Microsoft launches the first ever Asia-Pacific cybersecurity council

 The aim is to build a strong communications channel for addressing cyber threats and sharing best practices across the participating countries

With the aim of building a strong communications channel for addressing cyber threats and sharing best practices across the participating countries, Microsoft has launched the first Asia Pacific Public Sector Cyber Security Executive Council.

Consisting of policymakers and influencers from Brunei, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand, supported by cybersecurity professionals, the council aims to accelerate public-private partnerships in cybersecurity, share threat intelligence, Microsoft said in a statement on Monday.

"Our joint mission is to build a strong coalition, to strengthen our cybersecurity defense," said Sherie Ng, General Manager, Public Sector, Microsoft Asia Pacific.

The APAC countries continue to experience a higher-than-average encounter rate for malware and ransomware attacks -- 1.6 and 1.7 times higher respectively than the rest of the world.

"This collective marks a significant commitment towards accelerating public-private partnerships in cybersecurity while promoting a broader sharing of threat intelligence to be better positioned to respond in the event of attacks," the tech giant said.

The council is set to meet virtually on a quarterly basis to maintain a continuous exchange of information on cyber threats and cybersecurity solutions.

"This coalition certainly establishes stronger partnerships with industry leaders and practitioners that allow us to fortify our security postures and combat cybercrime," said Dato' Ts Dr. Haji Amirudin Abdul Wahab FASc, CEO of CyberSecurity Malaysia.

LG converting smartphone production lines to manufacture home appliances

 LG Electronics is fast converting its overseas smartphone manufacturing lines into facilities to make home appliances following its decision to withdraw from the mobile business

LG Electronics is fast converting its overseas smartphone manufacturing lines into facilities that produce home appliances, industry insiders said on Tuesday, following its decision to withdraw from the mobile business.

LG said the Brazilian government last month approved its plan to expand its Manaus plant in Amazonas, northwestern Brazil, in a move to shift its production lines from the Taubate site on the east coast.

When the $62 million projects is completed, LG Electronics will have new production lines for laptops and monitors at the Manaus plant.

The South Korean tech giant said all of its Brazilian manufacturing will be consolidated in Manaus down the road, reports Yonhap news agency.

Started in 1995, the Manaus plant was originally established to manufacture TVs, microwave ovens, and DVD players, with air conditioners added in 2001. The Taubate plant has been in operation since 2005, producing mobile phones, monitors, and laptops.

The latest relocation follows LG's move in April to convert its smartphone line at the Haiphong plant to make home appliances in northern Vietnam.

LG earlier announced it will exit from the mobile business by July 31 after years of money-losing performances. Since then, it has been working to relocate its mobile workforce and resources to its core home appliance business.

Demand for LG's premium appliances has been soaring on the back of the pandemic-induced stay-at-home trend.

LG's home appliance and air solution (H&A) unit in the first quarter posted 6.7 trillion won ($6 billion) in revenue and 919.9 billion won in operating profit, both the largest for its quarterly performance.

India's sovereign bond yields may stretch to April 2020 high, says expert

 India's move toward higher bond yields and interest rates will be another milestone in the recovery of global financial markets from the ravages of the coronavirus.

India’s sovereign bond yields are likely to head sideways in coming months before starting to spike higher toward year-end, according to a 25-year bond-market veteran.
Signs of quicker inflation and concern the Reserve Bank of India will pull back on policy support should eventually put yields on a rising path, said Radhavi Deshpande, chief investment officer at Kotak Mahindra Life Insurance Co. in Mumbai. Consumer prices will start to rise as the virus wave subsides, and that will also convince policy makers to ease back on stimulus, she said.

“We expect the benchmark 10-year yield to head toward 6.50% as inflation worries and policy normalization concerns begin to resurface along with reducing support from the RBI as we approach the year end,” she said in an interview. Yields may stretch toward the high, last seen in April 2020, by March, she added.

The first steps toward policy normalization at the RBI can be expected in December with policy makers likely to raise the reverse repo rate and start draining liquidity through variable reverse repos of different tenors, Deshpande said. The benchmark yield was at 6% on Monday.

India’s move toward higher bond yields and interest rates will be another milestone in the recovery of global financial markets from the ravages of the coronavirus. Progress toward normalization in the South Asian nation has seen a massive setback in recent months as the nation suffered one of the world’s worst outbreaks of the pandemic.

While there have been signs in recent weeks that the current virus wave is easing, inflation is likely to stay in a range of 4% to 6% over the next nine-to-12 months, said Deshpande, who was previously head of proprietary trading at Kotak Mahindra Bank Ltd. Still, demand should start to recover as the number of cases falls and that will help stoke inflationary pressures, she said.

Covid impact: India's economy unlikely to see double-digit growth in FY22

 Barclays has pegged growth at 7.7 percent in a bear-case scenario if the country is hit by a third wave of the pandemic.

India’s economy is unlikely to see double-digit growth and may grow between 8 percent and 9 percent this fiscal year (2021-22, or FY22), against the estimated 11.5 percent, according to leading economists and rating agencies.

The downward revision of growth projections to as low as 10 percent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave and expect the first quarter to see positive growth.

Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said, “It is a good thing that gross domestic product (GDP) contraction of 2020-21 (FY21) is slightly better than expected, but the downside of it is that FY22 numbers will now undergo revision and will be in single digits since the base has been significantly revised downwards. Given the pace of vaccination, it is unlikely a large part of the population will be vaccinated by the second quarter of the year. The overall growth prospect looks bleak,” said Ghosh.

While the country’s GDP has contracted 7.3 percent in FY21, growth was expected to bounce back in double digits in the current fiscal year as rapid vaccinations were expected to counter the second wave.

D K Srivastava, chief policy advisor, EY India, said, “With a lower contraction in GDP, as well as gross value added in FY21, the sharp recovery projected for FY22 by a number of agencies, like the International Monetary Fund (IMF) at 12.5 percent and the Reserve Bank of India (RBI) at 10.5 percent, may have to be moderated. These projections were done prior to the impact of the second Covid wave. A combination of the Covid second wave and the revised base effect may imply a lower GDP growth for the Indian economy for FY22, which may be in the range of 9-9.5 percent.”

Carlyle Group to acquire controlling stake in PNB Housing Finance

 Aditya Puri to come on board; Carlyle to appoint a chairperson

Private equity firm Carlyle Group and associates will acquire a controlling stake of over 50 per cent in PNB Housing Finance by investing in the Rs 4,000 crore preferential issue of equity and warrants of the Delhi-based mortgage lender.

After the proposed transactions, expected to be completed by January 1, 2022, Carlyle will also have the right to nominate the chairperson of PNB Housing Finance (PNB HF). This right will continue as long as it holds at least 40 per cent of the share capital on a fully diluted basis.

Pluto Investments, an affiliate of Carlyle Asia Partners, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and convertible warrants at Rs 390 per share, for a 30.2 per cent in PNB HF’s expanded capital.

Quality Investment Holdings (QIH), a unit of Carlyle Group, currently holds 32.21 per cent of PNB Housing Finance. After the issue of shares and warrants, QIH's stake will stand reduced to 20 per cent on the expanded equity base.

Both QIH and Pluto are part of “The Carlyle Group”, a global entity.

Together, they will hold 50.2 per cent in PNB HF.

Public sector lender Punjab National Bank (PNB) will continue to be a promoter and a key stakeholder in the company. It held a 32.65 per cent stake in the company as of March 31, 2021. Its stake will fall to 20.3 per cent in the expanded capital base.

Along with Carlyle Group, Aditya Puri, former managing director of HDFC Bank, will infuse capital into PNB Housing Finance through family investment firm Salisbury Investments. He will be Carlyle’s nominee director in due course.

Asia's factories sustain expansion, supply chain woes cloud outlook

 A spike in COVID-19 infections in countries like Taiwan and Vietnam could disrupt semiconductor output and supply chains, posing a headache for manufacturers

Asia's factory activity continued to expand in May thanks to an ongoing recovery in global demand, surveys showed on Tuesday, though rising raw material costs and supply chain constraints clouded the outlook.

