Month: May 2022

ATF prices hit record high post 9th hike this year; check new rates here

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

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Jet fuel prices on Sunday were hiked by 3.22 percent — the ninth straight increase this year — to an all-time high, reflecting a surge in global energy prices. The price of aviation turbine fuel (ATF) — the fuel that helps aeroplanes fly — was hiked by Rs 3,649.13 per kilolitre, or 3.22 percent, to Rs 1,16,851.46 per kl (Rs 116.8 per litre) in the national capital, according to a price notification of state-owned fuel retailers.

Meanwhile, petrol and diesel prices remained unchanged for the 25th straight day after rising by a record Rs 10 per litre each. While jet fuel prices are revised on the 1st and 16th of every month, petrol and diesel rates are revised daily based on equivalent rates in the international market.

Also Read | Pandemic-hit aviation sector witnesses 38% growth in domestic travel in March

The increase in ATF price comes on the back of the steepest ever hike of 18.3 percent (Rs 17,135.63 per kl) effected on March 16 and a 2 percent (Rs 2,258.54 per kl) increase on April 1. Prices were increased by a marginal 0.2 percent on April 16.

ATF in Mumbai now costs Rs 1,15,617.24 per kl, while it is priced at Rs 1,21,430.48 in Kolkata and Rs 1,20,728.03 in Chennai. Rates differ from state to state, depending on the incidence of local taxation.

Fuel rates have been increased in India because energy prices globally have risen on the back of supply concerns following Russia’s invasion of Ukraine and demand returning after being hit by the pandemic. India is 85 percent dependent on imports to meet its oil needs.

Jet fuel, which makes up for almost 40 percent of the running cost of an airline, has this year surged to new highs. ATF prices have increased every fortnight since the start of 2022. In the nine hikes beginning January 1, ATF prices have been increased by Rs 42,829.55 per kl (Rs 42.8 per litre) or over 50 percent.

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

Strong demand drives Toyota Kirloskar’s April sales up 57%

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

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Toyota Kirloskar Motor (TKM) on Sunday said its dispatches to dealers rose by 57 percent in April to 15,085 units from 9,600 in the same month last year. In April, the company also achieved a significant milestone of clocking cumulative wholesales of over two million units since its inception.

“Demand continues to peak in the new financial year, as we close the month of April with an overall growth of 57 percent over wholesales in April 2021. Along with the Crysta, Fortuner and the Legender, the Camry Hybrid has too received very encouraging booking orders,” TKM Associate Vice President, Sales, and Strategic Marketing Atul Sood said in a statement.

Also Read | Tata Motors to launch 10 vehicles in next 5 years, says MD Shailesh Chandra

“The response to the new Glanza has also been great and has done very well since the beginning of its deliveries, starting March this year, right from Tier I cities to rural markets,” he added.

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

PM Narendra Modi greets people of Gujarat, Maharashtra on their statehood day

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

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Prime Minister Narendra Modi on Sunday greeted the people of Gujarat and Maharashtra on the foundation day of the two western states and lauded their accomplishments in diverse fields. Maharashtra and Gujarat were formed after the enactment of the Bombay Reorganisation Act, 1960.

“On Gujarat’s Foundation Day, my greetings to the people of Gujarat. Inspired by the ideals of Mahatma Gandhi, Sardar Patel and several other greats, the people of Gujarat are widely admired for their diverse accomplishments,” Modi, who hails from Gujarat, said in a tweet. May Gujarat keep progressing in the coming years, he said.

On Gujarat’s Foundation Day, my greetings to the people of Gujarat. Inspired by the ideals of Mahatma Gandhi, Sardar Patel and several other greats, the people of Gujarat are widely admired for their diverse accomplishments. May Gujarat keep progressing in the coming years.

— Narendra Modi (@narendramodi) May 1, 2022

Also Read | 197 eminent citizens criticise open letter by ex-bureaucrats claiming “politics of hate”

In another tweet, the prime minister extended wishes to the people of Maharashtra on Maharashtra Day. “This state has made phenomenal contributions to national progress. The people of the state have excelled in diverse fields. I pray for the prosperity of the people of Maharashtra,” he said.

