GLOBAL BUSINESS DEVELOPMENT - DAILY ASSIGNMENT

100 BUSINESS NEWS ARTICLES

1. Australia, Malayasia, Singapore and South Asia launch central bank digital
country scheme (CBDC)

 Central banks in Australia, Singapore, Malaysia and South Africa have launched digital
currencies (CBDC) scheme.
 It is a cross border payments trial that uses different central bank digital currencies (CBDC) in
order to assess if this allows transactions to be settled in a cheap and easy manner.
 Many govt. and central banks are exploring the use of CBDCs.
 Some countries, such as China, are testing retail focused CBDCs to replicate cash in circulation,
while others are considering employing so-called wholesale CBDCs to better their financial
systems’ internal workings.
 These platforms would allow financial institutions to conduct CBDC transactions directly with
one another, eliminating the need for middlemen and reducing transacting time and cost.

 The initiatives findings, which will also look into different technical, governance and operating
models are expected to release by early 2022.

2. Union Minister attends 11th UK-India Economic and Financial Dialogue

 Sitharaman and Sunak, who met virtually for the annual summit, signed off a USD 1.2-billion
package of public and private investment in green projects and renewable energy to boost India's
green growth ambitions.
 New steps to tackle climate change and boost investment were announced on Thursday at the
11th India-UK Economic and Financial Dialogue (EFD) between Finance Minister Nirmala
Sitharaman
 This includes a USD 1 billion investment from CDC, the UK's development finance institution in
green projects in India, joint investments by both governments to support companies working on
innovative green tech solutions, and a new USD 200 million private and multilateral investment
into the joint Green Growth Equity Fund which invests in Indian renewable energy.
 The countries have set a goal to double trade by 2030, including through negotiating a Free Trade
Agreement (FTA) following an Enhanced Trade Partnership (ETP) agreed between Prime
Minister Narendra Modi and his UK counterpart Boris Johnson earlier this year.
 Progress of the UK-India strategic partnership on GIFT City (Gujarat International Finance Tec-
City), India's first International Financial Services Centre (IFSC), to promote links between GIFT
City and the UK financial services ecosystem was also highlighted in the EFD joint statement.
 Both sides agree to explore facilitating the dual listing of green, social and sustainable bonds on
the London Stock Exchange (LSE) and IFSC exchanges, to enable firms to raise foreign capital,"
the statement notes.

3. South Korea's parliament passes bill to curb google, apple commission dominance

 The South Korean parliament approved a bill on Tuesday that prohibits major app store operators
such as Google and Apple from forcing software developers to use their payment systems,
effectively prohibiting them from charging commissions on in-app purchases.
 The amendment to the Telecommunications Business Act, dubbed the Anti-Google law, was
approved by a vote of 180 to 188.
 It is the first such restriction imposed by a major economy on companies such as Apple Inc. and
Alphabet Inc.'s Google, which have been criticised around the world for requiring the use of
proprietary payment systems.
 Based on South Korean parliament records, the amendment bans app store operators with
dominant market positions from forcing payment systems on content providers and
"inappropriately" delaying the review of, or deleting, mobile content from app markets.
 It also allows the South Korean government to require an app market operator to “prevent
damage to users and protect the rights and interests of users," investigate app market operators,
and mediate disputes regarding payment, cancellations, or refunds in the app market.

4. Textile exporters in Surat in a bind over Afghan crisis; Rs 4,000 crore stuck in pending dues

 Textile traders in Surat are worried over pending payments of about Rs 4,000 crore from
Afghanistan which have got stuck with the Taliban taking control of the country.
 Afghanistan’s central financial institution has instructed the industrial banks to not enable
company checking account holders to withdraw cash for any function or to hold out any digital
transaction inside or outdoors of Afghanistan.
 The basic secretary Federation of Surat Textile Traders Association Champalal Bothra stated that
earlier they used to send garments and textiles through Dubai but then they are doing that
through Bangladesh as it is the cheaper way out.
 But as of now exports have stopped but still, they are unsure of when they will get their
payments. Nearly 4000 crores have got stuck.
 Afghanistan used to purchase silk for turbans, textiles and readymade clothes similar to scarves,
clothes and kaftans from India. The Federation of Indian Export Organisations (FIEO) has
suggested exporters and importers to attend and watch earlier than taking any step.
 In the last week, the Afghani currency has depreciated to 87 Afghan afghani against the US
dollar, down from 80 Afghan afghani. While this bodes well for exporters, it hurts importers,
according to Ajay Sahai, director basic at FIEO.
 Businesses in Afghanistan have reported that the country's central bank has stated that it will not
provide enough dollars to local banks.
 This means that Afghan companies will be unable to pay their exporters.
 Surat's textile industry is in a vulnerable position as a result of the Covid-19 pandemic
outbreak. According to Bothra, many of the mills are operating at 60-70 percent capacity because
demand has yet to recover completely.
 He further stated that sales have been impacted by lockdowns and local restrictions since April,
when the second wave of Covid arrived in the country. They are now banking on Durga Puja,
Navratri, and Diwali sales.
 Surat is home to 380 textile mills, 650,000 looms, 65,000 merchants, and 100,000 embroidery
machines. Surat's textile industry employs 1.1 million people.

 Surat's textile trade is primarily populated by migrant workers from Uttar Pradesh, Bihar, West
Bengal, and Odisha. Since the Covid-19 outbreak, 30 percent of the migrant workers who had
left have yet to return.

5. India becomes the third largest start-up ecosystem in the world

 India has emerged as the 3rd largest start-up ecosystem in the world after US and China.
 Over the last year, India has added 3 unicorns every month taking the total count to 51, ahead of
the UK (32) and Germany (18).
 A privately held start-up company valued at over $1 billion is called a unicorn.
 US tops the list with 396 unicorns while China is at the second spot with 277 as per data of
Hurun Research Institute.
6. Delhi airport won CII national energy leader award

 Delhi International Airport has won ‘National Energy Leader’ and ‘Excellent Energy Efficient
Unit’ awards at National Award ceremony for ‘Excellence in Energy Management’
 The ceremony has been organised by Confederation of Indian Industry (CII) – Green Business
Centre (GBC) during 22nd edition of ‘Energy Efficiency Summit’

 Objective is to recognize the companies engaged in energy-efficiency initiatives that adopt best
practices and technological advancement.

7. India signs deals to export 1.2 million tonnes of sugar in new season

 Indian mills have signed contracts to export 1.2 million tonnes of sugar in the 2021/22 marketing
year thar starts from Oct. 1 as a rally in global prices has made exports feasible without govt.
subsidies, as reported by 2 leading trade bodies.
 Exports from the world's second biggest sugar producer could limit a rally in global prices that
reached a 4-1/2 year high in August as traders started scaling down Brazil’s production estimates
due to bad weather.
 Mills have contracted to export the entire 6 million tonne sugar quota assigned by the food
ministry in January this year, All India Sugar Trade Association (AISTA) said in a statement.
 An additional 8,00,000 tonnes of sugar have been contracted under the OGL (open general
license) route without subsidy support.
 According to AISTA, mills have exported a total of 5.11 million tonnes of sugar from January 1
till August 5, 2021.
 Of the total exports undertaken so far, maximum exports have been undertaken to Indonesia at
1.69 million tonnes so far this year, followed by Afghanistan at 6,23,967 tonnes and the UAE at
4,60,816 tonnes and Sri Lanka at 3,78,280 tonnes.
 India could export 7.5 million tonnes in the current marketing year ending on Sept. 30 and those
6.96 million tonnes already have been dispatched.
 The government has ruled out a subsidy for next season as global prices have jumped.
 Vice President of AISTA has stated that export subsidies are not required in the new season as
the global prices are trading 19.5 cents per lb.
 The government should quickly settle subsidy claims for the current season, which will help
mills to start the crushing season on time, as per the Vice President of AISTA.
 Brazil will start its new season from April, while new season supplies from Thailand are likely to
become available only after January 2022, giving India an opportunity to export surplus sugar in
the next few months, the ISMA said.
 India could start the 2021/2022 marketing year with carry forward stock of 8.7 million tonnes
and produce another 31 million tonnes in the season compared with local demand of around 26
million tonnes.