A spike in COVID-19 infections in countries like Taiwan and Vietnam could disrupt semiconductor output and supply chains, posing a headache for manufacturers and weighing on Asia's export-driven recovery, analysts say.

Japan and South Korea saw an expansion in factory activity moderate in May, purchasing managers' indexes (PMI) showed on Tuesday, underscoring the fragile nature of their recoveries.

"A spread of new variants is already having a negative impact on supply chains. If this situation persists, it would hit Asian manufacturers that had been scrambling to diversify supply chains out of China," said Toru Nishihama, chief economist at Dai-ichi Life Research Institute.

"Asia's recovery has been driven more by external than domestic demand. If companies have trouble exporting enough goods, that bodes ill for the region's economies," he said.

China's factory activity expanded at the fastest pace this year in May on solid demand at home and overseas, though sharp rises in input prices and strains in supply chains crimped some firms' production, a survey showed on Tuesday.

The Caixin/Markit Manufacturing PMI, which focuses on smaller firms, rose to 52.0 last month, the highest since December and inching up from April's 51.9.

Who bore brunt of income losses in CY20 as India battled coronavirus?

 Almost four-fifths of all income losses were incurred by households and the corporate sector

Every economy in the world suffered economic/income losses in CY20. The ‘sudden stop’ forced authorities to react with a quick, massive, and unconditional fiscal/monetary support last year. As in other crises, however, these measures did not prevent losses, though they definitely helped mitigate them. Assuming that income growth in CY20 would have been the same as in CY19, my calculations suggest that total income losses incurred by the Indian economy amounted to 10.6% of GDP (totaling $315b) in CY20. This was lower than losses worth 12.7% of GDP in Spain (ES) but almost double that in Australia (5.8% of GDP) and the US (6% of GDP).

What, however, is more important to learn is the distribution of these losses among three domestic participants, namely, households, corporate and the government? This is vital because it helps us understand: a) if, and how, the situation is different in India vis-à-vis other major economies, b) how different fiscal responses led to varied implications for the private sector, and c) implications on the strength of the recovery, as and when it happens. Lastly, this analysis also provides a key lesson to be avoided during the second wave.

The estimation of the distribution of income losses by different sectors in India (IN) is not an easy task. There are two ways of estimating such losses--either the national statistical agencies publish gross disposable income (GDI) data with details on a regular basis, and/or the government releases sectoral data on gross savings, which can then be added to consumption spending to arrive at GDI. For many advanced economies, data on both parameters are easily available. However, for India, neither income nor savings data by sector are available on a regular basis. The Central Statistics Office (CSO), the data publishing arm of the Government of India, publishes sectoral income and savings data only on an annual basis, with a lag of 10 months. Thus, FY21 data will be available at the end of Jan’22.

Rally lures HDFC Bank to do 'whatever it takes' to make more equity deals

 HDFC Bank ranked number 16 for overall equity deals business last year, and number 29 in 2019, according to Bloomberg.

A hot equity market in India is prompting HDFC Bank Ltd. to try to muscle in on the action as companies raise record levels of funding.
The government has flooded the market with money in response to one of the world’s worst outbreaks of coronavirus, pushing stocks to dizzying levels and helping companies to boost capital buffers. Despite being India’s most valuable lender, HDFC Bank so far hasn’t been able to exploit its strong balance sheet to make inroads into this competitive market.

“We will do whatever it takes to reach there -- hire more people, grow more people from inside and even enter into partnerships,” Rakesh Singh, group head of investment banking, private banking, marketing, and products at HDFC Bank, said in an interview. “As we build our distribution network a larger share of the equity capital market deals will come our way.”

It may be easier said than done for a relatively late starter like HDFC Bank to grab a bigger share of the market as it grapples with uncertainty over its asset quality. The country’s second-largest lender will have to fight it out with veteran local players including ICICI Bank Ltd., Axis Bank Ltd., and State Bank of India.

HDFC Bank ranked number 16 for overall equity deals business last year, and number 29 in 2019, according to data compiled by Bloomberg.

“It’s a cut-throat market where big corporates prefer to work with dominant and well-established bankers with existing relationships who can offer them the best pricing,” said Siddharth Purohit, an analyst at SMC Global Securities Ltd. “Unless HDFC Bank offers something really attractive it will not be easy for them to grow this business quickly and get the big-ticket deals.”

India’s stocks have extended their climb, reflecting investor optimism that the economy will rebound strongly from the devastation caused by the coronavirus. The benchmark index ended 0.6% higher on Friday, close to its record high in February.

India economy seen growing at world's quickest rate despite Covid outbreak

 The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News

The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year.
The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News. That’s after several economists downgraded their forecasts in recent weeks to factor in local curbs on activity, including in India’s political and commercial hubs.

But the downgrades are a message to not take the economy’s recovery for granted. Economists say the relaxation of restrictions across states will determine the strength of the rebound, while the willingness of consumers to spend -- as they did last year when lockdown curbs were lifted -- will also be key.
It was pent-up demand for everything from mobile phones to cars that spurred consumption in Asia’s third-largest economy when it reopened last year after one of the strictest lockdowns that lasted more than two months. Data due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it the second straight quarter of expansion since India exited a rare recession.
What Bloomberg Economics Says...
“Widening state-level lockdowns over the last month now pose significant downside risks to our latest growth forecast.”

Covid crisis: British retail faces 'tsunami of closures' without rent help

 They will be subject to legal measures to recover unpaid rent from July

Britain's retail sector will endure a "tsunami of closures" if the government does not extend a moratorium on aggressive debt enforcement, industry lobby group the British Retail Consortium (BRC), said on Sunday.

Citing survey data it said two-thirds of British retailers have been told by landlords they will be subject to legal measures to recover unpaid rent from July 1 when the moratorium ends.

Many UK retailers deemed "nonessential" had to close their stores during multiple Covid-19 lockdowns over the last 15 months, accruing total rent debt of 2.9 billion pounds ($4.1 billion), the BRC said.

The pandemic has hammered the sector and industry data shows one in seven shops already lie empty.

The BRC’s survey found 80 per cent of tenants said some landlords have given them less than a year to pay back rent arrears.

Without action, the end of the moratorium could see thousands of shops close, said BRC chief executive Helen Dickinson.

She called on the UK government to allow the rent arrears built up during the pandemic to be ringfenced and the moratorium on repayment of these debts to be extended to the end of the year.

"With this in place, all parties can work on a sustainable long-term solution, one that shares the pain wrought by the pandemic more equally between landlords and tenants," she said.

British intelligence believes Covid-19 lab leak theory 'feasible': Report

 British intelligence agencies now believe it is "feasible" that the COVID-19 pandemic began with a coronavirus leak from a Chinese laboratory, a media report said on Sunday

British intelligence agencies now believe it is "feasible" that the COVID-19 pandemic began with a coronavirus leak from a Chinese laboratory, a media report said on Sunday, prompting UK's Vaccines Minister Nadhim Zahawi to demand that the WHO must fully investigate the origins of the deadly virus.

The origins of the COVID-19 remain a widely debated topic, with some scientists and politicians maintaining that the possibility of a lab leak of the deadly virus exists.

Western intelligence, including in Britain, at first considered there was only a "remote" chance that it had leaked from the laboratory, where research is conducted into bat-derived coronaviruses, including one closely associated with COVID-19. But there has since been a reassessment, and a lab escape is thought "feasible", the Sunday Times reported, citing sources.

China's Wuhan Institute of Virology (WIV) is near the outbreak's known epicenter of Huanan Seafood Market in Wuhan, where the virus first emerged in late 2019 and became a pandemic. More than 168 million confirmed cases have since been confirmed worldwide and at least 3.5 million deaths reported.

