July 2020

Klips for 29th July

🗣Interesting: Here’s why CLSA and Edelweiss have downgraded Reliance Industries’ stock
– ‘The current exuberance witnessed in the stock seems redux of euphoria seen earlier, in 1994 (India liberalisation), 2000 (Y2K bug), and 2008 (KG-D6 offshore gas field), which suggests associated risk is high’
BS: https://bit.ly/3hEHoBQ

World 🌎 | Malaysia’s former PM Najib sentenced to 10yrs in jail in 1MDB case
– A fine of $49mn was also imposed on Najib by the High Court
Reuters: https://reut.rs/2D9UBUv

Economy & Business 💰 | Center unable to pay states GST dues: Fin Secretary
– The comment was made in response to a question on shortfall in GST revenues, in a Parliamentary Standing Committee
– It was also stated that the formula could be reworked, as per provisions of the act, if collections fell below a threshold
Hindu: https://bit.ly/33akkHn

Railways to incur ₹35000cr loss in FY21 in passenger train services
– IR presently is running only 230 special trains
Livemint: https://bit.ly/334VmJ6

🗣Majority not in favour of opening theatres, gyms, metros: Survey
– Only 6% are willing to visit a theatre and 71% are unwilling to take a metro/local train
– The survey was conducted across 34000 people in 255 districts by Local Circles
DH: https://bit.ly/333vY6x

Interesting: Amazon, Apple, Facebook and Google Prepare for Their ‘Big Tobacco Moment’
– ‘The tech C.E.O.s will appear together at a congressional hearing on Wednesday to argue that their companies do not stifle competition.’
NYT: https://nyti.ms/3jIYP6h

🗣Interesting: What Spain is telling us about second wave of Coronavirus
– ‘People in their 20s and 30s in Spain are a key source of new infections, as the warm weather, vacation season, reopening of bars, restaurants make the crisis seem less urgent’
Print: https://bit.ly/2P2IdrM

Klips for 28th July

⭐️ 🗣Five elements make up Modi’s charisma. 4 are beginning to lose lustre
– ‘His public persona has been built on five pillars — strong and decisive leader; vikas purush or man of development; global statesman; a fakir who keeps his family away to work for others; and a Hindu Hriday Samrat.’
Print: https://bit.ly/2CKiUIQ

World 🌎 | Pfizer, Moderna start decisive COVID-19 vaccine trials
– The trials will have 30000 subjects each
– If successful, the vaccines could be available for widespread use by year end
Reuters: https://reut.rs/30Z1ZdE

Economy & Business 💰 | TSMC adds $72bn in market cap in 2 days
– The chip manufacturer’s stock jumped 9.9% in Taipei to become the 10th largest company in the world
– This comes as Intel is struggling to ship its 7nm chip
Bloomberg: https://bloom.bg/3g8c26b
#TSMC: Taiwan Semiconductor Manufacturing Co.

Tech 📱 | Google tells employees globally to work from home till June 2021
– Other tech companies are expected to follow suit
TC: https://tcrn.ch/3g8cO35

🗣Interesting: ‘If resolution outside the IBC is the preferred mode, then is the code a fifth wheel at best?’ – Urjit Patel
– In Urjit Patel’s ‘Overdraft’, a Peek at How India’s Bankruptcy Code Was Slowly Diluted
Wire: https://bit.ly/2XiXZ6L

🗣Interesting: Traffic, internet speed and essential shopping decline to May-end levels
BS: https://bit.ly/3g4Kr68

Opinion: Needed, a map for India’s foreign policy
Hindu: https://bit.ly/30VRO9B

Coronavirus update:
– Karnataka tally crosses 1L
– Aishwarya Rai, daughter recover

Klips for 27th July

National 🇮🇳 | Gurgaon court summons Jack Ma, Alibaba
– The case pertains to UC Web (owned by Alibaba) firing an employee after his objecting to alleged censorship & fake news
– The court has asked Ma (or his lawyer) to appear before it
– UC Web and UC News were part of the 59 apps that were banned by India
Reuters: https://reut.rs/3g3bBKn

Death toll in Assam floods crosses 100
– More than 24L people have been affected across 23 districts
– In Bihar, 14L people have been affected by floods, with 7 deaths reported
Hindu: https://bit.ly/3jKDKbp

Economy & Business 💰 | 🗣Only 5,500 of 50L vendors get promised aid
– The aid, announced on May 12, was meant to be an immediate assistance to street vendors, amounting to ₹5000cr
– However, only 64,000 vendor applications have been approved and loans disbursed only to 5500
DH: https://bit.ly/3f0jWx5

Tech 📱 | Big Tech antitrust hearing scheduled for Wednesday
– The hearing will comprise CEOs of FB, Amazon, Apple and Google
– FB also announces its quarterly results on Wed
Axios: https://bit.ly/32YhpBw

Opinion: Judicial indiscipline – On Rajasthan political crisis
– ‘Rajasthan HC has disregarded law laid down by SC while admitting plea by Pilot camp’
Hindu: https://bit.ly/3hEX2gI

🗣Interesting: The message behind gold’s rally: The world economy is in trouble
– ‘The main driver behind gold’s latest rally “has been real rates that continue to plummet and don’t show signs of easing anytime soon”’
DH: https://bit.ly/2Bv7uI2

🗣Interesting: Amul’s chocolate powder Nutramul, whose USP was strength — and Jugal Hansraj
Print: https://bit.ly/32XVE4r

