Author: Abhishek Jha

Twitter will offer a zero ads subscription model, says Elon Musk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Multi-billionaire Elon Musk has said that he will revamp the size and frequency of advertisements that appear on Twitter and plans to roll out a higher-priced subscription model that allows for zero ads.

“Ads are too frequent on Twitter and too big. Taking steps to address both in coming weeks,” Musk said Saturday on Twitter. He didn’t give details on what will be done or how the new subscription model will be priced.

Explained | Twitter’s new update claims to make it a seamless experience for you — but does it?

Musk has sought to diversify the company’s business away from advertising dollars since he acquired the platform in October, pinning his hopes on revenue from “Twitter Blue” subscriptions. The company is struggling to stem losses in its ad revenue as brands pull back from the site amid concern about its moderation policies. Musk, for his part, has said he doesn’t want the platform to become a “free-for-all hellscape.”

Also Read | Elon Musk wasn’t invited to World Economic Forum at Davos, say organisers

Twitter also recently relaxed a three-year ban on political advertising in a continued policy shift. At the start of this year, Twitter cut about 40 of its data scientists and engineers working in advertising, the Information reported earlier this month.

Recent news reports suggest that Musk plans to let go of 50 more employees at Twitter which will bring down the company’s total headcount to below 2,000

(With text inputs from Bloomberg)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US prosecutors seek prision for convicted Elizabeth Holmes who lives in a $13,000-a-month manor

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Theranos Inc. founder Elizabeth Holmes should report to prison as scheduled in April, US prosecutors have said, rather than living on an expensive estate while she appeals her conviction.

“As Holmes fought fraud charges she lived on an estate with reportedly $13,000 in upkeep costs each month, conceived two children and “continues to show no remorse,” government lawyers said in a court filing.

Now she’s seeking to loosen restrictions on her travel, citing “vague references” to her partner Billy Evans’s work, prosecutors said, accusing Holmes of having attempted to flee the country following her conviction.

Also Read | The stunning rise and fall of founder Elizabeth Holmes

“The government became aware on January 23, 2022, that defendant Holmes booked an international flight to Mexico departing on January 26, 2022, without a scheduled return trip,” prosecutors wrote in the filing. “Only after the government raised this unauthorized flight with defense counsel was the trip canceled.”

According to an exhibit attached to the filing, Holmes’s lawyer Lance Wade wrote prosecutors in a Jan. 23 email that the former Theranos executive made the reservation before the verdict and hoped to attend the wedding of a close friend in Mexico.

“Given the verdict, she does not plan to take the trip — and therefore did not provide notice, seek permission, or request access to her passport (which the government has) for the trip,” Wade wrote.

Also Read | Elizabeth Holmes gets more than 11 years in prison for Theranos scam

Holmes appealed her conviction on December 2, two weeks after she was ordered to serve 11 1/4 years in prison for deceiving investors in her blood-testing startup. She argued she should be allowed to remain free because there’s no risk she will flee and because she will raise “substantial issues” that may warrant a new trial. A hearing is set for March 17.

The government also said Holmes can’t show “she does not present a danger to the community.”

“Despite the breadth of her conduct, the defendant has not acknowledged the fraudulent nature of her conduct, rendering it more likely that she will repeat it in the future,” the US said in Thursday’s filing. Prosecutors said when Holmes was interviewed by probation officials, she shared a list of her patents related to blood testing and said she wants to keep working on them as a future source of income.

US District Judge Edward Davila already gave Holmes a “generous” 4-1/2 month period after sentencing to have her second baby before she must surrender for prison and the “time has come” for her to do her time behind bars for crimes committed almost a decade ago, prosecutors said. “There are not two systems of justice — one for the wealthy and one for the poor — there is one criminal justice system in this country.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Australian Open 2023 | Top seed Swiatek, Coco Gauff knocked out

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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World number one Iga Swiatek crashed out of the Australian Open on Sunday with a 6-4 6-4 defeat by Wimbledon champion Elena Rybakina on Rod Laver Arena.

