China’s rosy numbers
China’s economy grew 4.9% in the past quarter compared to the same period in the previous year. This is a massive rebound from the first quarter (January-March) when its GDP shrank by 6.8%—its worst performance since the 1960s. The reason for this turnaround:
“Because China implemented a stringent lockdown at the outset of the COVID-19 epidemic, factories were able to reopen relatively early in the year and pivot to fulfilling such demand. In the first half of the year, exports of medical equipment surged 46%, while exports of laptops jumped 9%.”
Translation: While China was first to experience the worst of the pandemic, it was able to quickly get it under control. This in turn allowed it to profit—via exports—from the struggles of other nations that continue to struggle. Also: the government injected hundreds of billions of dollars into the economy. Economists predict that its economy will grow by 2% over the course of this fiscal year.
India’s not-so-rosy numbers: The International Monetary Fund expects India to be among the worst performing economies in Asia—contracting 10.3% this year, below Bangladesh, Vietnam, China, Nepal, Pakistan and five other Asian economies. (NDTV)
Also not looking good: our job numbers. Overall employment increased by 5.1 million and unemployment declined by 7.3 million in September. But most of these are rural not urban jobs. More importantly, our labour force (people looking for a job) fell by 2.2 million—i.e. people just exited the job market. The big takeaway:
“[W]hile labour data shows a recovery in employment, the quality of recovery is a problem—in other words, better quality and higher paying jobs in urban areas are being lost and substituted by lower-paid rural jobs. And this points to the fact that a reversal of migration back to the cities is not happening to the extent that it should have.”
A good related read: Many countries are scrambling to occupy the position of China+1—i.e. a first alternative for investors and manufacturers who want to spread their bets beyond China. Rahul Jacob in Mint explains why India is falling behind in this race.
Jet finally finds a buyer
The winning Rs 10 billion bid went to a consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan. But it is too early to tell if they can revive the grounded airline. They aim to restart operations by April 2021. If you need more: Mint looks at the challenges ahead. Business Standard has more on its new owner Murari Lal Jalan.
Chandamama is getting 4G
Yup, NASA is partnering with Nokia to build a 4G network on the moon—as part of its plan to create a “sustainable human presence” on its surface by 2028. According to Nokia: “The solution has been specially designed to withstand the harsh conditions of the launch and lunar landing, and to operate in the extreme conditions of space.” Yes, and it will likely have better connectivity than 4G in Bangalore. (CNBC)
We’re getting 5G: thanks to Mukesh-bhai who plans to launch a cheap 5G-enabled smartphone for less than Rs 5000—and roll out a 5G network. It’s always nice when you can own every part of that pipeline. (Business Standard)
Apple channels MTV
The stodgy tech giant has launched a 24-hour stream of music videos and music-related content similar to MTV when it first started—i.e. minus the ghastly reality shows. It is free but only available in the United States. Bah, humbug! (9to5mac)
Vishal Bhardwaj scores a mystery deal
The director is developing a movie franchise based on Agatha Christie’s novels—but it will feature a brand new pair of detectives. Bhardwaj said: “It is an honor to create an Indian franchise of a pair of young investigators looking to take over the world with their intelligence and charm.” Yup, that’s all we know for now. So this one is a mystery in every sense. (Variety)
Four amazing science things
One: Scientists have discovered a fourth pair of large salivary glands we never knew existed! They were in a nook where the nasal cavity meets the throat. If the findings are confirmed, this will be the first such discovery—of an organ—in three centuries of slicing and dicing human bodies. New York Times has more on this amazing find.
Two: Scientists have measured the shortest unit of time ever: the time it takes a light particle to cross a hydrogen molecule—which is 247 zeptoseconds. A zeptosecond is a trillionth of a billionth of a second, or a decimal point followed by 20 zeros and a 1. (Livescience)
Three: New research suggests that swimming regularly in freezing water produces a "cold-shock" protein—which may slow the onset of dementia, and even repair damaged brain cells. (BBC)
Four: Ok, this one is just silly! The US-based Society of Vertebrate Paleontology experienced a very odd problem when they held their virtual annual conference. The company that was handling the streaming put in a ‘profanity filter’ that mutes ‘bad’ words—like bone, pubic, stream and, er, beaver, dyke, and crack. See the problem? (The Guardian)
Climate change will trigger Arctic tsunamis
Rising temperatures are melting the permafrost—or soil that is permanently frozen—in places like Alaska. The problem: this permafrost holds mountains together, and if these collapse into the sea, the result will be massive tsunamis. The Guardian has the story.