5 Minutes Read

Britain says Moody’s downgrade based on ‘outdated’ Brexit view

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

 Listen to the Article (6 Minutes)

Summary

Britain’s government said on Friday that a decision by ratings agency Moody’s to downgrade the country’s credit rating was based on an “outdated” assessment of its plans to leave the European Union.

Britain’s government said on Friday that a decision by ratings agency Moody’s to downgrade the country’s credit rating was based on an “outdated” assessment of its plans to leave the European Union.

Moody’s lowered Britain’s sovereign credit rating to ‘Aa2’ with a stable outlook from ‘Aa1.’

“The assessments made about Brexit in this report are outdated,” a government spokesperson said in a statement provided by the finance ministry.

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Mark Zuckerberg will sell as many as 75 million Facebook shares, currently worth $12.8 billion, over the next 18 months

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

 Listen to the Article (6 Minutes)

Summary

The intention to sell between 35 million and 75 million shares was disclosed in a Facebook securities filing late Friday.

Mark Zuckerberg will sell a large number of Facebook shares over the next 18 months in sales that would be worth between $6 billion and $12.8 billion based on the stock’s current price.

The intention to sell between 35 million and 75 million shares was disclosed in a Facebook securities filing late Friday.

Proceeds of the sale will go “to fund the philanthropic initiatives of Mr Zuckerberg and his wife, Priscilla Chan,” the filing said.

The company also said it would scrap a plan to create a new class of shares that would have allowed Zuckerberg to keep a majority of voting control in the company even if his actual ownership stake was far less.

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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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Facebook has mapped populations in 23 countries as it explores satellites to expand internet

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

 Listen to the Article (6 Minutes)

Summary

Facebook now knows where millions of humans live, everywhere on Earth, to within 15 feet

John Shinal
CNBC

Facebook doesn’t only know what its 2 billion users “Like.”

It now knows where millions of humans live, everywhere on Earth, to within 15 feet.

The company has created a data map of the human population by combining government census numbers with information it’s obtained from space satellites, according to Janna Lewis, Facebook’s head of strategic innovation partnerships and sourcing.

A Facebook representative later told CNBC that this map currently covers 23 countries, up from 20 countries mentioned in this blog post from February 2016.

 The mapping technology, which Facebook says it developed itself, can pinpoint any man-made structures in any country on Earth to a resolution of five meters.
Facebook is using the data to understand the precise distribution of humans around the planet.

 

That will help the company determine what types of internet service — based either on land, in the air or in space — it can use to reach consumers who now have no (or very low quality) internet connections.

“Satellites are exciting for us. Our data showed the best way to connect cities is an internet in the sky,” Lewis told about 150 people gathered in San Francisco this week for a Space Technology and Investment Forumsponsored by the Space Foundation.

“We’re trying to connect people from the stratosphere and from space,” using high-altitude drone aircraft and satellites, to supplement Earth-based networks, said Lewis.

Facebook hired Lewis, a former intellectual property lawyer with extensive experience in international aerospace law, about one year ago.

Her job, as she told the forum, is to work with partners in the aerospace industry to build a multi-pronged network to serve the entire planet.

The data is used “to know the population distribution” of Earth to figure out “the best connectivity technologies” in different locales, Lewis said. “We see these as a viable option for serving these populations” that are “unconnected or under-connected,” she said.

In addition to Lewis, Facebook is also hiring aerospace engineers to help it crack this market.

The mapping technology is part of a much broader effort by U.S. companies to take advantage of a slew of data now available from the hundreds of satellites orbiting the earth.

“All this satellite data is coming from space, so people are trying to figure out what the business opportunities are,” says Edward Swallow, senior vice president for civil and commercial systems for the Aerospace Corporation, an entity set up by the government in 1960 to protect America’s pre-eminence in space.

Facebook rival Google, for example, sold its satellite-imaging business, formerly called Skybox, earlier this year “because they figured out they could get the data without having its own satellites,” Swallow told CNBC in an interview.

Cheaper launches, more data

Space-related investment and market development are being driven by two things: the plummeting cost of launching satellites and the wealth of data they produce.