Best wishes to the people of Maharashtra on Maharashtra Day. This state has made phenomenal contributions to national progress. The people of the state have excelled in diverse fields. I pray for the prosperity of the people of Maharashtra.

— Narendra Modi (@narendramodi) May 1, 2022

He also tweeted greetings for the people of the two states in Gujarati and Marathi.

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

Bottomline: A quick guide to the LIC IPO

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

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The LIC IPO is the biggest ever in India. The nation’s biggest life insurer plans to raise about Rs 21,000 crore by offering 3.5% of the Government’s equity at a price of between Rs 902 to Rs 949 per share. In the offer that will be open for subscription from May 4th to May 9th, policyholders will be offered a discount of Rs 60 per share, while employees and retail investors will get a discount of Rs 45 per share.

The indicated offer price pegs the market capitalization value of LIC at Rs 600,000 crore, which is a significant climb down from the earlier expected valuation of about twice that much.

The big question is: Should you subscribe? The answer is a tricky one. There are some pros and some cons, and it is best to weigh them before you decide. We lay out the key ones for you here.

SIZE AND SCALE

One area that LIC is unrivalled on is its sheer size and scale of operations. Its assets under management (AUM) are three times that of all private life insurers put together. If we compare this to the next biggest player, SBI Life Insurance, the multiple is 16.6 times. What’s more, its AUM is also 1.2 times that of the entire mutual fund industry.

Also Read | LIC IPO may be the much needed windfall for this government department

Even in terms of new business premiums in the life insurance industry, LIC commanded a share of 63.2% in the fiscal ended March 31, 2022, and remains the dominant player in the industry. Expect you get the picture.

LIFE INSURANCE POTENTIAL

The other argument that is often proffered when talking about investing in the life insurance sector is its long-term potential. The popular metrics cited are the sum assured and the premium to GDP. Let’s see how these stack up. On sum assured (the amount assured to be paid to the insured on death) to GDP, India is at just 23% compared to 251% in the US and even 127% in South Korea.

Similarly, when comparing premium to GDP to neighbouring Asian economies we find that India is way behind South Korea, though better than China. But the former metric is more relevant. Also, if we look at the protection gap (protection needed less protection provided) the potential opportunity is over $16 trillion.

Looked at another way, only 12.5% of taxpayers with incomes in excess of Rs 2.5 lakh have an insurance cover. Also, the insured population is only 6 million, compared to the mutual fund investor population of 21 million. So, there’s clearly a good runway for growth.

Also Read | Why Samir Arora thinks LIC IPO is fairly valued but Thomas Isaac doesn’t

MORE SAVINGS LESS PROTECTION

Unfortunately, a lot of life insurers in the country are selling more savings products than true-life covers. The same holds true for LIC. In fact, even more so. LIC’s share of sum assured for the fiscal ended March 31, 2022 was 18.3% even as its market share of new business premium was 63.25%. Compare this to private leaders ICICI Prudential Life with 13.4% and 4.78%, and HDFC Life Insurance with 12.44% and 7.73%, respectively, and the difference appears stark.

Remember, protection as a business is not just more the need, it is also more profitable. So, when you compare LIC to any of these insurers, you aren’t exactly comparing apple-to-apple.

LARGE ASSETS, LOW VALUE OF NEW BUSINESS

We’ve already laid out how LIC trumps other insurers on the size of its assets, so let’s now consider the Value of New Business or VNB. The VNB is nothing but the value of profits expected to be earned in future from the policies sold during a period, usually a year. As you are aware, life insurance plans have long tenures running into several years.

So, once a policy is sold, premiums from it will continue to accrue many years into the future. The VNB is a sum of the future profits expected from the policies in a year, adjusted for the time value of money. This is because inflation erodes the value of one rupee received, say five years from now compared to receiving it today.

Also Read | LIC IPO: Paytm will allow investors to place bids up to Rs 5 lakh through UPI

Before proceeding to the VNB numbers, let’s also demystify Embedded Value. This is nothing but the networth of the insurer plus the value of profits expected to accrue from all policies sold till the date. So, in effect, it is the VNB of all policies sold not just in a year, but all previous years plus the networth.

