-investments, according to its presentation. Some other notable bets include an investment of C$700 million to CPP Investments’ Indian toll roads portfolio company IndInfravit Trust as part of a transaction to acquire five operating road concessions from Brookfield Asset Management. The investments are coming at a time when fund managers are generally turning cautious on fresh investments as uncertain macroeconomic scenarios reduced appetite for riskier assets.

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5) Business

Paytm CEO’s reappointment: All 3 Domestic voting advisory firms recommend against proposal

All three domestic voting advisory firms — Stakeholders Empowerment Services (SES), Institutional Investor Advisory Services (IiAS), and InGovern Research Services — have given their recommendations against the reappointment of Vijay Shekhar Sharma as Paytm’s CEO and MD. The companies have cited different reasons for that. IiAS in its report said, “Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We believe the board must consider professionalizing the management.” IiAS raises concerns that Sharma is not liable to retire by rotation. “He (Sharma) will get board permanency if he continues in a non-executive capacity following the end of his term as managing director,” the report said.

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Ashok Leyland’s EV arm Switch Mobility partners Chalo to deploy 5000 EV buses in three years

Switch Mobility, the electric vehicle subsidiary of Ashok Leyland, has entered into an agreement with app-based public transport operator Chalo to supply more than 5,000 electric buses over three years. This deal would translate into an order value of close to $1 billion (about Rs 7,950 crore). While Switch will be manufacturing the buses, the operations will be jointly managed by it and Chalo. Bringing these buses on the roads will help drive last-mile clean mobility, which already has got a strong fillip from the government which has also floated a tender to procure over 5,500 electric buses. Chalo claims that it operates more than a billion rides a year running 4,000 buses in 40 cities. The company claims to create a gross merchandise value (GMV) of $230 million a year. With the addition of Switch Mobility’s fleet, the incremental GMV could be about $450 million. Once the entire fleet of 5,000 electric buses is operationalized, Switch-Chalo would offer 15 million rides a day.

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Mobile operators and device manufacturers clash over SIM shortage

A disagreement between mobile operators and device manufacturers over e-SIMs has reached the government with the Cellular Operators Association of India (COAI) asking the DoT to order handset manufacturers to introduce eSIMs, in addition to the physical SIM slot, in all smartphones costing over Rs 10,000. The reason is the unprecedented global shortage of semiconductors which has severely impacted the supply of SIM cards across the globe and pushed up the price by four to five times. The shortage is not likely to improve before 2024. The COAI’s proposal has been rejected outright by the Indian Cellular Electronics Association (ICEA). On August 10, it wrote to the Ministry of Electronics and Information Technology saying that such a move will lead to cost escalation because of extra hardware and the product design changes that would be required.

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6) Technology

Gujarat announces Drone Policy, aims to create 25K Jobs

The Government of Gujarat has introduced the ‘Drone Promotion and Usage Policy’ – a drone policy for the state with the aim of creating new opportunities in the sector. According to the policy, the drone manufacturers, users, and pilots will have to register themselves on the Digital Sky platform and get a unique identification number and a demarcation area from the Directorate General of Civil Aviation to operate. Lasting for five years, the state government said that the policy will allow different departments to use drones to fulfill various requirements. The Gujarat government has called for various government departments, public sector undertakings (PSUs), and other organizations to create plans to promote drone usage in their respective areas within the next six months. The state government hopes to create up to 25,000 jobs under the drone policy.

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ED freezes Bengaluru-based Company’s Rs 370 Cr worth of assets lying with Vauld’s India entity

The Enforcement Directorate (ED) said that it has frozen assets worth Rs 370 Cr belonging to a Bengaluru-based company lying with Flipvolt Technologies, the Indian entity of beleaguered cryptocurrency platform Vauld. The assets were parked in Flipvolt in the form of bank and payment gateway balances and crypto assets. The agency conducted raids at various premises belonging to Bengaluru-based Yellow Tune Technologies between August 8 and August 10 in connection with its investigation into the entities involved in fraud through instant loan apps. Further probe into the matter is currently underway. Elaborating on its investigation, the ED said that as many as 23 NBFCs and fintech firms diverted funds to the tune of Rs 370 Cr into the ‘INR wallets’ of Yellow Tune hosted with Vauld’s Indian entity.