New aerospace companies, including Elon Musk’s SpaceX, Jeff Bezos’ Blue Origin and Richard Branson’s Virgin Galactic and Virgin Orbit, have driven down the cost of launching a satellite into low Earth orbit dramatically.

Thanks to companies founded by this “billionaire boys club” — as some at the space investing confab referred to them — a company can now get a payload into space for as low as “tens of thousands of dollars per kilogram,” said Monica Jan, senior director of strategy and customer experience for Virgin Orbit.

Before these companies entered the market, satellite launches typically cost millions or even billions of dollars, said Jan, who has worked in the aerospace industry for decades.

Virgin Orbit, based in Long Beach, California, was spun out of Virgin Galactic earlier this year to focus on small-satellite launches.

When asked by CNBC what she took away from Lewis’ earlier presentation, she said “it sounds like they [Facebook] want to create a multi-tier system,” or one that uses networks based on Earth, in the stratosphere and in space.

A space-based internet

All of this activity has been spurred by the increasing commercialization of space, which was formerly an expensive realm inhabited by nations alone.

Of the 576 U.S. satellites now in orbit, 286 — or roughly half — were launched for commercial reasons, according to Steve Butow, the West Coast military lead for the Defense Innovation Unit Experimental, or DIUX.

The DIUX was set up during the Obama administration to speed the deployment of new technologies into the U.S. armed forces.

The end result of all this investment will likely be a “space-based broadband data network” that will be the basis of “a new space economy,” Butow told the space investing confab in San Francisco.

If and when that becomes a reality, Facebook will be ready for it.

 

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Former Indian diplomat says ‘nothing can be ruled out’ in border spat with China

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

 Listen to the Article (6 Minutes)

Summary

China has insisted that India first remove its troops as a precondition for formal talks, but there already appears to be back-channel dialogue underway.

An India-China border standoff in the Himalayas is now going on three months, and while both sides have yet to pull troops, there’s hope the dispute may be resolved soon.

China has insisted that India first remove its troops as a precondition for formal talks, but there already appears to be back-channel dialogue underway.

“There are some indications that the two (India and China) are engaged in back-channel dialogue and negotiations to try to resolve this,” said Jeff Smith, director of Asian security programs at the American Foreign Policy Council, a Washington-based conservative think tank.

India and China have little reason to go to war today, but that’s exactly what happened in the 1960s. Experts insist a full-blown war today seems very unlikely since the costs for both sides could be high.

“This is serious, going by how aggressive and vulgar the statements are coming out of the Chinese,” said veteran Indian diplomat Neelam Deo, director of Gateway House, a Mumbai-based foreign policy think tank. “Nothing can be ruled out, but chances are not high of a real military conflict.”

Deo, a former Indian ambassador to Denmark and Ivory Coast, said the border dispute so far has been limited to soldiers going after each other throwing punches or stones.

“We haven’t had a shooting war in a long time with China,” she said.

The border dispute involves a plateau area known as Doklam in the western Himalayas. The standoff started when Chinese troops in June reportedly tried to build a road in territory claimed by Bhutan, an ally of India. India brought in its own bulldozers to build a military road and also blocked soldiers from China, which has territorial claims to Doklam.

China has been urging India to withdraw more than 270 troops that crossed into the disputed area.

On Friday, China’s official news agency, Xinhua, in an op-ed accused India of “insincerity and self-contradictions in resolving the Sino-India border issue peacefully.”

Xinhua stirred up controversy last week when it released a propaganda video that mocked India’s Sikh community. Indian papers charged that the video was “racist.”

Smith, author of the 2014 book “Cold Peace: Sino-Indian Rivalry in the 21st Century,” said the outbursts by China’s official media outlets were unusual because they typically are “more restrained.” Also, he said nonofficial media in China also weighed in and became “quite outspoken, nationalistic and confrontational.”

The U.S. State Department has been urging both sides to “work together to try to come up with some better sort of arrangement for peace.”

Earlier this week, President Donald Trump gave a national address in which he discussed Afghanistan and South Asia strategy, and one of the points he made was India, the world’s largest democracy, was also “a key security and economic partner of the United States.”

While India is a nuclear power, it would probably come up short in conventional military power in a conflict with China, say defense analysts.