Now to the VNB comparison. While LIC scores on size and scale in assets, its score on VNB is less flattering. After accounting for 100% of the surplus from its non-participating business and 10% from its participating business, the VNB for the fiscal-ended March 31, 2021 works out to Rs 5,199 crore. This implies a VNB margin (read profit margin) of 12.3%.

This is far lower than the margins of leading private insurers at about 25%. And though LIC has stated its aim to get to a near 20% margin in about 5 years in recent interactions, even that may not change a key equation, the VNB to EV ratio.

In fact, even if we assume a 20% margin for FY2021, the VNB improves only to Rs 8,454 crore. This implies a VNB to EV of 1.57%, compared to over 8% for HDFC Life, over 10% for Max Life and about 5.6% for ICICI Prudential Life, for the same fiscal. So, the VNB added each year will be much lower than private insurers, and that justifies a lower discount multiple on valuations.

DRIVEN BY ASSETS NOT NEW BUSINESS

The Embedded Value (EV), the key valuation metric for life insurers, in the case of LIC is more dependent on returns on its large assets than the new business it generates each year. To give you a sense, this factor contributed near 52% to LIC’s EV increase in fiscal 2021, compared to a VNB contribution of 8.5%. For HDFC Life, the VNB contribution to EV increase in FY22 was almost 65%.

What this indicates that LIC’s future profits will be driven more by earnings on assets than by profits from new business. The colour of money is green, so here it is more a matter of investor choice, comfort and preference.

SHOULD YOU INVEST?

The revised valuation of LIC makes it far more attractive at a little over one-time EV. As EV is the present value of business already contracted, it does not account for gains from any future business. To that extent, there is scope for upside and downside comfort. Will it grow at the same pace as smaller insurers? Unlikely, but then also take note of its size.

There are a few triggers for possible gains, like inroads it may make in the non-participating business, where it has been a relative laggard and where the 100% surplus goes to shareholders. So, the answer is a tricky one. Do you want to be invested in smaller, faster-growing businesses or in a business with a dominant share and a possible upside from exploiting potential opportunities? The choice is yours.

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

Football fan tokens and how they work

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

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Football fan tokens are blockchain-powered digital assets. They allow owners to immerse themselves in the activities of their favourite football clubs. When fans purchase these tokens, they are awarded exclusive privileges by the issuing club.

Just like governance tokens, fans tokens allow owners to vote on merchandise designs, team t-shirt designs, club tour bus looks, operational changes, etc. Another similarity is that the holding size determines the weight of a fan’s vote. Holders can also exchange these fan tokens for official products on dedicated platforms to support their favourite teams and show their loyalty.

However, there is one key difference between fan tokens and traditional cryptocurrencies. The price of fan tokens depends on the fans’ engagement with the club’s activities through their polls and sales events. On the other hand, cryptocurrency prices depend on the real-world problems being solved by the underlying blockchain and investor interest in the same.

This is a partnered post. 

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

Here’s how a Rs 2 lakh job scam revealed Rs 3,000 crore money laundering via cryptocurrencies

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

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Law enforcement agencies were tracking a mere Rs 2 lakh job scam in Bareilly. They found a mail trail in the process, which revealed that Rs 3,000 crores from this racket had already been siphoned off to countries like China and the Philippines using cryptocurrency wallets like Binance, Smart Cont, OK Coin, etc. The big question now is how to get the money back?

It began in Bengal

Uttar Pradesh’s cybercrime department arrested a man from West Bengal connected with the cyber fraud case in Bareilly. The accused, identified as Manzurul Islam, was arrested for defrauding a woman from Bareilly of Rs. 2.1 lakh in October 2021.

Triveni Singh, superintendent of police (SP), cybercrime, UP, said, “The accused asked the victim to click on a link and register herself for the job for Rs 100 only. The woman was then offered Rs 200 in return for investing Rs 100, and an e-wallet was created. Over a period of some days, the woman continued to invest money and eventually discovered that she had been cheated of over Rs 2 lakh.”

Also Read: Explained: Crypto launchpads and how they benefit investors

Singh said these fraudsters sent lakhs of bulk SMS/WhatsApp messages across India in a day, and several people fell prey to this fraud. This started during the first Covid-19 pandemic lockdown in the country when people were either looking for a work from home opportunity on the side or had lost their jobs and were looking for a new one.

