Arvind's Newsletter

1.US Defense Team Heads to India as Leaders Revive Trade Talks: Bloomberg

A team from the US Defense Department and Boeing Co. executives are expected to visit India next week to negotiate the sale of about $4 billion of surveillance aircraft, officials in New Delhi said, as the two countries seek to revive trade talks.

India will discuss the purchase of six P-8I naval patrol aircraft, the people said, asking not to be identified because the discussions are private. The procurement deal was cleared in 2019 but negotiations had subsequently stalled, they said.

New Delhi had purchased eight P-8Is in a $2.2 billion deal in 2009 and another four more a decade later. The fleet is based out of the southern Indian state of Tamil Nadu and is used extensively to patrol the Indian Ocean region and maritime choke points.

India’s Ministry of External Affairs and Ministry of Defence didn’t respond to an email seeking further information. The US Embassy in India didn’t immediately respond to a request for comment. The Defense Department also didn’t immediately respond to a request sent outside of usual business hours.

2.India rupee sinks to record low, US tariffs keep outlook fragile: Reuters

The Indian rupee dropped to an all-time low against the U.S. dollar on Thursday, in a slide that reflects the mounting strain of U.S. tariffs on Asia's third largest economy.

The rupee closed 0.39% lower at 88.4425 against its previous close of 88.1000. The currency had hit its previous record low of 88.36 last Friday.

Punitive U.S. tariffs on Indian goods, which kicked in last month, are denting investor confidence, making the rupee one of the most vulnerable Asian currencies. Foreign investors have withdrawn a net of $11.7 billion from India's debt and equity markets so far this year.

3.India’s conglomerate boom: How Adani and Reliance are reshaping the market: Mint

The number of listed companies under India’s top 10 conglomerates by market capitalization has risen by about a fourth in nearly five years, driven by acquisitions, initial share sales, and demergers, a Mint analysis shows.

These conglomerates have added 20 listed companies since January 2021, taking their tally to 105. In comparison, they had added 20 listed companies over the preceding decade from 2011 to 2020.

There are at least four more public offers expected from these business houses in the coming two years, including Reliance’s Jio Platforms, Tata Capital, Adani Airports, and one from the JSW Group. Tata Motors is expected to soon split into two separately listed companies.

The growth was led by Adani Group, which added eight new listed companies during this period, the most amongst India's conglomerates. The additions were largely driven by the group’s foray into the cement sector, where it acquired five listed companies in quick succession.

Reliance Industries added three new listed companies, with the acquisition of Just Dial and Sterling and Wilson Renewable Energy Ltd, and the demerger of Jio Financial Services Ltd.

The Aditya Birla Group and the Tata Group added two new listed companies each to their portfolio during this period, while the Bajaj Group and Mahindra added one each.

The JSW Group was another business house to have rapidly increased its tally of listed companies during this period.

4.India to offer large carbon capture incentives as coal remains major part of energy mix: Reuters

India is preparing to launch a national carbon capture initiative with substantial government incentives, as it seeks to balance rising energy demand with its climate goals while relying on coal, a senior official at India’s leading policy think tank said on Thursday.

The initiative, aimed at promoting carbon capture, utilisation and storage (CCUS) technologies, could offer funding support ranging from 50% to 100% for select projects, Rajnath Ram, adviser, energy at NITI Aayog, said.

CCUS technology removes CO2 produced by industrial processes from the atmosphere or captures it at the point of emission and stores it underground.

5.Bangladesh’s missing billions, stolen in plain sight | FT Film
An estimated $234 bn was allegedly plundered from Bangladesh during Sheikh Hasina’s 15-year reign as prime minister. The FT talks to protesters, politicians, business people and experts about how the money was taken out of the country and what - if anything - can be done to get it back. Gift video

6.Nepali Troops Move to Restore Order as Death Toll Rises to 22: New York Times and others

The Nepali Army deployed troops on Kathmandu’s streets Tuesday evening to contain the violent unrest that forced the political leadership to step down, fueling instability in the South Asian nation.

Protesters set fire to Nepal’s Parliament , along with police stations and politicians’ houses, as anger over corruption, economic inequality and a social media ban exploded into the country’s worst unrest in decades.

The deployment came hours after Prime Minister KP Sharma Oli resigned, as protesters stormed his office and set fire to his private residence and other government buildings.

At least 22 people have been killed and hundreds injured in protests that were sparked by Nepal’s social media ban, and despite the curbs being lifted, unrest escalated Tuesday as demonstrators demanded action against poor governance.

7.France Faces Unrest: AP News

France deployed 80,000 police yesterday to quell nationwide protests against President Emmanuel Macron amid debates over the country's growing debt. The demonstration coincided with Sébastien Lecornu's first day as prime minister, after parliament ousted his predecessor, François Bayrou, Monday.

The “Block Everything” protest was conceived online this summer out of frustration across the political spectrum with Bayrou’s proposal to cut $51B in public spending. Bayrou’s dismissal appeared to have minimal impact on confidence in Macron's administration. Critics noted Macron selected the new prime minister from his inner circle; Lecornu has served on the president's team since 2017, most recently as defense minister. France’s Interior Ministry recorded over 800 demonstrations nationwide involving 175,000 people and over 450 arrests. 

“Block Everything” has been compared to France's “Yellow Vest movement”, which began online among the rural working class, led to months of demonstrations, and resulted in Macron introducing over $10B in reforms.

8.Russian drones shot down over Poland: BBC

NATO jets last night shot down Russian drones that had entered Polish airspace. Poland said the unmanned aircraft had crossed the border en route to a strike on Ukraine. The incident is the most serious direct engagement between NATO and Russia in recent memory, and it prompted Poland to invoke NATO’s Article 4, which triggers consultations within the alliance. Was the Kremlin testing NATO’s resolve?

Moscow said only that it “did not seek escalation with Poland.” Donald Trump is set to speak with Poland’s president about the incident later today.

“A line has been crossed,” Polish Prime Minister Donald Tusk said; his government is reportedly seeking more air defense systems to deter Russian aggression.

9.Spotify Introduces Higher-Fidelity Feature for Paying Customers: Bloomberg

Spotify Technology SA is introducing higher-quality sound for paying subscribers, the streaming company’s latest effort to enhance the listening experience for its best customers.

When the rollout is complete next month, subscribers will be able to choose listening modes that range from Low and Normal to Very High and Lossless, the name given to the highest setting. Consumers will also be able to see how much data each setting uses, Spotify said.

The company has been embellishing its premium service, looking to win over nonpaying users who account for more than 60% of its 626 million active listeners. Spotify has been working on plans for high-fidelity audio since 2021. Major competitors Apple Inc. and Amazon.com Inc. already offer such a feature.

10.Is Gemini's Nano Banana Model the Secret to Perfect Pics? Try These 5 AI Image Editing Tricks Now: PCMag

Photo editing in Gemini just got a big upgrade, so now’s the perfect time to test it out. From creating custom filters to removing unwanted objects, here's how to get started.

But first, let's clarify a few things. Nano Banana is specifically Gemini’s image editing model. The difference between image editing and image generation isn’t always significant, but, in general, Nano Banana is for making alterations to images you provide rather than generating entirely new ones based on prompts.

You can use Nano Banana in Gemini’s traditional interface, either on desktop or mobile. Simply sign in to your account, upload a file, write your prompt, and toggle Nano Banana in the central text field. The toggle is easy to find; just look for a banana emoji.