Real Madrid could finally sign Kylian Mbappé after Karim Benzema’s exit

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

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The door looks wide open for Real Madrid to try signing Kylian Mbappé, because Karim Benzema’s sudden departure leaves the Spanish giant short of a star striker.

Madrid will hope it’s third time lucky, after Paris Saint-Germain rejected an offer of 180 million euros ($190 million) for Mbappé in 2021. Madrid missed out again last year when Mbappé — amid frenzied speculation that Madrid would get him to join — signed a new three-year deal with PSG until 2025.

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Now he’s stunned the club by saying he will not trigger a 12-month extension on his contract, which expires at the end of next season.

The France superstar confirmed his decision in a letter to PSG, a person with knowledge of the correspondence told The Associated Press on Monday. The person, who spoke on the condition of anonymity, also said PSG would not allow Mbappé to leave as a free agent.

This immediately raised the possibility of an immediate transfer bidding war by Madrid and other clubs this summer.

The 24-year-old Mbappé has a long connection with Madrid.

He visited the club when he was a youth before deciding instead to join Monaco, which then sold him to PSG in 2017.

He might be on another flight to Madrid before long.

The Ballon d’Or winner Benzema bid his farewell to Madrid last week after 648 games, 25 trophies and 354 goals for the club. He joined Al-Ittihad to become the the Saudi league’s latest star after Cristiano Ronaldo, who plays for Al-Nassr.

Given his stated ambition to win the Champions League and the Ballon d’Or, Mbappé seems unlikely to join them for a while yet.

With Madrid president Florentino Pérez needing to rebuild, this gives him another shot at Mbappé, especially since PSG won’t let him leave for free at the end of next season.

Although Madrid would have to pay huge wages, the fact PSG doesn’t want to lose him for nothing may lower the transfer fee.

Madrid has also freed up cash with Benzema off the wage bill along with fellow high earners Eden Hazard and Marco Asensio, who are also leaving. Asensio has also been linked with a move to PSG, which could factor into the bargaining.

An issue that could potentially hinder a bid might be the fact Madrid is already preparing to spend 130 million euros ($139 million) to sign 19-year-old England midfielder Jude Bellingham from German club Borussia Dortmund.

The clubs have reached an agreement on the transfer, though contract details still have to be “coordinated and completed,” Dortmund said last week.

It seems unlikely that transfer won’t go through, so can Madrid afford to also buy Mbappé?

Here’s a look at where else Mbappé could go.

NEWCASTLE

If anyone can easily afford Mbappé, it’s the club with the richest owners in soccer.

Newcastle has yet to really make a signature transfer to headline its new era under Saudi ownership – so how about signing the the 2022 World Cup’s top scorer?

Whether Mbappé would want to join Newcastle is another thing entirely. The club has vast wealth, now it is controlled by Saudi Arabia’s Public Investment Fund, but not the lure of record 14-time Champions League winner Madrid.

It might be too much of a jump, too, for Newcastle, which will play in the Champions League next season after a fourth-place finish but may not have enough top-quality players to tempt Mbappé.

MANCHESTER UNITED

United is the other team which probably has the wealth to afford Mbappé, and the status.

It is historically considered the biggest club in England along with Liverpool.

However, it’s an awkward time for United to be putting together such an expensive transfer, given the club is up for sale and its owners — the Glazer family — are weighing up bids from Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Jim Ratcliffe. The Glazers might not even sell at all, and instead take up other funding options.

Another question is whether Mbappé would want to go from one Qatari-owned club to another, especially if he has been unhappy at the way the PSG project has unfolded recently.

The prospect of United’s rival, Manchester City, being interested is unlikely considering the English and European champions already have a superstar striker in Erling Haaland.

STAY AT PSG?

If Mbappé changes his mind, then he has until July 31 to sign the one-year extension — or negotiate a longer deal.

But it looks like he’s done all he can with the club, where he is the all-time leading scorer with 212 goals.

Although PSG won the French title as expected, it finished only one point ahead of Lens and was eliminated early from the Champions League for the second straight season and from the French Cup.

PSG’s form slumped after the World Cup, with a total of 10 defeats in 28 games overall in 2023 far too high for a club with such vast resources.

Mbappé’s frustration, in his body language and way he reacted to his teammates, was all too apparent toward the end of a disappointing campaign.

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US inflation rate eases to 4% in May, less than expectations; Dow futures gain

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

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The US inflation rate slowed in May to its lowest annual rate in about two years, likely supporting Federal Reserve officials’ desire to take a break from interest-rate hikes due tomorrow (Wednesday) and evaluate the state of the economy. The US consumer price index (CPI), which measures changes in a multitude of goods and services, rose just 0.1 percent for the month, bringing the annual level down to 4 percent, lower than the estimate. The annual rate was 4.9 percent in April.