Regardless, it’s uncertain if the U.S. would get involved militarily to help India if there were a wider conflict.

Experts say the Trump administration might want to steer clear of upsetting Beijing, especially given it wants help resolving the North Korean nuclear threat.

The Pentagon didn’t respond to a request for comment.

“The U.S. reaction would depend very much on the exact circumstances,” said Smith. Factors that would matter include who initiated the conflict, where it’s taking place and whether it’s contained to the disputed area or spilling over into Indian territory, he said.

Beijing has reportedly tried to resolve the dispute by offering money to Bhutan, which is roughly the size of Switzerland.

“China values peace and the interests of innocent people on both sides of the border, that is why it has remained patient in the face of such encroachment,” said Xinhua. “China has never made the first move in wars fought since 1949 but it would not flinch if a war were to be inflicted upon its people.”

The two countries together represent about a third of the world’s population. They also have bilateral trade in excess of $70 billion annually, although it has been declining in recent years.

In India, there have been recent calls by some groups to boycott Chinese products.

A BRICS Summit starting Sept. 3 and hosted by Chinese President Xi Jinping could be a chance for the leaders of the two nuclear superpowers to meet face to face. BRICS is a group of major emerging economies that includes Brazil, Russia, India, China and South Africa.

Deo, the ex-ambassador, said there’s discussion in New Delhi about whether Prime Minister Narendra Modi should attend given the rhetoric coming from Beijing.

“The Indian government should think about it pretty seriously on whether you want to go and act like everything is business as usual,” she said. “Because it’s not.”

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Elon Musk joins more than 100 tech bosses calling for ban on killer robots

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

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Summary

In an open letter to the UN, a group of 116 robotics specialists — including Tesla’s Elon Musk and Google’s Mustafa Suleyman — urged the organisation to take action against “weapons of terror”

Sam Meredith
CNBC

More than 100 leading artificial intelligence experts are calling on the United Nations to prevent the development and use of killer robots.

In an open letter to the UN published Monday, a group of 116 robotics specialists—including Tesla‘s Elon Musk and Google’s Mustafa Suleyman—urged the organisation to take action against “weapons of terror.”

“Once developed, lethal autonomous weapons will permit armed conflict to be fought at a scale greater than ever, and at timescales faster than humans can comprehend,” the letter said.

“These can be weapons of terror, weapons that despots and terrorists use against innocent populations, and weapons hacked to behave in undesirable ways,” the letter added.

Third revolution in warfare

A UN group had been scheduled to meet on Monday to discuss autonomous weapons, including drones, automated machine guns and tanks. However, the meeting has been postponed until November, according to the group’s website.

AI experts from 26 countries emphasised the pressing need for the UN to take action while they warned lethal autonomous weapons threatened to become the “third revolution in warfare.”

“We do not have long to act. Once this Pandora’s box is opened, it will be hard to close,” they said.

In 2015, over 1,000 tech experts, researchers and scientists signed a letter warning about the dangers of autonomous weaponry. Among the signatories were scientist Stephen Hawking, Apple co-founder Steve Wozniak and Elon Musk.

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Elon Musk calls Artificial Intelligence a bigger threat than North Korea

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

 Listen to the Article (6 Minutes)

Summary

Ironically enough, it was OpenAI’s own technology that managed to beat two professional eSports players at a major tournament, after only two weeks of practice

Javier E David
CNBC

Tesla CEO Elon Musk fired off a new and ominous warning on Friday about artificial intelligence, suggesting the emerging technology poses an even greater risk to the world than a nuclear conflagration with North Korea.

 Musk—a fierce and long time critic of A.I. who once likened it to “summoning the demon” in a horror movie—said in a Twitter post that people should be concerned about the rise of the machines than they are.

Reacting to the news that autonomous tech had bested competitive players in an electronic sports competition, Musk posted what appeared to be a photo of a poster bearing the chilling words “In the end, the machines will win.”

Musk, who is spearheading commercial space travel with his venture SpaceX, is also the founder of OpenAI, a nonprofit that promotes the “safe” development of AI. His stance puts him at odds with much of the tech industry, but echoes remarks of prominent voices like Stephen Hawking—who has also issued dire warnings about machine learning.

