WhatsApp Caught Listening: The real culprit is revealed to be... drumroll... Android!

Thursday, May 11^th 2023

Good Morning ☕

Looks like someone forgot to read the 'Terms and Conditions’ section! Union Minister is not happy about the alleged WhatsApp spying claims. Meanwhile, Meta India is busy giving us 'privacy assurance' and reassuring us that our late-night chats with friends are still 'private.' As for us, we'll continue to send memes and use our own secret codes to keep our conversations under wraps!

1. Union minister says will probe WhatsApp spying claims, Meta India responds to the allegations

WhatsApp is under scrutiny after a user claimed that the messaging service was using the microphone in the background, raising privacy concerns. In response, Union Minister Rajeev Chandrashekhar tweeted that the Indian government will investigate the allegations. Shivnath Thukral, Director of Public Policy India at Meta, responded that this issue was due to a bug in Android and that WhatsApp calls and voice notes are protected by end-to-end encryption. The allegations were made by Foad Dabiri, a Twitter engineer, and even elicited a response from Elon Musk, who tweeted that "WhatsApp cannot be trusted." WhatsApp dismissed the claim, stating that it was a consequence of an Android bug and that users have full control over their microphone settings.

2. Go First's Turbulent Ride: NCLT Puts Airline's Finances on Pause as It Seeks Safe Landing

The National Company Law Tribunal (NCLT) has granted Go First, an airline in financial distress, protection under moratorium from recovery by lessors and lenders. The NCLT has admitted the airline's plea for insolvency proceedings and appointed an interim resolution professional to oversee the company. The company has been placed under moratorium protection and directed to deposit ₹5 Crores for immediate expenses. Go First, which has ₹11,463 crore in liabilities, sought voluntary insolvency resolution proceedings and an interim moratorium on its financial obligations. The airline has also suspended ticket sales until May 19 due to more than half of its fleet being grounded over engine supply issues.

Remember Gen Z, even though Go First's ticket sales are suspended, we can still "jet" off to our dream destinations with other airlines!

3. SEBI allows direct market access for Foreign Portfolio Investors to trade Exchange Traded Commodity Derivatives (ETCDs)

The Securities and Exchange Board of India (SEBI) has granted stock exchanges permission to provide direct market access (DMA) to registered Foreign Portfolio Investors (FPIs) for trading in Exchange Traded Commodity Derivatives (ETCDs). DMA allows clients to directly access the exchange trading system through the broker's infrastructure, offering benefits such as faster order execution and reduced error risks. This decision follows SEBI's earlier move in September 2022 to allow FPIs to participate in ETCDs, aiming to boost market liquidity and depth.

4. Is Open Network for Digital Commerce (ONDC) an immediate threat to Zomato?

Motilal Oswal Financial Services has stated that the Open Network for Digital Commerce (ONDC) could pose a threat to food delivery service Zomato if it scales up significantly across categories. While the firm doesn't see ONDC as a threat at its current scale, it could become a significant risk if it continues to grow, enabling better delivery efficiency. However, Motilal Oswal still expects strong growth from Zomato in the coming years, given the company's dominant market position and the nascent stage of the food delivery market in India.

Is ONDC the new 'Zomato-killer'? Motilal Oswal thinks not...yet! But who knows, with its promise of speedy deliveries, maybe one day we'll be getting our food delivered straight from the farmers themselves!

5. JSW Infrastructure files DRHP for IPO to raise up to Rs 2,800 crore

JSW Infrastructure, the ports arm of the JSW Group, has filed a Draft Red Herring Prospectus (DRHP) for its Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company aims to raise up to Rs 2,800 crore ($375 million) through the IPO, with plans to use the proceeds to reduce debt and fund capital expenditure projects. This is the third IPO from the JSW Group and comes 13 years after JSW Energy's public listing in 2010. The company, which operates ports in Maharashtra, Odisha, and Karnataka, has shown strong growth in cargo volume, revenue, EBITDA, and PAT. The offering will be managed by a consortium of financial institutions.