Interesting: Everyone’s a Day Trader Now
– ‘Bored, isolated and out of work amid the pandemic, millions of Americans are chasing stock-market glory—and bragging about it online. Not everyone’s a winner though.’ A crazy story, that’s also playing out in India
WSJ: https://on.wsj.com/2OV2boz

Klips for 25th July

Opinion: How India Beat China In A College WhatsApp Group Of Economists
– ‘Is India the New China? I was startled to see this question pop up on my highly erudite St. Stephen’s Class of Economics 1982 WhatsApp group.’
BQ: https://bit.ly/3hsLWv8

World 🌎 | Record coronavirus cases across 40 countries
– These countries recorded the highest number of cases in the last week
– The total global cases rose by 2.8L in the last 24hrs
Reuters: https://reut.rs/2EfDQaN

China orders closure of US consulate in Chengdu
– This comes on the back of a similar move by the US demanding closure of the Chinese consulate in Houston
Reuters: https://reut.rs/3g1xjhX

Economy & Business 💰 | RBI says NPAs to rise to 12.5% from 8.5% by Mar ‘21
– This could escalate to 14.7% if economic conditions worsen
Print: https://bit.ly/310oizF

Tech 📱 | Zoom paid user base in India grew 4 times from Jan-Apr
– Its free users jumped 67 times
– The company recently announced an R&D centre in Bangalore and is expanding its headcount in Mumbai by 3 times
BQ: https://bit.ly/335m16y

NBA to use Microsoft Teams to bring virtual fans to the game
– 300 fans will be shown the games, which will be visible on 17 foot screens
Cnet: https://cnet.co/3hsOF7Q

🗣Opinion: The collected silences of MMS: The spider weaves its web widely
DH: https://bit.ly/2Byklta

🗣Interesting: China yet to disengage from most LAC spots, says new report
– ‘The report, published on July 22, has documented the presence of 50 new Chinese encampments, support bases and heliports built by China across the LAC in the Ladakh sector.’
Hindu: https://bit.ly/2ByPuwC

Coronavirus update:
– MP CM Shivraj Chouhan tests +ve | UP’s health minister also tested +ve
– Brazil Prez Bolsonaro finally tests -ve

Klips for 24th July

India’s Banks Play a Risky Game as Loan Truce Ends
– ‘Even if a bad bank is set up to take problem loans out of the financial system, the discounted price at which it will buy them means that private capital will have to absorb chunky losses. No amount of gloss by bankers can hide the stress for too long. The market will eventually find it.’ An excellent piece by Andy Mukherjee on what everyone kind of knows, but doesn’t want to talk about
Bloomberg: https://bloom.bg/2Bpmlnm

Economy & Business 💰 | India introduces curbs on procurement from ‘bordering nations’
– Suppliers from these countries will have to register with the ‘competent authority’, which was not required earlier
– Only such registered suppliers will become eligible to bid for public tenders
BQ: https://bit.ly/335m16y

Amazon India to open 10 new warehouses; starts offering insurance
– With this, Amazon will have 60 warehouses across 15 states
– It’s selling car & bike insurance via a tie-up with Acko, a company it has investments in
Reuters: https://reut.rs/2Bt5mke

Interesting: 400,000 jobs lost across airlines globally
– More job losses are expected in the US as the condition for an airline bailout (no job cuts) will be lifted shortly
– The job loss figure in related industries (travel, suppliers) could reach 25mn as per IATA
Livemint: https://bit.ly/30Cr9OS

Tech 📱 | Twitter actively exploring subscription model: Jack Dorsey
– He made the announcement after Q2 results which showed a dip in ad revenues
– ‘We do think there is a world where subscription is complementary, where commerce is complementary, where helping people manage paywalls… we think is complementary’, Dorsey said
TC: https://tcrn.ch/32OlMih

🗣Opinion: What use will India’s internet revolution be if it ends up with a Reliance Jio monopoly?
– ‘Jio, itself accused of regulatory capture, has tied up with two companies charged with monpolistic behaviour around the world: Google and Facebook.’
Scroll: https://bit.ly/2ZTyPwT

🗣Opinion: No free lunches: Raghuram Rajan says monetisation by RBI has a cost and cannot be everlasting
IE: https://bit.ly/2OULNnK

Klips for 23rd July

🗣Opinion: Delhi Is a City of People, Not Just of the Government
– ‘There is power and symbolism in giving central city spaces to the people and not to government facilities. The Central Vista project of the Modi government forgets that.’ An excellent piece on urban planning & culture
Wire: https://bit.ly/3eUbxv6

World 🌎 | Don’t expect first COVID-19 vaccinations before 2021: WHO
– While good progress has been made in developing the vaccines, realistically, vaccinations will only start in the first half of next year said the WHO
Reuters: https://reut.rs/3jtWn3b

Economy & Business 💰 | SC orders IT Dept to refund ₹833cr to Voda Idea
– The matter dates back to dues from 2014-15
– On May 28, the dept itself concluded it owed Voda Idea the said amount, but didn’t pay it, after which the operator approached the HC
BQ: https://bit.ly/2CDT74R

Tech 📱 | Whatsapp India to partner with more banks
– Whatsapp’s focus for next 2-3yrs will be to provide access to ‘three products – insurance, micro-credit and pensions’ their India head said
Reuters: https://reut.rs/3fMrxRc

🗣Interesting: Unilever almost looks fair and lovely in India
– On HUL’s quarterly results
Reuters: https://reut.rs/2ZPjH3H

🗣Interesting: China not de-escalating situation on LAC, continues to deploy 40,000 troops
BS: https://bit.ly/3htNNzS

Klips for 22nd July

World 🌎 | US orders China to shut down consulate in Houston
– The order was passed to ‘protect American intellectual property and American’s private information’
– In video grabs, it is seen that documents were being burned in the consulate, with trash cans overflowing
Reuters: https://reut.rs/32JdwAf

National 🇮🇳 | Amarnath Yatra cancelled as coronavirus cases spike in J&K
– The Yatra has been cancelled for a 2nd time in a row: it was curtailed last year as article 370 was scrapped by the govt
Print: https://bit.ly/3hwsY6Z

Economy & Business 💰 | Auto-Pay feature added to UPI for recurring payments
– This will allow customers to set up recurring payments for bills, subscriptions via UPI
BQ: https://bit.ly/39jrs4Z

Deloitte India head barred from audits for 7 years over lapses at IL&FS
– The NFRA imposed a ₹25L fine on Udayan Sen, the former head of Deloitte Haskins & Sells LLP
– Interestingly, Sen had already retired in March this year
Livemint: https://bit.ly/3hk9v9g

Gold prices cross ₹50000 per 10gm for first time
– Gold futures prices have increased 28% in 2020, dampening retail demand
– India’s imports plunged 96% in June compared to last year
DH: https://bit.ly/32LeM5Y

Tech 📱 | Slack files antitrust suit against Microsoft for bundling Teams with Office365
– Slack said in its suit that Microsoft is force-installing Teams on millions of devices and blocking its removal
FT: https://on.ft.com/3eXFCdy

🗣Interesting: AGR dues: Who pays for RCom, Aircel and Videocon? Supreme Court to examine
Financial Express: https://bit.ly/3hwtnGx

Interesting: Coca-Cola Results Hit By Halt To Pro Sports, Live Events
– ‘Net income came in at $1.8 billion, down 32 percent, behind a 28 percent decline in sales to $7.2 billion.’
Barron’s: https://bit.ly/32QnUWC

Opinion: Cautious optimism: On race for vaccines gather pace
Hindu: https://bit.ly/32KPxRe

Klips for 21st July

🗣Opinion: How strong is the link between Mumbai’s slums and the spread of the coronavirus?
Scroll: https://bit.ly/30tbS2Y

Economy & Business 💰 | Indigo to cut 10% of its workforce
– This follows $40bn in cuts in leasing costs which the airline said weren’t sufficient to offset the decline in revenues
– As of Mar ‘19, Indigo had 23,531 employees
Reuters: https://reut.rs/3hjkX57

New e-comm rules to kick in from next week
– Consumer Protection (E-Commerce) Rules 2020 will be a part of the new Consumer Protection Act 2019, that became applicable from yesterday
– E-Commerce firms will need to have a ‘robust redressal mechanism’ amongst other rules
– The rules though, come amidst no clear definition of what constitutes ‘e-commerce’, which comes under the purview of the IT Act
Hindu: https://bit.ly/2OENQwe

Jio seeks spectrum for 5G trials: sources
– This comes despite no timeline from the DoT on 5G spectrum auction
– On 17 July, Jio requested for 800Mhz of frequency across bands in Mumbai and Delhi, as per sources
Livemint: https://bit.ly/2CwwpeV

Sport ⚽️ | ICC postpones T20 World Cup
– The tournament was scheduled for Oct-Nov
– The move is likely to allow the IPL to be hosted from Sept-Nov

Interesting: China Is Getting Closer to Its Lehman Moment
– ‘Last Friday, regulators took control of nine troubled firms, controlled by fallen billionaire Xiao Jianhua’s empire under Tomorrow Holding Co., totaling more than 1.2 trillion yuan ($171.5 billion) in total assets.’
Bloomberg: https://bloom.bg/3hjdvXG

🗣Interesting: Even amateur Indian investors have begun buying into America’s tech stock mania
Print: https://bit.ly/3jilLsG

Klips for 20th July

World 🌎 | UAE launches mission to Mars
– The Hope Probe started a 7 month journey in what is the furst Arab Mars mission
Hindu: https://bit.ly/2WD8Ojr

National 🇮🇳 | 189 dead in floods across Assam, Nepal
– Atleast 4mn people have been displaced by the floods since late May
Reuters: https://reut.rs/2BbNxpy

Interesting: Reliance funnels billions from Jio stake sales into debt funds
Print: https://bit.ly/2Crj0og

Interesting: Policybazaar aims for IPO by 2021
BQ: https://bit.ly/335m16y

‘You guys made us feel at home’: Chairvirus of the virus community’s COVID-19 Task Force
– ‘All the clapping, the lighting of candles, the sheer human warmth, and everywhere we went, encouraging chants of “Go, corona, Go!” — you guys made us feel at home.’
Hindu: https://bit.ly/2WCVYSq

Klips for 18th July

National 🇮🇳 | IKEA Hyd temporarily closes due to coronavirus
– IKEA will allow for click & collect option via its online store
BQ: https://bit.ly/2CfFh8J

Economy & Business 💰 | Bharat Bond ETF raises ₹10000cr
– The issue was oversubscribed 3 times
– This is the 2nd tranche of the bond; the earlier one in Dec 2019 fetching ₹12,400
Livemint: https://bit.ly/32wdewn

Domestic air travel reports muted numbers for June
– 1.98mn passengers flew in June compared to 12.03mn last yr
– PLF was in the range of 54-68%
– Indigo had a market share of 52.7%
Livemint: https://bit.ly/2WBymO6
#PLF: Passenger Load Factor

Tech 📱 | Smartphone shipments fall 48% in India
– 17.3mn units were shipped in Q2 down from 33.5mn in Q1
– Xiaomi continued to be no 1 with 30.9% of the sales, with Vivo in 2nd place
TC: https://tcrn.ch/2CIN3HY

🗣Interesting: End of the jumbo: British Airways retires 747 early due to coronavirus crisis
Reuters: https://reut.rs/32w0Mwt

🗣Interesting: Modi government boasts of a trade surplus – even though it is actually terrible news for the economy
– ‘Piyush Goyal, who once said maths never helped Einsten discover gravity, tweeted about this ‘rapid turnaround’ that reflects consumer demand crashing.’
Scroll: https://bit.ly/3jkHwYP

🗣Interesting: Tired Rhino Sleeps On Road At Flood-Hit Kaziranga, People Pass By Quietly
NDTV: https://bit.ly/2ZEEbfl

Klips for 17th July

Interesting: Why Google and Facebook are investing in Mukesh Ambani’s Reliance Jio
– ‘Although none of the companies will mention this in their slick press releases about investing in Jio, the presence of a Google and Facebook representative on the board of a company whose chairman is a master of navigating India’s regulatory thicket is likely to be seen also as a strong foothold in the Indian market, no matter how the laws change.’
Scroll: https://bit.ly/3ezrh6z

National 🇮🇳 | India to set up air corridors with 3 countries
– India will form ‘air bubbles’ with US, France & Germany, allowing for some international flights to resume on these routes
BQ: https://bit.ly/335m16y

Economy & Business 💰 | Netflix falls 10% after announcing Q2 results
– Netflix expects 2.5mn new subscribers in Q3, far below estimates
– It also made Ted Sarandos co-CEO
CNBC: https://cnb.cx/3eBcLLG

Sport ⚽️ | Real Madrid win 34th La Liga title

Opinion: The Lost voice of the Indian university
Hindu: https://bit.ly/30hYDSy

🗣Interesting: SC lawyers give 50p each to raise Rs 100 for advocate fined for accusing registry of bias
Print: https://bit.ly/30i0K8R

Klips for 16th July

Interesting: Economy Down, Stock Market Up; Why This Dissonance?
– ‘Measured as delivery percentage, speculation level in June in India’s stock markets was the highest in 15 years.’
BQ: https://bit.ly/2WrIk4u

Economy & Business 💰 | Infosys stock jumps day after results
– The stock was up ~15% intra day before closing 9.63% up
– Earlier, Infosys reported an 11.5% rise in quarterly profits, despite the impact of Coronavirus
Reuters: https://reut.rs/2CFaGRE

India records trade surplus for first time in 18 years
– This is largely due to the hit that imports have taken on account of reduced demand for oil & industrial goods: reflecting a slowing economy
– India posted a surplus of $790mn in June (the last time this happened was in 2002, a $10mn surplus)
Reuters: https://reut.rs/395lbd9

Tech 📱 | Twitter hacked, prominent accounts targeted
– In what turned out to be a bitcoin scam, high profile accounts from Biden to Musk to Bill Gates to Bezos were hacked
– The hack was possible due to an internal tool being compromised, as per reports
TC: https://tcrn.ch/2ChxIOJ
Details: https://bit.ly/3etSnfy (Vice)

Amazon bring live-streaming to influencer program via Amazon Live
– Influencers can livestream about products which users can directly buy
– This model is extremely popular in China
TC: https://tcrn.ch/2Ws4eEB

Gmail to integrate all GSuite offerings
– Users will be able to access almost all services from Docs to Meet to Chat from one place
TC: https://tcrn.ch/2Ws4eEB

Interesting: Home Sales Fall To Lowest In A Decade In First Half Of 2020
– Sales were down 54% y-o-y while new project launches fell 46%
BQ: https://bit.ly/2B50ilT

Interesting: Pause, rewind, play: World Cup. Wimbledon. July 14, 2019. One day, two incredible finals
Scroll: https://bit.ly/2OxWSv8

Klips for 15th July

Opinion: The Gutting Of Indian Democracy By Modi-Shah – by Ramachandra Guha
– An excellent piece on the wreck that our so called democracy is today. Worth a read and also worth remembering that Indira only lost power due to her mistake. Given a choice, she would probably have never let go. Unlikely to happen (the mistake) with the current dispensation
NDTV: https://bit.ly/3fxxDF2

Other news
Reliance stock slides nearly 6.5% after much publicised AGM
– The stock recovered to close down 3.71%
– This is despite some major announcements from 5G capabilities, Jio Glass and much more
Livemint: https://bit.ly/2B2aLOR

Google to invest $4.5bn in Jio Platforms for 7.7% stake
– This is part of the $10bn investment announced by Sundar Pichai yesterday after his virtual meeting with PM Modi
– Google also said it will create a lighter version of Android in partnership with Jio, something it has had several attempts at in the past (Android One)

Klips for 14th July

How Amul swung the great Indian milk run
– An excellent read on how Amul navigated the lockdown and also the virus: ‘not a single case of infection was reported among plant workers. And not a single litre of milk was wasted.’ demand for packaged milk rose 6-8%, cheese 30% and butter & ghee 10-20%
Livemint: https://bit.ly/305XAFb

National 🇮🇳 | Bangalore goes into weeklong lockdown
– The lockdown will be in force till July 22nd
– Essential services to stay open
DH: https://bit.ly/38R8bb5

Economy & Business 💰 | 🗣 IATA: Passenger demand for air travel to fall 49% Indian airlines in 2020
– Revenues for carriers will fall $11.61bn this year
– IATA said: ‘This is the worst year in aviation history’ and that it might a few years to get back to 2019 levels of demand
DH: https://bit.ly/2DGgif1

Interesting: SoftBank Explores Sale or IPO for Chip Designer Arm Holdings
– It bought the company for $32bn, nearly 4 years ago
WSJ: https://on.wsj.com/3iXW3tn

Opinion: The politics of nepotism
– An interesting viewpoint on nepotism in India and Hindutva politics
Hindu: https://bit.ly/2ZqrVz5

🗣Opinion: Why the Indian economy is struggling to recover its growth momentum despite lockdown relaxations
– ‘What the Covid disruption has done to the Indian economic agents — both businesses and consumers — is exactly what solid line-and-length bowling in the “corridor of uncertainty” just outside off stump does to an out-of-form batsman: we are all playing and missing!’
IE: https://bit.ly/38SiOud

Klips for 13th July

National 🇮🇳 | Aishwarya Rai Bachchan, daughter also test positive for COVID-19
– On Saturday, Amitabh Bachchan and Abhishek had tested positive
– Both, Amitabh & Abhishek, are undergoing treatment at Nanavati Hospital, Mumbai
Reuters: https://reut.rs/2C2QcCu

Genhlot’s Rajasthan govt on brink as Pilot rebels
– Sachin Pilot said he had the support of 30 MLAs and has refused to attend a party meeting convened by CM Gehlot
DH: https://bit.ly/2WcoKc9

Economy & Business 💰 | Qualcomm invests ₹730cr in Jio
– It bought a mere 0.15% in Jio Platforms
– The deal will also likely impact 5G equipment rollout in India
Reuters: https://reut.rs/3gJIJHc

Voda, Airtel told to withhold ‘faster’ plans by TRAI
– The premium plans offered by the operators promise faster 4G speeds than normal plans
– TRAI, which is investigating if these plans violate net neutrality, is ‘concerned’ that this may lead to service deterioration
DH: https://bit.ly/307vr0k
#Strangely, Voda’s plan has been active since Dec

Sport ⚽️ | Hamilton wins Styrian GP
– Both Ferrari crashed out after a collision with each other

Interesting: Quit Chrome. Safari and Edge Are Just Better Browsers for You and Your Computer.
WSJ: https://bit.ly/3gVfiCe

Interesting: Arvind Kejriwal Version 2020: The Biggest U Turn
Akash Banerjee (Youtube): https://bit.ly/307MQWG

🗣Interesting: Behind market rebound: What explains this trend, and how likely is it to sustain?
– ‘Stock exchange data also shows a sharp jump in market share of non-institutional investors (retail investors) participation in the cash segment; this is the highest since August 2009. The share of NIIs, which stood at around 50% in FY20, jumped sharply over the last three months and rise to 68%’. Also 6.5L new trading accounts were created per month as compared to the 3L average
IE: https://bit.ly/38SlM1y

Klips for 11th July

World 🌎 | Hagia Sophia, a world heritage site, declared a mosque by Turkey’s Erdogan
– This came after the courts ruled that converting the famous monument into a museum was ‘illegal’
– The 1500yr old monument that is revered by both Muslims & Christians, was the most visited site in Turkey
Reuters: https://reut.rs/3fiKhro

Economy & Business 💰 | India delays release of IIP data
– This was due to inadequate data collection during the lockdown
– Analysts have forecast a 37.8% contraction in IIP
Reuters: https://reut.rs/3fhZj0u

Business set back by a year: Zomato Founder
– He said unit economics had improved: from a loss of ₹47 per order in FY20, it now makes ₹27 per order
– He did not mention the impact on orders due to coronavirus, but industry experts say orders are down 60%
BQ: https://bit.ly/2OdKS1x

Tech 📱 | Amazon asks employees to ‘delete TikTok’, then backtracks
– In an email to employees, the company said that they must delete the app on any device with Amazon mail, as it had ‘security risks’
– It later backtracked, saying there was no change in its policies
DH: https://bit.ly/3256khj

Opinion: Gone with the wind: Ban that book, burn this film
– The author writes about the ‘outrage’ against a movie that won 10 Oscars but is now facing the full brunt for being ‘racist’
DH: https://bit.ly/3iPK6G4

Interesting: Elon Musk Soars Past Warren Buffett on Billionaires Ranking
Bloomberg: https://bloom.bg/302qg1X

Klips for 10th July

National 🇮🇳 | UP to go into ‘lockdown’ from July 10 to 13
– While all markets, shops & offices will remain shut, the govt insisted this was ‘not a lockdown’
– Essential services will remain open while the govt tries to curb a spike in new COVID-19 cases
DH: https://bit.ly/323vEEj

Indian news channels, except Doordarshan, banned in Nepal
– Nepal said this was due to these channels ‘airing offensive content & carrying out character assassinations’ against Nepal’s leaders
Hindu: https://bit.ly/2ZRDaj2

Economy & Business 💰 | Funding dries up for electric vehicles focused startups
– This follows uncertainty with regards relations with China, which was a major supplier
– ‘Any startup that is assembling vehicles by importing components from China is 100% at risk now’
– Startups in this space include Yulu, Ola Electric, Bounce etc
Livemint: https://bit.ly/32560iC

PNB reports another fraud worth ₹3688cr
– This related to accounts of DHFL and is the 4th fraud in 3 years to hit PNB
BQ: https://bit.ly/2DmCGK5

Opinion: Visa politics: On Trump’s immigration policy
– ‘If Mr. Trump is only doing this to shore up his election campaign through political signalling, then it is the economic prospects of the very people he claims to be fighting for that he will damage in the longer term.’
Hindu: https://bit.ly/3eeLA9i

🗣Interesting: Here’s why India’s gold financiers are making higher profits amid economic slump
– ‘Gold loans are a better alternative for small businesses and self-employed individuals in times of economic distress. “They will be able to avail credit against gold when very few financiers are willing to lend.”’
Scroll: https://bit.ly/2Dk6abw

🗣Interesting: IIM Calcutta to start academic year in online mode from August
– The classes will be conducted via an online platform called iPearl.ai
HT: https://bit.ly/2ZRKgUR

Klips for 9th July

🗣Interesting: Coronavirus: Is India the next global hotspot?
– Excellent datapoints and charts on testing, cases & recovery rates
BBC: https://bbc.in/2BWiRZL

Economy & Business 💰 | TCS profits down 14% amid COVID-19 impact
– Clients cut their IT spends due to the impact of COVID-19 on their businesses
– TCS’s CEO said that the impact from the pandemic had ‘bottomed out’
Reuters: https://reut.rs/2BMsytY

🗣India’s gross savings fall to 29% of GDP
– This figure was 34.6% in ‘12 and at its highest in ‘08 (37.8%)
– Bank Deposits have increased to 11% in Jun vs 7.9% for FY20
BS: https://bit.ly/2ObWxOh

Tech 📱 | Whatsapp Business now has 50mn monthly active users
– Its two biggest markets are India (15mn) and Brazil (5mn)
– Its catalog feature has had 40mn viewers
TC: https://tcrn.ch/3gKKS5A

Opinion: China Tech Roller Coaster Is Just Starting Its Climb
– ‘Of the 37 listed companies classified as “integrated circuit” industries, subsidies accounted for a whopping 15% of operating profit last year, on a market-cap weighted basis’
BQ: https://bit.ly/3e9eCah

🗣Interesting: Covid is airborne. What does it mean? WHO chief scientist Dr Soumya Swaminathan explains
India Today: https://bit.ly/2ZcrpV8

Klips for 8th July

World 🌎 | WHO ‘acknowledges emerging evidence’ that COVID-19 may be airborne
– This comes after several scientists wrote to the WHO about the possibility of the virus being airborne
– The WHO said while evidence is emerging of airborne transmission of the coronavirus, but ‘it was not definitive’
Reuters: https://reut.rs/31Un9vi

National 🇮🇳 | Australia goes into 6 week lockdown after Melbourne outbreak
– Melbourne reported 134 new cases today
Reuters: https://reut.rs/3gBQ0Zn

South Korean CEO of LG Polymers, 11 others arrested
– This comes 2 months after a gas leak at the Visakhapatnam factory that killed 12.
– As per a committee report, the company ignored hazardous chemical reactions in April that led to the leak in May
Reuters: https://reut.rs/3e9DwGP

Economy & Business 💰 | MF inflows fall 90%, lowest since Apr 2016
– Overall AUMs were up 3.8%
– New inflows for June were ₹7200cr from ₹70,813cr in May
– Total redemptions jumped 20% in June
Livemint: https://bit.ly/31VP3qQ
AUM: Assets Under Management

ICICI Bank to raise ₹15000cr in capital
– This follows similar moves by other pvt banks including Axis (₹15000cr), Kotak (₹7442cr) and Yes Bank
– ICICI Bank last raised money 12 yrs ago, after the financial crisis
BQ: https://bit.ly/2ZaFXEN

Tech 📱 | Trump says may ban TikTok in US
– Trump made the comments during a TV interview
Bloomberg: https://bloom.bg/31Y5Nhm

Interesting: ‘Nationalism’, ‘citizenship’, ‘demonetisation’ among chapters dropped from CBSE syllabus
DH: https://bit.ly/3iFxEZr

Opinion: The Fight Over a Coronavirus Vaccine Will Get Ugly
– ‘We’ll have to decide: Who should get the shots first? Who won’t get any? These questions will come up between countries, and within them’
Bloomberg: https://bloom.bg/38EXAjl

Interesting: New parliament building gets most necessary clearances, Modi govt now awaits SC nod
Print: https://bit.ly/2ZJoa6Q

Klips for 7th July

Opinion: Tech Investors Apparently Think It’s the ‘90s Again
– ‘Take Tesla: Its market value has appreciated nearly six times over in the past year, making it the world’s most valuable car company, even as its deliveries of actual cars have fallen. A bet on Tesla is less a bet on future earnings than on Muskiness and The Future.’
Bloomberg: https://bloom.bg/2O3EUAa

World 🌎 | 44 killed in Japan floods, mudslides
– More than half a million people have been asked to evacuate following heavy rains & floods
Reuters: https://reut.rs/2NZ3i67

National 🇮🇳 | India-China agree to de-escalate situation in Galwan valley
– India also issued a statement that China has ‘agreed to a phased rollback of its troops’
– China however has not mentioned any such agreement of a rollback, but only mentioned the de-escalation
DH: https://bit.ly/2C8fZZM

UGC: Final year exams must be completed by September
– The compulsory order comes in despite 7 states having cancelled final exams for this year
– The UGC said that conducting the exam, despite prevailing conditions, was essential to ‘protect academic quality & credibility’
Hindu: https://bit.ly/2NXvSVo

Tech 📱 | Uber buys US delivery service Postmates for $2.65bn
– This comes just a month after Uber failed to buy GrubHub
– As ride-sharing demand has plunged, Uber is banking on food-delivery to sustain its business
CNBC: https://cnb.cx/3izjYix

Instagram to expand ‘Reels’, its TikTok rival, in India
– Reels will be a feature within Instagram rather than a standalone app
– It will let users create 15sec videos, just like TikTok
TC: https://tcrn.ch/2Z5nkCo

🗣Opinion: The Stock Market Is a Ponzi Scheme
– ‘The stock market is built on non-dividend paying companies and this is a real problem, according to financial expert Tan Lui’
Medium: https://bit.ly/2VSsy2q

🗣The Political Fix: Teflon Modi’s unabating popularity and 7 more takeaways from the middle of 2020
– A nice summary of the political landscape by Scroll
Scroll: https://bit.ly/3iys5fk

Klips for 6th July

World 🌎 | Scientists say coronavirus is airborne in a letter to WHO
– 239 scientists across 32 countries have written to the WHO, asking it to amend its recommendations
– While the agency has not said it is airborne, neither has it denied it
Reuters: https://reut.rs/38wIegw

Economy & Business 💰 | Bajaj Auto unions ask for halt as 250 +ve coronavirus cases
– ‘We requested the company to temporarily close the plant for 10-15 days to break the cycle but they said there is no point as people will continue to gather for social events outside of work’, said the union
Reuters: https://reut.rs/31JxWsf

Tech 📱 | FB partners with CBSE, to provide courses & training
– FB will launch ‘a certified curriculum on digital safety and online well-being, and augmented reality for students and educators in the country.’
TC: https://tcrn.ch/3f3sfcn

Sport ⚽️ | Valtteri Bottas wins season opening Austrian Grand Prix

Interesting: How Wirecard Went From Tech Star to Bankrupt
WSJ: https://on.wsj.com/2NZFZZW

Interesting: Ministry of Science says Covid vaccine unlikely before 2021, backtracks later
India Today: https://bit.ly/2NU0Tts

Klips for 4th July

⭐️ Why is Bengaluru seeing a sudden surge in Covid-19 cases?
– ‘State officials were informed by epidemiologists and other experts in the third week of June that the number of new cases in the city would see a dramatic increase from June 21 onwards’
DH: https://bit.ly/2Z19gd7

National 🇮🇳 | Flights suspended to Kolkata from 6 major cities
– No flights will operate from Mumbai, Delhi, Pune, Nagpur, Chennai & Ahmedabad
– This suspension will apply from 6th to 19th July
DH: https://bit.ly/2ZFOxe1

Economy & Business 💰 | UK Govt, Bharti Enterprises win joint bid for Oneweb
– Oneweb is a satellite company that had plans to beam high-speed internet
– The company collapsed after SoftBank walked away from a $2bn financing round in March
FT: https://bit.ly/2ZAozbH

Tech 📱 | Govt launches ‘Atmanirbhar App’ challenge
– ‘Today there is immense enthusiasm among the tech and start-up community to create world-class “Made in India Apps”’, the PM said
DH: https://bit.ly/2VHlTry

Sport ⚽️ | Badminton: Lin Dan announces retirement

F1 Season to get underway in Austria
– The curtailed season will have 8 races, for now, in Europe

🗣Interesting: Paris Louvre museum to reopen on July 6 after crippling losses
– ‘Visitors will have to wear masks, there will be no snacks or cloakrooms available and the public will have to follow a guided path through the museum.’
India Today: https://bit.ly/3fcgEbj

🗣Opinion: The Guardian view on reopened pubs: a reckless risk to a cautious nation
– ‘Boris Johnson’s measures aim to distract from his failures during the pandemic. Most British people are right to be uncomfortable’
Guardian: https://bit.ly/3iwyGXy

🗣Interesting: Video-sharing app Chingari, the ‘accidental’ Indian start-up that’s replacing TikTok
– ‘Less than a week ago, an India-made short video-sharing app, Chingari, had just about 25 lakh downloads on the Google Play Store. But then a quirk of fate played out for Chingari on 29 June and it zoomed past the 1-crore mark in just 72 hours.’
Print: https://bit.ly/38yp8qv

Klips for 3rd July

⭐️ Opinion: How the Facebook Boycott Could Just Make Facebook Stronger
– ‘No large company is going to suffer economically by eliminating Facebook advertising 1) during a historically slow sales month, which 2) is also happening during a recession, and which 3) also coincides with the low-spending period of semi-quarantine’
Politico: https://politi.co/2AoG7ij

World 🌎 | 162 dead in landslide at jade mine in Myanmar
– Workers were buried under a ‘muddy wave’ after heavy rains led to the landslide
– Over 100 had died in 2015 and another 50 in 2019 in similar incidents
Reuters: https://reut.rs/3eRDzZe

National 🇮🇳 | Russian Jet deal of $2.4bn cleared by govt
– The deal includes 21 MiG 29s and 12 Sukhoi Su-30s
Reuters: https://reut.rs/2ArYIKw

Choreographer Saroj Khan passes away
– She was aged 71 and died of a cardiac arrest
Hindu: https://bit.ly/31GtWIP

Economy & Business💰 | Intel to invest $253mn in Jio Platforms
– Intel Capital will pick up a stake on 0.39% in Jio
– This takes the total investment in Jio to ₹1.18 L cr
Reuters: https://reut.rs/38mHElC

