💻️ Blue screen of death

Good morning. On Friday, PM Modi became the most followed world leader on X (formerly Twitter).

Meanwhile, Joe Biden's unexpected withdrawal from the U.S. presidential race on Sunday catapulted Kamala Harris to the forefront as the likely Democratic nominee (more on this later 👀 )

It’s been a big weekend for Indian representation in global politics 🇮🇳 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 💻️ Blue screen of death

• 🚀 Space ambitions

• 🗞️ Bite-sized summaries

  • 🇺🇸 Joe Biden drops out of the U.S. Presidential Race

  • 🧓 India’s elderly population set to double

  • 🧧 Will Stripe ever IPO?

  • 🪧 No protection for Trump

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock markets fell sharply on Friday due to weak global sentiment and profit-taking ahead of the Union Budget. The Sensex dropped 739 points to 80,605, while the Nifty50 closed at 24,531. Most stocks declined, with metals, realty, and auto sectors hit hardest.

🌍️ International

• Stocks retreated Friday, ending a week marked by a shift from megacap to smaller companies. The S&P 500 and Nasdaq fell, while the Dow and Russell 2000 gained. The IT sector led declines, with CrowdStrike dropping significantly after a major outage.

CYBERSECURITY

💻️ Blue screen of death

Last week’s IT disruption had the world at a near standstill for a couple of hours after a CrowdStrike software update for Microsoft Windows caused systems to crash across various sectors. 

This outage, deemed the largest since Amazon's cloud errors in 2017 and Fastly's media network shutdown in 2021, affected critical infrastructure globally.

Key impacts included:

1. Healthcare: NHS systems in the UK and numerous US hospitals faced disruptions, affecting patient care and emergency services.

2. Government: Federal agencies in the US, including the FBI and Department of Justice, experienced outages. Some international government offices were also affected.

3. Travel: Airports worldwide struggled with delays and cancellations, with over 21,000 flights slowed globally.

4. Finance: Major banks like JPMorgan Chase and Bank of America resorted to backup systems. ATMs and stock exchanges faced disruptions.

5. Automotive: Renault had to shut down plants due to system failures.

6. Media: Broadcasters like Sky News in the UK and several US stations faced interruptions.

7. Corporations: FedEx, Facebook, and Starbucks reported various operational issues.

CrowdStrike and Microsoft launched patches to resolve the problems, but manual reboots were required, causing prolonged downtime for many organisations.

Overall: This incident isn’t isolated, as it follows similar technical failures at AT&T and the FAA, emphasising the increasing frequency of such events. 

Experts warn that as software complexity grows, so does the risk of unintended consequences from routine updates and patches.

To prevent any such further disruptions, critical steps must be taken: 

• Companies must prioritise risk management for single-point failures.

• Government regulations may be forthcoming, particularly regarding software updates.

• Businesses should develop robust contingency plans for system outages.

• The market may need to adopt more competitive practices to enhance accountability.

• Insurance industry incentives could encourage better security practices.

Experts suggest that organisations should strive to become "anti-fragile", not just resilient but able to innovate and thrive after disruptions. 

While there are concerns about potential overregulation, many believe that market-driven solutions, such as insurance incentives, could be effective.

Read more: Mint

UNION BUDGET

🚀 Space ambitions

India's upcoming budget outlines ambitious plans across various sectors, from agriculture to digital infrastructure.

However, the most captivating focus is on space exploration and technology.

Recent achievements like Chandrayaan-3 and Aditya L1 have demonstrated India's growing space capabilities, igniting aspirations to compete with global giants such as SpaceX and Blue Origin.

The Union Budget 2024 is crucial for funding these ambitious goals, with several key areas under consideration:

1. GST exemptions and tax incentives for the space sector.

2. Enhancing INSPACe's role in R&D funding.

3. Clarifying the Department of Telecom's involvement in satellite communications.

4. Allocating defence budgets for space product procurement.

5. Leveraging geopolitical shifts to increase market share.

6. Expanding international partnerships and space diplomacy.

7. Revising FDI policy to attract investments.

8. Addressing technology transfer initiatives.

Industry experts suggest that the government could stimulate demand by providing clear commitments for space service procurement. They also recommend GST exemptions on satellite services and incentives like tax holidays for companies in the sector.

Looking ahead: India faces challenges such as heavy customs duties and GST on critical components, which make space infrastructure integration costly.

While some advocate for production-linked incentives (PLI) to boost domestic manufacturing, others argue that the market may need to mature further before such schemes can be effective.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇺🇸 Joe Biden drops out of the Presidential Race - In a stunning development, US President Joe Biden has announced his withdrawal from the 2024 presidential race, citing the best interests of his party and the country. The 81-year-old Democrat faced mounting pressure from within his party due to concerns about his age and perceived frailty, especially following a poor debate performance against Donald Trump. Biden's decision, coming just four months before Election Day, is unprecedented in modern American politics, as the party now faces the challenge of selecting a new nominee, with Vice President Kamala Harris considered a potential frontrunner despite low approval ratings.

🧓 India’s elderly population set to double - India's elderly population is projected to double by 2050, according to Andrea Wojnar, UNFPA India chief. She emphasised the need for increased investment in healthcare, housing and pensions, particularly for older women who are more vulnerable to isolation and poverty. Despite this ageing trend, India boasts a substantial youth demographic, with 252 million people aged 10-19. She also highlighted other key population trends, including rapid urbanisation and migration, which require careful planning and infrastructure development. These demographic shifts present both challenges and opportunities for India's sustainable development, necessitating strategic planning and targeted investments across various sectors.

🧧 Will Stripe ever IPO? - Sequoia Capital has extended an offer to its investors to purchase up to $861M worth of Stripe shares, providing a potential exit route for those seeking liquidity from the long-held investment. The venture capital firm, which first backed Stripe nearly 14 years ago, is proposing to buy shares at $27.51 each, valuing the payments giant at $70B. Sequoia's proposal allows newer funds to acquire these shares, leveraging the firm's 2021 restructuring. This move by Sequoia could set a precedent for handling other mature portfolio companies and potentially alleviate some of the liquidity pressures faced by limited partners in venture capital funds.

🪧 No protection for Trump - The US Secret Service admitted to denying previous requests for additional security resources from former President Donald Trump's team over the past two years, contradicting earlier statements. The agency claims it compensated for these denials by utilising local law enforcement or altering security plans. The incident has raised questions about the agency's security protocols, including the exclusion of the shooter's location from the security perimeter. The Secret Service, which has faced controversies in the past, is now under increased scrutiny, with some Republicans calling for Secret Service Director Kimberly A. Cheatle’s resignation.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• "India will contribute one million dollars to UNESCO World Heritage Centre": PM Modi

• India's Kush Maini wins his first-ever Formula 2 Sprint Race at the Hungarian Grand Prix.

• BCCI to support Indian Olympics contingent by granting ₹8.5 Cr.

• Boeing is “fighting through challenges” in building new Air Force One planes.

• Indo-Bangla trade comes to a standstill as students' protests intensify.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Women’s Asia Cup results:

  • India beat UAE by 78 runs.

  • Pakistan beat Nepal by 9 wickets.

  • Sri Lanka beat Bangladesh by 7 wickets.

  • Thailand beat Malaysia by 22 runs.

• Bad Newz movie review: Triptii Dimri holds her own against a delightful Vicky Kaushal.

• Suits Spinoff Suits: L.A. is officially picked up for a series order.

• WATCH: Nike’s “Winning isn’t for everyone” Olympics hype ad that is sweeping people off their feet.