Endeavor Careers Choicest Blogs: Weekly Current Affairs: June 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 war: Chemical plant hit as fighting rages in Severodonetsk

Severodonetsk has become the focal point of Russia’s efforts to advance in eastern Ukraine. Fighting has lasted more than three months. Russia’s early attempt to capture major cities including the capital Kyiv faltered and is now instead of trying to capture the Luhansk and the Donetsk regions – a vast mostly industrial area collectively known as Donbas. Seizing Severodonetsk and its twin city of Lysychansk would move Russia closer to its goal as it would give them control over Luhansk. Ukrainian President Volodymyr Zelensky said that Russian troops have suffered “very significant” casualties in Donbas. He also said Ukrainian forces had recaptured villages and towns in the south-eastern regions of Kherson and Zaporizhzhia. Ukraine has been pleading for more weapons from its allies, warning that Russia has at least 10 times more artillery pieces.

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Russian shelling causes huge chemical fire in the Ukrainian city of Severodonetsk – BBC News

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A caravan of migrants is heading toward the US border

Thousands of migrants set off from southern Mexico this past week in one of the largest caravans seeking to reach the United States in recent years. The mass movement coincided with a recent meeting in Los Angeles of leaders from the Western Hemisphere, where migration was a key focus. Although migrant caravans have become a common phenomenon and are usually broken up by authorities long before they reach the US southern border, the latest march by about 6,000 people walking along Mexican highways has drawn significant international attention. Last year, Mexico apprehended more than 300,000 migrants — the highest number on record, according to Human Rights Watch, while more than 130,000 people have applied for asylum in the country. Such numbers have “overwhelmed” Mexico’s asylum system, the report said.

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Thousands join Migrant Caravan moving through Mexico to U.S. Border

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House passes ‘red-flag’ bill as talks continue on gun restrictions

The House of Representatives has passed a so-called red-flag bill that would allow a judge to take firearms away from a person who poses an imminent danger to themselves or others. Speaking on the House floor ahead of the vote, Rep. Jerry Nadler, D-N.Y., said the measure, which would allow a judge to issue an order temporarily preventing a person deemed a danger from purchasing or possessing firearms, could save lives. Nadler said more than a dozen states have similar laws already on the books, adding that the measures have saved lives. In the first three years California enacted its red-flag law, the measure was invoked “in 58 mass shooting threats, including six where a minor was threatening a school,” he said.

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What to know about ‘red flag’ gun laws

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US inflation is at a new 40-year high as price increases spread

The prices of gas, food, and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6 percent last month from a year earlier, faster than April’s year-over-year increase of 8.3 percent the Labor Department said. The new inflation figure, the highest since 1981, will heighten pressure on the Federal Reserve to continue raising interest rates aggressively. In light of Friday’s inflation reading, the Fed is all but certain to implement the fastest series of interest rate hikes in three decades. By sharply rising borrowing costs, the Fed hopes to cool spending and growth enough to curb inflation without tipping the economy into a recession. It will be a difficult balancing act. The Fed has signaled that it will raise its key short-term rate by a half-point – double the size of the usual hike – next week and again in July.

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US inflation hits new 40-year high, no respite from rising costs

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France holds a parliamentary election in a vital test for President Macron

French voters are choosing lawmakers in a parliamentary election as President Emmanuel Macron seeks to secure his majority while under growing threat from a leftist coalition. Following Macron’s reelection in May, his centrist coalition is seeking an absolute majority that would enable it to implement his campaign promises, which include tax cuts and raising the retirement age from 62 to 65. But the latest opinion polls suggest Macron and his allies may have trouble winning over half of the parliamentary seats. A government with a large, but not absolute majority would still be able to rule, but only by bargaining with legislators. The main opposition force appears to be a newly-created coalition made up of leftists, greens, and communists led by hard-left figure Jean-Luc Mélenchon.