"There might be pockets of evidence that take us one way, and evidence that takes us another way. The Chinese will lie either way. I don't think we will ever know," said a western intelligence source familiar with UK involvement in the investigation.

Agencies are believed to have few human intelligence sources in China. Gathering data there has focused on trying to recruit on the dark web, where Chinese employees can share secrets anonymously without fear of being caught, the paper said.

Citing US diplomatic sources, the paper said there were concerns that if the origin could not be determined, this could happen again and we are one wet market or bio lab away from the next spillover.

Speaking to Sky News on Sunday, Britain's Vaccines Minister Zahawi insisted that the WHO must be able to fully investigate the origins of the coronavirus.

As WhatsApp hits India's great firewall, other companies may help build it

 In the name of a responsible internet, several will be eager to abet the government in soft censorship.

India’s internet future — free and open, or stymied and controlled — may be decided by a 224-page lawsuit filed by WhatsApp last week.
Saying that it wanted to curb fake news, revenge porn and other ills, Prime Minister Narendra Modi’s government introduced new rules in February that would compel social media platforms such as Facebook Inc.’s WhatsApp to trace chat messages, among other things.

As the three-month deadline for compliance ended, WhatsApp filed its petition in the Delhi High Court. The U.S. company is arguing that being asked to track the originator of a message has no legal sanction. It doesn’t protect people such as journalists and political activists from arbitrary state action. Nor does the rule meet the proportionality test — required now by Indian law following a 2017 Supreme Court verdict — of being the least restrictive infringement of Indians’ fundamental right to privacy.

WhatsApp contends that keeping a log of messages would require it to break end-to-end encryption and save billions of messages sent by its more than 500 million users in India.

How the case is decided in the coming year or so as it winds its way to a verdict followed by an inevitable appeal may come down to the technical details of data transmission. Internet messages consist of two parts: the header and the payload. That unencrypted header, which can be read by any router it passes through, can be thought of as an envelope that shows identifying information, such as originating and destination IP addresses. The payload is the message itself. If it’s unencrypted, anyone can read it along the way. If it’s encrypted, then the message is scrambled using hard-to-crack algorithms.

The government says that fingerprinting each and every message — making it traceable — doesn’t include the content. But WhatsApp pleads that it will still undermine E2E encryption, posing a serious risk to privacy, and would open up WhatsApp (and other chat apps like Signal) not only to government interference but also to hacking attacks.

Zydus Cadila seeks regulator nod for clinical trials on Covid-19 therapy

 The company says the product helps to treat mild coronavirus patients and reduces hospitalization.

Cadila Healthcare has sought permission from India’s drugs regulator for starting the next phase of human clinical trials for its biological therapy to treat mild Covid-19 cases.

The company on Thursday said that the therapy named ZRC-3308, which is a cocktail of two SARS-CoV-2-neutralising monoclonal antibodies (mAbs), targets SARS-CoV-2 spike protein. It significantly reduces viral load in mild patients and their rate of hospitalization said the company after seeking permission from the Drugs Controller General of India (DCGI) for phase 1 to 3 trials.

Zydus said treatments similar to its product have received emergency use authorization in mild Covid-19 patients in the US and Europe. Zydus said it is the only Indian company to have developed a neutralizing monoclonal antibody-based cocktail for the treatment of COVID 19.

"At this juncture, there is a critical need to explore safer and more efficacious treatments to combat COVID. It is important to look at different stages of the disease progression and look at options that can reduce a patient's suffering and discomfort. We believe that ZRC-3308 has the potential to address these concerns and provide safe treatment," said Dr. Sharvil Patel, managing director of Cadila Healthcare.

Zydus said its therapy could come in handy amid newer variants of the coronavirus ahead of a potential third wave of the pandemic in India. Cocktails of two monoclonal antibodies-based products are better equipped to deal with the new Covid-19 variants than single mAb based-products.

Realme to host 5G summit with Qualcomm, other ecosystem players on June 3

 At the summit, these 5G ecosystem players will come together to discuss the growth opportunities of 5G worldwide, its impact on consumers, and as an enabler of smart living

Chinese electronics company Realme is hosting a 5G summit with Qualcomm, GSMA, and Counterpoint on June 3. At the summit, these 5G ecosystem players will come together to discuss the growth opportunities of 5G worldwide, its impact on consumers, and as an enabler of smart living. The speakers from these companies will also share insights on 5G’s role as an agent of change, its transformational impact on society, barriers to 5G adoption, and 5G accelerating smart living.

“5G is the network of the future. A future, which keeps inching closer to us each day. Industry leaders understand the critical breakthroughs 5G will bring and are steadily accelerating trials worldwide. The global 5G development has entered a new phase of momentum,” Realme said in a statement.

The theme of the event is ‘Making 5G Global| Accessibility for All’. The panel discussion brings together leaders from the ecosystem, for a discussion on the boundless possibilities of 5G.

The speakers will be:

Mr. Kalvin Bahia, Principal Economist, GSMA Intelligence
Mr. Peter Richardson, VP & Co-founder, Counterpoint Research
Mr. Rajen Vagadia, VP and President, Qualcomm India & SAARC
Mr. Madhav Sheth, CEO - realme India and Europe and VP - realme
Mr. Johnny Chen, Brand Director, realme
The event will live-stream on YouTube on June 3 at 2:30 pm (IST). You can watch it here through the video embedded below.

OnePlus Watch review: Solid for starters, but not without software snags

 The OnePlus Watch seems to be a good debutant smartwatch from the Chinese smartphone maker. How does it fare vis-a-vis peers? Khalid Anzar finds out

Looking to make a toehold in the market beyond smartphones, OnePlus is gradually expanding its products line-up. Fresh in the company’s portfolio is a smart wearable, the OnePlus Watch. Labelled as a smartwatch, the OnePlus Watch covers a wide spectrum of features and services that one looks for in smartwatches. Among the most notable is the built-in storage for music, a speaker and mic set-up to attend calls, and a sensor to monitor blood oxygen saturation (SpO2). As a debutant, the OnePlus Watch seems to be a solid smartwatch. But how does it fare vis-à-vis peers? Let’s find out:

What’s good
Design: OnePlus has done a spectacular job in designing its first smartwatch. The Watch looks premium, especially the moonlight silver colour variant (review unit), which goes well with most outfits. It has a solid build, complemented by a circular case that makes it look more like a watch and less like a toy. The top side of the case is dominated by a screen with thin bezels around. It is a touch screen with curved glass on the top to aid the watch’s gesture-based navigation. At the bottom, the slightly raised centre accommodates sensors for monitoring heart rate and blood oxygen, and charging pins. While the case is made of stainless steel, there is a plastic covering at the bottom. This makes the watch comfortable to wear as the temperature effect on the stainless steel does not pass on to the skin. The case has two buttons – the top one for the menu and the other (customisable) for fitness modes.

Display: The OnePlus Watch design is accentuated by a bold-looking 1.39-inch AMOLED touchscreen of a 454 x 454 resolution. The screen supports sliding gestures; swipe down for quick settings, swipe up for notifications, swipe right to go back, and swipe left to access music player and information related to heart rate, stress, weather, steps count, etc. The screen is bright, vivid and has good sunlight legibility. It supports several watch faces, most with dark backgrounds that look dazzling on an AMOLED screen. The watch also supports custom faces, allowing you to turn any picture from your phone into a watch face

Gold returns to where it started 2021 on Fed's dovish commitment

 Signs of inflation would "prove to be largely transitory," Fed Vice Chair Richard Clarida said in a Yahoo! Finance interview

Gold notched a fresh four-month high as another Federal Reserve official talked down prospects for inflation, piling pressure on Treasury yields. Signs of inflation would “prove to be largely transitory,” Fed Vice Chair Richard Clarida said in a Yahoo! Finance interview. That echoed a number of recent dovish comments from the US central bank and sent the yield on 10-year notes to the lowest in two weeks. On Wednesday gold edged higher after breaching the psychological barrier at $1,900 an ounce, which may have triggered technical buying.

