ALOKEPARNA CHAKRABORTY

GLOBAL BUSINESS DEVELOPMENT 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.

Some Key points on CBDC:

i. A CBDC is (Central Bank Digital Currency) is a digital record or token of a country’s digital currency
ii. Crypto currencies opened the door for central bank digital currencies to emerge.
iii. The key benefits of CBDcs are that they promote financial inclusion and make monetary and fiscal
policy execution easier.
iv. CBDC’s main drawback is that they are a centralized type of currency that can compromise citizen’s
privacy.

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 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 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.
• Govt has approved revival plan 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.

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.

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

24. 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 start-ups, and a number of
large start-ups 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.

25. 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.

26. 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.

27. 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.

28. 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.

29. 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
• 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

30. 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."

31. 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.

32. 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.

33. 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.

34. 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.

35. 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.

36. 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.

37. 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.
38. 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.

39. 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.

40. 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.
41. 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."

42. 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.

43. 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.

44. 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.

45. 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.

46. 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.

47. 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.

48. 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.

49. 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.

50. 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.
51. 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.

52. 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.

53. 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.

54. 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.

55. 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.

56. India's gold imports surge nearly 8 times in September as prices drop:
• 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.
57. 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.

58. 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.

59. 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.

60. 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.
• Twenty 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.
61. 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.

62. 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.

63. 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.

64. 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.
65. 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.

66. Fintech Uni raises $70million from General Catalyst

• Fintech start-up 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.

67. 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.
• 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.
68. 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.

69. 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.
• 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.

70. 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.

71. 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.

72. 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.

73. Exports rise 44% during December 1-14

• India's exports rose 44.41 per cent to $16.46 billion year-on-year during December 1-14, 2021,
according to preliminary data of the commerce ministry.
• Imports too grew 42.57 per cent to $27.53 billion during the period under review, the data
showed.
• Imports, excluding petroleum, also increased 32.90 per cent last fortnight over the same
period of 2020-21 and up 48.47 per cent as compared to same period of 2019-20.

74. India’s FDI rules ambiguous, can be strengthened, says WTO DG Ngozi Okonjo-Iweala
• World Trade Organization Director-General Ngozi Okonjo-Iweala on Tuesday said that India’s
policy on foreign direct investment is ambiguous and can be strengthened. At the CII
Partnership Summit, she said that companies trying to invest in India face lengthy approval
processes
• The WTO chief said that continuing on the reform path will enhance competitiveness of Indian
businesses both in India and abroad.
• 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
• WTO DG said that there is pressure on the developed countries to look at rules for this
movement.
75. 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.

76. ‘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.

77. 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.
78. 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.

79. 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.

80. 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 includes Porsche, Sokda and Seat. But the good news is that the demand
for automobiles is better than last year.

81. UK seeing a ‘massive adjustment’ in labour 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.
82. 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.

83. 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.

84. 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.

85. India's most valuable start-up BYJU'S to go public through SPAC deal
• India's most valuable start-up 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 start-up with a $21 billion valuation, according to CB Insights.

86. 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.
87. Global economy remains hostage to uncertainty due to Omicron: RBI
• The global economy remains hostage to heightened uncertainty, with the Omicron variant of
COVID-19 sparking fresh containment measures, the RBI said. The emergence of Omicron has
accelerated risks to global trade with the resumption of travel restrictions and quarantine rules
at major ports and airports, it added. "The looming threat of Omicron calls for observing
greater caution," RBI added.

88. Will pay for news content to agencies: Google to French antitrust body
• Google has submitted a proposal to France's Competition Authority (CA) on how it would deal
with news agencies and publishers in a dispute regarding the latter losing ad sales revenue.
Google has proposed negotiation in "good faith" with news websites over the amount required
to be paid to use their protected content as one of the measures.

89. Musk sells Tesla shares worth $884 mn, bringing total to $13.6 bn
• Tesla CEO Elon Musk sold another 9,34,091 shares of Tesla worth $884.1 million, filings
showed. The billionaire sold the shares to pay for taxes on the exercise of stock options to buy
2.2 million shares. This brings the total shares sold to 12.9 million for about $13.6 billion since
Musk took a poll on offloading 10% of his stake.

90. Emerging economies should regulate cryptos instead of banning them: Gopinath
• International Monetary Fund (IMF) Chief Economist Gita Gopinath said that emerging
economies should regulate cryptocurrencies instead of banning them. "Banning...may not
work as crypto exchanges are located offshore, which makes it easier for an individual to trade
in them despite the ban," she added. "There is a need for a global policy on it urgently,"
Gopinath said.

