THE OKOVERSE

YOUR ONLY STOP FOR HAPPENINGS AROUND THE GLOBE

October - November Edition

Bharat, Instead of India, Reaches

Cabinet in a Fully-loaded Railway
Document

Google Agrees to Invest Up to $2

billion in OpenAI Rival Anthropic

Global Warming Will Reach 1.5C

Threshold this Decade

Il-38's Retirement Brings An

Indian Maritime Patrol Era To An
End
 THE OKOVERSE
24 October 2023

Sri Lanka Assures China of Continued Active

Participation in Belt and Road Initiative

Wickremesinghe visited China from October

16 to 20 to attend the third Belt and Road
Forum for International Cooperation hosted
by Chinese President Xi Jinping. "Sri Lanka
reiterated it will continue to actively
participate in the Belt and Ro Initiative
proposed by China," according to the joint
statement issued on Friday. Cash-strapped
Sri Lanka has a total foreign debt of USD 46.9
billion, 52 percent of which is owed to China,
its largest lender.

Steel Ministry Nod Must for Imports Not

Cleared by BIS

The Indian government has made it

mandatory for steel imports that have not
been cleared by the Bureau of Indian
Standards (BIS) to obtain approval from the
steel ministry. This move is aimed at cracking
down on substandard goods. The decision
may reduce imports of steel products, which
have seen a significant increase in recent
months.
 THE OKOVERSE
26 October 2023

Oil Steady as Market Eyes Middle East

Tensions, Higher US Crude Stockpiles

Oil prices were little changed on Thursday as

the market weighed mixed drivers, eyeing
tensions in the Middle East while digesting a
rise in U.S. crude stockpiles. Brent crude
futures dipped 3 cents to $90.10 a barrel at
0100 GMT, while U.S. West Texas
Intermediate crude futures eased 3 cents at
$85.36 a barrel.
The benchmark oil contracts have settled
nearly 2% higher on Wednesday, buoyed by
persisting worries about the Middle East
conflict.

China Bans Tibetan Language in Schools in

Sichuan Province

China has banned the teaching and use of

the Tibetan language at elementary and
middle schools in two Tibetan-populated
regions in southwestern China. The ban
requires all instruction to be in Mandarin,
raising concerns among Tibetan activists
about the potential extinction of the Tibetan
language in the regions and its viability
across the country.
 THE OKOVERSE
28 October 2023

Google Agrees to Invest Up to $2 billion in OpenAI

Rival Anthropic

Google is already an investor in Anthropic,

and the fresh investment would underscore
a ramp-up in its efforts to better compete
with Microsoft, a major backer of ChatGPT
creator OpenAl, as Big Tech companies race
to infuse Al into their applications.
Alphabet's Google has agreed to invest up to
$2 billion in the artificial intelligence
company.

Bharat, Instead of India, Reaches Cabinet in a

Fully-loaded Railway Document

Bharat" gained prominence as the Cabinet

received a proposal from the railway
ministry that replaced 'India' in official
documents. This shift sparks a broader
debate over the country's Bharat-India
nomenclature. While the ruling party sees
using Bharat as a step away from colonial
history, the opposition remains divided on
the issue's significance.
 THE OKOVERSE
30 October 2023

G-7 Trade Chiefs Condemn Weaponisation of

Economic Dependencies
Trade chiefs of the most advanced economies
criticised some nations for exploiting the
commercial vulnerabilities of others to pursue
policy objectives without specifying any
culprit.
The trade ministers of the Group of Seven
nations pledged to build a wider network with
developing nations to ensure supply chains are
resilient for key items, including critical
minerals, semiconductors and batteries,
according to the group's joint statement
released Sunday at the conclusion of their
two-day gathering in Osaka, Japan.

China and Russia Take Aim at US at Chinese

Military Forum

Chinese and Russian military chiefs criticised

the United States at a security forum in
Beijing on Monday, even as China's second-
most-senior military commander vowed to
boost defence ties with Washington.
The Beijing Xiangshan Forum, China's biggest
annual show of military diplomas, began
Sunday without the country's def minister,
who typically hosts the event, but included a
U.S. delegation amid regional tensions.
 THE OKOVERSE
01 November 2023

Infosys Headcount Drops by 7530 in Q2, to Roll

Out Hikes from Nov 1

India's second-largest IT services provider,

Infosys, reported a dip of 7,530 in its
headcount over the second quarter of FY24,
taking the total headcount to 328,764.
The company also said it has a significant
fresher bench and does not see a need to
visit campuses this year as of now. Infosys
reported a decline of 6,940 last quarter as
the company slowed down hiring.

FED Holds Rates Steady, Upgrades Assessment of

Economic Growth

The Federal Reserve on Wednesday again

held benchmark interest rates steady amid a
backdrop of a growing economy and labour
market and inflation that is still well above
the central bank’s target.
In a widely expected move, the Fed’s rate-
setting group unanimously agreed to hold
the key federal funds rate in a target range
between 5.25%-5.5%, where it has been
since July. This was the second consecutive
meeting that the Federal Open Market
Committee chose to hold, following a string
of 11 rate hikes, including four in 2023.
 THE OKOVERSE
03 November 2023
Global Warming Will Reach 1.5C
Threshold this Decade

Climate change is accelerating, and the world

will cross the 1.5 degrees Celsius warming
threshold this decade, according to research
published on Thursday that scientists said
should raise alarms at this year's COP28
climate talks. Countries pledged in the 2015
Paris Agreement to hold global warming to
within 1.5C above pre-industrial
temperatures, but the new paper by a team of
scientists, including from NASA and Columbia
University, adds to evidence suggesting that
this goal is already out of reach.