Kazakhstan’s Rybakina advanced to the quarter-finals of the season’s opening Grand Slam for the first time with an impressive display against the misfiring Pole.

“It was a really tough match and I really respect Iga because of the strike she has and the Grand Slams,” said Rybakina.

“She’s a young player and she plays really well. Today I think was serving also well, just struggling on one side.

Also Read | After back-to-back five-set wins, Andy Murray finally runs out of steam

Rybakina, seeded 22nd, will face Latvia’s Jelena Ostapenko in the quarter-finals.

Swiatek, the reigning French Open and U.S. Open champion, got off to a rough start, surrendering her opening service game after receiving a warning from the chair umpire over the time she took for her pre-match preparations.

Rybakina’s win sees her progress to a third Grand Slam quarter-final having also reached the last eight at the 2021 French Open before winning Wimbledon last year.

Jelena Ostapenko stuns Coco Gauff

Meanwhile, Jelena Ostapenko stunned Coco Gauff 7-5 6-3 to reach the quarter-finals of the Australian Open on Sunday after putting on a power-hitting clinic.

Latvian Ostapenko has struggled to reach the heights of her French Open-winning days but the 17th seed simply overpowered the American at Margaret Court Arena.

Ostapenko was ruthless in the finish, unleashing a thumping forehand down the line to bring up match point, then clipping the line with a crosscourt forehand winner to give Gauff no chance.

The 17th seed will meet Elena Rybakina, who shocked top seed Iga Swiatek, for a place in the semi-final.

(Text inputs from Reuters)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Industries Earnings Preview | Street expects a mixed quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reliance stock has been trading flat for the past 12 months and is still 16 percent below its 52-week high. The diversified conglomerate is expected to announce its third-quarter earnings on January 20 and a poll conducted by CNBC-TV18 of market watchers shows that the performance may be a mixed bag.

When it comes to the oil and gas business, the street expects a sequential improvement in refining margins and domestic gas prices may offset weaker petchem margins.

Moreover, the Singapore GRM (gross refining margin) contracted further to $6.2/bbl in this period led by the decline in gasoline and diesel cracks.

Reliance Industries Limited’s O2C (Oil-to-Chemicals) business is expected to see a recovery on a low base. The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) is expected to increase by 12 percent quarter-over-quarter.

The refining margins are also expected to increase by 14 percent quarter-over-quarter at $16.1 per barrel. Additionally, there has been growth in middle distillate (+2 percent quarter-over-quarter) and naphtha cracks (+38 percent quarter-over-quarter). The lower windfall taxes should aid earnings in the refining segment.

The petrochemical segment of Reliance Industries Limited is expected to continue to see weakness. This is primarily due to new capacity additions in China and demand headwinds.

However, it should be noted that, according to JP Morgan, the petrochemical margins have likely bottomed in this quarter under consideration.

Jio & Retail expectation

According to street estimates, there is likely to be a slowdown in subscriber additions for the Jio segment. The company is expected to see a net subscriber addition of 6.2 million in the third quarter, compared to 7.8 million in the second. Additionally, the Average Revenue per User (ARPU) is expected to remain broadly flat, with a slight increase of 1.3 percent quarter-over-quarter at Rs 179.5.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Air India pee-gate: Whiff of instigation, contradictory versions emerge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A four-page report written by the crew of the Air India flight in which a passenger allegedly urinated on another casts a radically different light on the matter. It suggests the complainant may have been instigated by a co-passenger and that her subsequent behaviour cast doubt about her “intent and integrity”.

A 72-year-old lady flying business class on Air India’s NYC-Delhi flight AI 102 on November 26, 2022, had said that an inebriated fellow passenger had come up to her seat and urinated on her.

The crew report on the incident, which was obtained by Moneycontrol, shines a light on two key aspects:

1) Potential instigation by co-passenger S Bhattacharjee, who was seated on 8A, in front of the complainant (on 9A), and next to Shankar Mishra, the accused person (8C). Bhattacharjee had requested an upgrade to first-class on boarding the flight but was turned down.