Ironically enough, it was OpenAI’s own technology that managed to beat two professional eSports players at a major tournament, after only two weeks of practice. The Dota 2 contest is known to be extremely complex, pitting two teams against one another in a virtual battle arena.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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How much YouTube would be worth if it were a stock

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

 Listen to the Article (6 Minutes)

Summary

Tech analyst gives an estimate of the value of the popular video site if it were a stock

If Google’s YouTube were a stock, it would be “worth at least $75 billion,” leading tech analyst Victor Anthony told CNBC on Tuesday.

To put that in perspective, social media company Twitter has a market value of $14.52 billion. That would make YouTube worth just over five Twitters. Google-parent Alphabet has a market capitalization of $661.8 billion.

“People are using YouTube six minutes a day, monthly active users are growing rapidly from the data that I’m tracking. This site is becoming entrenched in similar ways that Facebook is part of our vernacular and daily usage,” Anthony, an analyst at Aegis Capital, said on “Squawk on the Street.”

Anthony spoke after Alphabet’s earnings report late Monday showed the company’s revenue growth in the latest quarter was powered mainly by YouTube ads and mobile search ads. The stock was down about 3 percent Tuesday morning, trading around $968 per share, on revenue growth concerns.

Alphabet has been adding new content as it races Facebook and traditional TV networks for a share of the surging market for digital video ads. Google CEO Sundar Pichai said Monday that YouTube is seeing strong growth in emerging markets with mobile users and on “large screens.”

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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As India and China face off in the mountains, a new confrontation is growing in the ocean

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

 Listen to the Article (6 Minutes)

Summary

A fierce border standoff in Bhutan’s Doklam region — triggered by a Chinese road construction project in a disputed area and a Bhutanese request for Indian help — is now entering its second month with soldiers from both sides engaged in skirmishes. But a new confrontation in the relationship is arising as New Delhi is growing concerned about a Chinese naval presence in its own backyard: the Indian Ocean.

The rivalry between India and China is heating up as the heavyweight economies face territorial tensions on both land and sea.

A fierce border standoff in Bhutan’s Doklam region — triggered by a Chinese road construction project in a disputed area and a Bhutanese request for Indian help — is now entering its second month with soldiers from both sides engaged in skirmishes. But a new confrontation in the relationship is arising as New Delhi is growing concerned about a Chinese naval presence in its own backyard: the Indian Ocean.

“As the [Doklam] crisis stretches on, China is likely to seek ways to pressure India, both on the border and elsewhere, and this will compound the cycle of competition that is already well underway,” Shashank Joshi, research fellow at the Royal United Services Institute, said in a recent note published by the Lowy Institute.

Indeed, the recent joint naval drills between the U.S., India and Japan — known as the Malabar exercises — were widely interpreted as a coordinated response to perceived Chinese expansion in the Indian Ocean.

In the run-up to Malabar, Indian media reported a surge in Chinese naval vessels around the area, noting sightings of 13 to 14 units in two months. Those included Luyang III class destroyers, hydrographic research vessels, an intelligence-gathering ship and a submarine.

Beijing does operate in the area for its “Belt and Road” initiative, an infrastructure program that involves developing port facilities in the Indian Ocean with Pakistan and Sri Lanka. India isn’t a member of the initiative and has repeatedly indirectly criticized the program for violating Indian sovereignty.

“China’s naval presence in the Indian Ocean is showing signs of a qualitative shift,” Joshi said, noting the mainland’s growing patrols and the July 12 dispatch of Chinese troops to a military base in Djibouti — Beijing’s first long-term foreign military deployment in almost 60 years.

“This Chinese facility is not just a platform from which China can project initially modest power into the western Indian Ocean, but will also justify and support a greater volume and pace of other patrols through the eastern and central Indian Ocean,” Joshi added.

New Delhi is certainly paying close attention to those developments, as reflected by the Malabar drills.

“With over 20 ships, including two submarines and over 100 aircraft and helicopters involved in complex maneuvers, [India’s] strategic messaging to China seemed more than clear,” Abhijit Singh, head of the Maritime Policy Initiative at think tank Observer Research Foundation, wrote in a note.