91. Govt unlikely to bring bill on crypto in winter session: Reports

• The government is unlikely to bring a bill on cryptocurrency in the winter session of Parliament,
according to reports. Whenever the bill will be brought, it will be referred to the parliamentary
standing committee for wider deliberations with stakeholders, they added. The bill's agenda
says, "To create a facilitative framework for creation of the official digital currency issued by
RBI."

92. CAIT writes to FM Sitharaman against Shopee, alleges Chinese links

• Traders' body CAIT has written to Finance Minister Nirmala Sitharaman alleging that e-
commerce firm Shopee violated norms as it entered India without seeking a government
approval despite having a Chinese investor. Pointing to a complex ownership structure of
Shopee, CAIT's Praveen Khandelwal said it is "nothing but an attempt to hoodwink the Indian
government and infuse Chinese funds into India".

93. India could export 60 lakh tonnes of sugar despite WTO ruling: Officials
• India could sell over 60 lakh tonnes of sugar worldwide this year, trade officials said. This
comes after World Trade Organization (WTO) panel ruled that India violated international
trade rules when it offered excessive subsidies for the production and export of sugar and
sugarcane. "There's...no impact of order...with regard to Indian sugar exports," ISMA's
Director General Abinash Verma said.
94. Vodafone Idea planning to increase capex to ₹15,000 crore
• Vodafone Idea (Vi) is planning to increase its annual capital expenditure to $2 billion (about
₹15,000 crore), The Economic Times reported. Vi's promoters Aditya Birla Group and UK's
Vodafone Plc are likely to put in more equity, it said. Vi, with a cash balance of ₹250 crore at
September-end, is expected to complete its fund-raise by March 2022, it added.

95. Around 9% MSMEs got shut down due to COVID-19: Govt

• Minister of Micro, Small and Medium Enterprises (MSMEs) Narayan Rane said an online survey
conducted by National Small Industries Corporation found that about 9% MSMEs closed down
due to COVID-19. As per National Crime Records Bureau, 9,052 MSME business owners
committed suicide in 2019, while the number increased to 11,716 in 2020, he added. MSMEs
contribute 29% to India's GDP.

96. Cabinet clears ₹76,000-cr PLI scheme for semiconductor production

• The Union Cabinet has cleared a ₹76,000-crore production linked incentive (PLI) scheme for
semiconductor production. Information and Broadcasting Minister Anurag Thakur said an
ambitious project to establish a complete ecosystem of semiconductors and display boards
manufacturing has been sanctioned. He added that ₹76,000 crore will be spent on this project
in six years.

97. Indian-origin Leena Nair named as new global CEO of Chanel

• French fashion house Chanel on Tuesday named 52-year-old Indian national Leena Nair as its
new global CEO. Prior to this, Nair was associated with Unilever for the last 30 years. She was
the first female, first Asian and the youngest ever Chief Human Resources Officer of Unilever.
She'll join Chanel at the end of January and be based in London.

98. Cabinet approves incentive scheme for promotion of RuPay Debit Cards
• Union Cabinet has approved an incentive scheme to promote RuPay Debit cards and low-value
[uto Rs. 2,000)
• BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country
• Financial outlay for one year: Rs.1,300 crore
• With this, Digital Modes of Payment will become accessible to unbanked and marginalized
populations outside the formal banking-financial system
• It will facilitate acquiring Banks in building robust digital payment ecosystem across all sectors
and segments

99. SEBI constitutes 'ALERTS' committee for early detection of market anomalies
• SEBI has constituted 'Advisory Committee for Leveraging Regulatory and Technology Solutions
(ALERTS)' to enhance technological capabilities and explore appropriate technology solutions
for early detection of market anomalies
• Head: Madhabi Puri Buch (Ex-Whole Time Member of SEBI)
• It will recommend future roadmaps and improvements in the various ongoing technology
projects.
• It will also guide SEBI in designing and framing requirements for the different in-house systems
100. RBI introduces tough PCA framework for large NBFCs
• RBI has introduced prompt corrective action (PCA) framework for large non-banking financial
companies
• (NBFCs) with effect from October 2022
• It will put restrictions on para-banks whenever vital financial metrics dip below prescribed
threshold.
• The move will bring NBFCs almost on a par with banks in terms of supervision and regulatory
reach.
• This follows scale-based regulations and revision in non-performing asset norms brought in by
the regulator for the sector.