🚗 Banning Chinese and Russian tech

Good morning. Looks like it’s starting to get warmer - spring is near 🌸 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🚗 Banning Chinese and Russian tech

• 🇺🇸 Latest Updates on Los Angeles Wildfires

• 🗞️ Bite-sized summaries

  • 🌊 Undersea cables

  • 🎵 A new Tiktok?

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Stocks experienced a significant downturn. This decline was driven by disappointing corporate earnings, persistent foreign selling, and a stronger-than-expected U.S. jobs report, which dampened hopes for interest rate cuts by the Federal Reserve. Investors lost approximately ₹14 lakh crore in market capitalisation.

🌍️ International

• Stocks were mixed by 1pm EST. Treasury yields stayed elevated amid inflation concerns. Moderna dropped 16.8% after reducing its sales forecast, while energy stocks surged as crude prices climbed.

EV

🚗 Banning Chinese and Russian tech

The United States has announced a new rule prohibiting the use of Chinese and Russian technology in smart cars starting with the 2027 model year. This move targets hardware and software related to connectivity and autonomous driving in new passenger vehicles, citing national security risks. The rule, finalized by the Commerce Department, restricts both imports and sales of cars incorporating technologies linked to these nations.

Commerce Secretary Gina Raimondo emphasized that modern vehicles function as "computers on wheels," integrating cameras, GPS, and internet-connected features that could pose security vulnerabilities if linked to foreign rivals. National Economic Advisor Lael Brainard highlighted concerns about sensitive data misuse and interference due to foreign-made technologies in connected vehicles.

The initial regulation applies to passenger vehicles weighing under 10,001 pounds, with plans to extend it to commercial trucks and buses in the future. Hardware restrictions will begin in 2030, while software curbs take effect in 2027.

This move aligns with broader US efforts to curb reliance on Chinese technology and bolster domestic industries. Outgoing President Joe Biden issued an executive order on Tuesday to fast-track AI infrastructure development, asserting that the US must maintain its technological leadership. However, implementing these plans will be a key challenge for incoming President-elect Donald Trump.

The initiative signals escalating US-China tech tensions and underscores the growing importance of safeguarding critical technologies in the auto industry.

Read more: Economic Times

WILDFIRES

🇺🇸 Latest Updates on Los Angeles Wildfires

Los Angeles continues to battle two major wildfires—the Palisades and Eaton fires—that have already claimed at least 24 lives and destroyed over 12,000 structures. Despite progress in containment, high winds forecasted until Wednesday threaten to reignite or spread existing blazes.

Current Situation:

• Palisades Fire: The largest fire has burned over 23,000 acres and remains only 14% contained. It threatens Brentwood and landmarks like the Getty Center.

• Eaton Fire: This blaze, responsible for 16 deaths, has scorched over 14,000 acres and is 33% contained.

• Hurst Fire: Nearly fully contained, this fire covers 799 acres.

• Auto Fire: Spanning 56 acres, officials have halted its forward progress.

Tens of thousands of homes are without power, and the damage is projected to cost up to $150 billion.

While lightning has been ruled out, investigations into utility company Southern California Edison (SCE) suggest negligence may have caused the Eaton fire. SCE remains under scrutiny for its role in another blaze, the Hurst fire.

Some of the contributing factors include:

• Drought and Vegetation: Years of wet weather followed by extreme drought created abundant dry brush.

• Santa Ana Winds: Strong offshore gusts continue to fan the flames, making containment efforts difficult.

Controversy surrounds LA's fire preparedness, with reports of empty hydrants and maintenance issues at key reservoirs. Calls for an independent investigation into water shortages have intensified.

Overall: Experts link worsening wildfires to climate change, citing increased heat, extended drought, and vegetation conditions as key drivers. California Governor Gavin Newsom highlighted that wildfires are now a year-round threat rather than a seasonal issue.

Authorities remain on high alert as strong winds persist, keeping the city braced for prolonged fire risks and further devastation.

Read more: BBC

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🌊 Undersea cables - NATO has launched the "Baltic Sentry" mission to enhance surveillance in the Baltic Sea following damage to crucial undersea cables. The initiative includes increased patrols by warships, drones, and aircraft, as tensions with Russia rise. NATO chief Mark Rutte emphasized the importance of protecting vital infrastructure, which secures internet traffic and financial transactions. While Russia was not explicitly blamed, NATO is monitoring suspected shadow fleet activities. Recent incidents, including the severing of power cables between Finland and Estonia, have heightened concerns about sabotage. Baltic nations remain cautious, urging vigilance amid mounting security challenges in the region.

🎵 A new Tiktok? - As a potential TikTok ban looms in the US, many users are migrating to the Chinese app RedNote, making it the most downloaded app on Apple's US App Store. Dubbed "TikTok refugees," users are quickly adapting to the platform, which resembles a mix of TikTok and Instagram. Despite concerns about censorship and security risks, RedNote has been embraced by American users eager to explore new opportunities. Some, like Marcus Robinson, a fashion designer, and Sydney Crawley, a tech worker, are building followings and sharing content. RedNote's vibrant community has fostered cultural exchange and curiosity about Chinese lifestyles and traditions.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Meta is planning to cut 5% of the lowest performers, the memo shows.

• North Korean hackers responsible for $235 million WazirX breach, say US, South Korea.

• RBI reshuffles portfolios of the three Deputy Governors.

• The truth behind your $12 dress: Inside the Chinese factories fuelling Shein's success.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Jailer 2 teaser: Rajinikanth is back as Tiger Muthuvel Pandian.

• Anupam Kher's open letter to young self: Life is going to surprise you.