Money laundering via crypto

The investigation revealed that this money was transferred to three different UPI IDs, and the amount added up to over Rs 3,000 crore. Singh said the entire amount was then converted into cryptocurrency by creating wallets on Binance, Smart Cont, OK Coin, BitPie, etc. In addition, the money was also transferred utilising different trusts, firms, and NGOs.

“So far, investigations have revealed that 256 wallets of different cryptocurrencies have been used to transfer Rs 1,413 crore, including six wallets in India, while other wallets were created in China, Malaysia and the Philippines. Besides, the bank accounts of as many as 46 companies, trusts and firms have been used to transfer over Rs 1,500 crore. Twelve of these are shell companies,” he explained.

Also Read: 5 things you should not do when investing in cryptocurrencies

Singh further added that an investigation is going on to ascertain how big is this nexus in India and how they operate.

Getting money back – is it even possible?

Rohas Nagpal, Chief Blockchain Architect at the Hybrid Finance (HyFi) Blockchain, said the moment money moves out of an exchange-controlled address, tracking it down becomes difficult.

“If something like a Bitcoin is used by criminals – it is pseudo-anonymous and can be still tracked down. But, many savvy criminals now use Monero – these are called privacy coins. If used, it becomes next to impossible to track it down. The moment something enters a Monero address, it is gone,” said Nagpal.

“As long as it is a bank account, we still have some arrangements with various countries and things can be tracked, but for crypto – as of today, there is nothing,” Nagpal added.

Legal remedies

Prashant Mali, Cyber Crime & Privacy Lawyer, said legal remedies pertaining to these cases are long and tenuous.

“We have to go under the mutual legal assistance treaty (MLAT) under which the police have to act to first seal the accounts. Then initiate a police/court inquiry based on jurisdictions where the money is parked. And then, if that court finds the money from the fraud proceeds, they can order to return the money to Indian police agencies. Then the victims in India can go to the court where the case is lodged and apply for return of property and get their money back,” said Mali.

Also Read: Bitcoin Mining in US: Fort Worth embraces it; New York contemplates ban

“But the problem with this is you never know if the money is still lying around in the said accounts. Catching cyber fraudsters and getting money back from them are two different things. So, this may be a big case that we have cracked, but who will return this money to the victim is not an established pattern here. There is a big lacuna in the law,” Mali added.

Indian government is worried about crypto

Finance Minister Nirmala Sitharaman, in an interaction at Stanford University on Thursday, reiterated the need for comprehensive global regulations on cryptocurrencies and said that India would not rush through introducing regulations on the use of cryptocurrencies.

“So, our intention is in no way to hurt this (innovation around crypto)… but we need to define it for ourselves,” she said, adding that cryptocurrencies can also be manipulated for money laundering or terror financing.

At the spring meeting of the International Monetary Fund (IMF) earlier this month, Sitharaman said that India was concerned that cryptocurrencies and blockchain-based technologies could be used for money laundering.

“Regulating cannot be done by a single country within its terrain through some effective method. And for doing it across borders, technology does not have a solution which will be acceptable to various sovereigns and, at the same time, is applicable within each of the territories,” Sitharaman said.

Investigations ahead

According to Singh, the role of the bulk SMS provider/SMS aggregator and the telecom operator is under scrutiny right now.

Before sending out, every header of bulk messages is approved, and communication is reviewed, according to Singh, but somehow these criminals got different messages approved but sent something else entirely.

The police are looking into whether or not this is a violation of the Telecom Regulatory Authority of India (TRAI) rules.

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

19-kg commercial LPG cylinder prices hiked; check new rates here

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

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The price of a 19-kg commercial LPG cylinder has been hiked by Rs 102 to cost Rs Rs 2355.50 per unit. The prices were earlier hiked by Rs 250 on April 1 to cost Rs 2253 per unit.

The price of a 5-kg cylinder was also revised, to Rs 655 per unit. The 5-kg cylinder earlier cost Rs 569 per unit.

