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Two States Ban ‘Padmavati’

 

‘Padmavati’ is in dire straits. In the tech world, Uber hid a massive data breach for a year. Indian Air Force has bolstered its capabilities. Now it can strike enemy warships 1,500 kilometers off the coast within a few minutes. While, India is planning to become a huge market for electric vehicle batteries by 2030. 

 

57 million

What is it? The number of customers and drivers whose personal data was stolen by hackers from Uber Technologies about a year ago.

Why is it important? The ride-hailing app concealed the massive data breach for a year. It fired its chief security officer and one of his deputies for their involvement in keeping this a secret, which includes a $100,000 payment to the hackers. Regulators in some countries have said they would investigate the matter further that makes the ride rougher for Uber, which has been battling top-level executive exits over issues such as sexual harassment, data privacy concerns and working conditions of drivers.

Tell me more: Compromised data from the October 2016 breach included names, email addresses and phone numbers of 50 million Uber customers, in addition to personal information of 7 million drivers.

 

290 km

What is it? The strike range of the BrahMos supersonic cruise missile.

Why is it important? The missile was successfully tested for the first time from a Sukhoi-30MKI fighter against a sea-based target on Wednesday. This means the Indian Air Force now has the capability to strike enemy warships 1,500 kilometers off the coast within a few minutes. The world’s fastest supersonic cruise missile is now capable of being launched from air, sea and land.

Tell me more: The BrahMos missile, developed in a joint venture between India’s Defence Research and Development Organisation and NPOM of Russia, is the heaviest weapon to be deployed on Sukhoi-30MKI aircraft.

 

$300 billion

What is it? The projected size of the market for electric vehicle (EV) batteries in India by 2030, according to a report by Niti Aayog and Rocky Mountain Institute.

Why is it important? A stated aspiration of the Indian government is to have only electric vehicles entering the market from 2030. If it presses on these and if the report projections are met, India would account for 40% of global EV battery demand in the next 13 years. However, it remains to be seen how feasible the electric dream of various countries (including India) is, given that EV batteries use nickel, cobalt, aluminium, graphite and lithium. These are rare earths, and their availability is much lesser than that of coal and oil.

Tell me more: The report says India’s demand for EV batteries could bring down global battery prices by 16% to $60 per KWh by 2030.

 

1

What is it? The number of test series in Australia that England have won in their last five tries, dating back to 1998-99.

Why is it important? The two oldest cricketing nations renew their cricketing rivalry today. The first test of the five-match test series, better known as the Ashes, is underway at Brisbane, Australia. England, smarting from the loss of talismanic all-rounder Ben Stokes, are not tipped to change that dismal record in this trip.

Tell me more: The last time that England won in Australia was in 2010-11, when they won 3-1, with all three wins being by an innings margin.

 

2

What is it? Number of states to have banned the yet-to-be-released Hindi period film Padmavati. On Wednesday, Gujarat became the second state, after Madhya Pradesh, to do so by issuing a notification.

Why is it important? This further jeopardizes the film’s prospects from having a timely and disruption-free release, which could trigger commercial losses across the board. So far, chief ministers of at least five states—four of them ruled by the BJP (Gujarat, Madhya Pradesh, Uttar Pradesh and Rajasthan) and one ruled by the Congress (Punjab)—have spoken publicly against the film.

Tell me more: A sixth chief minister, Manohar Lal Khattar in BJP-ruled Haryana, said the state would wait for the Central Board of Film Certification (CBFC)’s notification on the film.

 

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Baahubali blazes past Bollywood

Rs 5.04 lakh crore

What is it? The market capitalisation of Reliance Industries (RIL) as on Monday, the second company to cross the Rs 5 lakh crore mark after Tata Consultancy Services.

Why is it important? Investors are betting on better business prospects as their telecom offering, Reliance Jio started charging its clients, and other investments in petrochemicals space getting realized soon.

Tell me more: Since the beginning of this year, RIL has gained 43.5%, more than double of the Sensex index (20.6% in the same period). IT major TCS crossed the Rs 5 lakh crore mark in market capitalisation on July 23, 2014.

 

Rs 510 crore

What is it? The national box office collection of the Hindi version of the mythological sequel, Baahubali 2.

Why is it important? This is nearly 42% of the total box office collections of the top six Hindi movies (Rs 1,218 crore) in the first half of the year. This is probably the first time that a dubbed movie (originally, in Telugu) has overtaken Hindi movies by box office collections by a wide margin: Shahrukh Khan’s Raees earned only Rs 139 crore while Salman Khan’s Tubelight fetched Rs 121 crore. Even last year, it was Disney’s ‘The Jungle Book’ (dubbed in Hindi) that was the highest grosser at around Rs 110 crore, surpassing movies from the ‘Bollywood’ industry.

Tell me more: Dharma Productions spent Rs 95 crore in the acquisition of rights and distribution of Baahubali 2.

 

$53 billion

What is it? The potential economic losses due to a major cyber attack, according to a report by Lloyd’s of London and Cyence, a cyber risk analytics modelling firm.

Why is it important? This is roughly equivalent to the economic losses caused by a catastrophic natural disaster such as the 2012 Superstorm Sandy, says the report. The economic costs in hypothetical hacking of a cloud service provider is huge compared to the global cost of $8 billion of the ‘WannaCry’ ransomware attack in May. Due to lack of historical data on cyber attacks and their potential costs, it is a great challenge for insurers to estimate their potential exposure.

Tell me more: For a hypothetical cloud service attack, the average economic losses would range from $4.6 billion for a large event to $53 billion for an extreme event, according to the report. The actual losses could be as high as $121 billion, of which as much as $45 billion may not be covered by cyber policies due to under-insuring by firms.

 

$850 million

What is it? The revised offer for buying Snapdeal, the embattled e-commerce firm, by larger rival, Flipkart.

Why is it important? It is still lower than the reported sum of at least $900 million that Snapdeal wanted from India’s largest online marketplace. But the revision is $100-150 million more than Flipkart’s first formal offer ($700-750 million). Snapdeal’s board is considering the offer.

Tell me more: Flipkart wants to pay $650-700 million in equity shares and another $150 million later. Along with the SoftBank Group, Snapdeal has 25 institutional shareholders and dozens of individual part-owners.

 

$3 billion

What is it? The penalty payable by Reliance Industries (RIL), Shell India and Oil and Natural Gas Corp (ONGC) – the joint owners of Panna-Mukta oilfield – to the government.

Why is it important? This comes after a London-based arbitration panel decided in favour of government in October, 2016. The owners of the oilfield were deducting higher taxes (prevailing at the time of getting the oilfield in early 90’s) even though corporate tax rate has dropped to 30%. Lower deduction of taxes would mean higher share of profits for government. The penalty is to recover past due from the owners of the oilfield.

Tell me more: RIL and Shell each own 30% stake in the PMT fields, while ONGC has 40%. The ruling entitled the government to a larger profit share and more royalty payment. The government is also locked in a dispute with RIL over the KG-D6 basin.

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