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Indonesia moved to ‘flush out’ palm oil after the slow export resumption

Indonesia, the world’s biggest exporter of palm oil, has yet again reversed its export policy, looking to accelerate shipments just weeks after ending a three-week export ban aimed at maintaining domestic supply. The aim is to “flush out” shipments, senior minister Luhut Pandjaitan said, but the frequent policy changes have unnerved edible oil markets and heightened concerns over global food prices at a time when the Ukraine conflict has deprived markets of a chunk of sunflower oil supply. Indonesia, which usually accounts for about 60% of global palm oil supply, launched a program this week to ship 1 million tonnes of palm oil products, or more, by the end of July. It had banned exports from April 28 to May 23 to try to tame domestic prices. Upon lifting the ban, it adopted the Domestic Market Obligation (DMO), a measure aimed at ensuring supply.

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UK PM Boris Johnson narrowly survives confidence vote triggered by lawmakers in his own party

U.K. Prime Minister Boris Johnson has survived a vote of confidence triggered by his own lawmakers amid increasing dissatisfaction in his leadership. Some 211 Conservative Party lawmakers voted in favor of the prime minister on Monday, while 148 voted against him. Johnson needed the support of a simple majority of 180 MPs to win the vote, but the figure of 148 was worse than many expected. It is also worse than the result of a similar vote faced by former leader Theresa May in 2018. She resigned as prime minister just six months later. Given the narrow margin of Johnson’s win, there is now a possibility that he might face another confidence vote in the near future.

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Boris Johnson wins the confidence vote, but it isn’t what we think. Intra-party democracy in UK & India

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Turkey caught in a spiral of lira crises

Turkey’s lira has lost nearly a quarter of its value this year as soaring inflation and the central bank’s reluctance to raise interest rates stoke fears of another currency crisis. No stranger to booms and busts as well as sharp swings in its currency, Turkey has long been considered among the riskier emerging markets, running large current-account deficits and relying on external financing to fuel unorthodox pro-growth policies.

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2) India

China continuing to harden its position along borders with India: US Defence Secretary

China is continuing to harden its position along the borders with India, US Defence Secretary Lloyd James Austin said on Saturday, stressing that America stands by its friends as they uphold their rights as Beijing adopts the “war coercive” and “aggressive approach” to its territorial claims. The Indian and Chinese troops have been locked in a tense border standoff in eastern Ladakh since May 5, 2020, when a violent clash between the two sides erupted in the Pangong lake area. Flagging concerns over the Chinese infra build-up, the US Army’s Pacific Commanding General Charles A Flynn, who was on a visit to India on Wednesday, also said the “destabilizing and corrosive” behavior of the Chinese Communist Party in the Indo-Pacific region is simply not helpful.

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Coal use will be banned in NCR from Jan 2023

The use of coal as a fuel will be banned across the National Capital Region (NCR) with effect from January 1, 2023, according to the Commission for Air Quality Management (CAQM). For regions where infrastructure for and supply of piped natural gas (PNG) is already available, the ban on the use of coal will come into force from October 1, 2022, the CAQM said in a statement Wednesday. Around 1.7 million tonnes of coal is used annually in industries in the NCR, according to CAQM. The commission has issued multiple directions to the state governments in the NCR asking industries to switch to PNG. In a directive issued in February this year, the CAQM had noted that a majority of industries in the NCR are still not operating on PNG or “cleaner fuels”, despite the availability of natural gas infrastructure and supply. Such industries in the NCR were then directed to completely switch over to PNG or biomass fuels by September 30 this year, or face closure. On December 7 last year, the CAQM had ordered the closure of those industries which had failed to switch to the use of PNG despite supply being available, till December 12. With air quality having deteriorated last winter, the commission had also restricted the timing of operation of industries not running on PNG to eight hours a day for five days a week.

For details visit here.

Air Quality Panel Bans use of Coal in Delhi-NCR from the Year 2023 | ET Now

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Liquor prices likely to drop by 30-40% in Punjab as Cabinet approves new excise policy

Prices of liquor in Punjab are expected to drop by at least 30-40% to be on par with the rates in Union Territory Chandigarh and Haryana, with the state Cabinet of the AAP-led government approving its first excise policy on Wednesday. A spokesperson of the Chief Minister’s Office said the policy strives to keep a stringent check over the smuggling of liquor from the neighboring states through extensive enforcement and by incorporating new technological measures. In another decision, the Cabinet also gave its nod to allot two special battalions of police to the excise department, in addition to the existing force, for keeping an effective vigil over the excise duty pilferage. This will help in keeping a better check over the supply of illicit liquor in the state from neighboring states, said the spokesperson.