The price of a 19-kg commercial LPG cylinder has been hiked to Rs 2355.50 from Rs 2253; a 5kg LPG cylinder is priced at Rs 655 now.

— ANI (@ANI) May 1, 2022

The price of a domestic cooking gas cylinder, however, remains unchanged.

LPG rates vary from city to city and are reviewed on a monthly basis. Any changes in prices are implemented from the first day of each month.

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

Kobe Bryant rookie jersey likely to fetch $3-5 million in an online auction beginning May 18

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

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A jersey worn by Kobe Bryant in his rookie season, including two playoff games, will be sold at auction. The jersey from the 1996-97 season could fetch between USD 3 million and USD 5 million in an online auction that begins May 18, David Kohler of SCP Auctions said Saturday. “We feel this could bring a record for any basketball jersey,” he said.

Kohler said the seller, who wants to remain anonymous, has had the jersey for 25 years. The seller approached Kohler after seeing another of Bryant’s rookie jerseys went for USD 3.69 million last year. That autographed, yellow game-worn jersey fetched the highest price ever for a basketball jersey.

Also last year, a rookie trading card of Bryant’s sold for USD 1.8 million. Neither of the 2021 sales were conducted by SCP Auctions. The upcoming auction features the No. 8 jersey Bryant wore for the Los Angeles Lakers in regular-season wins at the old Forum on April 13, 1997, against Utah and April 17, 1997, against Sacramento.

Also Read | IPL 2022, DC vs LSG Preview: Delhi eye playoff spots as Rishabh Pant takes on KL Rahul’s Lucknow

He donned the same jersey at home on May 8 and May 10 in the Western Conference semifinals against Utah. The Lakers won the first game, with Bryant scoring 19 points. They lost the second game in which he had nine points. They went on to lose the series, 4-1, to conclude Bryant’s rookie year.

The jersey’s authenticity has been verified by independent authenticators, who photo-matched it, Kohler said. That process involves examining an item’s unique characteristics. It was also matched to a 1997 trading card featuring Bryant wearing the jersey. It features a logo representing the NBA’s 50th anniversary.

Kohler said the market for Bryant memorabilia remains “very, very strong” two years after his death. “As long as it’s the real stuff,” Kohler said. “He’s beloved.” Bryant was killed on Jan. 26, 2020, in a California helicopter crash that also took the lives of his 13-year-old daughter Gianna and seven others.

The jersey can be viewed by appointment at SCP Auctions in Laguna Niguel. The auction ends June 4.

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

Joe Biden roasts Donald Trump and himself at correspondents’ dinner

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

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The annual White House press corps gala returned Saturday night along with the roasting of Washington, the journalists who cover it and the man at the helm: President Joe Biden. The White House Correspondents’ Association dinner, which the pandemic sidelined in 2020 and 2021, returned with Biden as the first president in six years to accept an invitation.

Donald Trump shunned the event while in office. Just imagine if my predecessor came to this dinner this year, Biden told an audience of 2,600, among them journalists, government officials and celebrities. Now that would really have been a real coup.

The president took the opportunity to make light of the criticism he has faced in his 18 months in office and take aim at his predecessor, the Republican Party and the members of the press. “I’m really excited to be here tonight with the only group of Americans with a lower approval rating than I have,” Biden said.

Also Read | President Biden to meet PM Modi at Quad summit in Tokyo: White House

The night was filled with taped comedic skits including late-night TV hosts, comedians and even Biden himself. The dinner had its serious moments, too, with tributes to pioneer journalists of colour, aspiring student reporters, and a tribute to the journalist detained, injured or killed during their coverage of the ongoing Russian invasion of Ukraine.

Earlier in the night, in a return to some normalcy, journalists, government officials and celebrities paraded down the red carpet even as the threat of COVID-19 loomed over the massive hotel ballroom. Comedy was back with The Daily Show host Trevor Noah as the headliner following Biden. Celebrities were reappearing as well: Kim Kardashian and Pete Davidson walked the carpet as did Brooke Shields and Caitlyn Jenner. The event drew a large swath of government officials and other prominent figures.