8. Apple iPhone seen doubling its India market share despite pandemic lull

 The Apple iPhone is likely to double its market share in India this year, despite a dip in
smartphone sales in the April-June quarter due to the second wave of the pandemic.
 The iPhone accounted for 2% of India’s smartphone market at the end of 2020.
 Once the second wave recedes, the demand for iPhones is likely to outpace that of rivals as
buyers of devices priced at more than $500 each are generally unaffected by the economic impact
of the pandemic, experts said.
 According to research firm Strategy Analytics, despite some hiccups in the second quarter of
2021, Apple is bound to more than double its market share to 3.8% in 2021 from 1.9% last year.
 The next iteration of the iPhone—coupled with the already-popular iPhone 12, 11 and SE series
— is seen driving sales.
 iPad and iMac also witnessed record sales in the first three months of the year, and the brand
captured the second spot in the tablet market and fourth spot in the consumer PC market for the
first-time ever.
 iMac sales grew 336% year-on-year shipping 167,000 units and the brand captured 5.4% of the
PC market, IDC data showed.
 iPads grabbed the second spot replacing Samsung.

 iPad shipments grew 144% and the brand captured 29% of the market, according to CyberMedia
Research.

9. Razorpay launches card tokenisation

 Fintech platform Razorpay launched ‘Razorpay TokenHQ’ solution for business in India to
enable their end-customers to continue experiencing the convenience of saved card transactions.
 Now it is available with added security and in compliance with RBI guidelines.
 It is a multi-network Card on File Tokenisation solution.

 It will work across all major card networks including Mastercard, RuPay and Visa.

10. Mukesh Ambani tops Hurun India Rich List 2021 for 10th straight year

 Reliance Industries Chairman Mukesh Ambani has topped IIFL Wealth Hurun India Rich List for
the 10th consecutive year with total net worth of Rs 7,18,000 crore.
 Adani Group Chairman Gautam Adani is at the second spot with net worth of Rs 505900 crores,
followed by Shiv Sadar and family of HCL technologies.

 Hurun India Rich List 2021 featured 1,007 individuals across 119 cities and indicated that India
has 237 billionaires, compared to 58 last year.

11. YES Bank Partners With Amazon Pay For UPI Transactions

 Yes Bank has collaborated with Amazon Pay and Amazon

 Web Services (AWS) to offer customers an instant real-time payment system through a UPI
transaction facility.
 The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing
customers to make secure, fast, and convenient payments.
 Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through
the Amazon Pay platform.

12. Bajaj Allianz partners TropoGo to distribute 'drone insurance’ products

 Bajaj Allianz General Insurance announced its partnership with deep-tech start-up TropoGo for
the distribution of a drone Insurance product.
 The drone insurance product will cover damage to the Drone and Payload it carries.
 Drone owners and drone manufacturing companies can avail an annual third-party and
comprehensive coverage for accidental damage, theft, and disappearance.
 Companies can also avail customized insurance coverage for fleet requirements.

13. ESAF Bank launches electric vehicle loan scheme 'Go green'

 ESAF Small Finance Bank has announced the latest "ESAF GO Green” range of electric vehicle
loan schemes.
 ESAF Go green loans validate the bank's social business strategy seeking a triple bottom line
impact; people; planet; and prosperity.
 ESAF SFB caters to more than 46 lakhs customers through its 550 banking outlets across 21
States and two UTS.

 Govt had given special consideration in the budget to promote the use of electric vehicles.

14. El Salvador plans to build world's first 'Bitcoin City'

 El Salvador President Nayib Bukele has announced to build the world's first Bitcoin City in the
country
 This new city is planned to be developed in the eastern region of La Union and will be initially
funded by bitcoin-backed bonds.
 It would get geothermal power from a volcano.
 Bitcoin City will not levy any taxes except for value added tax (VAT).
 One half of this VAT levied will be used to fund the bonds issued to build the city.

15. GST revenue collection rises 25 percent in November 2021

 GST revenues collection for November 2021 is recorded to be 25% higher than the GST
revenues in the same month last year and 27% over 2019-20.
 It is the second-highest ever estimation since the introduction of GST
 Gross GST revenue collected in November 2021: Rs 1,31,526.
 For the second straight month, Gross GST collection has crossed 1 lakh 30 thousand crore
 During the month, revenues from import of goods were 43% higher as compared to November
last year.

16. Global trade likely to hit $28 trillion in 2021, grow 23% YoY: UNCTAD

 Global trade is expected to reach about $28 trillion in 2021, growing 11% over pre-pandemic
levels, according to the global trade update report by UNCTAD.
 "UNCTAD outlook for 2022, remains very uncertain, due to slowing economic recovery,
disruptions of logistics and rise in shipping costs, etc
 ‘India’s goods exports show rises of 27% and 5%, and services increased by 7% and 17% in Q3
of the current fiscal compared to 2019 average and Q2 2021, respectively.

17. BSNL to roll out its 4G services by September 2022

 Bharat Sanchar Nigam Limited (BSNL) will roll out its 4G services by September 2022.
 The Government has approved revival plans for BSNL and MTNL with administrative allotment
of spectrum for providing 4G services with funding through budgetary allocation.
 BSNL has already begun necessary processes to go for AG tender.
 Incremental revenue of Rs 900 crores to BSNL is expected in the first year of pan India 4G
operations.

18. Kotak Mahindra MF launches India's first Nifty Alpha 50 ETF

 Kotak Mahindra Mutual Fund has launched India’s first ever Nifty Alpha 50 ETF called the
Kotak Nifty Alpha 50 ETF.
 It is an open-ended scheme that will track Nifty Alpha 50 index and gives investors an
opportunity to invest in a well-diversified portfolio of stocks with high Alphas.
 The diversified stocks in the ETF will be based on Kotak's well-defined strategy that will benefit
investors over the long term.
19. RIL inks $736 mn green loan pact to fund REC Solar acquisition

 Reliance Industries has signed a $736 mn green loan agreement with 5 banks to fund its
acquisition of REC Solar Holdings.
 “ANZ, Credit Agricole, DBS Bank, HSBC and MUFG were the lenders on the borrowing.
 Reliance had announced the acquisition of 100% shareholding of REC Solar from China
National Bluestar for $771 mn.
 Singapore-incorporated REC Solar is the borrower on the loan, while Reliance New Energy
Solar, a wholly-owned subsidiary of RIL is the guarantor.

20. Paytm Payments Bank gets RBI approval to operate as scheduled bank

 Paytm Payments Bank has received RBI's approval to operate as a scheduled bank, that will help
it to expand its financial services operations.
 lt has been included in the second schedule of RBI Act, 1934
 After this, Paytm’s share price rose 2.62% to close at Rs 1,594.55 apiece
 Apart from Paytm, Fino Payments Bank and India Post Payments Bank have also been included
in the second schedule.
 lt can now participate in government- and other large corporations-issued requests.
 Singapore-incorporated REC Solar is the borrower on the loan, while Reliance New Energy
Solar, a wholly-owned subsidiary of RIL is the guarantor.

21. One - day strike to lead to Rs 25,000 crore production loss: MSME association.

 10 lakh MSMEs announced a one day closure of operations against rising prices of various raw
materials could lead to production loss of 25,000 crore.
 Members of AICA said, costs of aluminium, copper and mild steel has increased 154%, 118%
and 82% during the past 18 months.
 A member of AICA said that, it must be noted that the steep hike in price of raw materials across
all sectors, despite low consumption of raw materials and subsequent drop in the production by
MSMEs.
 The open market players are not accepting the full effects of raw material price increase, while
there is no price escalation clause for public sector projects
 MSMEs are faced with huge challenges from no price rise clause for public sector projects.

22. SBI to raise 6000 Cr In capital through additional tire one bonds

 SBI is planning for another round of AT1 bond issuance of Rs.6000 Cr to replace maturing
securities.
 Its Capital Adequacy Ratio(CAR) stood at 13.66% with tire 1 of 11.32% at the end of June.
 While the bank has ab AAA credit rating the AT1 offering is rated AA+ due to the hybrid
and high risk nature of these instruments.
 This has been the lowest pricing ever offered on such date issued by any indian bank since
the implementation of basel III capital rules In 2013.

23. Best ever growth in GDP of India by 21.4%

· But it’s not the moment to celebrate.