6. US, UK, and Canada issue travel warnings for citizens amid political unrest in Pakistan

The US, UK, and Canada have issued updated travel warnings for their citizens due to political unrest in Pakistan following the arrest of former Prime Minister Imran Khan on corruption charges. The arrest has led to protests across the country, prompting the US Embassy to postpone consular appointments and advise citizens to be cautious and avoid areas with large gatherings. The UK Foreign Commonwealth and Development Office recommends avoiding political demonstrations and staying informed of local news updates. The Canadian government urges its citizens and diplomatic staff to exercise caution due to the unpredictable security situation in Pakistan.

7. Physics Wallah to invest Rs 100 cr in strengthening its UPSC vertical

Ed-tech startup Physics Wallah (PW) plans to invest INR 100 crore to bolster its UPSC offerings and workforce. The announcement came during the opening of PWOnlyIAS, its first offline UPSC coaching center, in Delhi. The company aims to expand its offline centers into Tier 3 and 4 cities and open 10 more in locations including Jaipur, Allahabad, Patna, Lucknow, Indore, and Pune over the next three years. Additionally, PWOnlyIAS is considering launching courses for state PSC in Bihar, Uttar Pradesh, Madhya Pradesh, and Maharashtra. The investment follows PW's success with its online platform, UPSC Wallah, and a recent INR 82 crore investment in its offline coaching vertical, Vidyapeeth School.

Physics Wallah invests INR 100 crore to teach Indians how to crack UPSC - will this lead to a nationwide shortage of bureaucrats?

8. India renews call for chipmakers as Anil Agarwal's $19 billion plan lags behind schedule

India is planning to reopen applications for $10 billion in incentives aimed at stimulating domestic chip manufacturing, as existing projects, including Anil Agarwal’s $19 billion plan, are slow to start. The application process will now be open-ended, as opposed to the previous 45-day submission period. The move comes as the country tries to boost chip production to reduce reliance on imports, particularly from Taiwan and China. Last year's call for applications, which offered to cover up to half of the costs of building a chip fabrication plant, attracted few applicants. The plan now is to accept applications until the $10 billion incentive fund is exhausted.

9. PM Modi to lay foundation stone and inaugurate projects worth ₹ 5,800 crores on National Technology Day

Indian Prime Minister Narendra Modi will inaugurate the National Technology Day 2023 program on May 11 at Pragati Maidan in New Delhi, marking the start of the 25th year of the event. He will also inaugurate and dedicate multiple scientific and technological projects worth over ₹5800 crores to the nation. These projects align with Modi's vision of Aatmanirbhar Bharat (Self-Reliant India) and include the Laser Interferometer Gravitational Wave Observatory (LIGO-India), cancer hospitals, and research centers. The celebration will focus on the Atal Innovation Mission (AIM), showcasing innovative projects and startup products. National Technology Day was initiated by former Prime Minister Atal Bihari Vajpayee in 1999 to honor Indian scientists, engineers, and technologists. The theme for 2023 is 'School to Startups- Igniting Young Minds to Innovate'.

10. Google I/O Developer event 2023: Expected to Unveil Foldable Phone and New Devices

Google's annual I/O developer conference takes place today, with CEO Sundar Pichai expected to deliver the keynote speech. The company is anticipated to unveil its first foldable phone, details about the Android 14 operating system, the Pixel 7a, a Pixel tablet, and other devices. This year marks the conference's fifteenth anniversary. The name "Google I/O" has two meanings: "input/output", referencing the computational concept of interfacing between a computer system and the outside world, and "innovation in the open". The first Google developer conference, originally called Geo Developer Day, was held in May 2006. The I/O conference was born in 2007 when Google's suite of developer tools expanded significantly, necessitating a larger event. The I/O name and logo are derived from the number googol, which is a one followed by 100 zeros, and aligns with Google's name.

Did you know the I/O in Google I/O stands for Input/Output AND Innovation in the Open? We're not sure if that means we can input our own ideas into Google's development process, but we're definitely going to try!

11. Enforcement Directorate search at Manappuram Finance highlights corporate governance challenges in India: Fitch Ratings

The Enforcement Directorate's recent searches at Manappuram Finance Ltd (Manappuram) could negatively impact the gold loan company's reputation and business prospects, warns Fitch Ratings. The rating agency states that such risks might restrict the company's funding access due to decreased market confidence, potentially affecting its credit profile, even if no illegal activities are found. The searches are related to alleged non-compliant activities at Manappuram's branches up until 2012. Fitch points out that the issue underlines the corporate governance challenges in emerging markets like India, where governance standards are still developing and often lag behind those in higher-rated jurisdictions.

12. Cisco to set up manufacturing unit in India; eyes over $1 billion in exports

Global tech giant Cisco is resuming manufacturing in India, with plans to generate over $1 billion in combined exports and domestic production in the coming years. The company is establishing core manufacturing capabilities in the country, including testing, development, and logistics operations. The new manufacturing facility will produce two of Cisco's highest volume product lines: switching platforms, crucial for data center networks, and a cutting-edge routing platform that forms part of 5G network infrastructure. Despite discontinuing its previous manufacturing efforts in India in 2018 due to inconsistent demand, Cisco now aims to focus on both Indian and global markets while developing a local supplier ecosystem.

Cisco's return to manufacturing in India is like the ultimate throwback Thursday. It's like Cisco is saying, "Remember when we used to make stuff in India? Let's do that again, but better.

13. Study finds 43% of Mobile Phone Users Unclear About App Tracking Concept

A study by the University of Bath's School of Management found that 43% of mobile phone users are unclear about the concept of "app tracking." Many believe it is necessary for the app to function correctly or to enhance the user experience. App tracking, used by companies for targeted advertising, is often misunderstood due to ambiguous wording in tracking prompts. Apple's App Tracking Transparency framework asks users for consent to track their activity across other apps, while Android users adjust tracking consent through phone settings. The study also revealed that 24% of participants believed tracking referred to sharing their device's physical location, and although 51% expressed concerns about privacy or data security, this did not correlate to a lower acceptance rate of tracking.

Did you know that app tracking is like having a stalker on your phone? Instead of following you around, they're following your every tap and swipe. But don't worry, they're just using it to show you ads you never asked for!

14. India expands the list of reporting entities under PMLA to combat money laundering

The Indian government has expanded the list of reporting entities under the Prevention of Money Laundering Act (PMLA) to include nominee directors, nominee shareholders, partners, and providers of office accommodation meeting certain criteria. This move strengthens data collection and the fight against money laundering. These entities join banks, real estate agents, and others in conducting customer due diligence, maintaining records, and reporting suspicious transactions. Last week, transactions by accountants and company secretaries were also placed under PMLA to increase accountability and scrutiny of transaction due diligence and sources of funds. These changes signal the government's zero-tolerance policy on money laundering.

15. India’s mineral output was up 4.6% in February

The output of key minerals in India rose by 4.6% year-on-year in February, with a 5.7% growth recorded during April-February 2022-23, according to the Indian Bureau of Mines. Notably, phosphorite output saw a significant increase of 60.2% YoY in February. Other minerals that saw growth in production include coal, iron ore, lead concentrate, natural gas, zinc concentrate, limestone, and copper concentrate. The Ministry of Mines anticipates that the mining and quarrying sector will continue to significantly contribute to the country's economy in the future.

What else is happening around the world?

• US inflation below 5% for the first time in two years

• Orix confirms plan to invest $1.5 bln in Toshiba buyout

• Novavax lays off 25% of the workforce, releases 2023 outlook

• China exports up 8.5% in April in an unexpected climb

• Intel confirms more layoffs as it looks to reduce costs

• Asos losses widen to £290m as shoppers cut back

• Microsoft skips salary increases for full-time employees this year

• Bank of England set for 12th straight interest rate hike

• OpenAI CEO Sam Altman to testify before Congress for the first time

• Microsoft signs power purchase deal with nuclear fusion company Helion

• Twitter hack: UK man pleads guilty to hijacking accounts including of Joe Biden and Elon Musk

• Twitter to launch encrypted direct messages with voice and video chat to follow

• Single-family offices managed SGD 90 billion in assets in Singapore in 2021