Biden faced the thousands of attendees while he tries to strike a careful balance at a pivotal moment for the country. His administration is looking to turn the page on the pandemic even as the virus remains a threat nationally and close to home. Vice President Kamala Harris tested positive this week and Dr Anthony Fauci skipped the dinner for health precautions.

After the recent Gridiron Club press dinner in Washington, dozens of attendees, including members of Congress and of Biden’s Cabinet and journalists, tested positive for COVID-19. That raised questions about whether the 79-year-old Biden should have attended Saturday’s dinner. The president planned to pass up the meal but turn up later for the programme and wear a mask when not speaking. Instead, he was maskless while greeting award winners on the dais and smiled broadly throughout the evening.

The White House has stressed the abundance of the antiviral pill Paxlovid, which has been shown to reduce by 90% severe outcomes from the virus among those at highest risk. Still, press secretary Jen Psaki has said of Biden, “We want to be very clear that it is possible he could test positive for COVID, just like any American.” The White House Correspondents’ Association said it was requiring same-day antigen testing for its dinner attendees even before the Gridiron outbreak. It then added a vaccination requirement.

Also Read | US student visa interviews to begin in mid-May but you are unlikely to have a second chance

The US is experiencing a COVID-19 case spike from a highly contagious subvariant of Omicron, with confirmed infections rising to about 44,000 per day, up from 26,000 a month ago. Despite the latest wave of COVID-19 cases, virus deaths and hospitalisations are near, or at, pandemic lows, with the BA.2 variant proving less severe than earlier virus strains.

Just over 300 people are dying in the US each day from the virus, down from more than 2,600 daily earlier this year with about 1,600 hospitalisations per day, declining from a peak of more than 21,000 daily in January. Psaki said “Biden’s decision to attend does stand in stark contrast to his predecessor, who not only questioned the legitimacy of the press on a nearly daily basis, but also never attended the dinner. Trump, who at times branded the media the enemy of the people,” had gleefully boycotted the event as president.

In addition to the looming threat of the virus, Biden planned to take the mic as a massive and deadly invasion of Ukraine continued to unfold at the hands of Russian forces. Biden mentioned the dinner during a speech this past week about Russia’s war on Ukraine, saying, “I’ve always had respect for the press, but I can’t tell you how much respect I have watching them in these zones where they’re under fire.” Imagine if we weren’t getting that information, the president added. “It would be a different world.”

The correspondents’ dinner debuted in 1921. Three years later, Calvin Coolidge became the first president to attend and all have since, except Trump. Jimmy Carter and Richard Nixon opted not to attend every year of their presidencies, however, and Ronald Reagan, then recovering from an assassination attempt, missed the 1981 installment but called in from Camp David.

“The thing I think this shows is the restoration to the health of the relationship,” said Harold Holzer, author of the book The Presidents vs. The Press and the director of the Roosevelt House Public Policy Institute at Hunter College in New York. “It’s still barbed, there are still tense moments. But that’s OK.”

After comedian Michelle Wolf’s sharp satire sparked controversy in 2018, the event the following year featured historian Ron Chernow. The return of celebrities this time recalls President Barack Obama’s administration, when the likes of George Clooney, Charlize Theron and Viola Davis attended. As vice president in 2014, Biden appeared in a comedy video with the star of HBO’s Veep, Julia Louis-Dreyfus, which drew big laughs at the correspondents’ dinner.

The White House director of speech writing, Vinay Reddy, and longtime Biden adviser Mike Donilon worked on Biden’s remarks for this year, the White House said, tapping material from a variety of people both inside and outside government.

Psaki already acknowledged trying to lower expectations, saying the speech was not funny at all. Just kidding. Presidential attempts at humour can be tricky, though. At the 2011 dinner, Obama skewered an unamused Trump in his presence over Trump’s fictitious claims about the then-president’s birth certificate.

Obama concluded by musing about Trump taking his job one day, saying, “He certainly would bring some change to the White House as banquet hall screens flashed a parody image of 1600 Pennsylvania Avenue’s grand facade fitted with a Trump logo, golden columns, a digital clock and a sign proclaiming Hotel, Casino, Golf Course, Presidential Suite.” That turned out to be prophetic since Trump of course succeeded Obama though the overhauls he eventually brought to the presidency stopped short of affixing his name to the White House.

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