India aids Sri Lanka in lifesaving medicines; Tesla EVs remain a pipe dream | Daily News Wrap

India aids Sri Lanka in lifesaving medicines; Tesla EVs remain a pipe dream | Daily News Wrap

India & Other Countries

India aids Sri Lanka in lifesaving medicines

Sri Lanka's medical system, collapsing with life-saving medicine shortage and other drugs scarcity, received a boost on Friday with the shipment of a 25 ton consignment of drugs valued at SLR 260 million from India.

Love Thy Neighbour: INS Gharial, a 5600 ton Indian Naval ship was deployed to deliver humanitarian assistance materials expeditiously as part of Mission SAGAR IX. The medical consignment was donated in response to requests on the part of organisations and hospitals across Sri Lanka.

For the People: Humanitarian supplies are a continuation of India's ongoing support to Sri Lanka, which extends on multiple fronts such as financial assistance, forex support, and material supply.

Understanding India and UAE's MoU for climate action

India and the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) on Climate Action with an objective to establish a framework facilitating bilateral cooperation on the same.

A Combined Effort: The MoU was made in accordance with the the Paris Agreement, which was signed in 2015. It is aimed at global collective efforts to reduce carbon emissions, and hopes to restrict global temperature rise.

Two in the Hand: Now, both sides can explore the strengthening of bilateral cooperation on climate action. The UAE has been requested to consider joining Coalition for Disaster Resilience Infrastructure (CDRI) and Leadership Group for Industry Transition (LeadIT).

India logs over 2,600 new COVID cases; Daily positivity rate at 0.6%

As many as 2,685 new COVID-19 cases were recorded over the past 24 hours in India, taking the active caseload to 16,308.

Low Positivity Rate: The daily positivity rate stood at 0.6% while the weekly positivity rate is at 0.54%. India's COVID recoveries touched more than 4,20,00,000 with 2,158 fresh recoveries.

Talking Stats: Meanwhile, 193.13 crore vaccine doses have been administered under the nationwide vaccination drive. More than 4,47,000 tests were conducted in the last 24 hours.

As part of a nationwide vaccination drive, the Government has been supporting the States and UTs by providing COVID vaccines free of cost.

Business

No Tesla EVs for India just yet

Elon Musk said that Tesla won't manufacture cars in India unless the EV company is allowed to sell and provide services for their electric vehicles.

Excessive Import Duties: The move appears to be a retaliation against the Indian government, which has not accepted Musk's demand to reduce import duties on Tesla vehicles.

The Long Road: Musk had faced challenges from the government regarding releasing Tesla products in India. His goal to launch Tesla in India was thwarted by the country's import duties on EVs, and stated that they were the "highest in the world by far".

Tesla informed individuals in India that it will refund pre-order payments.

Indian NFT music platform 'FanTiger' raises $5.5 million

Music NFT marketplace FanTiger, raised USD 5.5 million in a seed round led by Multicoin Capital.

FanTiger empowers solo artists to build communities and engage with fans using music NFTs. Artists can use the proceeds and commit a percentage of the royalty earned back to the community.

What's in it for the fans? Fans can buy music NFTs to get access to a special artist community, earn rewards and privileges including behind the scenes content, meet-n-greet opportunities, backstage access and lots more.

Early Bird gets the Worm: Hardcore fans can go for the early access waitlist which gives a chance to get exclusive benefits, priority access to music NFTs and limited-edition merch, to name a few.

Tempo Change: With the advent of blockchain, NFTs have the ability to disrupt the music industry. This is a first for Indian Artists in creating a fanbase which is incentivised.

Finance

RBI's balance sheet grows by 8.46% in FY22

The Reserve Bank of India's (RBI) balance sheet increased by 8.46%, reflecting liquidity and foreign exchange operations during Fiscal Year 2022

Exponential Assets: While income for the year increased by 20.14%, expenditure increased by 280.13%. The increase on the asset side can be alluded to foreign investments, domestic investments, gold, and advances and on the liability side due to the increase in deposits and notes.

