Arvind’s Newsletter

1.Severe heatwave to continue in coming days: IMD

The India Meteorological Department has issued a warning for sever heatwaves for the next three days, with temperatures expected to rise up to 47°C in parts of east India.

Severe heatwaves are likely to continue for the next three days, the India Meteorological Department (IMD) warned, a scenario that could see a spike in demand for power and consumer goods as people try to beat the intense heat. Additionally, the underground water table may deplete further, leading to a shortage of water to irrigate summer crops.

To know about the heatwave India is experiencing read Archana Chaudhary’s superb article in Founding Fuel

2.Jio launches telecom style predatory pricing for OTT platform

JioCinema rolled out ultra-low subscription prices, starting at about Re 1 a day for the platform’s entire content library including premium shows from HBO, Peacock, and NBCUniversal. That puts JioCinema’s paywall at a significant discount to not only foreign rivals such as Netflix and Amazon Prime Video but also local rivals like Zee5 and SonyLIV.

However, such low subscription prices do not even begin to cover the cost of content that a platform produces or acquires. JioCinema is starting a price war even as it puts a pause on commissioning original content and the wider OTT industry cuts budgets for making and acquiring content.

Viacom18’s Kiran Mani says JioCinema’s priority isn’t becoming a leading subscription platform. Instead, it wants to use ultra-low prices and content such as the IPL to become the ordinary Indian’s “daily viewing habit”. In fact, according to Mani, JioCinema’s next priority is to become the small and medium business advertiser’s platform of choice.

3.Godrej family settlement basically an extension of the status quo 

Adi Godrej and his brother Nadir Godrej have retained control over Godrej Industries and its listed entities, while cousins Jamshyd and Smita will have control of the unlisted Godrej & Boyce along with its affiliates and a substantial land bank, including a prime property in Mumbai.

While the other faction led by Jamshyd Godrej will have control over Godrej & Boyce and the company's land parcel at Vikhroli, Godrej Properties will be the development manager of the same.

4.Ranked: The Top 20 Countries in Debt to China

These figures are as of 2022, and come from the World Bank. Pakistan tops the list with nearly $27 bn external debt to China, followed by Angola ($ 21 bn), Sri Lanka (~$9 bn), Ethiopia and Kenya (both ~$7 bn).

5.US Federal Reserve holds rates steady

The Federal Reserve left interest rates unchanged yesterday after a Commerce Department report last week showed consumer prices rose 2.7% year-over-year in March, above the central bank's 2% target. 

Yesterday's announcement marks the sixth straight meeting in which Federal Reserve Chair Jerome Powell kept the benchmark federal funds rate steady at 5.25%-5.5%, a 23-year high.

The news comes after Powell weeks ago indicated multiple rate cuts could come this year. He has since backtracked as key inflation data show persistent price increases, particularly in the service industry, including restaurants and auto repair services. Powell said yesterday the board is unlikely to hike interest rates at the next policy meeting. Analysts are now looking to September or November as the earliest point the Federal Reserve might lower rates. 

Separately, the Labor Department yesterday reported US job openings fell to their lowest in 3 years dropping 325,000 to 8.5 million.

6.Science shows how a surge of anger could raise heart attack risk

Previous research has suggested there’s a link between an acute episode of anger and an increased risk of heart attack. Researchers from Columbia University Irving Medical Center, Yale School of Medicine, St. John’s University in New York and other institutions wanted to tease out why. 

The findings, published Wednesday in the Journal of the American Heart Association, show that anger may indeed affect the heart because of how it impairs blood vessel function.  

The researchers found blood vessels’ ability to dilate was significantly reduced among people in the angry group compared with those in the control group. Blood vessel dilation wasn’t affected in the sadness and anxiety groups.

7.Immunization has saved 154 million lives globally in the last 50 years, according to a new estimate, equivalent to six lives every minute of every year for five decades.

The World Health Organization-led study published in the Lancet found that the measles vaccine alone accounted for 60% of the lives saved. Vaccination has had an especially significant impact on child mortality rates; of the total lives saved, 101 million were infants.

The study was released to mark the 50th anniversary of a global program to boost vaccination: In 1974, fewer than 5% of infants received routine vaccinations, compared to 84% today.

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