Madhavi Arora of Emkay Global said, ” The slow progress in bringing down core inflation makes it unlikely that rates will be cut in 2023.”

Meanwhile, the core inflation rate rose 0.4 percent on the month and was still up 5.3 percent from a year ago, indicating that while price pressures have eased somewhat, consumers are still under fire.

The Bureau of Labour Statistics released the US CPI data for May on Tuesday (June 13) at 8:30 am Eastern Time or 6 pm IST.

Analysts expected the US inflation rate to decrease to 4.1 percent in May, the lowest level since March 2021, from 4.9 percent in April, while the core measure was expected to dip to 5.2 percent from 5.5 percent.

Stock futures edged higher after new inflation data showed price pressures slowed again in May. Futures tied to the Dow Jones Industrial Average gained 30 points or 0.09 percent, while S&P 500 futures surged 0.3 percent. Futures connected to the Nasdaq-100 rose 0.6 percent.

Officials have already raised borrowing costs sharply to rein in prices.

Analysts expect the bank to keep interest rates unchanged this month, but it could signal a willingness to keep raising rates in the future.

The US Federal Reserve’s interest rate decision is due Wednesday, with futures indicating a 23 percent chance of a rate hike, down from more than 60 percent at the beginning of the month.

However, the inflation data may alter that projection immediately if the data surprises on the higher side, said Arnob Biswas, FX research analyst at SMC Global Securities.

On Tuesday, Indian equity markets cheered positive macro-data announced a day earlier, wherein the retail inflation cooled to a 25-month low in May. The Sensex ended with a gain of 418 points at 63,143, while Nifty50 hit a high of 18,729, and settled 115 points higher at 18,716.

Investors now pinned their hopes on positive US CPI data and a higher possibility of a rate pause by the Fed. “Now all eyes would be on the US CPI inflation data, which is due later today and which would set the tone for tomorrow’s FOMC meet outcome. Nifty is finding support at lower levels and the overall setup is positive. We expect market momentum to continue with stock specific action in mid caps,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

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Telecom regulatory body orders telcos to use AI for call filtering, seeks compliance report within 30 days

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

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The Telecom Regulatory Authority of India (TRAI) on Tuesday directed telecom companies to deploy an Artificial Intelligence and Machine Learning based Unsolicited Commercial Communication (UCC) Detect system to detect, identify, and act against Unregistered Telemarketers (UTMs).

According to a press release, the system is capable of evolving to deal with new signatures, new patterns and new techniques used by UTMs. TRAI has said that UTMs through messages having fraudulent links and telephone numbers trap the customers into sharing their critical information causing financial loss to the customers.

As per TRAI, UTMs are entities that do not get registered with the Access Providers and use 10-digit mobile numbers for sending commercial communications through messages or calls.

“TRAI has been taking various steps to curb Unsolicited Commercial Communication (UCC) which is a major source of inconvenience to the public. It has resulted in a reduction in complaints against Registered Telemarketers (RTMs),” the regulatory body said in its release.

While issuing directions to telecom companies, TRAI asked the companies to ensure that such UCC Detect System shall detect senders who are sending Unsolicited Commercial Communications in bulk and not complying with the provisions of the regulations.

Companies have also been directed to share information with concerned Law Enforcement Agencies (LEAs), the Ministry of Home Affairs (MHA) and the Department of Telecommunications (DoT), and ensure that action is taken by the Originating Access Provider (OAP) as per provisions of the regulations.

All the Access Providers are directed to comply with the said directions and forward an updated status on actions taken within 30 days.

TRAI said that telecom companies have to ensure that UCC Detect System shall be capable of reputation-based analysis of the message sender, which may help avoid false positives, take into account various factors like age of subscription, authentication at the time of subscription, address verification method, and SMS sending/calling pattern.

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Citi’s attributes midcap index outperformance to strong FII flows and MF investments

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

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The midcap index has achieved a new all-time high, driven by a wide range of stocks contributing to the rally. Interestingly, Citi has recently made several changes to its midcap portfolio.

In a noteworthy report, Citi attributes the midcap index’s outperformance to two main factors. Firstly, it highlights the substantial Foreign Institutional Investor (FII) flows observed on a quarter-to-date basis. Secondly, ir emphasises the consistent inflows into mutual funds, particularly into the small and midcap sectors.