Into the Framework: The RBI Board approved the transfer of ₹30,307 crore surplus as dividend to the Centre for the accounting year FY22. As per a framework, the RBI has to maintain a contingency risk buffer of 5.5-6.5% of its balance sheet.

International

Monkey Pox goes Global

The monkeypox virus has spread to more than 20 countries, with about 200 confirmed cases and over 100 suspected cases in nations where it is typically not found. The WHO stated that the outbreak is spreading, but can be contained at this stage.

Ground Zero: It is a virus which originated in animals in West and Central Africa. This particular outbreak is driven by a milder West African strain of the virus and most patients recover in a few weeks.

Global Scenario: The EU confirmed 118 cases of monkeypox. Spain reported 51 cases, and Portugal, 37 cases- being examples of the largest outbreaks. The UK Health Security Agency confirmed 90 cases.

The US CDC identified 9 cases across seven states, while Canadian health officials confirmed 16 cases of monkeypox, all detected in the province of Quebec.

No deaths have been reported so far.

Who's Affected? A majority the patients are gay or bisexual men, with the virus spreading through sexual contact in most cases. However, anyone can contract the virus.

How Does it Spread? Through close physical contact regardless of sexual orientation. The virus can spread through any kind of sustained skin-to-skin contact with an infected person. It can also spread through body fluids, contaminated clothing, or respiratory droplets in some cases.

What the $50bn funding means for Quad and the Indo-Pacific

The Quad countries- USA, India, Japan and Australia, have jointly decided to invest up to $50 billion in the Indo-Pacific region over the next five years. This is done as an effort to bring about "tangible benefits" in the region.

The Semiconductor Wave:

A Common Statement of Principles on Critical Technology Supply Chains One has been set up. It aims at improving upon the current global semiconductor shortage. Countries of this region have the potential to change the landscape and become global suppliers.

Better 5G

With the signing of an MoU, the countries plan on expanding cooperation in regards to 5G technology, and other future mobile communication technologies.

The goal is to bring about better telecommunication technologies, as well as other open and secure technologies to this Indo-Pacific region.

Debt Security

Smaller countries in the region which have fallen in to debt, or economic collapse owing to COVID-19 or other factors will be aided through the Quad Debt Management Resource Portal.

Biological Step for India

The countries are also in talks to make use of India's medical prowess and develop Johnson & Johnson Vaccine production at the Biological E facility in India. This will be under the leadership of the Quad Vaccine Partnership. Quad countries have committed a total of $524 million towards making new vaccines.

Technology

Nothing is around the Corner: phone (1)

Nothing had earlier confirmed that they are working on a new smartphone, the Nothing phone (1) and with Carl Pei behind the Nothing Wheel, we can expect it to be a flagship killer with a stylish design identity. Nothing's goal is to offer an iPhone like Android smartphone.

Not much is known yet, however, the leaks have begun to trickle. The latest round of leaks suggest an upcoming release date reveal as well as the price range. The Nothing phone (1) will likely hit the market on July 21.

Price Leaks: Being a new and a rather niche company, the phone (1) could come in at a highly competitive price, in line with some of the more affordable, but flagship-like devices. It is highly likely that it will house a Snapdragon chipset, and the company is apparently aiming at a price of 500 Euros.

Sports

Jos Buttler equals Virat Kohli's IPL record

Rajasthan Royals' opening batter, Jos Buttler scored his fifth century in the history of the Indian Premier League.

Buttler achieved this feat during the Qualifier 2 match of IPL 2022 against Royal Challengers Bangalore, smashing his fourth ton this season.

In the Big Leagues: Buttler came at par with Royal Challengers Bangalore batter Virat Kohli, who also has five centuries- the second-highest in IPL. The top spot is held by West Indies batter Chris Gayle with a total of six centuries.

Jos Buttler will be seen in action once again as Rajasthan Royals locks horns against debutants Gujarat Titans in the final on Sunday.

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