“Indian commentators cast Malabar as a strategic precursor to a more proactive sea-denial strategy aimed at challenging People’s Liberation Army Navy ships in the Indian Ocean.”

The situation draws parallels with Beijing’s behavior in a different body of water. The world’s second-largest economy has been creating artificial islands in contested sections of the South China Sea. But unlike that international waterway, the Indian Ocean isn’t a site of overlapping sovereign rights, meaning Prime Minister Narendra Modi’s efforts to counter the mainland on his home turf may not be sustainable.

“There is something essentially flawed about the idea that Indian naval power can prevent Chinese warships and submarines from accessing India’s near-seas. Modern-day trading nations regard the oceans as a shared global common, with equal opportunity rights for all user states,” said Singh.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US firms are making big bets on Bollywood

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

 Listen to the Article (6 Minutes)

Summary

India’s multibillion-dollar entertainment industry is quickly gaining a global audience, and it’s not just because of the song and dance.

India’s multibillion-dollar entertainment industry is quickly gaining a global audience, and it’s not just because of the song and dance.

In hopes of expanding more in the West, for the first time ever, the IIFA awards show, dubbed the Indian Oscars, is being hosted in New York City this weekend.

But U.S. producers have already been paying attention to the robust growth in Bollywood — a colloquial term used to refer to Indian cinema.

In terms of revenue, the industry has gross box-office realizations of $2.1 billion. That is expected to grow at 11 percent compounded annual growth rate reaching $3.7 billion by 2020, according to research published by Deloitte India in 2016.

For years Sony, Disney, Fox and Viacom, among others, have been investing in Bollywood while also finding ways to partner with local Indian studios.

“Bollywood, as we call it, is larger than Hollywood and brings out so much more content, so if you want to play in India you really have to play with local partners to be able to get access to that content and that talent. I think it’s just a no-brainer,” said Anjula Acharia, partner at Trinity Ventures and manager to “Quantico” star Priyanka Chopra.

U.S. content makers are also getting in on the action.

“Netflix and Hulu and Amazon, whoever’s entering the market, realizes that local content is king and people want content that is localized and resonates with them,” said Acharia.

Amazon Prime Video this past week unveiled their first Indian web series, “Inside Edge,” featuring prominent Bollywood stars including Richa Chadda and Vivek Oberoi. Amazon’s move is seen as a way to produce short digital series while at the same time leveraging India’s popular talent.

“A shift happened in television where the urban TV-watching audience got left behind with the kind of content that was being produced,” said Chadda. “Now with Amazon’s entry, we have better content for the urban Indian, the educated Indian, the global Indian, who travels, who knows what to watch and who has exposure to series of the West.”

Chaddha also said that a web series like the one she worked on with Amazon — which focuses on the corruption behind cricket — has allowed actors like herself to experiment outside the traditional Bollywood movie storyline.

“With the current level of censorship in Bollywood films it’s very difficult to make original content or anything experimental or creative. Language is a big issue, characters can’t smoke on screen. If they do, there’s a ticker. Things like that. So, with a digital medium a lot of censorship has not happened – yet. So we have freedom there. And people are exploiting it for however long they can because censorship is a huge issue and it always clashes with creativity,” she said.

Amazon is not alone. Netflix too has been creating and investing in strategic content as it makes its push into India.

“India is hugely important to Netflix because it’s one of the largest internet markets in the world and already we have seen strong growth compared to its Asian markets. Here is a pool of consumers with a great passion for entertainment and a diverse and vibrant entertainment landscape,” said a spokesperson for Netflix to CNBC.

Netflix show “Master of None,” featuring Indian-American comedian Aziz Ansari, touches on the cultural nuances millennials face with parents who emigrated from an Asian country. The show has been seen as a wide-ranging success, and Ansari has already been nominated for an Emmy. Top celebrity blogger Malini Agarwal, known as Miss Malini in India, says Ansari’s show is well followed by Indian millennials.

“He’s actually breaking stereotypes with humor and being an American comic. So I think it’s really easy now for people to say, like, ‘Okay, I’m going to have an Indian actor come and audition for a role, and they’re not just going to play the taxi driver,'” Agarwal said.

But the collaboration between Hollywood and Bollywood is two-fold.