Looking ahead, Citi believes that if the equity market continues its sustained bullish trend and inflows persist from institutional DIIs and mutual funds, the midcap space could potentially experience further outperformance.

However, Citi points out that earnings growth, which currently lags behind that of largecap peers, may be crucial to sustaining the bullish rally. It is important to note that the valuation premiums, both in terms of price-to-earnings and price-to-book ratios, are significantly higher than the long-term averages.

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As for the current midcap stocks, Citi has made some fresh additions to its list. These include ACC, Apollo Tyres, Carborundum, Delhivery, M&M Financial Services, PB Fintech, Sobha, and Sona BLW Precision.

They have also retained some stocks from the previous list, namely Devyani International, Gateway Distriparks, and Mahanagar Gas.

On the other hand, Citi has decided to book profits in Ashok Leyland, Crompton Consumer, Federal Bank, Indraprastha Gas, and Phoenix Mills, replacing them in their portfolio.

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‘BCCI was not prepared for Virat Kohli leaving the Test captaincy,’ says Sourav Ganguly after India’s WTC final loss

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

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Former Board of Control for Cricket in India (BCCI) president Sourav Ganguly has opened up on Virat Kohli stepping down from Test captaincy after a 2-1 series loss against South Africa in December 2021.

Ganguly revealed that Kohli’s resignation came as a shocker to the BCCI and that only the 34-year-old can explain the rationale behind his move. The ex-cricket administrator mentioned that the board had to take a just call regarding Kohli’s replacement at that time and Rohit Sharma was thus found to be the best-suited candidate for the same.

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“BCCI was not prepared for Virat Kohli leaving the Test captaincy. It was unexpected for us also after the South Africa tour. Only Virat Kohli can reveal why he left the captaincy. There is no point talking about this now because Virat Kohli left the Test captaincy. Selectors had to appoint an India captain. And Rohit was the best option at that time,” Ganguly told Aaj Tak after India’s 209-run loss to Australia in the World Test Championship (WTC) final.

Kohli had relinquished captaincy in a sudden move after India got done with the Test series in South Africa late in 2021. The Indian side had taken a 1-0 lead after the first game but lost twice in a row to give away that advantage. Prior to that, Kohli had given up T20I captaincy and also stepped down from the leadership role at the Royal Challengers Bangalore (RCB) in a bid to recover his faltering form with the bat at that point in time.

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Speculations were rife that Kohli had run into a tussle with the Ganguly-headed BCCI and that the board forced his move back then. Former chief selector Chetan Sharma revealed in a sting operation earlier this year that Kohli believed that Ganguly was to be blamed for removing him from ODI captaincy ahead of the aforementioned South Africa series.

Hence, in Sharma’s words, Kohli decided to hit back at the ex-BCCI president in an explosive press conference before the team left for South Africa. That move ended up backfiring on the star batsman and he had to give up leadership in all three roles accordingly, as recounted by the former India pacer.

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

Nothing Phone (2) to launch on July 11

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

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London-headquartered consumer tech company Nothing will launch the much-awaited successor to its maiden smartphone, the Phone (2), on July 11. The company will unveil Phone (2) in London — the launch event can be streamed online from 8.30 pm on Nothing’s official website.

The Phone (2) is the successor to Phone (1), easily one of the best-looking smartphones I’ve ever used or reviewed. The Phone (1) had a clean, stock Android interface and came with up to 12 GB of RAM and 256 GB of storage. At launch, it was priced around Rs 33,000.

The Phone (2) is expected to be a more premium offering — the smartphone is confirmed to be powered by the Snapdragon 8+ Gen 1 chipset and have a 4,700 mAh battery — slightly larger than the 4,500 mAh sported by its predecessor. This will also be the first time Nothing will sell a smartphone in the United States. The Phone (2) will run Nothing OS 2.0 out of the box.

Pricing and other details remain a mystery — for now. However, Nothing co-founder and CEO Carl Pei, in a recent interview with Forbes, said the price will be at a more acceptable level. ” …the latest technology comes at a cost which isn’t always justified from a user-benefit standpoint. Choosing Snapdragon 8+ Gen 1 ensures that Phone (2) remains accessible while delivering a significantly improved experience compared to Phone (1),” Pei had said in the interview with Forbes.

The Nothing Phone (1) sported a dual camera array on the back — 50-megapixel primary and ultrawide shooters. It currently runs on the Android 13-based Nothing OS 1.5. But the standout features were the snazzy glyph interface and the retro-chic user interface, simultaneously making this phone feel futuristic and a callback to the good old feature phones of yore.