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Huge protests in multiple cities over Prophet remarks

Massive protests erupted across the country including in Delhi, Ranchi, and some cities in UP on Friday over remarks by suspended BJP spokesperson Nupur Sharma and her former colleague Naveen Jindal that have triggered an international row. The demonstrations in Delhi took place outside the Jama Masjid, one of the largest mosques in India, after the Friday prayers. The protesters demanded the arrest of Nupur Sharma and dispersed after about an hour. Hundreds of protesters also took to the streets and shops closed in parts of Uttar Pradesh’s Saharanpur, Moradabad and Prayagraj, and a few other cities. In others like Lucknow, Kanpur, and Firozabad, the police tightened security and took out marches. Kanpur had seen clashes last week over the controversy that left around 40 people injured. In total, 136 people were arrested in UP over the protests today. India tried to defuse the row calling the comments “views of fringe elements”. The BJP distanced itself from the comments, suspended Ms. Sharma, expelled Mr. Jindal, and asked its spokespeople to speak more responsibly in public.

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Does India have a blasphemy law, how does it work, limits FoE & right to offend

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3) Economy

Fitch revises India GDP forecast downwards to 7.8% for FY23; outlook ‘stable’

Fitch Ratings revised its outlook on India’s long-term foreign currency Issuer Default Rating (IDR) to “Stable” from “Negative,” citing diminished downside risks to medium-term growth. Fitch has revised India’s GDP growth at 7.8% in the ongoing fiscal, down from the 8.5% forecast earlier. It sees India’s growth at around 7% between FY24 to FY27. Fitch sees the Reserve Bank of India (RBI) raising the repo rate to 6.15% by FY24. “India’s strong medium-term growth outlook relative to peers is a key supporting factor for the rating and will sustain a gradual improvement in the credit metrics,” it added. However, the agency warned that there are challenges to its forecast, given the uneven nature of the economic recovery and implementation risks for infrastructure spending and reforms.

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OECD slashes FY23 growth forecast for India to 6.9%

The Organisation for Economic Cooperation and Development (OECD) has joined the World Bank and sharply slashed the growth for India to 6.9% growth in FY23 from 8.1% estimated earlier. This is below the Reserve Bank of India’s estimate of a 7.2% rise. India’s Gross domestic product (GDP) grew 8.7% in 2021-22, making it the fastest-growing major economy in the world. “After recording the strongest GDP rebound in the G20 in 2021, the Indian economy is progressively losing momentum as inflationary expectations remain elevated due to rising global energy and food prices, monetary policy normalizes and global conditions deteriorate,” OECD said in the report.

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India’s FDI rank up a notch in 2021 even as inflows dip

India gained one notch to emerge as the seventh-highest foreign direct investments (FDI) recipient in calendar 2021 despite inflows shrinking about 30% to $45 billion from $64 billion in 2020, the United Nations Conference on Trade and Development (Unctad) said on Thursday. Global FDI flows recovered to pre-Covid levels in 2021, reaching nearly $1.6 trillion, the report said. However, this course is unlikely to be sustained in 2022, it added. The top 10 economies for FDI inflows in 2021 were the US, China, Hong Kong, Singapore, Canada, Brazil, India, South Africa, Russia, and Mexico. Among them, only India witnessed a decline in inflows.

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The current account deficit is likely to hit a three-year high at $43.8 billion in FY22

The country’s current account deficit is likely to hit a three-year high of 1.8 percent or USD 43.81 billion in FY22, against a surplus of 0.9 percent or USD 23.91 billion in FY21, a report said on Thursday. According to an assessment by India Ratings, the Current Account Deficit (CAD) has moderated to USD 17.3 billion or 1.96 percent of GDP in the fourth quarter of FY22 as against USD 8.2 billion or 1.03 percent in the year-ago period, and massively down from USD 23.02 billion or 2.74 percent in Q3, which was a 13-quarter high. The improvement in the key numbers is due to the remarkable improvement in merchandise exports in FY22 when they grew 42.4 percent against a negative 7.5 percent in the pandemic-hit FY121.