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Google unsure about India’s Self-Regulatory Grievance Appellate Committee

Google has expressed doubts over the structure, composition, and functionality of a self-regulated grievance appellate committee (GAC). The Internet and Mobile Association of India (IAMAI) earlier proposed the plan to form the GAC, along with Twitter and Meta. According to an ET report citing sources, Google, Twitter, and Meta, along with IAMAI, have held a few meetings over the last few days to discuss the structure and the composition of the GAC. Meta and Twitter supported IAMAI’s proposals, however, Google’s executives have opposed the GAC, stating that it would force the companies to change their internal policies on how they regulate content. The government wants to make the grievance appellate committee as the sole power to regulate content on social media as per the new IT rules. However, legal experts have floated the idea of an independent GAC.

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7) Politics

Maharashtra: Fadnavis gets Home; Shinde to handle Urban Development

Five days after the induction of 18 ministers into his cabinet, Maharashtra Chief Minister Eknath Shinde on Sunday allocated portfolios, keeping Urban Development and 11 other ministries with himself, while giving the crucial Home Department to Deputy CM Devendra Fadnavis. Fadnavis will also handle Finance and Planning, another key department, a statement from the Chief Minister’s Office (CMO) said. Another important portfolio – the Revenue Department – has been given to Bharatiya Janata Party (BJP) leader Radhakrishna Vikhe Patil, who had quit the Congress a few months before the 2019 Assembly elections to join the saffron party.

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How Bihar government changed in 6 hours: A timeline

Janata Dal (United) chairperson Nitish Kumar on Tuesday ended the party’s alliance with the Bharatiya Janata Party (BJP), bringing an end to the coalition government in Bihar, and joined hands with the Rashtriya Janata Dal (RJD) to form the next government in the state. Nitish Kumar staked claims to form the next government in Bihar with the support of seven parties, including RJD. “I came here to meet Governor and gave my resignation. There are 7 parties including 164 MLAs along with Independents in Mahagathbandahan,” Nitish Kumar told reporters.

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8) Sports

CWG 2022 | Badminton, table tennis stars dazzle on the final day; India finishes 4th with 22 gold

Led by P. V. Sindhu, Indian shuttlers owned the badminton arena by winning all three titles on offer on the day while paddler Sharath Kamal yet again reminded everyone of his class and awe-inspiring longevity with a coruscating show, as the country wrapped up its CWG campaign with 61 medals to finish a creditable fourth. It was expected that Sindhu, Lakshya Sen, and the formidable pair of Chirag Shetty and Satwiksairaj Rankireddy would end up on top of the podium but what provided the icing on the cake was the 40-year-old Sharat Kamal’s gold medal-winning show against an equally good opponent in Liam Pitchford. That performance took India’s gold medal count to 22, which is four less than the 2018 edition, but this time the sport of shooting was missing from the roster. The shooters had contributed seven golds in Gold Coast’s 66-medal haul and considering that India certainly put up a good show.

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Bhavani Devi wins gold, defends Commonwealth Fencing Championship title

India’s Bhavani Devi won the gold medal in the ongoing Commonwealth Fencing Championship here, defending the title she won last time. The 42nd-ranked Indian fencer defeated second-seeded Australian Veronika Vasileva 15-10 in the senior women’s sabre individual category final on Tuesday. Since becoming the first Indian fencer to qualify for the Olympics, the Chennai-born Bhavani has had a steady rise in her sport. The year began with the World Cup in Istanbul where she finished 23rd after missing out on a spot in the last 32. Thereafter Bhavani’s World Championship campaign in July at Cairo ended in the second round. The Commonwealth Fencing Championship is her 10th international tournament this year.

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Chess Olympiad: When it rained medals for India, like never before

It rained medals for India following its best-ever Chess Olympiad campaign here. Though a bronze medal in each section – Open and women – was a first, India 1 claimed the Gaprindashvili Cup – a symbol of the combined supremacy of a team in both sections. The host’s share was a never-before haul of two gold medals, a silver, and four bronze medals on the back of some sterling individual performances. Earlier, India’s combined tally of individual medals was 10. Fittingly, D. Gukesh and Nihal Sarin won gold medals for their displays on Board 1 and Board 2. Gukesh, the winner of the first eight rounds, became the first Indian to gain the honor. Nihal emulated Dibyendu Barua’s effort in the 1990 Novi Sad Olympiad. Arjun Erigaisi, who like Gukesh crossed 2700 in live ratings in the competition, took the silver on Board 3 where the bronze went to R. Praggnanandhaa.