The Phone (2) will become the fifth product in Nothing’s portfolio — joining the Ear (1), Phone (1), Ear (stick), and Ear (2).

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

First phase of 3-trial find 1-shot chikungunya vaccine safe, effective: Lancet

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

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A single-dose vaccine of chikungunya was found to be safe and capable of producing a strong immune response against the disease, claimed a preventive publication in The Lancet Journal. The work on this vaccine is in the first phase 3 trial. The researchers, however, haven’t been able to investigate if this VLA1553 vaccine, developed by French biotech company Valneva, could actually protect against the subsequent disease since the study was not conducted in places where chikungunya is endemic.

Chikungunya is caused by an infected mosquito bite. CHIKV is an RNA virus in the alphavirus genus of the family Togaviridae. The name of the virus is derived from a word in the Kimakonde language, meaning “to become contorted”.

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This virus causes fever in patients usually four to eight days after they have been stung by an infected mosquito. This disease shows symptoms that include mild to severe headaches, fatigue, nausea, and muscle or joint pain that usually lasts for a few days. Elderly people and infants are most at risk; further complication and death is also a probability.

Despite the chikungunya virus being endemic in some regions of Africa, Asia, and the Americas, there is no approved vaccine to prevent the disease caused by CHIKV infection.

The recent study was conducted on 4,115 healthy adults across 43 study sites in the US. For the study, 3,082 people were given one dose of the vaccine in the arm whereas the remaining 1033 were given a placebo. All participants were kept in safety analysis but the immune response was only tested in a subgroup of 362 that consisted of 266 with the vaccine and 96 with the placebo.

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The vaccine VLA1553 was tolerable by different age groups, with most adverse events being mild or moderate. For the participants who were given the vaccine, the most common adverse events were headaches, fatigue, muscle pain, and pain at the injection site. Whereas, after six months, there were more adverse events recorded for those participants given the vaccine than those with a placebo.

“This could be the first chikungunya vaccine available for people living in endemic regions, as well as for travellers to endemic areas or areas at risk for an upcoming outbreak,” said study lead author Martina Schneider, the Clinical Strategy Manager at Valneva.

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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

Chennai-based dispute solution fintech Backspace Tech eyes global expansion in FY24

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

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Chennai-based fintech company Backspace Tech is making waves in the financial sector with its innovative disputes and chargeback management solutions. Founded in March 2022, the company has quickly gained a foothold for its unique approach to addressing the neglected issue of chargebacks faced by financial institutions in card and UPI transactions. For a young company, it has already set its sights on global expansion this financial year.

The idea for Backspace Tech was born out of the founders’ previous entrepreneurial venture, Greazit, which aimed to transform the automotive service sector.

“Unfortunately, our efforts didn’t yield the desired results, prompting us to reassess our strategy,” Praveen Krishna Dev, Chief Executive Officer, Backspace Tech told CNBC-TV18.

“We discovered that the issue of chargebacks had been largely neglected, particularly from the standpoint of financial institutions concerning both card and UPI transactions. Vishwanath, our CTO with expertise in BFSI technology development, proposed the concept of Backspace in September 2020 … After thoroughly finalising all necessary inputs, we officially launched Backspace in March 2022,” Dev added.

A chargeback occurs when an issuing bank transfers funds from the merchant’s account to the customer’s account in response to a dispute escalated by the customer against the merchant.

In July that year, Backspace Tech raised $450,000 in pre-seed funding from a group of investors, including co-founders of fintech startup Ippopay, Mohan K, and Jai Kumar, and other angel investors.

Backspace Tech’s flagship solution is the Unified Dispute Management (UDM) platform, a software-as-a-service (SaaS) platform that is aimed at addressing every aspect of the chargeback process for issuers and acquirers.

“UDM is specifically engineered to seamlessly integrate into existing banking systems, enabling easy implementation and immediate digitisation of dispute handling capabilities. By leveraging complete automation, we empower UDM’s users to efficiently manage and respond to disputes, significantly reducing the reliance on manual processing and human labour, and allowing the operations team to shift their focus toward enhancing customer experience and retention,” Dev said.

The company’s business model is subscription-based, offering two categories — pay-as-you-go and enterprise. The pay-as-you-go model’s charges are based on the volume of chargebacks incurred by financial institutions each month, while the enterprise model provides self-hosted solutions with yearly renewals.

Dev said Backspace Tech also offers customisable solutions to its clients.

“Backspace Tech’s UDM platform is built on a three-layered compliance structure, incorporating the requirements of regulators, card networks, and member banks. While the compliance requirements cannot be altered, Backspace Tech offers customisation options for member banks to suit their specific business policies and regulations,” he said.