2) A statement of the passenger on 9C, right next to the complainant, which ran contrary to the statement made by the complainant.

The crew’s report

According to the report, this is how things broadly panned out:

The complainant came to the galley and said her clothes were wet because another passenger had urinated on her and that she required cleaning. She proceeded to take off her clothes in the galley itself.

She was given towels, Savlon (an antiseptic), slippers, and socks, and requested to change in the toilet. The crew helped her change into the nightwear provided by the airline. The crew cleaned and sanitised her seat, the area around, her shoes, and the bags of the 9A and 9C guests.

She demanded that her shoes be dry-cleaned, but was told that there wasn’t any dry-cleaning facility on board, according to the report.

Also Read | Nepal air accident: A look at some of the worst plane crashes in history

She also said she wanted Air India to compensate her for her soiled belongings and was contemplating filing a police complaint. The complainant said that on landing, Bhattacharjee would arrange for a reporter to call her, said the report.

The crew, in their report, said they promised to extend all possible assistance to her and said there would be a wheelchair for her on landing.

Although she didn’t ask for her seat to be changed, she was moved from 9A and settled in 12C, given a blanket and pillows. She thanked the crew for their help and then fell asleep.

Later, the accused person met the complainant and apologised, according to the report. They worked out a compromise and he promised to get her things dry cleaned and delivered to her, and also agreed to pay a compensation of $200.

Subsequent parts of the cabin crew report throw up instances that again contest the complainant’s version of the incident and what happened later.

1) A couple of hours before landing, the complainant said the crew hadn’t cleaned her shoes and bags properly and they hadn’t attended to her promptly. This was after she had praised the crew for all their help.

This change of stance happened immediately after she “interacted with guest 8A,” namely Bhattacharjee. Earlier, while boarding, Bhattacharjee had asked for an upgrade to first class. He was told that it was against the airline’s policy to provide in-flight upgrades.

As soon as Bhattacharjee became aware of the incident, he refused to sit next to the accused (8C) and again demanded an upgrade for himself and for the complainant. It’s pertinent to note that the complainant never asked for an upgrade herself and was already asleep in her new seat by this time.

Bhattacharjee stated, “All the allegations made in the Air India internal report are baseless, I did not ask for an upgrade, I submitted a written complaint by myself to the crew before landing ( I have a copy), and I stood for the right reasons to help an elderly lady in distress.”

2) The passenger in 9C, the seat right next to the complainant’s seat, provided a statement that contradicted what the complainant said “later on”, according to the crew report. Moneycontrol could not independently verify this statement.

3) Although the complainant was provided with a wheelchair on priority on arrival when the crew met her in the customs hall, she complained that she wasn’t given a wheelchair on landing.

When a crew member said that she had seen the complainant sitting on a wheelchair, the complainant changed her stance and said she had left the wheelchair as she was in a hurry.

4) The complainant then alleged that the accused person had gone back on his word about the compensation. The accused person arrived on the spot and the conversation between them reflected that she was not being honest as he showed her the proof of payment, according to the crew report.

Air India had no comment for this article.

Background

Based on the lady’s complaint, an FIR was lodged against Mishra, charging him under IPC sections 294 (obscene act in a public place), 354 and 509 (outraging a woman’s modesty), 509 (creating a nuisance in public while intoxicated), and 510 (drunken misconduct in public), and under section 23 of the Aircraft Rules (assault or intimidation aboard an aircraft).

Following the FIR, Air India put Mishra on its no-fly list for 30 days and suspended the entire crew for not attending to the complainant properly. Mishra was fired from his job. He was eventually arrested in Bengaluru and was remanded to 14 days of judicial custody.

Mishra’s lawyer, senior advocate Ramesh Gupta, told a Delhi court that Mishra couldn’t have committed the act because he couldn’t have accessed the complainant’s seat. He added that the lady may have soiled herself.