Prime Minister PM Modi to Inaugurate

World Food India 2023

Narendra Modi will inaugurate the second

edition of the Mega food event 'World Food India
2023' on Friday at Pragati Maidan in the national
capital.The event will be inaugurated at 10 am in
Bharat Mandapam at Pragati Maidan.With the
aim to strengthen Self Help Groups, the Prime
Minister will disburse seed capital assistance for
over one lakh SHG members.
This support will help SHGS gain better price
realization in the market through improved
packaging and quality manufacturing," the Prime
Minister's Office said in an official statement.
Prime Minister will also inaugurate 'Food Street'
as part of World Food India 2023.
 THE OKOVERSE
05 November 2023

Earthquake of Magnitude 6.4 Strikes Nepal;

Tremors Felt in India and China

A powerful earthquake with a magnitude of

6.4 struck Nepal at 11:32 PM local time. The
tremors were strong enough to be felt in
neighbouring India and China, particularly in
northern India, sparking panic among
residents who rushed out of their homes and
onto the streets.
The earthquake's epicentre is reported to be
in Nepal, and the temblor's intensity sent
shockwaves that rippled through the region.
The exact extent of the damage and
casualties is still being assessed, and local
authorities are on high alert.

Il-38's Retirement Brings An Indian Maritime

Patrol Era To An End

The Indian Navy closed an important chapter

in its history on October 31, 2023, when it
withdrew the last of its II-38SD maritime
patrol aircraft, ending nearly half a century
of operating Soviet-made reconnaissance
types over the Indian Ocean.
 THE OKOVERSE
06 November 2023

Amid China Boundary Talks, Bhutan King to Discuss

Bhutan-Assam Border Smart City Project
Bhutan’s 5th King Jigme Khesar Namgyel
Wangchuck landed in Delhi on Sunday ahead
of talks with Prime Minister Narendra Modi
on Monday, a fortnight after Bhutan and
China signed an agreement on the boundary
delimitation process in Beijing. While the
boundary talks will receive the most interest
in New Delhi, given India’s concerns over
Doklam, the King’s visit is understood to be
prompted by an ambitious project Bhutan
plans on the border with Assam in Gelephu.

New Delhi to Restrict Use of Vehicles

to Curb Air Pollution

India's Delhi city will restrict the use of

vehicles next week to curb rising pollution as
air quality in the capital remained
dangerously unsafe for a third consecutive
day despite mitigation efforts.
New Delhi ranks among the world's top
polluted cities every year ahead of the onset
of winter when calm winds and low
temperatures trap pollutants from sources,
including vehicles, industries, construction
dust, and crop residue burning in nearby
fields.
 THE OKOVERSE
07 November 2023

Dollar Gains, Global Shares Pare Losses as Fed

Speakers Talk Policy
On Tuesday, November 7th, 2023, the dollar
appreciated as investors evaluated remarks
made by the Federal Reserve regarding the
necessity of additional interest rate
increases to control inflation. According to
Fed Governor Michelle Bowman, the latest
US GDP figure shows that the country's
economy has "not only remained strong" but
may have picked up steam and needs a
higher Federal Reserve policy rate.

Fitch Hikes India’s Mid-term GDP

Growth Forecast to 6.2 per cent

Fitch Ratings has increased India‘s medium-term

growth rate by 0.7 percentage point (PP) to 6.2
per cent “given an improvement in the
employment rate and a modest increase in the
working-age population forecast”.
According to Fitch, India’s projected labour
supply growth is also lower relative to 2019,
given the expected negative growth in the
participation rate. “While the participation rate
has recovered from its pandemic slump, it
remains significantly below levels recorded in
the early 2000s, partly as the employment rate
among women remains very low,” it said in its
latest Global Economic Outlook (GEO) report on
ten emerging economies (EM10).
 THE OKOVERSE
10 November 2023

Raghuram Rajan Says India's Current Growth

Isn't Enough to Create Ample Jobs

India’s economy is showing signs of steady

growth but needs to expand at a pace of over
8% to create enough jobs for the world’s
most populous nation, former Reserve Bank
of India Governor Raghuram Rajan said.
“We should be going at 8%-8.5% given the
needs of the population and the need for
jobs,” Rajan said via video link at an event in
Beijing on Friday. Economic growth at
6%-6.5% is strong compared with other
countries, “but relative to our need for jobs, I
think it’s still somewhat slow.

Singapore's CapitaLand India Trust Secures

$155 m in Loan for Data Center in India

Singapore's CapitaLand India Trust has secured a

five-year construction loan of 13 billion rupees
($155.9 million) to finance the development of
its data centre in the Indian city of Navi Mumbai.
The loan facility, which has been secured from
J.P. Morgan India, will be used for the phase 1
development of the data centre, the company
said in a statement.
Once completed, the unit will have a power
capacity of 108 megawatts, and will unit will
have a power capacity of 108 megawatts and will
be used to service global technology giants,
cloud service providers, and large domestic
enterprise clients.
KEY ECONOMIC INDICATORS

Repo Rate 6.50 Exchange Rate ($) 83.30

Reverse repo Rate 3.35 Inflation (CPI) 5.02

Bank Rate 5.15

Unemployment 7.10
Rate

Manufacturing 57.5
Cash Reserve Ratio 4.50
PMI

Statutory Liquidity 18 Service PMI 61

Ratio

MCLR
7.95 - Brent Crude Price
$ 81.70
8.40 ($/Barrel)

NIFTY- 50 BSE Index

19525.50 65259.45
(12-11-23) (12-11-23)