Earlier in the year, it was dogged by the improving outlook for the US economy following fresh fiscal aid and the success of the vaccine roll-out, which investors feared could see monetary stimulus tapered earlier than expected.

Weak US job numbers have helped assuage any concerns of tightening. Meanwhile, there have been signs of inflationary pressures building in commodity markets and snarled supply chains as the global economy returns to normality, burnishing gold’s appeal as a hedge. Gold rose 0.5 percent to $1,908.67 an ounce by 9:20 am in London. The precious metal is up almost 8 percent this month, on course for its biggest gain since July. Silver, platinum, and palladium also advanced, while a gauge of the dollar was little changed.

Frequent intense cyclones in Arabian Sea may be due to climate change: IMD

 The frequency of intense cyclones in the Arabian Sea could be linked to climate change, India Meteorological Department (IMD) Director-General Dr. Mrutyunjay Mohapatra Mohapatra said

New Delhi [India], May 27 (ANI): There is an increasing trend of cyclones in the Arabian Sea and the frequency of intense cyclones could be linked to climate change, India Meteorological Department (IMD) Director-General Dr. Mrutyunjay Mohapatra Mohapatra said on Wednesday.

He said that every year, around five cyclones develop in the Arabian Sea and the Bay of Bengal.

"It has been observed in recent days that the intense cyclones that develop in the Bay of Bengal have not shown many changes. On the other side, cyclones in the Arabian Sea have shown an increasing trend since 1990. As per the study, this increasing trend in intense cyclone frequency, can be related to climate change but analysis and studies (on this) is not sufficient," Mohapatra told ANI.

Speaking about the cyclone Yaas which made landfall on Wednesday, Mohapatra said its wind speed was comparatively lower when compared to cyclone Tauktae

"In the afternoon when cyclone Yaas crossed the coast, its wind speed was around 130-140 km per hour, whereas cyclone Tauktae when it crossed Gujarat had a wind speed of 160-170 km per hour with gusting of 190 km per hour. Yaas had a lower wind speed than Taukate by 30-35 km per hour. Hence, its damaging impact has also been less," he said.

IMD informed that cyclone Yaas has weakened over northeast Odisha. It will further weaken during the next 3-4 hours.

"Hourly update on cyclonic storm 'Yaas' based on 05.30 hrs IST: Severe cyclonic storm 'Yaas' weakened into a cyclonic storm at 05.30 hrs IST of May 26, 2021, over Northeast Odisha near latitude 21.8°n and longitude 86.5°e, about 55 km west-northwest of Balasore. It is likely to move further northwestwards and weaken gradually into a deep depression during the next 3-4 hours.

Facebook reverses policy, allows posts claiming Covid was made in a lab

 Social media giant Facebook has lifted its ban on content claiming about the origins of Covid-19, and theories about its possible lab creation, reports said

Social media giant Facebook has lifted its ban on content claiming about the origins of COVID-19, and theories about its possible lab creation, reports said.

"In light of ongoing investigations into the origin of COVID-19 and in consultation with public health experts, we will no longer remove the claim that COVID-19 is man-made from our apps," The Hill stated quoting a Facebook spokesperson.

The representatives of Facebook also said: "We're continuing to work with health experts to keep pace with the evolving nature of the pandemic and regularly update our policies as new facts and trends emerge."

This shift in policy comes after months of targeting content that the social media site deemed misinformation regarding the pandemic.

In December, Facebook announced it would be nixing posts that contained false information about the coronavirus vaccines, it reported further.

Posts containing false claims about "safety, efficacy, ingredients or side effects" were added to the list of already banned content, which included more general coronavirus misinformation.

Recently, the theory that coronavirus escaped from a laboratory gained some traction in Washington, resulting in President Joe Biden announcing a ramped-up effort to confirm how the virus originated.

"As part of that report, I have asked for areas of further inquiry that may be required, including specific questions for China," Biden said in a statement.

"I have also asked that this effort include work by our National Labs and other agencies of our government to augment the Intelligence Community's efforts. And I have asked the Intelligence Community to keep Congress fully apprised of its work."

WhatsApp goes to court against India's IT rules 'undermining privacy'

 Requiring messaging apps to trace chats is asking us to keep a fingerprint of every single message: Company.

WhatsApp on Tuesday filed a legal challenge against the Indian government, protesting before the Delhi High Court's new IT rules that would require messaging services to trace the origin of particular messages.

“Requiring messaging apps to “trace” chats is the equivalent of asking us to keep a fingerprint of every single message sent on WhatsApp, which would break end-to-end encryption and fundamentally undermines people’s right to privacy," said a WhatsApp spokesperson.

"We have consistently joined civil society and experts around the world in opposing requirements that would violate the privacy of our users. In the meantime, we will also continue to engage with the Government of India on practical solutions aimed at keeping people safe, including responding to valid legal requests for the information available to us,” said the spokesperson.

Under the recently notified Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021, social media intermediaries with more than 5 million users and providing messaging services will have to enable the identification of the first originator of problematic content that may harm the country's interests and several other provisions described in the Rules.

The social media intermediary will have to do this in response to a judicial order passed by a court or by a competent authority under section 69 of the IT Act.

"Provided also that where the first originator of any information on the computer resource of an intermediary is located outside the territory of India, the first originator of that information within the territory of India shall be deemed to be the first originator of the information for the purpose of this clause," says the rule.

Renault-Nissan to shut south India plant until May 30 over Covid concerns

 The plant near state capital Chennai will be shut from May 26 to May 30 to ensure safety amid rising Covid-19 cases

By Sudarshan Varadhan and Aditi Shah

CHENNAI (Reuters) - Automaker Renault-Nissan will shut its plant in India's southern Tamil Nadu state until May 30, according to an internal note and two sources familiar with the matter, a day after workers said they would strike over coronavirus-related safety concerns.

A note by Renault-Nissan India Chief Executive Biju Balendran, which was e-mailed to employees and reviewed by Reuters, said the plant near state capital Chennai will be shut from May 26 to May 30 to ensure safety amid rising COVID-19 cases.

"We will continue to closely monitor the situation in Chennai and Tamil Nadu and come back to you shortly with information on when the plant will restart," Balendran said in the note.

A workers' union at Renault-Nissan's Tamil Nadu plant, which employs over 8,000 workers, had warned of a strike from Wednesday if their COVID-related safety demands were not met. Four workers have died and over 400 employees have contracted the virus this year, according to the union.

A source from the union said a decision on returning to work would be taken after reviewing safety measures.

The Renault Nissan India workers union demanded better social distancing measures, vaccinations and higher insurance cover to include medical expenses for their families.

Nissan, which owns a majority stake in the plant, declined to comment. Balendran said in the e-mail the company was in talks with union representatives to ensure safety.

"This will include careful consideration of what additional measures we may need to introduce, as well as an audit of current procedures," he said.

Oil steady with investors focusing on possible return of Iranian supply

 Oil prices were steady on Wednesday as concerns a possible resumption in Iranian supply would cause a glut were offset by hopes for stronger US fuel demand after a drop in weekly inventory estimates

By Yuka Obayashi

TOKYO (Reuters) - Oil prices were steady on Wednesday as concerns a possible resumption in Iranian supply would cause a glut was offset by hopes for stronger U.S. fuel demand after a drop in weekly inventory estimates by the American Petroleum Institute.

Brent crude oil futures for July gained 5 cents, or 0.1%, to $68.70 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $66.05 a barrel, down 2 cents.

Both benchmarks edged higher on Tuesday, ending at their highest levels in a week, amid hopes for rising demand from the approach of the northern hemisphere's summer driving season and lifting of coronavirus restrictions.

U.S. crude oil and fuel inventories fell last week, according to two market sources, citing API figures on Tuesday.

Crude stocks fell by 439,000 barrels in the week ended May 21. Gasoline inventories fell by 2 million barrels and distillate stocks fell by 5.1 million barrels, the data showed, according to the sources.

