Arvind's Newsletter

1.India’s NSE set to take Hong Kong’s spot among world’s largest markets, reports Financial Times

The value of the National Stock Exchange of India is poised to take Hong Kong’s spot among the world’s largest trading venues, in a rise analysts say attests to investors’ optimism about the economic prospects of the world’s most populous country.

The total market capitalisation of companies listed on the NSE was $3.7tn as of the end of October, according to the World Federation of Exchanges, a trade association of publicly regulated stock markets, compared with the Stock Exchange of Hong Kong’s $3.9tn. Since that data was produced Indian share prices have surged further as a result of strong earnings and optimistic growth projections, putting it on track to become the world’s seventh largest after markets in the US, China, the EU and Japan.

Meanwhile share prices in Hong Kong have fallen as China’s economy cools. India’s Nifty 50 index of large companies has risen 8.1 per cent over the past month, hitting record highs this week, while Hong Kong’s Hang Seng index fell 6.7 per cent over the same period, dragged lower by a liquidity crisis in the property sector and low investor and consumer confidence.

2.Indian Government’s plan for 50,000 e-buses on road get’s US support

India is aiming to get 50,000 electric buses on its streets by 2027 with help from a joint finance mechanism with the US.

The $390 million fund will act as a guarantee for manufacturers seeking loans to expand production, Indian and US officials said at a side event at COP28. India currently only has 12,000 e-buses in operation.

The payment security mechanism, established with $150 million from the US government and philanthropic groups, and $240 million from the Indian government, “is the bedrock of risk management for building out the financial system for electric mobility at scale in India," said Mahua Acharya, a government official who spearheaded the deployment of the first e-buses in the country.

The new fund mechanism from the government is designed to mitigate manufacturers’ risks as they access finance for fresh investments.

3.Sickle Cell Gene Therapy approved

The US Food and Drug Administration yesterday approved a pair of gene therapy treatments for sickle cell disease, a group of inherited red blood cell disorders caused by mutations in a gene that produces an oxygen-carrying protein known as haemoglobin. One of the treatments, called Casgevy, is based on breakthrough CRISPR technology—a Nobel Prize-winning gene-editing tool —and is the first approved gene-editing therapy in the US.

Codeveloped by Vertex Pharmaceuticals and CRISPR Therapeutics, Casgevy involves harvesting cells from a patient's bone marrow, editing the cells in a lab using CRISPR technology, and inserting the modified cells back into the patient's body.

The second treatment, developed by Bluebird Bio and called Lyfgenia, uses a harmless virus to introduce a gene into a patient's body to help produce a hemoglobin substitute. Both Casgevy and Lyfgenia have been approved for people 12 years and older.

4.The eccentric pro-tech movement known as “Effective Accelerationism” wants to unshackle powerful A.I., and party along the way, reports Kevin Roose of the New York Times.

Effective Accelerationism (often shortened to “e/acc,” pronounced “e-ack”) is a loosely organised movement devoted to the no-holds-barred pursuit of technological progress. The group believes that artificial intelligence and other emerging technologies should be allowed to move as fast as possible, with no guardrails or gatekeepers standing in the way of innovation.

The group formed on social media last year, and bonded in Twitter Spaces and group chats over memes, late-night conversations and shared scorn for the people they call “decels” and “doomers” — the people who worry about the safety of A.I., or the regulators who want to slow it down. It has moved offline, too, with parties and hackathons in the Bay Area and beyond.

Effective Accelerationism began as a cheeky response to an older, more established movement — Effective Altruism — that has become a major force in the A.I. world. E.A., as the older group is known, got its start promoting a data-driven approach to philanthropic giving, but in recent years has been worrying about A.I. safety, and promoting the idea that powerful A.I. could destroy humanity if left unrestrained.

The battle between the e/accs and the Effective Altruists is one of many quasi-religious schisms breaking out in San Francisco’s A.I. scene these days, as insiders argue about how quickly the technology is progressing, and what should be done about it.

5.The ultimate guide to emotional intelligence in the workplace and beyond

This article in Fast Company discusses the importance of emotional intelligence (EQ) in the workplace and gives advice on how to cultivate it. 

Three key signs that you might be lacking EQ are: 1. You often provoke unexpected reactions. 2. You don’t get the help you need from colleagues, and 3. You get passed over for promotions or other opportunities. Cultivating EQ requires developing self-awareness, active listening skills, curiosity, emotional regulation, as well as an ability to accept constructive feedback and show genuine empathy. Read on.