The author, Nickey Mirchandani, is Assistant Editor at Moneycontrol. She’s a presenter and a stock market enthusiast with over 12 years of experience.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nikkei up 2% after Bank of Japan holds policy as it pushes back against market speculation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Japanese benchmark index, Nikkei, has rallied two percent after the Bank of Japan decided against making more adjustments to its yield curve control program, prompting a sharp slide in the yen as it tried to contain speculation over policy normalisation fueled by December’s shock move.

The central bank kept its main policy settings unchanged, leaving its negative interest rate at -0.1 percent and 10-year bond yields around 0 percent, according to its latest policy statement Wednesday.

The BOJ stated its intention to continue large-scale bond buying and to increase them on a flexible basis as it showed its intention to double down on defense of its yield curve control program for now.

While almost all 43 economists surveyed had forecast the stand-pat decision, many of them had said they couldn’t rule out the possibility of back-to-back action.

After the BOJ unexpectedly widened its 10-year yield target band last month, Governor Haruhiko Kuroda’s massive easing program has come under the fiercest market attack in his decade-long term.

While Kuroda insisted that December’s move aimed to improve market functioning, it only fueled speculation over more changes. Some believe there will be more action even before the governor steps down in April.

Wednesday’s decision suggests that the BOJ isn’t seeking an immediate exit or a looser grip on bond yields.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained | Has Kashmir Files really been shortlisted for the Oscars?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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News that Kashmir Files has been shortlisted for the upcoming Academy Awards has been doing the rounds today, Jan 10. However, technically there is a difference between being shortlisted for the Oscars versus making it to the elimination list.

Being shortlisted means that the entry is one step away from making it to the final nominations for the award which will be held on March 12, 2023. The last shortlist announced by the Academy Awards was on December 22 when it put this out for 10 categories.

So, what happened today?

Vivek Ranjan Agnihotri, the director of The Kashmir Files claimed on Twitter that the film had been shortlisted for the Oscars.

He also went on to tweet that Pallavi Joshi, Mithun Chakraborty, Darshan Kumaar and Anupam Kher are all shortlisted for the best actor categories.

Is this a valid claim?

At a cursory glance, yes. The Kashmir Files is one of the 301 feature films on the reminder/first/eligibility list of The Academy Awards 2023. But TKF is not one of the five films from India. A dozen of Indian language films (feature & documentary) have made it to the list.

Meanwhile, Chhello Show (India’s official entry to the Oscars), RRR, Kantara, Gangubai Kathiawadi, Rocketry: The Nambi Effect, Vikrant Rona and a host of other Indian language feature films are a part of the list. Last year, the reminder list accommodated 276 feature films, 90 fewer than 366 in 2021.

What exactly is the first list?

It is a list of feature films which are eligible to be considered for the Best Picture Award, including the performers who are eligible for nomination in the acting categories.

Agnihotri’s claim that Anupam Kher, Mithun Chakraborty, and Darshan Kumar have been shortlisted is misleading. They are only eligible for nomination. As is R Madhavan and Shah Rukh Khan for Rocketry: The Nambi Effect, or Kiccha Sudeep for Vikrant Rona, or Rishabh Shetty for Kantara.

Merely featuring on the list is not equivalent to a shortlist or a nomination.

Which feature films normally make it to the first list?

As per the Academy Awards eligibility norms, a feature film has to fulfil a wide number of technical, commercial & box office requirements. These include:

1. A running time of at least 40 minutes
2. Conformity to prescribed audio and video standards
3. Paid screening in a picture theatre in one of the six qualifying US metro areas
4. Release within the deadline specified
5. Norms wrt public exhibition.

However, qualitative analysis of a film, box office collections, and audience reactions is not a precursor for making it to the first list. Any film which makes a submission and ticks the parameters can be in Agnihotri’s words ‘shortlisted’, regardless of the feedback from critics, public perception or box office history.

What about the actor(s) whose names are mentioned?