"The API data was good, but investors were paying more attention to the Iran talks because the impact from possible return of Iranian oil to the market is more significant," said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.

Iranian government spokesman Ali Rabiei said on Tuesday he was optimistic over Tehran reaching an agreement soon at talks with world powers to revive a 2015 nuclear deal, although Iran's top negotiator cautioned that serious issues remained.

Indirect negotiations between the United States and Iran have resumed in Vienna this week after Tehran and the U.N. nuclear agency extended a monitoring agreement on the Middle Eastern country's atomic program.

Firms linked to Guptas got 49 bn rands irregularly from parastatal corps

 A host of companies linked to the controversial Gupta brothers received a total of over 49 billion rands in irregular payments, a witness has claimed at the Commission of Inquiry into State Capture

A host of companies linked to the controversial Gupta brothers received a total of over 49 billion rands in irregular payments from a number of parastatal corporations, a witness has claimed at the Commission of Inquiry into State Capture.

Ajay, Atul, and Rajesh Gupta have been accused of siphoning billions of rands from state-owned corporations through their alleged closeness to former South African president Jacob Zuma.

Paul Edward Holden, a researcher with the London-based Shadow World Investigations, explained that hundreds of financial transactions and bank statements were studied to arrive at detailed conclusions about the sources of funds and the companies used in the money laundering that are listed in the report.

Among the companies listed as having received irregular payments from state-owned enterprises is Neotel, in which Tata Communications held a majority interest until it sold its stake to Liquid Telecom in 2016.

The report says Neotel received over 5.6 billion rands for what was called network services and CCTV installations from the national rail network operator Transnet, which is currently in disarray with many railway stations nationwide stripped bare by vandalism.

Transnet also paid about 42 billion rands to Regiment's Capital, a company run by Salim Essa, a close associate of the Guptas, and another billion rands to Trillian, where Essa also had a stake.

The Free State provincial government, including the Office of the Premier and several other departments, featured prominently in the list of money allegedly laundered between companies linked to the Gupta family to eventually end up in the account of Gateway Limited, the Gupta enterprise in Dubai.

FB, Google working on complying with social media rules as deadline looms

 Large digital platforms Facebook and Google on Tuesday asserted they are working towards meeting the compliance requirements.

With just hours to go before the new IT rules for social media companies take effect, large digital platforms Facebook and Google on Tuesday asserted they are working towards meeting the compliance requirements.

The new rules, announced on February 25, require large social media platforms like Twitter, Facebook, Instagram, and WhatsApp to follow additional due diligence, including the appointment of a chief compliance officer, nodal contact person, and resident grievance officer.

'Significant social media intermediaries' -- defined as those with over 50 lakh registered users -- were given three months to comply with the additional requirements.

Non-compliance with rules would result in these social media companies losing the intermediary status that provides them exemptions and specified immunity from liabilities for any third-party information and data hosted by them. In other words, they could be liable for action.

A Google spokesperson said the company has consistently invested in significant product changes, resources, and personnel to ensure that it is combating illegal content in an effective and fair way, and to comply with local laws in the jurisdictions it operates in.

"We realize that our work in keeping our platforms secure is never done and we will continue to refine our existing approaches, and evolve our policies and be as transparent as possible about how we make decisions, the spokesperson said.

Asian shares up, US dollar wallows as Fed soothes inflation fears

 Asian shares rose on Wednesday while the U.S. dollar stood near its lowest levels this year after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance

By Andrew Galbraith

SHANGHAI (Reuters) - Asian shares rose on Wednesday while the U.S. dollar stood near its lowest levels this year after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance, providing yet more assurance to investors worried about the inflation outlook.

Richard Clarida, the Fed's vice chair, said on Tuesday that the U.S central bank would be able to curb an outbreak of inflation and engineer a "soft landing" without throwing the country's economic recovery off track.

All the same, Clarida's comments reflect a shifting tone at the Fed. A month ago, Fed Chair Jerome Powell said it was "not yet" time to even contemplate discussion of policy tapering, but more recently policymakers have acknowledged they are closer to debating when to pull back some of their crisis support for the U.S. economy.

That uncertainty weighed on U.S. stocks overnight, with the Dow Jones Industrial Average down 0.24%, the S&P 500 off 0.21% and the Nasdaq Composite 0.03% lower.

But in Asia, the soothing Fed comments helped to boost sentiment.

"The messages were not necessarily new but they reinforced the prevailing consensus still that the bulk of the surprise in April (CPI) can be traced to transitory elements," said Stefan Hofer, chief investment strategist at LGT in Hong Kong.

"The proof is in the pudding so to speak over the coming months, how much of the CPI increase is structural and how much of it is transitory. And the jury is I would say still out on that, but the Fed is sticking to its guns and markets seem to be by and large still comfortable with that."

U.S. consumer prices increased more than expected in April as booming demand amid a reopening economy pushed against supply constraints.

Oil prices steady near week high as prospect of Iran supply glut wanes

 Brent crude futures were down 6 cents at $68.40 a barrel by 0039 GMT, having jumped 3% on Monday. US West Texas Intermediate futures fell 8 cents to $65.97 a barrel

By Aaron Sheldrick

TOKYO (Reuters) - Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as prospects of an early return of oil exporter Iran to international crude markets lessoned.

Brent crude futures were down 6 cents at $68.40 a barrel by 0039 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures fell 8 cents to $65.97 a barrel, after gaining 3.9% the previous session.

Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Talks were given another life after Tehran and the U.N. nuclear agency extended a monitoring agreement on the Middle Eastern country's atomic program.

Worries that Iran was soon going to start selling oil if an agreement resulted in the lifting of U.N. and other sanctions on crude exports had pulled down prices earlier but talks have not been conclusive.

"U.S. Secretary of State Blinken poured cold water over the prospect of a revival, stating that there was no indication that Iran is willing to comply with nuclear commitments," Sophie Griffiths, Market Analyst at OANDA, said in a client note.

Still, the global recovery from the COVID-19 pandemic is patchy, indicating a continued mixed outlook for oil demand.

Parts of Europe and the United States are recording fewer infections and deaths, prompting governments to ease restrictions, but in other areas such as India - the world's third-biggest oil importer - rates are still high.

New coronavirus infections in India rose by 222,315, government data showed on Monday, the world's biggest 24-hour increase, though numbers have fallen off highs of over 400,000 earlier this month.

New Nasa earth system observatory to help address, mitigate climate change

 Nasa will design a new set of Earth-focused missions to provide key information to guide efforts related to climate change, disaster mitigation, fighting forest fires

NASA will design a new set of Earth-focused missions to provide key information to guide efforts related to climate change, disaster mitigation, fighting forest fires, and improving real-time agricultural processes, the US space agency on said Monday.

With the Earth System Observatory, each satellite will be uniquely designed to complement the others, working in tandem to create a 3D, holistic view of Earth, from bedrock to the atmosphere, according to a press release published by the National Aeronautics and Space Administration (NASA).

"I've seen firsthand the impact of hurricanes made more intense and destructive by climate change, like Maria and Irma. The Biden-Harris Administration's response to climate change matches the magnitude of the threat: a whole of government, all-hands-on-deck approach to meet this moment," said NASA Administrator Sen. Bill Nelson.

"Over the past three decades, much of what we've learned about the Earth's changing climate is built on NASA satellite observations and research. NASA's new Earth System Observatory will expand that work, providing the world with an unprecedented understanding of our Earth's climate system, arming us with next-generation data critical to mitigating climate change, and protecting our communities in the face of natural disasters."

The observatory follows recommendations from the 2017 Earth Science Decadal Survey by the National Academies of Sciences, Engineering, and Medicine, which lays out ambitious but critically necessary research and observation guidance.

Areas of focus for the observatory include answering the critical question of how aerosols affect the global energy balance, a key source of uncertainty in predicting climate change. It also aims to tackle the largest sources of uncertainty in future projections of climate change, air quality forecasting, and prediction of severe weather.