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In terms of service support, Dev said Backspace Tech maintains constant touchpoints with its clients, ensuring compliance with the latest regulatory guidelines and providing technical support as needed. The company’s role extends throughout the client’s journey for as long as UDM is live in their system, he added.

Although Backspace Tech is relatively young — it has a total staff of 24 and growing — it has already attracted the attention of card networks and banks on the acquiring and issuing side for potential synergies. The company is in talks with these entities and plans to announce partnerships in the near future, Dev said.

Dev also sounded confident about Backspace Tech’s business model, adding that the company does not have any direct competitors.

“Our chargeback management solution is unique in the market as it has no direct competitors. While there are some solutions in the service industry that primarily caters to merchants, our focus on providing a comprehensive solution for chargeback management sets us apart,” he said.

Dev added that there is currently no global SaaS product dedicated specifically to chargeback management, further highlighting the unique position of Backspace Tech in the industry.

Dev said Backspace Tech has ambitious plans for the 2023-24 fiscal — the company aims to expand its reach worldwide by involving banks in the Asia Pacific region and entering new markets in North America, Europe, the Middle East, and the UK.

“At present, our team comprises over 24 members; however, we anticipate raising our workforce to 50-70 within a year to sustain our growth and development endeavours,” Dev added.

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

Brazil to play Spain at Santiago Bernabeu in support of Vinicius Jr

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

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Brazil will play a friendly match against Spain at the Bernabeu in March next year as part of an anti-racism campaign in support of Real Madrid forward Vinicius Jr, the Spanish FA (RFEF) president Luis Rubiales said on Tuesday.

Rubiales and his Brazilian FA (CBF) counterpart, Ednaldo Rodrigues, met in Madrid to launch their joint movement to combat racism under the slogan “One skin”.

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The agreement follows the racist insults 22-year-old Vinicius suffered in a LaLiga match at Valencia in May, the 10th such incident against the player that LaLiga has reported to prosecutors this season.

“It is important to understand that harder punishment needs to be applied in cases of racism by the football authorities,” Rodrigues told a news conference.

“Fines are not enough. The clubs need to be held accountable too. CBF was the first football federation to adopt harder sanctions for cases of racism, such as the deduction of points in league standings, closure of stands or the lifetime expulsion of club members.

“We need to lead a campaign worldwide to fight against this virus that ashame everyone in football.”

Last month, the CBF also launched a national campaign against racism in Brazilian league matches with the slogan “There is no game with racism”.

Brazil, five-time world champions, are in the region for matches against Guinea in Barcelona on Saturday and Senegal in Lisbon three days later.

The CBF worked closely with Vinicius on the details surrounding the two friendlies as it wanted to be sure the player was comfortable with the matches being held in Iberia. The Real Madrid winger supported the idea, sources said.

“There is no place for racist insults in our football,” Rubiales said.

“It is intolerable that such events like what happened with Valencia take place in our country.

“I feel sorry because it doesn’t represent our country and who we are and tarnish our reputation worldwide. We have a problem with racism and have to fight.”

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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

Zydus Life gets final USFDA approval for anti-inflammatory drug used in arthritis treatment

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

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Zydus Lifesciences Ltd. on Tuesday announced that it has received final approval from the United States Food and Drug Administration (USFDA) for Varenicline tablets used in the treatment of smoking addiction.

The pharmaceutical company has been awarded the final approval for manufacturing and marketing Varenicline Tablets in the dosages of 0.5 mg and 1 mg by the USFDA. These tablets are recommended in the treatment of curing smoking addictions.

The health regulator has granted the final approval to all the subsidiaries or affiliates of Zydus Lifesciences too, along with the company, and the product will be launched soon.

Zydus Lifesciences Ltd. has stated that Varenicline Tablets will be produced at its formulation manufacturing facility in Ahmedabad SEZ.

As per IQVIA MAT data for March 2023, the Varenicline Tablets USP, 0.5 mg and 1 mg, have garnered annual sales of $501 million in the United States.

So far, Zydus Lifesciences has received a total of 374 approvals and has filed more than 442 Abbreviated New Drug Applications (ANDA) (as on March 31, 2023) since the process of filing started back in FY 2003-04.

The company posted a 25.36 percent decline in consolidated net profit at Rs 296.6 crore during the March quarter compared to Rs 397.4 crore in the year-ago period. The consolidated total revenue was up nearly 32 percent to Rs 5,011 crore from Rs 3,806 crore in the year-ago period.

Shares of Zydus Lifesciences closed 1.2 percent higher at Rs 516.05 on Tuesday.

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