· The growth is because of base effect.

Example:

Your Pre Covid salary = 10,000/-

 20% cut during covid = 8,000/-

Your employer raised 20% again = 20% of 8,000 = 1,600

Your salary after covid = 8,000+1,600 = 9600/- but not 10,000/-

To get 10,000/-, the hike must be 25%

In the same way, India’s GDP was -20% and now it gained 21.4%. clearly, it’s not restored at all.

Even though we get 10% more than current GDP, we would be at the position where we
were 2 years ago.

· This is good growth which is higher than assessed, we are still below the pre covid times.

25. Paytm in talks with ADIA, BlackRock, GIC for IPO stakes

· The SoftBank and Ant Group-backed payments startup is looking at a valuation of 20-22 Billion
USD, public aware of its thinking said, but this could change.

· Noida-based Paytm is waiting for final approval from capital markets regulator, the Securities
and Exchange Board of India (Sebi), after which it will file its red herring prospectus or RHP.

· Paytm’s $2.2 billion IPO - split equally between fresh issuance of shares and secondary share
sale (offer for sale or OFS) - is billed as one of the largest IPOs in India in over a decade.

· In May, Bloomberg reported that Paytm was looking at a valuation of $25-$30 billion in a
mega IPO.

. Record amounts of capital are being pumped into new-age digital startups, and a number of
large startups like Nykaa, PolicyBazaar and Oyo have filed for IPOs, while startups like
Delhivery and PharmEasy are also expected to file their draft IPO prospectuses soon.

26. Samsung Electronics likely to report best quarterly profit in three years

· Operating profit for the world's biggest memory chip and smartphone maker likely jumped to
$14 billion in the quarter ended September, according to a Refinitiv SmartEstimate from 16
analysts
· That would be up 30% from 12.35 trillion won a year earlier and the highest since the third
quarter of 2018. Revenue likely rose 11% to 74.6 trillion won, a record high.

· But the stock has dropped since then, compounded by losses in September when U.S. peer
Micron warned its memory chip shipments would slip in the near term, amid industry views that
chip prices will tumble after peaking in July-September.

· Prices of DRAM chips, used in servers, mobile phones and other computing devices, jumped
7.9% versus the June quarter, while those of NAND flash chips that serve the data storage market
rose 5.5%, data from research provider Trendforce shows.

· Analysts also forecast a double-digit operating margin for Samsung's chip contract
manufacturing business as clients rush to secure production capacity.

27. 8 core sector’s output accelerates to 11.6% in august

· Growth in output of 8 industry core sectors accelerated to 11.6% in august from 9.9% in the
previous month even as the base effect was less beneficial however two industries ruled and
fertilizer – saw declined in output in August against only crude oil in July

· The core sector in august this year recorded a 3.9% rise from the pre covid August 2019 too.

· India ratings believed that the index of the industrial production (IIP) would also show an
encouraging trend in august.

· The core sector has 40.3% weight in IIP. Industrial production growth declined to 11.5% in
July than 13.5% in June because of normalization of the base.

28. allegro capital named in pandora

· SEBI has investigated allegro capital over insider trading and has asked the company, its
director and major share holder Kunal Ashok Kashyap to pay Rs. 24,68,751 and also imposed
additional penalties in an order passed on July 8th.

· SEBI alleges that notices have traded in the script of viocon during unpublished price sensitive
information period.

· It was related to a 2018 announcement about Viocon global collaboration with Sandoz, an arm
of global pharma company based in Switzerland.

· The company stock rose 5.6% the day after the announcement.

· The SEBI order noted that Viocon was negotiating with another firm for CIMAB and Ssandoz
concurrently.

· Kashyap had the overall responsibility of negotiating with CIMAB, says SEBI.

29. WHO may take a call on Covaxin today

· Sage advises the WHO on overall global policies and strategies, ringing from vaccines and
technology, research and development, to delivery of the immunization and it’s linkages with
other health interventions. The exerts will also discuss on the clinical data on covaxin from phase
1,2,3 trials and post marketing studies on safety, immunogenicity efficacy and effectiveness,
besides update on global, regional and country level plans for vaccine safety monitoring.
· Bharat Biotech had in June presented its phase 3 clinical trials data demonstrating 77.8%
efficacy.

· WHO has so far approved Covid 19 vaccines of Pfizer Biotech, Astazenaca – SK Bio – Serum
Institute of India, Johnson and Johnson – Jansson Moderna, and Sinopharm for emergency use.

30. Noble prize in medicine for discovery of temperature, touch receptors

· The Noble Prize in the field of physiology or medicine has been warded to US scientists David
Julius and Ardem Patapoutian.

· They were cited for the discovery of the receptors for temperatures and touch.

· The active component in Chile peppers to identify the nerve sensors that allow the skin to
respond heat.

· The prestigious award comes with a gold medal and 10 million Swedish kronor (over 1.14
million dollars).

· The prize money comes from a request left by the prize’s creator, Swedish inventor, Alfred
Noble who died in 1895

· The prize is the first to be awarded this year. The other prizes for the outstanding work in the
field of physics, Chemistry, Literature, Peace and economics

31. Don't ban but regulate cryptos: IMF's Gita Gopinath

Emerging economies should regulate cryptocurrencies instead of banning them, International

Monetary Fund (IMF) chief economist Gita Gopinath said on Wednesday. She called for an
urgent global policy on the issue.

"Regulating crypto assets and currencies is essential, especially for emerging and developing
economies, as banning them may not work as crypto exchanges are located offshore, which
makes it easier for an individual to trade in them despite the ban," Gopinath said, delivering a
lecture on 'Global Recovery and Policy Challenges in 2022' organised by National Council of
Applied Economic Research (NCAER).

No individual country could solve this problem on its own given the complex cross-border
transactions, she said. "There is a need for a global policy on it urgently." She cautioned that the
adoption of cryptos poses a challenge to emerging and developing economies as most of them
typically had regulations around foreign transactions. "Cryptos pose problems as usually
emerging developing economies have exchange rate controls, capital controls, and capital flow
measures," she said. "Crypto assets and currencies can be used to evade those regulations."

32. India will likely get old before it grows rich

By the middle of this century, India will have 1.6 billion people. That’s when the country’s
population will finally start to decline, ending up at perhaps a billion by 2100. While that is still
around 250 million more people than China will have then, every time India’s population is
projected, its peak seems to come earlier and crest lower.

While India will be a young country for decades yet, it is aging faster than expected.
 The latest round of India’s massive National Family Health Survey underscores the point. The
average Indian woman is now likely to have only two children. That’s below the “replacement
rate” of 2.1, at which the population would exactly replace itself over generations. A few decades
ago, this would have been considered miraculous in a country dismissed as a Malthusian
nightmare. As modern health care became increasingly available after independence in 1947,
population growth exploded — rising from 1.26% annually in the 1940s to 2% in the 1960s.
Twenty years after independence, the demographer Sripati Chandrashekhar became India’s
health minister and warned that “the greatest obstacle in the path of overall economic
development is the alarming rate of population growth.” The India in which I grew up was
plastered with the inverted red triangle of the government’s family planning campaign.

In the end, increasing prosperity, decreases in infant mortality and — crucially — female
education and empowerment achieved more than government propaganda ever could. In urban
India, the fertility rate is now 1.6, equivalent to the U.S. The one thing the country can’t afford is
complacency. A fundamental assumption common among Indians who grew up surrounded by
family-planning propaganda is that our country has no resources except human resources and
those are essentially infinite.

33. US faces a double coronavirus surge as omicron advances

The White House on Wednesday insisted there was no need for a lockdown because vaccines are
widely available and appear to offer protection against the worst consequences of the virus. But
even if omicron proves milder on the whole than delta, it may disarm some of the lifesaving tools
available and put immune-compromised and elderly people at particular risk as it begins a rapid
assault on the United States.

Based on specimens collected last week, the Centers for Disease Control and Prevention said
omicron accounted for about 3% of genetically-sequenced coronaviruses nationally. Percentages
vary by region, with the highest - 13% - in the New York/New Jersey area.