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4) Markets, Banking, and Finance

RBI raises repo rate to 4.9%; expects inflation to hurt for 3 quarters

After a surprise rate hike in May in an off-cycle meeting, the six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Wednesday unanimously voted to increase the benchmark policy rate by 50 basis points thereby taking the repo rate to 4.90 percent. “Today’s hike of 50bps on top of an inter-meeting 40bps hike in May is reflective of inflation elbowing its way to the top of the RBI’s priority list and it belatedly looking to catch up with the curve. The RBI’s upward revision of the inflation forecast for FY23 to 6.7 percent from 5.7 percent in April, was also in line with our expectations, but still lower than our forecast of 7.2% percent. So, we believe that we are still far from the finishing line and that more frontloaded rate hikes are on the offing”, said Aurodeep Nandi, India economist and vice president at Nomura.

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RBI asks small finance banks to focus on increasing the capital base

The Reserve Bank on Friday asked small finance banks (SBFs) to continue to evolve in tune with the differentiated banking license given to them with proportionate growth in their capital base. Earlier in the meeting with heads of SFBs held in August last year, the evolution of their business model and the need for enhancing board oversight and professionalism, improving assurance functions, and augmenting IT infrastructure, taking into account the stress build-up due to COVID-19 along with requisite mitigation measures, were discussed. “In the meeting held on Friday, the emphasis on according due importance to these themes for sustainable growth of SFBs, particularly their business model and governance, was reiterated after taking stock of the developments in the sector,” RBI said.

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The buy Now Pay Later business model faces a test as rates rise

Reduced consumer spending, rising interest rates, and trickier credit conditions spell trouble for Buy Now Pay Later lenders, raising the prospect of consolidation in the sector. Buy Now Pay Later (BNPL) firms have created one of the fastest-growing segments in consumer finance, with transaction volumes hitting $120 billion in 2021 up from just $33 billion in 2019, according to GlobalData. The BNPL business model emerged out of a very low-interest-rate environment which enabled BNPL firms to raise funds at a relatively low cost and offer point-of-sale loans to customers on online shopping websites. But the sector faces a reckoning as the circumstances which fuelled its explosive growth are coming to an end, with consumers cutting spending and rising interest rates pushing up BNPL firms’ funding costs, squeezing their margins.

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5) Business

Six Indian banks sue GVK for Rs 12,114 crore: Report

Six Indian banks are reportedly suing the GVK Group for $1.5 billion or Rs 12,114 crore, according to the ToI. The six banks include Bank of Baroda, Bank of India, Canara Bank, Icici Bank, Indian Overseas Bank, and Axis Bank. As per the banks, GVK failed to make repayments as they fell due and failed to obtain a mining lease in the Alpha project in Queensland, Australia by December 31, 2012, which was a project milestone that had to be satisfied. The banks reportedly asked GVK in November 2020 to cancel the agreement and requested repayment. But neither GVK nor its guarantors have paid any of the sums owed, the banks claimed.

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BIS establishes performance standards for EV batteries in India

The Bureau of Indian Standards (BIS) has established standardized parameters for the performance of lithium-ion batteries that are used in electric vehicles (EVs). A BIS official told ET that this standard incorporates the test procedure for the basic characteristics of performance, reliability, and electrical functionality for the battery packs and system for either high power or high energy application. The need for these standards arose after a spate of fires in two-wheeler EVs which also led to the loss of lives. It is the first time that BIS standards for the performance of EV batteries have been established. BIS has already published Indian Standards for AC Charging, DC Charging, and battery swapping.

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Electric vehicle sales to treble to 8-9 lakh units this fiscal: SMEV

India’s electric vehicle sales are likely to jump almost three times – from 340,000 units in FY21-22 to about 800,000-900,000 units – this financial year, according to the Society of Manufacturers of Electric Vehicles (SMEV). “Other than the fires everything that had to happen right has happened right with petrol prices going northward, a critical mass of EV sales, new products with good range, and customers getting the courage to utilize the EV and we can expect a 3x to 4x growth this year with sales hitting 8,00,000-9,00,000 units up from 3,40,000 units last financial year,” Sohinder Gill, director-general, SMEV, was quoted as saying by the Times of India.

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BharatPe founding member Satyam Nathani quits in third key exit in a week

In another major exit at merchant payments and lending fintech BharatPe, the company’s founding member Satyam Nathani has resigned, according to sources. Nathani’s resignation comes just days after the exits of chief revenue officer Nishit Sharma and head of institutional debt partnerships Chandrima Dhar. ? Nathani was instrumental in building the company’s tech products and the backbone of the tech team at BharatPe. A dropout from IIT Delhi, Nathani joined BharatPe straight out of college and led the building of the first prototype BharatPe’s QR code besides other offerings like pay later product PostPe and peer-to-peer lending product 12% Club. The four-year-old company has been in the midst of controversy since the beginning of the year after allegations surfaced against founder Ashneer Grover for using inappropriate language and threatening a Kotak Group employee for failing to secure allotment and funding for the Nykaa IPO for him and his wife Madhuri Jain Grover.

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6) Technology

Edtech players go hybrid as online growth slows

Edtech players are turning their focus on a hybrid model amid a slowing down in the sector after two years of hypergrowth as easing Covid-19 curbs and reopening of offline institutions make more students go back to traditional modes of learning. Companies including PhysicsWallah, Byju’s, Imarticus Learning, Cuemath, Vedantu, and Unacademy are all in the process of either expanding or building an offline presence. Edtech players say going hybrid is part of a natural transition as education transforms with the rise of digitization and emerging technologies. While rapid adoption of online learning will continue, classroom programs will enhance learning, student-teacher in-person interaction, and project work, they said.

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7) Politics

Three-state boost and a downer: How BJP came out on top in Rajya Sabha polls

For the first time in its history, the BJP crossed the 100 MPs threshold in the Rajya Sabha on March 31. The tally came down to 95 in the Upper House elections held on Friday, but, in nail-biting contests that went down to the wire, the ruling party won a seat each in Karnataka, Maharashtra, and Haryana above its strength in the Assemblies of these states. The BJP’s senior leaders and Cabinet ministers Nirmala Sitharaman and Piyush Goyal won — the Union finance minister from Karnataka and her Cabinet colleague from Maharashtra — but the party faced a major setback in Rajasthan, where it has begun preparations for next year’s Assembly elections, after its Dholpur MLA Shobharani Kushwah cross-voted for the Congress candidate, leading to the defeat of Independent candidate backed by the party.

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8) Sports

Mithali Raj, Indian women’s cricket icon, announces retirement from all forms of the game

Indian women’s cricket legend and captain Mithali Raj has announced her retirement from all forms of the game. Mithali, who made her debut for India in 1999 went on to become one of the greatest players to ever play the game and ended her career as the leading run-scorer in all three formats in Women’s cricket. The 37-year-old last played international cricket in March this year in the 2022 Women’s World Cup where she led the Indian team, however, the Women in Blue couldn’t make it to the semi-finals. Under Mithali, Indian women’s cricket made some giant strides on the global cricketing map, the biggest one is making the final of the 2017 Women’s World Cup final against England at Lord’s.

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$12 mn per match: IPL set to be No. 2 sports league

On the eve of the e-auction for Indian Premier League’s (IPL) five-year media rights, the Indian cricket board is bullish: currently at No. 4 behind National Football League (NFL), English Premier League (EPL), and Major League Baseball (MLB), in terms of “per match broadcasting fees,” the board expects IPL to jump to the second spot. “At present, a National Football League game costs a broadcaster about $17 million, which is the highest for any sports league. That’s followed by the English Premier League, at $11 million and the Major League Baseball figure, too, is roughly the same. In the last five-year cycle, we got $9 million from one IPL game. This time, going by the present minimum base price that we have set, BCCI will get paid $12 million per IPL match. That’s a giant leap for Indian cricket on the world stage. We will be just behind NFL,” Shah told The Indian Express quoting a BCCI study on global sports leagues.