In an effort to add more diversity to U.S. sitcoms and shows, networks have brought over talent from India. ABC recruited Bollywood titan Priyanka Chopra to play the lead role in “Quantico.” Chopra’s prominent role in a major U.S. show is a sharp contrast to what the U.S. media industry has typically seen in the past, when Indians usually played side roles.

“I think Priyanka’s really mowed down the doors for everybody to come in and make a mark here,” Acharia said. “And I think that her success is definitely telling network executives that they should be hiring more Indians, South Asians, into their shows, TVs, and movies.”

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India, Israel expand cooperation from defense to science, agriculture and technology

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

 Listen to the Article (6 Minutes)

Summary

On Wednesday, the Indian Ministry of External Affairs said India signed several agreements with Israel on science, agriculture and technology, as part of Prime Minister Narendra Modi’s historic visit to the country, 25 years after both nations established diplomatic relations.

Defense ties have long underpinned Indian-Israeli relations, but a string of deals signed this week reflected wider cooperation that could benefit Indian companies seeking advanced technologies and could pave the way for Israeli firms to access millions of consumers.

On Wednesday, the Indian Ministry of External Affairs said India signed several agreements with Israel on science, agriculture and technology, as part of Prime Minister Narendra Modi’s historic visit to the country, 25 years after both nations established diplomatic relations.

The agreements included the decision to create a bilateral technology innovation fund worth $40 million for research in industrial development, and to establish a strategic partnership in water and agriculture to focus on water conservation, waste-water treatment and its reuse for agriculture and desalination, among other deals.

Richard Rossow, senior adviser and Wadhwani Chair in U.S.-India Policy Studies at CSIS, said that while Israel has historically been a supplier of defense equipment to India, the two countries have natural synergies in other areas.
Must Watch: Why Is Israel Called A Startup Nation?

“Israel’s becoming a more important defense partner for India, a source of great technology, not just in the defense space, but in biotechnology (and) agriculture,” he told CNBC’s “Street Signs” on Thursday. “A lot of the things were reflected in that joint statement.”

Rossow said that closer ties could lead to more investments from both countries.

“India’s good at large-scale things, like call centers and software development, but Israel’s doing package software. India’s doing back-office biotech research, but Israel actually has products that are out there in the global markets more than India does,” he said.

“So it could be Israeli companies looking for a larger production base, in which case India’s ready to go.”

On the flip side, Rossow said Indian companies looking to get access to higher-end technologies than what was available domestically could then make acquisitions in Israel. “It’s a good complementary relationship between the two countries,” he said.

India and Israel also signed cooperation pacts between their respective space agencies in areas including atomic clocks and electric propulsion for small satellites.

Defense, however, remained a key factor in the India-Israeli relationship. Israeli companies, led by government-owned aerospace giant Israel Aircraft Industries, have signed arms deals with India totaling over $2.6 billion earlier this year.

“The defense relationship has been the main driver of the rapprochement between India and Israel,” Nicolas Blarel, assistant professor at the Institute of Political Science in Leiden University, told CNBC’s “Capital Connection” on Wednesday.

“Israel was one of the main suppliers for India during the Kargil war with Pakistan. It showed its reputation as a strong, stable supplier, even in times of duress. So since then, there have been a lot of major, important deals,” said Blarel.

According to the joint statement, future developments in defense cooperation between the countries should focus on joint development of defense products that include transfer of technology from Israel, with an emphasis on Modi’s signature ‘Make in India’ initiative.

India was one of the largest defense spenders in Asia. Data from the Stockholm International Peace Research Institute showed that in 2016, 2.5 percent of India’s gross domestic product (GDP) went to military expenditure. By comparison, China spent about 1.9 percent of its GDP on its military in the same period.

Rossow said Israel has, over the years, become more comfortable equipping India with weapon systems that may be employed against its neighbor Pakistan — more so than the United States, which he said was looking to “equip India more for maritime domain activity.”

Sources of friction between India and Pakistan usually center around terrorism and the contested region of Kashmir.

Pivoting more toward India could also be a strategic move for Israel, according to Blarel.

“Support from Western Europe, the U.S. is not as strong as it used to be. So showing the strong relationship with an important emerging Asian power is also quite symbolic,” he said.

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?