M-cap of BSE-listed companies at record $3 trillion: Thank broader rally

 Share of top 100 firms on the exchange in m-cap falls to 67.3%; analysts advise caution

The country’s dash to a $3-trillion market cap is more a case of teamwork than a few members doing most of the heavy lifting. Sample this: The share of top 100 companies to India's total market cap (BSE-listed companies’ m-cap) is 67.3 per cent currently, less than what it has been when the nation hit previous milestones, such as $1 trillion, $1.5 trillion in 2007 or $2.5 trillion more recently in December 2020.

In 2007, when India’s m-cap topped the $1-trillion mark for the first time, the top 100 companies accounted for three-fourths of the total m-cap; at $1.5 trillion, the share was almost 80 per cent.

“This is a good sign as it means retail investors are creating wealth. Typically, retail investors dominate this space,” said Ambareesh Baliga, an independent market analyst.

The increased share of companies beyond the top 100 is on account of a stellar run in stocks in the small- and mid-cap universe this year. The BSE Smallcap index is up nearly 30 per cent and the BSE Midcap index is up 21 per cent year to date. In comparison, the Sensex is just up 6 per cent.

“I won't say the contribution stocks outside the top 100 is not healthy but the risk is proportionately rising. The June quarter will be bad because of the impact of the second wave of Covid and also valuations because small-caps have gone up,” said G Chokklaingam, founder, Economics.

Gold prices edge higher on a weaker dollar and US Treasury yields

 Spot gold was up 0.1 per cent at $1,882.61 per ounce at 10:25 am EDT (7:55 pm IST), having last week reached its highest since Jan. 8 at $1,889.75. US gold futures gained 0.3 per cent to $1,881.50

Gold inched higher on Monday as a weaker dollar and US Treasury yields bolstered its appeal, while investors awaited key data this week to assess the pace of economic recovery in the United States.

Spot gold was up 0.1 per cent at $1,882.61 per ounce at 10:25 am EDT (7:55 pm IST), having last week reached its highest since Jan. 8 at $1,889.75. US gold futures gained 0.3 per cent to $1,881.50.

Gold in New Delhi gained Rs 95 to Rs 48,015 per 10 gram amid a positive global trend and rupee depreciation, according to HDFC Securities. In the previous trade, it had closed at Rs 47,920 per 10 gram.

A tick lower in the dollar and U.S. yields is acting in gold's favor, Bob Haberkorn, senior market strategist at RJO Futures said, adding stronger equity markets were providing a counterweight.

The dollar was pinned near three-month lows, while U.S Treasury yields were subdued, reducing the opportunity cost of holding non-interest paying bullion.

Investors now await to hear if Federal Reserve speakers this week will stick to a patient policy while awaiting data including US gross domestic product, jobless claims, and durable goods. "If (data) comes out substantially better-than-expected that would probably be bearish for gold because the likelihood of a Fed taper (of its bond-buying program) will be sooner rather than later," Haberkorn said, adding if the data is worse-than-expected, gold could trade north of $1,900 fairly quickly.

Boom in Chinese companies listing in the US halts as market declines

 A bike-sharing platform, a podcaster, and a cloud computing firm are among corporates holding off plans.

At least three Chinese companies have put their plans to list in the U.S. on hold, heralding a slowdown in what’s been a record start to a year for initial public offerings by mainland and Hong Kong firms.

A bike-sharing platform, a podcaster, and a cloud computing firm are among popular Chinese corporates holding off plans for a U.S. float, put off by recent market declines, souring investor sentiment toward fast-growth companies and lackluster debuts by peers like Waterdrop Inc.

Hello Inc., Ximalaya Inc., and Qiniu Ltd. are postponing plans to take orders from investors, even though the three had filed paperwork with the Securities and Exchange Commission well over two weeks ago. In the U.S., companies can kick off their roadshows two weeks after filing publicly, and most typically stick to that timetable.

“The recent broad market selloff, combined with the correction of the IPO market since the beginning of last month when some new issuers tanked during their debuts, may make the market conditions less predictable for newcomers who are ‘physically’ ready -- meaning they have cleared all regulatory hurdles for IPO -- to get out of the door,” said Stephanie Tang, head of private equity for Greater China at law firm Hogan Lovells. “Some participants may choose to monitor the market for more stable conditions.”

The delays throw a wrench in a listings flood by Chinese and Hong Kong companies in the U.S. that already reached $7.1 billion year-to-date -- the fastest pace on record -- after booming in 2020. Demand for IPOs surged as a wave of global stimulus money, ultra-low interest rates, and rallying stock markets lured investors despite Sino-American tensions and the continued risk of mainland stocks being kicked off U.S. exchanges.

Asian central banks can do little as Covid cases surge, recovery falters

 In Asia as Covid-19 cases are surging and slow pace of vaccinations, relegating central banks to a supporting role as interest rates already low, policies will center on more government borrowing.

Asia’s surging coronavirus infections and slow pace of vaccinations are testing the limits of what central banks can do to further support what, until recently, had been the world’s stand-out economic recovery.

With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to a supporting role. That backdrop will overshadow decisions this week where policymakers are expected to keep rates on hold -- Indonesia, South Korea, and New Zealand.

“In my view, there is little room for further monetary policy stimulus, at least in terms of traditional policy levers like interest rate cuts,” said Tuuli McCully, head of Asia-Pacific economics at Scotiabank. “I expect additional fiscal stimulus to play a key role in helping economies.”

In Jakarta, the finance ministry has offered more tax cuts to spur economic activity and plans to stick with its $84 billion net bond issuance target this year, even as borrowing costs climb. Bank Indonesia is expected to keep rates unchanged Tuesday.

South Korea’s economy is being cushioned by soaring exports even as rolling social distancing restrictions damp consumer spending -- prompting the government to pledge more fiscal spending to create jobs. The Bank of Korea is also expected to remain on hold when it meets Thursday.

New Zealand’s economy continues to recover, amid a low case count, after contracting at the end of last year. The Reserve Bank of New Zealand is expected to hold steady Wednesday after the government’s annual budget last week included the biggest increase in welfare payments in more than a generation as part of measures to support growth.

India is the global epicenter of the latest virus surge, and even other economies that had kept infections under control -- such as Singapore and Taiwan -- are also battling flare-ups. Japan continues to struggle with spreading cases and even China is seeing an uptick in infections.

OnePlus 9 review: Competent but lacks fancy bells and whistles of Pro model

 The OnePlus 9 cuts some corners on premium features, but it brings a motley mix of specifications and features for an uncompromised everyday smartphone experience

The OnePlus 9 Pro (review) is a solid smartphone packed with all sorts of fancy bells and whistles that you expect from a premium smartphone. Though competitively priced, some might find it expensive. For those who do, there is no harm in checking out the Pro model’s younger sibling, the OnePlus 9. Though it cuts some corners on premium features, it brings a motley mix of specifications and features for an uncompromised everyday smartphone experience.

Starting with the design, the OnePlus 9 looks almost identical to the Pro model but is more compact. It has a glass cover on the front and back, but the metallic chassis of the Pro model is replaced here by a plastic one. However, the thin and lightweight design and compact form factor compensate for the slightly inferior build. Another apparent change is in the rear camera module, which looks less busy than the one present in the Pro model.

On the front, the OnePlus 9 has a familiar punch-hole display with thin bezels on the sides. It is a slightly smaller 6.55-inch AMOLED panel but of a flagship-grade with a refresh rate of 120Hz. While the display in the Pro model supports a dynamic refresh rate that variably adjusts all the way down to 1Hz for extending the on-battery time, the display in the vanilla model operates at either the standard 60Hz or the enhanced 120Hz. Surprisingly, the lack of a dynamic refresh rate here does not compromise on battery efficiency and the OnePlus 9 delivers an on-battery time that is on a par with what you get in the Pro model. However, even if the absence of a dynamic refresh rate does not hinder the user experience, the fullHD+ resolution and lack of value-added display feature like motion smoothing do.