But Harvard experts said these are likely underestimates because omicron is moving so fast that
surveillance attempts can't keep up. Globally, more than 75 countries have reported confirmed
cases of omicron. In the United States, 36 states have detected the variant. Meanwhile, delta is
surging in many places, with hot spots in New England and the upper Midwest. The five states
with the highest two-week rolling average of cases per 100,000 people are New Hampshire,
Rhode Island, Michigan, Minnesota and Vermont.

34. 5G trials signal opportunities in India: Minister Devusinh Chauhan

The latest fifth-generation (5G) field trials by telecom service providers demonstrates the sector's
readiness to embrace next-generation technology, and the existence of massive opportunities in
country, said junior communications minister Devusinh Chauhan. "Recent 5G technology trials
by telecom service providers with global and indigenous technology with India-specific
applications have demonstrated the readiness of the sector and also the great opportunities that
exist in India," the minister said. He added that the telecom department, through its policies, has
been encouraging indigenous development of 5G technology and the results were quite exciting.
 "It is expected that by the third quarter of next year, we will have indigenously designed,
developed and manufactured 5G mobile network. We are not resting with our present success.
We have also set up a task force for the development of 6G technology in the country," Chauhan
said.

Further, he said that the Indian telecom companies have successfully tested 4G mobile
communication network elements, and state-run BSNL would soon deploy indigenously
designed and manufactured 4G mobile networks. The government has launched a slew of
reforms and initiatives that would take the sector to a new level.

35. Travel industry seeing recovery from Omicron worry in last few days

As the news started coming in that it was going to be mild, that the hospitalisation rate is not
going to be high, we could visibly see the sentiments sort of bouncing back," Magow said in an
interview to ET. "Now for the last three to four days, the trend has reversed already. The numbers
have been better than the previous days. Booking windows are getting shorter and same-month
travel is picking up." Health experts across the world seem to be suggesting that booster shots is
the way to go and this is something India should look at as well, he said. "There is no real
downside and what are we waiting for given that supply is also there. I think that would be
helpful."

In terms of changes in travel technology, Sanjay Mohan, MakeMyTrip's group chief technology
officer, said people want some sort of insurance on the travel plans, so the company is also
building those features as a response to accommodate the new trends in the customer buying
experience. He said the company has worked on building very core technical capabilities over the
past two years and has looked at building new horizontal platform capabilities such as the myBiz
platform for the corporate travellers or the myPartner platform for the local travel agents.

36. Chip shortage to shave off 500k units from car firms' sales books

The Indian passenger vehicles industry will lose about 500,000 units of sales in FY22 on account
of the semiconductor shortage, ratings agency Icra said on Wednesday. That translates to about
₹1,800-2,000 crore in lost sales opportunity, the ratings agency said. Due to the shortage of
semiconductors, waiting periods for some of the popular car models have gone up to as long as
12 months. Automakers have been forced to launch variants of their models with fewer features,
thus reducing the semiconductor content per car and thus cutting the waiting periods.

While a supply shortage has made the agency revise its growth forecast for the passenger
vehicles market, it was a demand issue when it came to two-wheelers. Icra now expects the two-
wheeler market to shrink by 1-4% in FY22 from an earlier low single-digit growth forecast.

This has been primarily due to sharp increase in prices of two-wheelers over the past two-three
years on account of several regulatory changes and increased input costs. Higher fuel prices
further deter consumers. Icra's growth forecasts for the commercial vehicles and tractor segments
remain the same at 18-22% and 1-4%, respectively.
37. RBI may return to symmetric policy corridor by March'22: Report

The Reserve Bank may return to a symmetric policy corridor by as early as March'22 by hiking
reverse rate in two steps as inflation pressures rise. Assuming no further threat from new
infections, the MPC may turn neutral in its stance in April'22 and raise repo rate in June,
according to a report by Bank of America( BofA) Securities.

The Securities firm has based its forecast on its expectation that consumer price indexed (CPI)
inflation will rise to an average 5.6% year-on-year (y-o-y) in FY'23 as demand recovers and
global commodity prices stay elevated. Moreover, sticky core CPI inflation is likely to exert
upward pressure on headline, even as food inflation stays largely contained. As demand recovers,
the spillover from raw material prices to output prices, which was cushioned by the slack in the
economy is expected to rise.

Even as the recent monetary policy statement expect government's fiscal policy measures to
address inflation concerns, BofA Securities says that the recent cut in oil taxes offers some
comfort to inflation trajectory in the coming months, but some upward resetting of menu costs
amidst rising raw material prices and improving domestic demand cannot be ruled out. Further it
says that while CPI inflation is still expected to rise only modestly, the MPC is likely to refocus
on the 4% target, rather than the 2-6% range that they referred to - as a flexible inflation targeting
central bank in support of growth during the last 20 months. Recovery is gaining steam and it
sees real GDP growing at 8.2% y-o-y in FY'23 and 9.3% in FY22 due to base effects,
sequentially the growth momentum is estimated to improve further. Contact intensive services
sector, which is still reeling under the scar of mobility restrictions, is expected to support growth.

38. Edelweiss ARC to double investments in retail bad loans

Edelweiss Asset Reconstruction Company (ARC) is set to double its investments in retail bad
loans to ₹1,000 crore as defaults are likely to grow and the prospects of a quick recovery in this
segment are better than in corporate loans, which wind up in National Company Law Tribunal
proceedings.

Many loans taken during Covid-19 could turn bad as incomes in several segments are under
stress. Last year, Edelweiss ARC bought retail loans for about ₹500 crore across mortgage, loan
against property (LAP), small and medium enterprises, commercial vehicles, auto loans and
unsecured segments.

Most marquee private institutions are in the market, selling retail bad loans to avoid deterioration
in asset quality ratios beyond a certain level. Some other institutions, especially non-banking
lenders, want access to liquidity and prefer cash deals at large haircuts. A bulk of these deals
happened through the 15:85 model, where 15% is paid upfront to the selling institution while the
remaining 85% is traded in security receipts redeemable at a later date. For the quarter ended
September, Edelweiss ARC's assets under management stood at ₹42,800 crore against ₹42,400
crore a year ago.

39. Going direct, going digital

There has been a sharp growth for the direct to the consumer (D2C) brands during the pandemic
as consumers' needs have evolved. Homegrown D2C brands have not only accelerated their
presence in the domestic markets but have also started making plans to disrupt product categories
in the international market. Earlier, the D2C brands made their presence felt on the platform of
several eCommerce companies and are now growing by using their own infrastructure without
any
 middlemen. Aarti Gill, Co-founder & CEO, OZiva explained that there is a need to invest in the
education of the customer base. “There is a need to understand the consumer, being digital first.
It gives you a lot of data points for the different solutions that can be relevant. Its not just about
selling product today, you can also have very deep conversations with your consumers,” Gill
said.

There are several tools that would help D2C brands grow, however it is equally important to
identify the right tools.

Shankar Prasad, CEO & Founder, Plum explained that shifting your data becomes a problem if
you have not selected the right set of tools for your company. “You also need to empower your
customer support team, and make them the centre of what you do,” he added.

40. Ola Electric organizes special event for delivery of S1 scooter in Bangalore and Chennai

Ola Electric on Wednesday said it has commenced deliveries of its S1 scooter. The company said
it organised special events in Bangalore and Chennai on Wednesday to deliver both S1 and S1
Pro trims to the first 100 customers.

The company said it had last month rolled out the largest-ever direct-to-consumer experience
initiative in the history of automotive retail, offering customer test rides across India. To fulfill
the overwhelming reservation and purchase response received across the country, priority
deliveries are based on an automated scientific approach that decides the delivery handover as
per their purchase date, variant, location, colour, and other factors, it added.

The company rolls out the Ola S1 scooter from its Tamil Nadu-based manufacturing plant.

41. HAL signs Rs 2,400 crore contract with BEL

In a major boost to indigenisation, Hindustan Aeronautics Limited on Thursday signed a contract

with Bharat Electronics Limited for development and supply of 20 types systems for the LCA
Tejas Mk1A programme. The five-year contract spanning from 2023 to 2028 is valued at Rs
2,400 crore and involves supplying critical avionics Line Replaceable Units (LRUs), flight
control computers and night flying LRUs, Bengaluru-headquartered HAL said in a statement.

"LCA Tejas programme is an excellent example of synergies between Indian Defence

establishments such as HAL, DRDO & BEL. The current order for development and supply of 20
types of critical avionics LRUs for Tejas Mk1A is a shot-in-the-arm for Make in India activity,"
said HAL CMD R Madhavan. The order for supply of these systems for 83 Tejas Mk1A fighter
fleet will be executed by two Divisions of BELat Bengaluru and Panchkula (Haryana). All the
contracted items will be delivered by BEL to HAL in a ready-to-board condition, the statement
said.

Deliveries under 83 Tejas Mk1A order to IAF will commence from 2023-24. The home-grown
fighter is slated to be equipped with indigenous flight control computers, air data computers
which would also be supplied by BEL under this contract.
42. Omicron is very serious threat, what we know is bad: UK health official

England's Chief Medical Officer Chris Whitty said on Wednesday that the Omicron coronavirus
variant posed a really serious threat and that what health officials already knew about was "bad".

"This is a really serious threat at the moment. The how big a threat - there are several things we
don't know, but all the things that we do know, are bad," Whitty told a news conference. "And
the principle one being the speed at which this is moving, it is moving at an absolutely
phenomenal pace."

He added: "We do have some things going for us this time of which the most important is the
existence of effective vaccines and the ability to boost at speed at this stage."

43. Time to act now before farming issues become severe, says PM Modi

Asking farmers to turn to organic or natural farming, Prime Minister Narendra Modi on Thursday
said this is the right time to take big steps before the issues related to farming become severe.
Addressing the National Conclave on Natural Farming at Anand via video link, Modi also said
cows can play an important role in organic farming as their dung and urine can be used as
fertilizer and pesticide.

"It is a fact that chemicals and fertilizers have played a crucial role in the green revolution. But it
is also imperative to work on their alternatives. It is the right time to take big steps before the
issues related to farming become severe. In Gujarati, it is said that prevention is always better
than cure, he said.

"We need to take agriculture out of the chemical lab and connect it with nature's lab," Modi said.

44. Omicron infects 70 times faster but may cause less severe disease: Study

The Omicron variant of coronavirus infects and multiplies 70 times faster than Delta and the
original COVID-19 strain, but the severity of illness is likely to be much lower, according to a
study. The yet-to-be peer-reviewed study provides the first information on how the novel variant
of concern infects human respiratory tract. The researchers from University of Hong Kong found
that Omicron infects and multiplies 70 times faster than the Delta variant and original SARS-
CoV- 2 in human bronchus, which may explain why it may transmit faster between humans than
previous variants. A bronchus is a passage or airway in the lower respiratory tract that conducts
air into the lungs. The study also showed that the Omicron infection in the lung is significantly
lower than the original SARS-CoV-2, which may indicate lower disease severity.

The researchers used ex-vivo cultures of the respiratory tract to understand why Omicron may
differ in transmission and disease severity from other SARS-CoV-2 variants. This method uses
lung tissue removed for treatment of the lung, which is normally discarded, for investigating viral
diseases of the respiratory tract.

Michael Chan Chi-wai, Associate Professor at University of Hong Kong, and his team
successfully isolated Omicron and compared infection from the variant with the original SARS-
CoV-2 from 2020, and the Delta variant. The team found that the Omicron replicates faster than
the original SARS-CoV-2 virus and Delta variant in the human bronchus.
 At 24 hours after infection, the Omicron variant replicated around 70 times higher than the Delta
variant and the original SARS-CoV-2 virus, the researchers said. Omicron replicated less
efficiently -- over 10 times lower -- in the human lung tissue than the original SARS-CoV-2
virus, which may suggest lower severity of disease, they said. "It is important to note that the
severity of disease in humans is not determined only by virus replication but also by the host
immune response to the infection, which may lead to dysregulation of the innate immune
system," Chan said in a statement. "It is also noted that by infecting many more people, a very
infectious virus may cause more severe disease and death even though the virus itself may be less
pathogenic," he explained. Taken together with the recent studies that showed Omicron can
partially escape immunity from vaccines and past infection, the overall threat from the variant is
likely to be very significant, the researchers added.

45. Kia plans to announce EV strategy for Indian market next year

 South Korean automaker Kia plans to come out with a detailed strategy on electric vehicles for
the Indian market next year, a senior company official said on Thursday.
 The company, which unveiled its all new model -- Carens -- for the Indian market, is considering
all aspects related to the electric vehicle (EV) segment before coming out with a final blueprint.
 Earlier this month, Hyundai announced plans to invest around Rs 4,000 crore to drive in around
six EVs in India by 2028. Asked about sales estimates, Brar noted that the automaker is looking
at around 30 per cent growth next year as compared with 2021.
 · On chip shortage, Brar noted that the situation is expected to become better next year. He
said the company is doing whatever it can to reduce the waiting periods on its vehicles, which
have shot up due to production issues owing to semiconductor shortage.

46. Byju's in talks to go public via SPAC deal at $48 billion valuation

 · Tiger Global-backed Byju's is in talks for a US listing through a deal with veteran dealmaker
Michael Klein's blank-check firm that could value the edtech firm at $48 billion, a source told
Reuters on Thursday.
 · Byju's, which offers online education and caters to all age groups, has benefited by a boom
in online education as schools and in-person classes were forced shut by the Covid-19 pandemic.
 · Tiger Global-backed Byju's is in talks for a US listing through a deal with veteran dealmaker
Michael Klein's blank-check firm that could value the edtech firm at $48 billion, a source told
Reuters on Thursday.
 · Byju's, which offers online education and caters to all age groups, has benefited by a boom
in online education as schools and in-person classes were forced shut by the Covid-19 pandemic.

47. Indian Ocean region most vital for global commerce geopolitical stability

 · Indian Ocean region is among the world's "most vital" in terms of global commerce, energy
and geopolitical stability and its natural resources are an engine for growth, said Minister of State
for External Affairs Dr Rajkumar Ranjan Singh.
 · India's vision of the Region is a pulse on SAGAR doctrine - Security and Growth for All in
the Region as outlined by our Prime Minister encompassing political, security, economic and
socio-cultural spheres, Singh said virtually at the inaugural session of 8th Indian Ocean Dialogue
on Post Pandemic Indian Ocean.

48. China’s Economic World War

 · The nation’s admission 20 years ago into the WTO was a grave mistake. Congress can begin
to rectify this error by immediately terminating Beijing’s special trade status.
 · T wenty years ago today, China joined the World Trade Organization with the promise of
greater peace and prosperity for all mankind.
· As he championed this historic mistake, then–president Bill Clinton patronizingly said, “It is
ironic, I think, that so many Americans are concerned about the impact on the world of a strong
China in the 21st century.” We are now witnessing how right those Americans were.

49. Biden’s Bizarre Plan to Reduce Gas Prices

 · Americans have had to face a harsh reality: high gas prices. The president has been looking
into ways to reduce the cost of fuel. His first solution was to ask the Federal Trade Commission
to investigate whether oil companies were engaging in “price gouging.” His second move was to
release federal oil reserves.
 ·
 · None of these decisions is adequate to reduce gas prices. Requesting that the FTC scrutinize oil
companies is a waste of taxpayers’ money. The release of federal oil reserves only creates
uncertainty in the market, and therefore distorts the regular operation of the economy.

50. Banning Crude-Oil Exports Would Increase Gasoline Prices

 Rising gasoline prices are the bête noire of elected public officials, as they inflict significant,
highly visible costs on household budgets. And notwithstanding herculean efforts by those
elected officials to blame the (fiercely competitive) fossil-fuel industry, OPEC+, the Covid
pandemic, supply-chain issues, previous officeholders, and anyone or anything else, rising
gasoline prices are decidedly not salutary for approval ratings, election prospects, influence, or
any of the other currencies politically valuable in the modern Beltway.
 And so, as night follows day, rising gasoline prices spur political attacks, endless blame-shifting,
and proposals to do something to drive prices down, among them the aforementioned idea to ban
crude-oil exports, on the grounds that such a policy would increase domestic supplies of crude oil
and thus drive down the prices of refined products.

51. Congressional Republicans Provide a Way Forward on Supply Chains

 Republicans on the Joint Economic Committee have provided a way forward on supply chains
that addresses some of the root causes of America’s transportation inefficiencies. The report,
authored by senior economist Jackie Benson, advocates port automation, deregulation, and
worker flexibility.
 Much of the Biden administration’s response to the supply-chain crisis has been nonresponsive to
what ails us. That’s because there’s not much the federal government can do to help in the first
place, and the few things it can do to help are ruled out by Democrats’ progressive ideology.

52. Covid-19 Treatments and the FDA: A Sense of Urgency Might Help

 Delta variant surges in various locales and the new Omicron variant expands around the globe,
public officials are beginning to reimpose Covid-19 restrictions. The Food and Drug
Administration, though, seems to lack the same sense of urgency.
 The agency is considering two new antiviral pills that have been found to cut Covid-19
hospitalizations and deaths in people treated soon after they become symptomatic. If authorized,
the pills would enable early Covid-19 to be treated at home with a five-day course of treatment
— a marked improvement upon the treatments that are presently on offer.
 The only currently FDA-authorized antiviral for Covid-19, Remdesivir, must be administered
intravenously in a hospital setting, making it burdensome and expensive to use. Monoclonal
antibodies — laboratory-produced molecules that block the virus that causes Covid-19 from
attaching to human cells — have been granted FDA emergency-use authorizations (EUA), but
are costly, difficult to manufacture, and also require intravenous administration.
53. Supply-Chain Crisis Isn’t Going Away

 Massaging the messaging has been a top priority for the Biden administration on supply chains.
While talking to the press in early November, President Biden said, “By the way, you all write
for a living. I haven’t seen any of you explain the supply chain very well.”
 A report from last week revealed that members of the National Economic Council and Port
Envoy John Porcari have been in conversations with members of the media in an effort to put a
positive spin on the economic news.
 No amount of spin will change the facts. Despite indications that the line of ships waiting to be
unloaded at the Ports of Los Angeles and Long Beach was shortening, it was actually just an
artifact of a new queuing system the ports are using.
 The Marine Exchange of Southern California has since updated its official count to reflect the
new queuing system, and the backup stands at 95 ships as of December 10, which is near the
record high.

54. Fintech Uni raises $70million from General Catalyst

 Fintech startup Uni has raised $70 million in Series A round led by General Catalyst. The round
also saw participation from Eight Roads Ventures, Elevation Capital, Arbor Ventures, and
existing investors Lightspeed and Accel.
 Founded by Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, Uni offers a range of credit
products to Indian consumers. Uni’s Pay 1/3rd card is a pay-later card that was piloted in June. It
automatically splits transactions into 1/3rd with no interest charges. It has registered a monthly
disbursal of Rs 175 crore within six months of launch.
 The fresh funds will be deployed to scale up the team and for product development. Uni raised an
$18.5 million seed round in October 2020, while still in stealth mode.
 Fintech startup Uni has raised $70 million in Series A round led by General Catalyst. The round
also saw participation from Eight Roads Ventures, Elevation Capital, Arbor Ventures, and
existing investors Lightspeed and Accel.
 Founded by Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, Uni offers a range of credit
products to Indian consumers. Uni’s Pay 1/3rd card is a pay-later card that was piloted in June. It
automatically splits transactions into 1/3rd with no interest charges. It has registered a monthly
disbursal of Rs 175 crore within six months of launch.
 The fresh funds will be deployed to scale up the team and for product development. Uni raised an
$18.5 million seed round in October 2020, while still in stealth mode.

55. S Africa President Cyril Ramaphosa tests positive for COVID-19 as infections reach record
high of 37,875 cases

President Ramaphosa and the South African delegation were tested for COVID-19 in all of the
four West African countries that he visited over the past week. They also tested negative upon
their return to South Africa on Wednesday. Prime Minister Narendra Modi took to Twitter to
wish him a speedy recovery.

56. Israel adds UK, Belgium, Denmark to travel ban list amid surge in COVID-19 Omicron
variant

Head of Public Health Services Dr Sharon Alroy Preis announced during a press briefing with
Health Ministry Nitzan Horowitz and Health Ministry Director-General Prof Nachman Ash that
the above-mentioned countries will be labelled as red countries and placed under a travel ban,
reported The Jerusalem Post.
57. Omicron variant found in 63 countries, might surpass Delta in spreading speed: WHO
"As of December 9, 2021, cases of human infections with this variant have been identified in 63
countries across all six WHO regions," read the overview by the WHO, reported Sputnik. It is not
clear yet, why the new strain is spreading so fast, the organization added.

58. Omicron variant to be detected in 20 minutes by molecular diagnosis test

POSTECH announced on the 10th that a research team led by Professor Lee Jung-wook of the
Department of Chemical Engineering has developed molecular diagnostic technology that can
detect the Omicron variant in just 20-30 minutes and will publish the results online.

59. Omicron spreads faster and weakens jabs: WHO

The WHO said Omicron had spread to 63 countries as of December 9. Faster transmission was
noted in South Africa, where Delta is less prevalent, and in Britain, where Delta is the dominant
strain.

60. UK hikes virus alert level as omicron variant surges

The chief medical officers of England, Scotland, Wales and Northern Ireland said the emergence
of the highly transmissible new strain ``adds additional and rapidly increasing risk to the public
and health care services'' at a time when COVID-19 is already widespread.

61. UK steps up efforts to combat Omicron spread

Britain is banking on vaccination as the best way to stop the rapid spread of the virus -- and keep
the economy open -- with concern that hospitals could be overwhelmed as they also deal with
seasonal respiratory infections such as flu.

62. U.S. COVID-19 deaths approach 800,000 as Delta ravaged in 2021

Deaths have increased despite advances in caring for COVID patients and new treatment options
such as monoclonal antibodies.

63. G7 warns Russia of 'massive consequences' if Ukraine attacked -draft statement

The Kremlin denies it plans to invade and says the West is gripped by Russophobia. Moscow
says the expansion of NATO threatens Russia and has contravened assurances given to it as the
Soviet Union collapsed in 1991.

64. Dangerous tornadoes rip through six US states, kill more than 80 people
Tornadoes ripped through six US states overnight, killing over 80 people and leaving scores more
missing in "one of the largest" storm outbreaks in US history.

65. The origin of the Covid pandemic remains undiscovered

Nearly two years after the COVID-19 epidemic began, the source of the virus that is wreaking
havoc on the planet remains unknown.

66. Over 96% voted against New Caledonia independence: final results
More than 96 percent of voters on the Pacific territory of New Caledonia rejected independence
from France in a third referendum on Sunday that was boycotted by pro-independence groups,
final results showed.

67. New Caledonia votes on whether to stay part of France

Voters in the French Pacific territory of New Caledonia cast ballots on Sunday on whether to
break away from France, but pro-independence forces urged a boycott because of the pandemic
and what they called unfair actions by the state. A tropical storm also threatened to dampen
enthusiasm for the vote. Lines snaked out of some polling stations anyway, as winds whipped
palm trees lining the streets of the regional capital Noumea.
68. UK opens up COVID boosters to all over 30s in Omicron fight
On Saturday, the UK recorded another 54,073 COVID-19 infections, including 633 of the
Omicron variant.

69. COVID-19: Bangladesh confirms presence of Omicron variant in two women cricketers
Without revealing the identity of the cricketers, Maleque said, the two -- one 21- year-old and the
other 30 -- are the first confirmed cases of the Omicron variant of the coronavirus in the country.
Everyone who came into contact with them have been tested, but none of them have tested
positive for Covid-19, he said.

70. South Korea says no boycott of Beijing Olympics

Visiting Canberra, Moon Jae-in said he was "not considering" snubbing the Olympics to protest
China's human rights abuses, as several Western nations
have done

71. Exports rise 44% during December 1-14

Imports too grew 42.57 per cent to $27.53 billion during the period under review, the data showed.

72. India’s FDI rules ambiguous, can be strengthened, says WTO DG Ngozi Okonjo-Iweala
Emphasising that vaccine access and lasting economic recovery go together, she said that WTO
members will be able to build on this work by agreeing this month on a framework for pandemic
response covering both supply chain issues and appropriate solutions under the TRIPS waiver
proposal.

73. India to appeal WTO panel ruling on sugar sops, says no impact on extant policies
“India believes that its measures are consistent with its obligations under the WTO agreements,”
the ministry said

74. WTO panel asks India to withdraw subsidies in sugar dispute

In the cases brought before the WTO in 2019, the rival producers alleged that India had broken
WTO rules by providing excessive domestic support and export subsidies for sugar and sugarcane.