This is also procedural. As per the Academy Award rules, the reminder list will feature up to ten actresses and up to ten actors for each eligible motion picture. All active members of the Actors Branch shall vote in the order of their preference for not more than five acting achievements in each category.

1. Performance by an Actor in a Leading Role
2. Performance by an Actor in a Supporting Role
3. Performance by an Actress in a Leading Role
4. Performance by an Actress in a Supporting Role

What about the euphoria?

A mention on the reminder list is in no way an indication of a film is well poised to make it to the Oscar Nomination list. It is merely a validation that The Kashmir Files’ entry form has been duly verified and accepted.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

After FIFA World Cup 2022, Messi could win this rarest of rare trophies in football

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It was just over 33 years ago that the only Super Ballon D’or was bestowed on Argentine-born, Real Madrid legend, Alfredo Di Stefano to honour a remarkable career. To say that Di Stefano had stiff competition would be an understatement. He beat Johan Cruyff and Michel Platini in the final vote and the pool had two other noteworthy names — Pele and Diego Maradona.

What probably tilted the vote in Di Stefano’s favour was the unprecedented and never-repeated-again five back-to-back European Cups for Real Madrid. Di Stefano had also been awarded the Ballon d’Or in his playing days twice, in 1957 and 1959.

Football pundits are now weighing firmly on Lionel Messi’s side in the never-ending GOAT (greatest of all-time) debate, after the FIFA World Cup 2022 victory with Argentina. The question now being posed by the fans is that is it time the Argentine adds this incredibly rare trophy to his cabinet?

Also Read: Mbappe’s hat-trick in vain as Argentina defeat France via penalty-shootouts to lift the FIFA World Cup 2022 trophy

What is the Super Ballon d’Or?

The Super Ballon d’Or is an award to recognise a generational great of the game. The first and only such award was handed to Di Stefano in 1989.

However, 33 years have passed and football fans have been asking for the award to be given again as many greats from the 90s and the 2000s will thus be honoured.

In case the award was considered, who are the contenders?

Considering that the award was handed out in 1989, the award will consider all the greats from the 90s to the present day. Names such as Ronaldo Nazario, Ronaldinho, Zinedine Zidane, Xavi Hernandez, Cristiano Ronaldo and Lionel Messi must be top favourites and one can argue for a dozen more greats to make the list.

First, this year’s Ballon d’Or

The recent history of the Ballon d’Or suggests that trophies are valued highly and the two most prestigious trophies in the modern age are the FIFA World Cup and the UEFA Champions League.

By winning the World Cup, Messi has staked a claim for his eighth, yes you read that correctly, Ballon d’Or.

His true competition this year will be from French superstar Kylian Mbappe, Norwegian sensation Erling Halland and his mate for many years from Brazil, Neymar.

Now, Mbappe and Neymar are his teammates from Paris Saint Germain (PSG) and in case the club does well in the Champions League, the honours are likely to be shared.

When it comes to Halland, who has had a great debut year for Manchester City in the English Premier League, missing the World Cup as Norway did not qualify will hurt his chances.

Now, back to the Super Ballon d’Or

For a rare award like Super Ballond’Or, statistics matter. Till now, there was a close competition between Cristiano Ronaldo and Lionel Messi in the race for the most number of Ballon d’Or. Ronaldo and Messi were once tied at five a piece. However, Messi in recent years has won two more and currently has seven golden footballs in his collection with a chance of adding an eighth this season.

Why is Messi the clear favourite now?

Considering Messi already has the Copa America and the World Cup in his kitty, he looks to have taken the sole lead in the race for the rare trophy.

At present, or rather since 1989 since Di Stefano won, no other player has a cabinet so decorated. It may be time that the former Barcelona star replicates the achievement of the Real Madrid and fellow Argentine legend.

Also Read: Besides Messi and Mbappe, these names deserve a shout out for their FIFA World Cup 2022 performance

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Meet Hulk, the darling of Argentina football fans

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the non-stop celebration visuals on the streets of Argentina keep flooding social media timelines, a particular video has now got the dog lovers’ community involved too.