Tech 📱 | Jio launches JioMeet video conferencing service
– It can support calls with 100 participants and is available for free with no limit on duration
TC: https://tcrn.ch/3itmp6b

Interesting: Lemonade IPO: 5 things to know about the online insurer
– ‘On Thursday, Lemonade’s LMND, +139.34% became 2020’s best IPO debut after the mobile-based insurance startup’s stock closed up 139% to finish at $69.41 on the New York Stock Exchange’
MarketWatch: https://on.mktw.net/3gn6410

Opinion: Staying alert – on monitoring non COVID-19 deaths
– ‘The reporting of other diseases suffered. The neglect of other diseases has been independently borne out, for instance, by a reduction in the notifications of fresh tuberculosis infections and a general decline in claims under the Ayushman Bharat health insurance scheme’
Hindu: https://bit.ly/31CEsRy

🗣Interesting: Grass greats: Federer’s records to Borg, Sampras’ Wimbledon runs, top ATP players on the green lawns
Scroll: https://bit.ly/31Gv7bd

Klips for 2nd July

World 🌎 | Putin wins vote that gives him right to rule till 2036
– 78% of those polled were in favour of wide changes
– The polls counts were released even before voting ended
Bloomberg: https://bloom.bg/3ghezL5

More than 300 arrested in HK for protesting on ‘birthday’
– This comes after China passed a new law in HK that allows it to jail anyone in the interest of national security
– Ironically, China sees the law as a ‘birthday gift’ for HK, as per some authorities
Reuters: https://reut.rs/2NOQjne

National 🇮🇳 | Railways invites bids to run 151 pvt trains
– As per the tender the pvt party will be responsible for procuring of rolling stock, operations & maintenance
– It will pay railways haulage & energy charges and % of revenue
– IR drivers & guards will run the train
BQ: https://bit.ly/3ikAeE0

GVK Reddy booked by CBI in ‘Mumbai airport scam’
– As per the corruption charges GVK and 13 others caused a loss of ₹705cr to the exchequer
Hindu: https://bit.ly/2BjTa5j

Economy & Business 💰 | Gold hits all time high in India
– 10gm of Gold futures trade at ₹48871, a 25% jump this year
Reuters: https://reut.rs/3gdENhr

GST collections recover for May; 47% up from April
– The collections were at ₹90,917cr about 9% below last year’s number
– The govt released data for 3 months together
BQ: https://bit.ly/335m16y

Tech 📱 | 400 advertisers boycott FB as talks fail
– This includes brans such as Netflix, Coke, Starbucks
– The top 100 brands only contribute 6% to FB revenues
Reuters: https://reut.rs/2ZmbpPe

Whatsapp to have animated stickers, QR-code for contact sharing
– The features were officially announced even though they have been seen in beta versions before, and will roll out soon
– Also group calls will now be possible between 8 ppl
Verge: https://bit.ly/2ZqKcv3

Opinion: Promise & Delivery – On India’s first COVID-19 vaccine
– COVAXIN, developed by a Hyd based company is set to undergo human trials
Hindu: https://bit.ly/2ZseI7R

🗣Opinion: ICMR Must Decide if it Is India’s Council for Medical Research or its Master’s Voice
Wire: https://bit.ly/31APXJd

Klips for 1st July

World 🌎 | 🗣China passes new National Security Law for HK
– Breaking the law could lead to life imprisonment as per the new legislation
– The law has been widely criticised by the UK, US, Europe and NATO
BBC: https://bbc.in/3eT22xa

National 🇮🇳 | PM announces extension of free food grain transfers till Nov
– 80cr ppl will get 5kg of wheat or rice per month with 1kg of chana
– This will cost the govt ₹90000cr
BQ: https://bit.ly/335m16y

Economy & Business 💰 | Central GST revenue falls 70% for Mar-Apr
– The collection was ₹24,895cr for the two months against ₹81,405cr last year
– These figures may increase as the last date for payment is July 9
BQ: https://bit.ly/335m16y

Voda-Idea losses double to ₹11,643cr; says survival depends on SC order
– The losses were on account of dues paid in the AGR case
– ARPU increased to ₹121, a ₹12 increase for the same period last year while its subscriber base reduced by 13mn during the quarter
Livemint: https://bit.ly/2NLBVwm

No return to pre-pandemic employment levels this year: ILO
– Worldwide 14% of work hours were lost which equates to 400mn jobs
– The Americas was the worst hit with 18.3% of work hours lost
Reuters: https://reut.rs/3iddDt0
#ILO: International Labour Organisation

Tech 📱 | Discord raises $100mn and now valued at $3.5bn
– The chat app is largely used by gamers
TC: https://tcrn.ch/3dLlFpG

Microsoft announces program to help 25mn improve digital skills
– The program is meant for those affected by unemployment due to COVID-19
– Microsoft will offer free learning courses on LinkedIn Learning, GitHub Learning Lab and also provide $20mn in cash grants to non-profits
Hindu: https://bit.ly/2NLNmUx

Interesting: Global app revenue jumps to $50B in the first half of 2020, in part due to COVID-19 impacts
– First-time app installs jumped 26% while revenues jumped 23%
– TikTok was the most downloaded app with 628mn downloads
TC: https://tcrn.ch/31xfQtx

🗣Interesting: A lesson for 2019? How PV Narasimha Rao (and Manmohan Singh) used an economic crisis for big reforms
– ‘Jaimini Bhagwati’s ‘The Promise of India’ examines the history of independent India through its prime ministers.’
Scroll: https://bit.ly/30eg5pR