75. South Korea's parliament passes bill to curb Google, Apple commission dominance
 South Korea's parliament on Tuesday approved a bill that bans google and apple to
force software developers to use their purchase system for buying in app purchases.
 It is the first such curb by a major economy on the likes of Apple Inc and Alphabet Inc's
Google which face global criticism for requiring the use of proprietary payment systems that
charge commissions of up to 30%
 This is the first country to do so it is encouraging vocal for local
 Monumental step for a fair app ecosystem
 The legislation passed today by the Assembly will put an end to mandatory in-app purchase
inSouth Korea, which will allow innovation, consumer choice, and competition to thrive in this
market
 Soon USA and india are also going to follow suite

76. Walmart CEO commits $10 billion exports by 2027 from India

Walmart International chief executive Judith McKenna has reiterated the US retail giant's
commitment to export $10 billion worth of goods out of India annually by 2027, which she said
will create a network of small and medium enterprises selling to the company's global buyers and
help in the Make-in-India programme.
77. Adani Group opens cargo traffic from Iran, Afghanistan and Pakistan at Mundra port

The Adani Group has removed a ban on exports and imports to and from Afghanistan, Pakistan
and Iran at its Mundra port, reversing an order made in October.

78. India’s mission to WTO inks MoU with 2 institutes for capacity building, research in
international trade law

The government on Tuesday said that India’s permanent mission to the World Trade
Organization, the Centre for Trade and Investment Law (CTIL) of the Indian Institute of Foreign
Trade, and the Centre for Trade and Economic Integration of The Graduate Institute, Geneva
have signed a tripartite Memorandum of Understanding to begin collaboration towards research
and capacity- building in the field of international trade law and policy.

79. India, UAE aim to conclude trade pact talks next week

India and the UAE aim to conclude the negotiations for a free trade pact next week when the two
sides meet for the third round of talks in New Delhi, the government said on Friday after
commerce and industry minister Piyush Goyal met representatives of aluminium, copper, and
chemicals and petrochemicals industry as part of the ongoing stakeholder consultations.

80. India exports Rs 27,575 cr worth of marine products in Apr-Sept: Centre

The country exported 6.05 lakh tonnes of marine products worth Rs 27,575 crore in the first six
months of the current financial year 2021-22 with the most exports undertaken from Andhra
Pradesh, Parliament was informed on Tuesday.

81. Tea exports decline by around 10% in Jan-Sep; but fetches higher price in overseas market

Tea exports from India during the January-September period of 2021 have declined by around 10
% to 137 million kilograms but the beverage fetched a higher price per kg in overseas markets.

82. India-US Trade Policy Forum has key role in deepening understanding of each other's
positions: Former Obama admin official

The India-US Trade Policy Forum has a key role to play in deepening the understanding of each
other's positions in a non-negotiating, non-transaction-oriented setting, according to a former top
commerce official in the Obama administration, who welcomed the revival of the key platform to
further enhance bilateral trade ties.
83. What is Apple doing with its App Store?

 Starting next year, Apple will allow Spotify, Netflix and other apps that sell digital
subscriptions to music, video, magazines, newspapers, books and audio to include an in-app link
to their own sites, where users can sign up outside Apple's payment system for the first time.
 Apple also agreed to let app developers email their users about ways to sidestep when signing
up for subscriptions for which it landed itself a lawsuit by US Epic and Japanese regulators.
 This decision probably won't make apps cheaper for users though.
 But this could make easier for some users as they can access Spotify and Netflix which had
blocked sign-ups in their iPhone apps because they didn't want to share that revenue with
Apple.
 Apple insists that control over its app ecosystem helps protect the privacy and security of its
customers. However, industry critics claim it to be a pretext for preserving a commission system.
 However it is unlikely that Apple's actions will affect the ruling in the Epic lawsuit.
84. India Australia CECA- Go for an early harvest but to really unlock the potential

CECA- Comprehensive Economic Cooperation Agreement

Both the countries came to a deal for the 'early harvest' which would be an effort to quickly
increase market access for their own goods and services in each other's markets.
Australia would be keen on access for its manufactured products through lower Indian tariffs.
India would be looking out for increased exports in textiles, apparels, vehicles and
pharmaceuticals by gaining access to the same tariffs which Australia currently gives to its
current FTA partners.
India would also be looking for gains from Australia's increased movement of its abundant and
skilled manpower.
However, from India's caveat perspective, trade deficits in the post agreement period do not
widen and non-tariff barrier differences in standards or in recognition of qualifications do not
offset the higher access achieved through a trade deal.
The gains from the deal would be restricted for India by the relatively small size of Australia's
markets and, for Australia, by immense competition by accessing India's larger markets.
As for the real potential of the economic deal, it would only be set up by establishing a global
presence by exploring both countries's trade and investment in sectors like IT or Fintech, mining,
manufacturing and gaming, innovation in agricultural economy, commercial scale and climate
resilience and in education too.
85. Commerce Ministry recommends anti-dumping duty on Vitamin C from China for 5 years

The Directorate General of Trade Remedies (DGTR), India has restricted usage of vitamin C
used by pharmaceutical firms due from China to guard domestic manufacturers from cheap
imports after a thorough investigation.
The anti-dumping is permissible under the WTO which both India and China are members.
The imports from China are entering the domestic market at price below the level of the selling
price and the cost of sales.
The domestic industry has been impacted due to the dumped imports.
86. India signs deals to export 1.2 million tonnes of sugar in new season

India signs deals to export 1.2 million tonnes of sugar in new season of 2022 that starts from Oct
1.
Exports that reached a 4-½-year high in Aug. as traders started scaling down Brazil's production
estimates due to bad weather.
According to Indian Sugar Mills Association (ISMA), India could export 6 million tonnes sugar
as the sugar deficit is going to worsen in Brazil due to lower production.
Acc. to All India Sugar Trade Association (AISTA), 7.5 million tonnes could be exported by Sep
30 and 6.96 million tonnes already have been dispatched.
The Govt. has ruled out the subsidy for next season as global prices increased.
Brazil will start its new season from April, Thailand after January giving India a chance to export
in the next few months.
India could start with next year with a stock of 8.7 million tonnes and produce another 31 million
tonnes compared with local demand of around 26 million tonnes.
87. Zara as fast fashion

Yes, Zara is a fast fashion brand.Zara is the flagship brand of Inditex, a Spanish clothing giant.
Inditex owns Zara alongside Bershka, Massimo Dutti, Oysho, Pull & Bear and Stradivarius. It
was co-founded by white Spanish businesspeople Amancio Ortega (worth $70.6 billion) and
Rosalía Mera (worth $6.1 billion). The group is now owned by shareholders and brings in over
$23 billion in revenue each year. Inditex is one of the largest fast fashion companies in the world,
with new styles are prototyped in just five days, and the entire design process taking as little as
15 days in total. Inditex often chooses to use local labour (in Spain, Portugal, Turkey and
Morocco) to increase the speed of production further. This is the epitome of fast fashion. On their
corporate site, Inditex attests to a “sustainable business model” and “ethical quality products”,
which makes me
 gag in horror at the sheer level of greenwashing. While the business is investing heavily in more
sustainable materials, it does very little to ensure workers are paid fairly. In 2020 it stopped
paying its garment factories all together when faced with covid-19. After external pressure, the
group promised to pay their garment factories due to covid-19, but it should have done that
anyway if its “sustainable business model” really was just that. Which it isn’t. However, the
makers of fast fashion are increasingly being targeted by climate activists who criticise the
throwaway culture and demand higher prices and wages for employees. Campaigners argue that
saying goodbye to the fast-fashion concept will save a lot of energy and water.
88. India's gold imports surge nearly 8 times in September as prices drop: Source

India's gold imports in September soared 658% from last year's lower base as a correction in
local prices to the lowest level in nearly six months prompted jewellers to step up purchases for
the upcoming festive season, a government source said.