The now-viral video, posted on TicTok by the PostUnited account, shows Argentina football fans greeting Hulk, Messi’s large Dogue de Bordeaux. The video has already gotten over a million views.

Even Messi’s dog is getting celebrated. pic.twitter.com/M7FW9KEuAX

— Nanakay253 (@Nanakaynie) December 20, 2022

Messi has earlier posted videos of playing football with Hulk as well as having a kick around with his sons. There were reports of Hulk getting a big cheer at the Buenos Aires airport too along with the La Albiceleste.

Dogue de Bordeaux also referred to as the French Mastiff, are considered sweet and gentle in nature and are known to make good family dogs. It’s reported that Messi adopted Hulk in 2016.

Fans were earlier seen greeting Messi’s grandmother too with songs at her house in Rosario, Argentina.

The Argentian captain and the full team arrived in Buenos Aires late at night but were greeted by millions flocking the roads and celebrating the FIFA World Cup 2022 victory in an open-bus victory parade.

Also Read | Argentina’s World Cup victory celebrations: Players airlifted by helicopter, Maradona’s murals and riot police

The whole country has been in party mode since the dramatic victory over France in Sunday’s final in Qatar, which has helped mask economic woes in the South American nation battling one of the world’s highest inflation rates.

The penalty shootout victory made the country world champions for the first time since Diego Maradona hoisted the trophy in 1986 and the third in total.

The government made Tuesday a national holiday to allow fans to celebrate the win.

Messi, 35, has burnished his reputation as one of the world’s greatest ever with the win as Argentina beat France 4-2 on penalties after a scintillating 3-3 draw after extra time.

Also Read | Besides Messi and Mbappe, these names deserve a shout out for their FIFA World Cup 2022 performance

He has said it was his last match in the World Cup, though he plans to play a few more games for the national side.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

With aim to cool inflation further, US Fed set to hike lending rate for 7th time in 2022

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialling back its efforts to combat inflation.

At the same time, the Fed is expected to signal that it plans more hikes next year than it had previously forecast to try to conquer the worst inflation bout in four decades. And most economists think Chair Jerome Powell will stress that the Fed will likely keep its benchmark rate at its high point through next year, even after the hikes have ended.

The Fed’s decision Wednesday will follow a government report Tuesday that provided hopeful signs that inflation is finally easing from chronically high levels. Gas prices fell, the cost of used cars, furniture and toys declined, and the costs of services from hotels to airfares to car rentals dropped.

The six rate hikes the Fed has already imposed this year have raised its key short-term rate to a range of 3.75 percent to 4 percent, its highest level in 15 years. Cumulatively, the hikes have led to much costlier borrowing rates for consumers as well as companies, ranging from mortgages to auto and business loans. Worries have grown that the Fed is raising rates so much in its drive to curb inflation that it will trigger a recession next year.

Yet with price increases still uncomfortably high — inflation was 7.1 percent in November compared with a year earlier — Powell and other Fed officials have underscored that they expect to keep rates at their peak for an extended period.

With inflation pressures now easing, though, most economists think the Fed will further slow its hikes and raise its key rate by just a quarter-point at its next meeting early next year.

“The data (Tuesday) kind of fits with our idea that the Fed will downshift further in February,” said Matthew Luzzetti, an economist at Deutsche Bank and a former research analyst at the Fed. “Downshifting helps to maximize their prospects of a soft landing,” in which the Fed’s rate hikes would slow growth and tame inflation but not tip the economy into a recession.

On Wednesday, members of the Fed’s rate-setting committee will also update their projections for interest rates and other economic barometers for 2023 and beyond. Most analysts have forecast that they will pencil in a peak range of at least 4.75 percent to 5 percent, or even 5 percent to 5.25 percent, up from their September forecast of 4.5 percent to 4.75 percent.

(With text inputs from AP)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow