The Paytm bloodbath continues
The company’s share slipped 27% on the first day—and another 13% on the second day, wiping out Rs 56,233 crore ($ 560 million) from its market value. The shares have now dropped as much as 40% from its IPO price. Also doing badly: Reliance stock after its big oil deal with Saudi consortium Aramco was called off. Meanwhile, Sensex and Nifty witnessed the worst single-day plunge in seven months. Quartz has more on what this means for the Indian stock market. Mint explains how Paytm’s performance is hurting Mobikwik. ICYMI: Read our explainer on Paytm’s dismal IPO here.
A shocking tragedy in Wisconsin
Five people were killed and 40 injured when a man rammed his SUV into a Christmas parade. No, it wasn’t a terrorist incident. The suspect may have been involved in a “domestic disturbance” before the incident—but the police statements on why this happened are vague for now. You can see aerial footage of the tragedy below. (CNN)
Speaking of American crime: The San Francisco Bay Area’s crime problems have reached a new low. Eighty people stormed and ransacked a Nordstrom department store in Walnut Creek. This was a day after a similar incident at the Louis Vuitton store in San Francisco. The police are calling these cases “organised theft.” See the astonishing chaos below. (Buzzfeed News)
Chile’s divided presidential election
The country voted for two politicians—who are polar opposites—and who will face each other in a runoff vote. José Antonio Kast is a 55-year-old conservative who has defended Gen. Augusto Pinochet’s military dictatorship—and received 28% of the vote. He will face Gabriel Boric, a 35-year-old leftist who wants to scrap Chile’s free-market model—and who received 26% of the vote. Why this matters: Chile is one of the most affluent South American countries—and remained fairly stable due to its centrist politics. Reuters has an explainer with more background. (Wall Street Journal)
Indian salesmen ruined by Reliance
Kirana stores account for four-fifths of a near-$900 billion retail market—and they are increasingly turning to JioMart to stock up on foreign and domestic brands. This in turn is destroying the livelihoods of legions of salesmen employed by 450,000 traditional distributors—including consumer giants like Reckitt, Unilever and Colgate-Palmolive. Reuters explains this looming catastrophe.
Also doing poorly: Car manufacturers who just had the worst festival season in a decade. The big reason: A global semiconductor chip shortage that began in 2020 thanks to Covid—and is expected to last till 2023. These chips are vital to controlling critical functions such as airbags, navigation etc. (Quartz)
El Salvador’s big plans for Bitcoin City
El Salvador in September became the first country in the world to adopt bitcoin as legal tender. President Nayib Bukele is doubling down on that bet. He plans to build the world's first Bitcoin City—funded initially by bitcoin-backed bonds. Residents will not have to pay any taxes except value added tax (VAT). And the entire city will be designed to look like a bitcoin symbol from the air. Also this: "This is a fully ecological city that works and is energized by a volcano." (Reuters)
Two bits of news for Indian customers
One: Airtel has hiked its prepaid rates for mobile phones by 25%—and the entry level plan is now Rs 99. Others like Jio and Vodafone are expected to follow suit. (Mint)
Two: Swiggy has launched a new membership program called Swiggy One—which includes unlimited free deliveries, discounts and benefits. The price: Rs. 299 for three months and Rs. 899 for 12 months. It will be rolled out across the country over the next two weeks. (Entrackr)
Two key health studies
One: We all know about the ill effects of sleeping too little. Now, a new study reveals that sleeping more than 6.5 hours is also bad—and is associated with cognitive decline over a period of time. What’s interesting about this: Typical recommendations for a good night’s sleep range between seven-eight hours. (The Print)
Two: A new report shows that the urban poor in India live far fewer years than the rich. The gap is as high as 9.2 years for men, and 6.2 years for women. The main reason: They are far more likely to fall ill—and struggle to find healthcare. (The Hindu)
World’s fastest all-electric plane
Rolls-Royce—the aerospace company and not the one that makes cars—claims that its newest aircraft “is the fastest of its kind in the world after it reached a maximum speed of 387.4 mph (623 k/h) in recent flight tests.” The super-plane also smashed another record by flying up to a height of 3,000 meters in just 202 seconds. (Gizmodo)
A new phase of water
Scientists have discovered a new phase of water—formed when you crush water between two diamonds and heat it up with a laser. It is a “weird, hot, black ice” called superionic ice. In the new experiment, they managed to observe it for a millionth of a second before it disintegrated. Why this matters: A lot of the universe’s water exists in this form, and it helps explain how icy planets are made. (Washington Post)
Five things to see
One: UK Prime Minister Boris Johnson addressed the Confederation of British Industry—and kinda got lost in the midst of his speech… and tried to compensate by talking about his visit to Peppa Pig World. You can watch a compilation of the best moments below or the entire speech here. (Euro News)
Two: This is a lovely time lapse video of the longest partial lunar eclipse in almost 600 years—taken from the Griffith Observatory, LA, on November 19. (Space)
Three: This four-bedroom home is a replica of the Taj Mahal built by an adoring husband for his wife in Burhanpur. FYI, the inspiration is not entirely accidental: Mumtaz Mahal died in Burhanpur. (News 18)
Four: This shocking example of everyday racism went viral yesterday: A white student hits a Black teacher in the middle of class. What’s striking is the absolute lack of reaction from the class. (Newsweek)
Five: Several parts of Bangalore were under water due to heavy rains—with some areas recording as much as 127.50 mm. This is what rescue operations looked like. (The News Minute)