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19-Year-Old Rahul Srivatshav becomes India’s 74th Grandmaster

Rahul Srivatshav P of Telangana has become India’s 74th Grandmaster, achieving the title after breaking the 2500 (Elo points) barrier in live FIDE ratings during the 9th Cattolica Chess Festival 2022 in Italy. The 19-year-old player reached the 2500 Elo live rating mark after drawing his 8th round game against Grandmaster Levan Pantsulaia in the Cattolica event. His current Elo rating is 2468. Srivatshav had already secured five GM norms and achieved the title when he crossed the rating threshold of 2500 on Friday. To become a GM, a player has to secure three GM norms and cross the live rating of 2500 Elo points.

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Centre unveils India’s first National Air Sports Policy

India announced its first national air sports policy on Tuesday, taking another step to promote sporting activities such as aerobatics, paragliding, and skydiving. The government had earlier said it would take steps to make India one of the top air sports nations by 2030. The policy will cover air sports such as aerobatics, aeromodelling, model rocketry, amateur and experimental aircraft, ballooning, drones, gliding, etc. The Air Sports Federation of India will be the apex governing body for such sports. It will publish draft guidelines within six months after consulting stakeholders, the policy said. “This federation will be chaired by civil aviation ministry secretary Rajiv Bansal,” it added.

For details visit here.

9) Opinion

At 6.7%, RBI’s inflation forecast could be an optimistic one

The central bank on Wednesday raised the inflation forecast by 100 basis points, up 220 basis points in a matter of two months – the sharpest since RBI adopted flexible inflation targeting as a formal monetary policy objective in 2016. But it may be a conservative estimate given that the assumed crude oil price, at $105 a barrel, may have to be raised. Even as RBI has retained its growth forecast for FY23 at 7.2%, it has raised the inflation forecast by 220 basis points to 6.7% for FY23 above its tolerance band of 2-6%. But these estimates factor in oil prices at $105 per barrel versus the $120 dollars per barrel prevailing now. According to analysts, a $10 a barrel change in crude prices could impact CPI inflation by 50-60 bps.

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RBI’s UPI-credit card linking plan is not adding up for banks, fintech

The central bank’s move to open credit card transactions on the Unified Payment Interface—India’s preeminent digital payment network—is throwing up a slew of challenges from lack of clarity on merchant discount rates to confusion on merchant authentication and know-your-customer (KYC) norms, multiple fintech and banking industry executives told ET. While the announcement—on Wednesday– by the Reserve Bank of India to permit quick response (QR)-based payments through RuPay cards, which are backed by the National Payment Corporation of India (NPCI), is expected to result in a five-fold increase in credit on the UPI platform, industry sources estimate it will take at least six months for a full roll-out of credit-card based payments.

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10) Weekly special

What is driving India’s Insurtech as the Fastest-growing segment in the $1.3 tn Fintech Market?

In the wake of the pandemic, the Indian insurance sector (both life and non-life categories) witnessed considerable growth. According to IRDAI data, insurance penetration in India went up in FY21 to 4.2% from 3.76% in FY20. However, as Indian Angel Network (IAN) cofounder Raman Roy says, less than 15% of the country’s 1.3 Bn population is served by the financial services sector, while insurance penetration was just 1% in 2021, which is very low compared to the 4% global average. This spells a massive growth opportunity for the insurtech segment, in line with India’s burgeoning digital payment ecosystem. As Ankur Bansal, co-founder and director, BlackSoil Capital says, “Insurtech is the fastest-growing fintech sub-segment in terms of market opportunity, growing at a CAGR of 57%, followed by investment tech (44%) and fintech SaaS (40%). Currently, the insurance market has a very low penetration compared to global leaders. With the National Health Stack further emphasizing health insurance, it will help improve the (overall) penetration of the insurance sector.”

For details visit here.

11) Did you know?

How is the President of India elected?

The President is elected by the members of an electoral college consisting of the elected members of both the Houses of Parliament and the elected members of the Legislative Assemblies of States and the Union Territories of Delhi and Pondicherry. The office of President was created when India became a republic on January 26, 1950. The President is the head of the executive and also the commander-in-chief of the Armed Forces.

For details visit here.

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

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