Speaking of user experience, the OnePlus 9 ships with the same Android 11-based OxygenOS 11 operating system that powers the Pro model. OnePlus deserves praise for keeping the user interface close to stock Android while integrating value-added features to elevate user experience (customized color tones, dark mode, night mode, hidden space area, etc). Complementing the user experience is a swift performance, thanks to the Qualcomm Snapdragon 888 system-on-chip, paired with up to 12GB RAM (LPDDR5) and 256GB internal storage (UFS 3.1).

Oil prices rise as storm forms in Gulf, doubts emerge on Iran deal

 Brent crude oil futures for July rose 32 cents, or 0.5%, to $66.76 a barrel by 0143 GMT, while U.S. West Texas Intermediate for July was at $63.93 a barrel, up 35 cents, or 0.6%

By Jessica Jaganathan

SINGAPORE (Reuters) - Oil prices rose on Monday as a storm formed in the Gulf of Mexico and Iran said a three-month nuclear monitoring deal had expired, raising doubts about the future of indirect talks that could end U.S. sanctions on Iranian crude exports.

Brent crude oil futures for July rose 32 cents, or 0.5%, to $66.76 a barrel by 0143 GMT, while U.S. West Texas Intermediate for July was at $63.93 a barrel, up 35 cents, or 0.6%.

Oil prices fell last week after Iran's president, Hassan Rouhani, said the United States was ready to lift sanctions on his country's oil, banking and shipping sectors.

"Iran's oil production has been rising in recent months, likely in anticipation of a lifting of the sanctions," ANZ analysts said in a note on Monday.

However, the speaker of Iran's parliament said on Sunday a three-month monitoring deal between Tehran and the U.N. nuclear watchdog had expired and that its access to images from inside some Iranian nuclear sites would cease.

European diplomats said last week that failure to agree with an extension of the monitoring deal would plunge wider, indirect talks between Washington and Tehran on reviving the 2015 Iran nuclear deal into crisis. Those talks are due to resume in Vienna this week.

Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions.

Meanwhile, a low-pressure system located over the western Gulf of Mexico with winds of 30-35 miles per hour (48 to 56 km per hour) near and east of the center, has a 60% chance of becoming a cyclone in the next 48 hours, the U.S. National Hurricane Center (NHC) said on Friday.

Markets underestimating oil demand; see Brent at $80: Goldman Sachs

 International travel, according to Goldman Sachs is another key factor that is likely to trigger a demand rise, which in turn will keep oil prices elevated

Global markets are currently underestimating the demand for oil as more economies open up for business, says a recent report by Goldman Sachs that expects Brent to hit $80 per barrel going ahead. Recently, S&P Global Platts, too, had forecast oil prices hitting and staying above $70 a barrel by mid-2021, driven by a more broad-based pickup in economic activity amid widening vaccination rollouts.

Mobility, according to Goldman Sachs too, is rapidly increasing in the US and Europe, as vaccinations accelerate and lockdowns are lifted, with freight and industrial activity also surging. This developed market (DM) recovery, Goldman Sachs said, is in fact larger than estimates, and is helping offset the recent hit to demand and the likely slower recovery in South Asia and Latin America.“Despite the global market deficit coming in line with our forecasts in recent months, we under-estimated the weight of such demand and Iran uncertainties, keeping prices trading below our $75 a barrel in the second quarter of 2021 (Q2-21) fair value. With growing evidence of the demand rebound, and imminent clarification on the likelihood of an Iranian return, we now see a clearer path for the next leg higher in oil prices, with the sell-off offering opportunities to position for the rally to $80 a barrel” wrote Jeffrey Currie, global head of commodities research at Goldman Sachs in a recently co-authored note.

Over the past year, Brent crude oil prices have climbed nearly 85 percent to $66 a barrel now, as the global economy opened for trade after a stringent lockdown triggered by the Covid-19 pandemic.

Cryptocurrency - Is it worth including in your portfolio?

 Bitcoin's price is up nearly 16 percent so far in 2021 after being up 122 percent at one point

Is it an alternative currency? A technology? A venture capital investment? A specious bubble?. Cryptocurrency is decentralized digital money, which works based on blockchain technology.

In the past six months, cryptocurrencies have seen their prices skyrocket on the back of tweets, comments on social media, and advice from random people some of who barely know anything about how cryptocurrencies work. There are now over 4,000 Cryptocurrencies in circulation in 2021 vs 180 sovereign currencies recognized as legal tender in United Nations (UN) member states.

As the price kept moving up, everyone felt the FUD (fear, uncertainty, doubt), and started pumping even more money in a typical action that every retailer takes, not just in cryptocurrencies but in every asset class. The result is that over the recent past, many retail investors found themselves trapped in a situation they’ve been in before.

In the long run, bitcoin still makes for a unique asset class for portfolio managers seeking growth. While regulatory uncertainties still have a significant role to play, cryptocurrencies over the past decade have proved potent enough to be called an investable asset. Bitcoin is still an emerging asset class and will continue to experience large price swings. It’s here because people in the market want something other than just the traditional currencies that we’ve had and whether that’s right or wrong, it’s clearly something that the market wants.

Black fungus: Experts to study causes including industrial oxygen use

 Experts in Karnataka will study whether the rise in the Mucormycosis cases is linked to the use of industrial oxygen and its possible contamination.

Experts in Karnataka will study whether the rise in the Mucormycosis cases is linked to the use of industrial oxygen and its possible contamination.

Deputy Chief Minister C N Ashwath Narayan, who is also the head of the state's COVID task force, held a meeting on Sunday with the treatment protocol committee where the possible sources of the infection were discussed.

Noting that the state has recorded about 700 cases of black fungus infections in the last week, he directed experts to find its source, with doubts being expressed about oxygen supply, quality of piping, and cylinders used for it.

Accordingly, a team of microbiologists will start to work towards this from Monday, his office said in a release.

The country used to record about 100 cases of black fungus a year earlier but the state has recorded about 700 cases in the last week. This surge has been the cause of anxiety, Narayan was quoted as saying.

Also, black fungus cases are not spotted in other COVID hit countries, but they are occurring only in India, he said.

Dr. Sampath Chandra Prasad Rao, skull surgeon, Manipal Hospital (Bengaluru) made the presentation about mucormycosis at the meeting and felt the probable reasons for the surge in black fungus may be contamination, either due to low-quality cylinders or low-quality piping system at the ICU level in hospitals.

It may also be caused because of contamination at the industry level from where the oxygen is being supplied or due to low standard of sterilization or any other such reasons.

Suspicion was raised that it may be due to usage of ordinary tap water in ventilators, Rao said.

All missing on board barge P305, tugboat accounted for, says Navy

 With 16 bodies washing ashore, the death toll in the tragedy at sea could rise to 86, an official said

All the 274 personnel who were onboard barge P305 that sank and tugboat Varaprada that went adrift during Cyclone Tauktae fury have been accounted for with the recovery of 16 bodies along Maharashtra and Gujarat coasts, the Navy said on Monday.

"A total of 274 crew were reported missing on May 17 (261 from Barge P305 and 13 from Tug Varaprada). While 186 survivors from P305 and two from Varaprada were picked up at sea, 70 mortal remains (bodies) were recovered at sea by ships of Indian Navy and Coast Guard," a Navy spokesperson said.

"Eight bodies have been recovered along the coast in Raigad district of Maharashtra and another eight bodies washed ashore the Gujarat coast near Valsad," he said.

Thus all the 274 crew (261 onboard P305 and 13 onboard Varaprada) have been accounted for, he said. The final confirmation will be pending till the identification of all the bodies recovered is completed, he added.

Rescue personnel had recovered 70 bodies, believed to be of P305 personnel, in the sea till Sunday. With 16 bodies washing ashore, the death toll in the tragedy at sea could rise to 86, another official said. As of now, the official death toll stands at 70 pending identification of the bodies washed ashore.

INS Makar, a Navy survey catamaran equipped with side scan sonars, located the wreckage of P305 on Saturday in the vicinity of where it sank on May 17. The Navy had also deployed specialized diving teams to boost the search and rescue (SAR) operations. The SAR operations haven't been called off yet, the spokesperson told PTI.

Committee of creditors rejects NBCC resolution plan for Jaypee Infratech

 Lenders to vote on Suraksha plan from Monday

The committee of creditors (CoC) on Thursday rejected the resolution plan submitted by government-owned NBCC (India) for Jaypee Infratech (JIL) and has decided to send Suraksha Asset Reconstruction Company’s (ARC's) plan for voting from Monday.

Both NBCC and Suraksha ARC had bid for JIL’s assets, which owns a huge land bank alongside the Delhi-Agra Yamuna Expressway, apart from the expressway itself.

At the CoC meeting held on Thursday, the resolution professional said the plan submitted by NBCC was non-compliant -- taking into account the earlier Supreme Court (SC) judgment in the JIL case and the Insolvency and Bankruptcy Code (IBC), 2016.

Suraksha ARC has offered Rs 1,736 crore more to the creditors, compared to NBCC, at a total package of Rs 6,984 crore. The offer to lenders includes a debt swap, with part of the land bank owned by JIL.

At the CoC meeting, IDBI Bank said the issues should be resolved amicably and NBCC be given another chance. But the resolution professional said due to a tight deadline fixed by the top court in March this year, it cannot give more time to NBCC to make its plan compliant.

One of the first bankruptcy cases sent under IBC, 2016, in August 2017, the company had attracted two bidders in the final round – NBCC (India) and Suraksha ARC.

The homeowners, who had moved SC to get a seat on the CoC, are also waiting to get the keys to their new homes for over a decade.

At the same time, lenders, who sunk Rs 22,000 crore into the company and have not received a penny since 2017, are waiting for the resolution and will get less than 30 per cent of their dues back.

Gautam Adani becomes Asia's second richest person after Mukesh Ambani

 The six Adani Group companies had a combined market capitalization of Rs 8.36 trillion as of Thursday

Thanks to a continued rise in the market capitalization of the Adani Group companies, its promoter Gautam Adani is now the second richest Asian and fourteenth richest businessman in the world with a net worth of $66.5 billion. Reliance Industries promoter Mukesh Ambani remains the wealthiest businessman in Asia with a net worth of around $76.5 billion, according to Bloomberg data.

The six Adani Group companies had a combined market capitalization of Rs 8.36 trillion as of Thursday, against Reliance Industries’ market capitalization of Rs 12.6 trillion. Adani Green tops the charts in the group with m-cap with Rs 1.99 trillion.

The Adani Group’s market cap has nearly doubled since the beginning of the current calendar year, against a 3.6 percent decline in the RIL’s m-cap over the period.

Adani has added $32.7 billion to his net worth year-to-date in 2021, while Ambani’s net worth has declined by $176 million.

Zhong Shanshan, who was second richest in Asia, and Adani were neck and neck on May 17, with a net worth of $63.9 billion and $63.1 billion, respectively. A day later, Adani took the lead with his net worth rising to $65.9 billion, while Shanshan’s dipped to $63.7 billion.

The Gautam Adani family owns around 72 per stake in the group companies on average, while the Mukesh Ambani family owns around 50 percent stake in RIL. Other group listed companies, such as TV18 group, DEN Network, and Hathway Cable are subsidiaries of Reliance Industries.
Adani Group companies have been among the biggest beneficiaries of the post-pandemic rally on the bourses, seeing a jump of about 6.5 times in m-cap since March 2020, against a 68 percent rise in Sensex and 78 percent rise in RIL.

Talking to the moon: European Space Agency pitches lunar satellites plan

 The European Space Agency presented a vision Thursday to put satellites in orbit around the moon that would facilitate future missions to Earth's closest neighbor

The European Space Agency presented a vision Thursday to put satellites in orbit around the moon that would facilitate future missions to Earth's closest neighbor.

The plan, dubbed "Moonlight," would see ESA offer communications and navigation services to any country that wants to carry out lunar exploration missions.

By relying on services provided from lunar orbit, space agencies would be able to design their moon landers without the need for cumbersome communications and navigation devices on board. This would free up space to carry other cargo, making each launch more cost-effective, said Paul Verhoef, ESA's director of navigation.

The project builds on one of the agency's strengths: launching satellites to provide services to third parties. ESA has a fleet of observation satellites in orbit around Earth that supply weather, climate, and other data to public and commercial companies.

It also has a constellation of navigation satellites, known as Galileo, that provide highly accurate global positioning data to rival the U.S.-based GPS system.

But it also highlights the European agency's weakness: unlike the United States, China or India, ESA lacks any ambitious moon exploration programs of its own. Instead, ESA is hoping to partner with NASA to build a "lunar gateway" that would be a staging post for future moon missions.

Oyo Hotels seeks to raise $600 mn loan, offers generous terms to investors

 Oyo's loan also features maintenance covenants, which are usually only included for companies that are considered risky by investors.

Oyo Hotels, one of India’s most valuable startups, is offering unusually generous terms to investors as it seeks to raise $600 million in debt, following a fresh surge of coronavirus cases in its home country that decimated travel and undercut its recovery plans.

Oravel Stays Pvt, as the parent company is officially known, is discussing with banks and investors a five-year term loan B at 850 basis points over Libor, higher than the usual guidance given for recently issued term loan Bs in the Asia-Pacific market, according to Bloomberg-compiled data. The interest rate is similar to the 875 basis points over the BBSY benchmark paid by Mission Group BidCo Pty Ltd on a seven-year term loan B signed in June 2020.

Oyo’s loan also features maintenance covenants, which are usually only included for companies that are considered risky by investors. The loan announcement confirms an earlier report by Bloomberg News.

The company is hosting a lender call on May 21 and JPMorgan Chase & Co. is arranging the deal. Commitments for the loan are due by June 2.

Oyo is one of the largest startups in Softbank Group Corp.’s portfolio and its headlong global expansion was backed and fostered by the investor’s billionaire founder, Masayoshi Son. While the startup was most recently valued at $10 billion, its business has been crushed after the rapid spread of the virus hit travel, following operational missteps that soured partnerships with hotel owners.

Mi 11 Ultra review: Xiaomi unsettles the smartphone segment led by Samsung

 Xiaomi's premium flagship justifies its price tag of Rs 69,999 simply because it is significantly cheaper but in no way inferior to its peers that cost over Rs 100,000

Xiaomi is no newbie in the premium smartphone segment, but in India, it is not so well known for its flagship offerings as it wasn’t until recently that this Chinese technology company started bringing such products here. Expanding its premium smartphone portfolio, the company recently launched the Mi 11 Ultra in India. Touted as ‘the Superphone’, this flagship smartphone is brimful with industry-leading features and specifications. That said, the Mi 11 Ultra is capable of beating other premium smartphones on more parameters than one, but the real-life experience shows it wanting in some areas.

Beginning with strengths, the Mi 11 Ultra is a spectacular smartphone with regard to display, audio, imaging, performance, and battery efficiency.

The display is sharp, bright, vivid, and responsive. It is loaded with value-added features like an adaptive refresh rate, motion smoothing, support for high dynamic range content (HDR10+ and Dolby Vision), etc. That said, the display is full of surprises and does not fail to impress, irrespective of what you throw at it to handle. Complementing the spectacular display are the stereo speakers tuned by Harman Kardon. The speakers are loud, clear, and full of depth. They complete the audio experience by taking away the need to use an external speaker or any other audio accessory to amplify the sound.

Coming to the cameras, the Mi 11 Ultra ticks the boxes where it means the most. The smartphone has three camera sensors on the back, and each one has an independent utility. Importantly, each sensor has its own strengths and together they deliver a versatile and dependable imaging experience. The Mi 11 Ultra is equally good for videography too. It can record videos in the 8K resolution.