India imported 91 tonnes of gold in September, compared to 12 tonnes a year earlier, the source
said on Monday on condition of anonymity as he is not authorised to speak to the media. In value
terms, September imports surged to $5.1 billion from $601 million a year ago.
89. European markets mixed as investors monitor omicron and big week for central banks
● European stocks have been falling recently as traders react to news of the omicron
Covid variant.
● Investors are also paying attention to actions of central bank this week, as the Federal Reserve
of the United States, the Bank of Japan, the Bank of England, and the European Central Bank
are all expected to make monetary policy decisions.
● After the major averages started the week in the red due to Covid omicron worries, U.S.
stock index futures edged higher in early pre market trade on Tuesday.
● “Without the recent emergence of the Omicron variant, today’s U.K. labour market
report would likely have been enough to convince the Bank of England to hike interest
rates at Thursday’s meeting,” said Hugh Gimber, global market strategist at JPMorgan
Asset Management.

90. ‘Tip of the spear:’ Venture capitalist says Chinese tech companies are just starting to
go global
● Shift of Chinese technology companies thinking about expanding overseas much earlier in
their life cycle has been prompted in part by China’s tighter regulatory scrutiny on technology
as well as competitive pressure in certain sectors, according to Ben Harburg, managing partner
at venture capital firm MSA Capital.
● A few years ago, his venture capital firm was working with social media or cross-border e-
commerce companies that were more mature. But now, early-stage companies are either going
global or plotting globalization their strategies.
● There have only been a few examples of Chinese technology companies succeeding in
foreign markets in the past. However, in recent times, there has been an increase in the number
of Chinese tech companies expanding their international operations.
● Xiaomi is now the third-largest smartphone player by market share globally, TikTok has
a billion monthly users globally, and giants like Alibaba and Tencent continue to expand
their overseas businesses.

91. J&J plans to split into two companies, separating consumer products and
pharmaceutical businesses
● Johnson & Johnson, the health-care giant, announced Friday recently that it will split its
consumer products business from its pharmaceutical and medical device businesses, creating two
publicly traded firms. In premarket trade, the news sent shares higher by more than 3%.
 ● They believe this is the best way to accelerate their efforts to serve patients, consumers,
and healthcare professionals, create opportunities for their talented global team, drive
profitable growth, and improve healthcare outcomes for people around the world.
● In addition, the corporation stated that its overall dividend would remain "at least at the
same level" following the change. J&J's dividend yield is currently about 2.6%.
● The news comes just days after GE announced plans to split into three publicly traded entities,
separating its medical and energy divisions from its aviation division.

92. China's Alibaba promises $15.5 billion for anti-poverty work

● Recently, the Alibaba Group announced that it will spend $15.5 billion to support President Xi
Jinping's campaign to more equitably distribute China's wealth.
● This investment aims to reduce income inequality, invest in multiple projects for job creation,
care for vulnerable groups and assist technology innovation.
● Other tech giants have made similar announcements - this is a result of pressure from the
ruling political party and the country’s economic and strategic plans.
● Beijing has been rolling out anti-monopoly, data security, and other crackdowns on the
internet industries since 2020 in order to tighten control over firms that the ruling party fears are
becoming too large and autonomous.
● Tencent promised $7.7 billion for Xi's "common prosperity" campaign initiatives in health
care, education and rural development whereas Pinduoduo Inc, promised to spend $1.5 billion on
agriculture and rural development projects.

93. Why China’s economy is threatened by a property giant’s debt problems

● China’s Evergrande is a sprawling real estate developer - a company that has more than $300
billion in debt, nearly a 100 unfinished projects and angry suppliers shutting down construction
sites.
● Why is it concerning? Because it’s a company surviving on life support since months and
recent developments only show inevitable failure for them. It is now a threat to China’s biggest
banks.
● Chinese regulators are now cracking down on the reckless borrowing habits of property
developers, therefore stopping Evergrande from borrowing more money and making them
sell parts of their business empire.
● Another problem - China’s property market is slowing - less demand for new
apartments means lesser business for Evergrande.
● In case Evergrande fails, it will not be good news to the financial system or the overall
economy of China - therefore Beijing might step into the scenario to bail out the organization.

94. Major automakers fear the global chip shortage could persist for some time
● There is an ongoing global chip shortage, which is affecting car manufacturers including
Ford, Volkswagen and Daimler, and is expected to continue for a year or two.
● Volkswagen has even lost a chunk of market share in China due to shortage of
semiconductors and factory shutdowns in Malaysia due to coronavirus.
● Ford estimates the crisis to continue till 2024 and the company is suffering even more due to
the shift to electric vehicles which require around ten times the number of chips as compared to a
normal Ford vehicle.
● Bosch, which is the world’s largest car-parts supplier, believes semiconductor supply chains in
the automotive industry are no longer fit for purpose.
● Other big brands suffering include Porsche, Sokda and Seat. But the good news is that the
demand for automobiles is better than last year.

95. UK seeing a ‘massive adjustment’ in labor market, LSE director says

● Workforce shortages and supply chain interruptions have wreaked havoc on British
businesses, driving up wages and prices across several sectors.
 ● According to Minouche Shafik, director of the London School of Economics, the United
Kingdom's labour market is experiencing a structural change as a result of Covid-19 and Brexit.
● The U.K. consumer price index climbed 2.1% in the year to July, above the Bank of
England’s target, having hit 2.5% in June, its highest reading since August 2018.
● The Bank of England expects inflation to peak above 3% by the end of the year
before normalizing.
● Shafik suggested that as part of structural transformation some of the sectors will grow
rapidly while the rest will have to raise wages in order to recruit.

96. Oil analysts predict a prolonged rally as OPEC resists calls to ramp up supply
● OPEC+ (a group that collectively consists of OPEC and non-OPEC partners) stated on
Monday that it would stick to its pact of gradual increase in oil supply.
● Although the decision was widely expected, owing to pressure from US and India to subdue
the soaring oil prices, there were hopes that the group would cave in and offer more supply.
● Energy analysts believe that crude oil prices could potentially reach upto $100 a barrel.
● Eurasia Group’s energy analysts said that on the demand side, China’s industrial
slowdown, collapse of real estate giant Evergrande, rising inflation pressure and Covid-19
disruptions worldwide could all undermine oil demand growth over the next 12 months.

97. World leaders reach landmark deal on a global corporate tax rate
● After years of discussion and some adjustments to the original text, the Organization for
Economic Cooperation and Development recently declared a major breakthrough on corporate
tax rates.
● The group of developed nations agreed to a global minimum corporate tax rate of 15% and
this is a significant move for smaller economies like the Republic of Ireland, which have largely
drawn foreign corporations due to a lower tax rate.
● Countries now have to work out some outstanding details so the new deal is ready to kick
in during 2023.
● The deal marks a shift in tax policy because it not only imposes a minimum corporate tax rate,
but it also forces companies to pay taxes where they operate — not just where they have their
headquarters. But the details are yet to be mapped out.

98. Supply chain chaos is already hitting global growth. And it’s about to get worse
● Covid-19 has left one particularly destructive economic issue in its wake: worldwide
supply chain disruption.
● During lockdown there was lower consumer demand and reduced industrial activity, but
now demand has rocketed and supply chains that were disrupted during the global health crisis
are still facing huge challenges and are struggling to bounce back.
● This has led to chaos for the manufacturers and distributors of goods who cannot produce
or supply as much as they did pre-pandemic for a variety of reasons, including worker
shortages and a lack of key components and raw materials.
● Soon, global production will be hampered because deliveries are not made in time, costs
and prices will rise, and GDP growth worldwide will not be as robust as a result.

99. India's most valuable startup BYJU'S to go public through SPAC deal

India's most valuable startup BYJU'S is in advanced talks to go public through a merger with one
of Churchill Capital's special-purpose acquisition companies (SPAC), Bloomberg reported on
Thursday. BYJU'S would raise a total of $4 billion at a valuation of about $48 billion. BYJU'S is
the world's 13th most valuable startup with a $21 billion valuation, according to CB Insights.
100. Money manager vanishes with $313 million of Chinese builder

China Fortune Land Development Company has said that it has "lost contact" with a money
manager that it gave over $313 million for investment in 2018. The builder had handed the
money to China Create Capital Ltd, a British Virgin Islands-registered firm. The Chinese builder,
that's debt-laden, was hoping for an annual return of 7-10% from the investment through 2022.