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9) Opinion

Can China’s economy afford a war with Taiwan? | DW Business Special

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Yuan Wang 5 standoff: Sri Lanka’s IMF process may be under threat

Can Sri Lanka’s resistance against letting China dock the Yuan Wang 5 at Hambantota stall its efforts for a bailout package at the International Monetary Fund? Yes, if China decides so. And by accounts reaching Delhi, it appears Beijing has sought to play this card in their hectic conversations with Colombo to go back on its advice to defer the ship’s visit. So, just how can China play spoiler? For Sri Lanka’s bailout package to go through, it requires the first approval of principal creditors on IMF’s Sri Lanka Debt Sustainability Assessment (DSA) report. Needless to say, this report is quite negative on Sri Lanka given its current financial situation. Therefore, a lenient view will have to be taken by creditor countries, many of whom are on the IMF Board. Now, that’s where the catch lies. IMF would not want that any package, if and when it materializes, goes into just servicing Sri Lanka’s debts. As of now, Sri Lanka’s public debt is 115% of its GDP. Usually, according to World Bank and IMF, this should not cross 60-65% even for poorer countries. Over 40% of the debt composition is external and there, four categories emerge – multilateral aid, private commercial credit, China, and credit by Paris Club countries.

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UK economy closes in on recession

Britain’s economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister. UK gross domestic product dropped 0.1 percent in the April-June period after a rise of 0.8 percent in the first quarter, the Office for National Statistics said in a statement. The Bank of England (BoE) expects the economy to enter a year-long recession by the end of 2022 as Britons endure a cost-of-living crisis with inflation at its highest level in decades. “With May’s growth revised down a little and June showing a notable fall, overall the economy shrank slightly in the second quarter,” said ONS director of economic statistics Darren Morgan.

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Is global inflation nearing a peak?

Calling the top of the current wave of inflation has been a painful exercise for economists and central bankers, who have been proven wrong time and again over the past year. But data on Wednesday, which showed that some measures of inflation had cooled in the world’s two largest economies, was likely to rekindle a debate about whether the worst might be over after a year of torrid price growth. U.S. consumer prices did not rise in July from the month before due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years. And China’s factory-gate inflation slowed to a 17-month low on an annual basis while consumer prices rose less than expected. Federal Reserve officials see inflation decelerating through the second half of the year, the European Central Bank puts the peak in the third quarter and the Bank of England sees it in October.

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Here’s why even IMF loan can’t save Pak economy from collapse | Explained

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New light on worrying nuclear asymmetry between India, Pak, China & the ‘INFRUS’ idea

As India celebrates its 75th Independence Day on Monday, Shekhar Gupta talks about how the change in nuclear capabilities of India, Pakistan & China can impact geopolitical equations in the future and highlights some key points from Ashley J. Tellis’ new book – ‘Striking Asymmetries: Nuclear Transitions in Southern Asia’ and how India can ensure its safety in the modern-strategic world.

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10) Weekly special

How Rario built a marketplace for users to own officially-licensed NFTs by top international cricketers

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11) Did you know?

Who is the Gaprindashvili Cup named after?

Nona Gaprindashvili is a Soviet and Georgian chess player, and the first woman ever to be awarded the FIDE title Grandmaster in 1978. She was the fifth women’s world chess champion (1962–1978). Gaprindashvili was awarded the Presidential Order of Excellence in 2015 by President of Georgia Giorgi Margvelashvili for “her outstanding contribution to the country and nation” and “representing Georgia at an international level”. In 2013, she was inducted into the World Chess Hall of Fame. During her career, fifth women’s world chess champion Nona Gaprindashvili, who was also the first woman ever to be awarded the FIDE title Grandmaster in 1978, successfully competed in men’s tournaments, winning, amongst others, the Hastings Challengers tournament in 1963/4.

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With that, we come to the end of our Weekly Current Affairs August 2022 -Week 2. 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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