Researched & collated by: Vagda Galhotra, Elisha Benny & Sheya Kurian
RBI delivers a shocker
The Reserve Bank of India suddenly announced an interest rate hike of 40 basis points—taking it up to 4.4%. This is the repo rate at which the central bank lends funds to commercial banks—which in turn affects the interest rates you pay on loans. The timing of the announcement was likely tied to the US Federal Reserve—which soon after hiked its interest rate by half a percentage point.
The rate increase is a belated response to months of soaring inflation—and took the stock markets by surprise. The Sensex plummeted by 1,300 points, while Nifty also tanked 317.75 points. Mint has more on the timing. NDTV explains what will become more expensive for you. Also worth a read: This Reporters Collective piece in Al Jazeera on how the RBI dropped the ball on inflation.
In happier news: The LIC IPO was a smashing success—and was subscribed 67% on the first day of bidding. There are 162.1 million shares on offer—and the government expects to raise up to $2.7 billion—which is only a third of its original target—from selling a 3.5% stake. (Reuters)
Bad news for VPN users
Virtual private networks are designed to allow users to browse the internet in privacy—disguising their IP address and location. The Indian government, however, has ordered VPN companies to collect extensive customer data—customer names, validated physical and IP addresses, usage patterns and other forms of personally identifiable information—and maintain it for five years. And it's not just VPNs:
“The directive isn't limited to VPN providers. Data centres and cloud service providers are both listed under the same provision. The companies will have to keep customer information even after the customer has cancelled their subscription or account.”
Cnet has more on this key story that seems to have escaped the notice of the Indian media.
A ‘slight fee’ for some Twitter users?
Elon Musk is publicly pondering sources of revenue for the company—likely to make good on the promise he made to banks who lent him money to buy it. One idea he shared in a tweet: “Twitter will always be free for casual users, but maybe a slight cost for commercial/government users. Some revenue is better than none!” This would mean business and government handles would have to pay to tweet. (The Guardian)
Already new on Twitter: The company announced a new feature called Twitter Circle—which allows you to create a group of upto 150 people who can see tweets you share only with them. This is kinda like Insta’s ‘Close Friends’ feature. The tool is still in beta and has only been enabled for some users. The clip below shows how it works. (TechCrunch)
Meanwhile, over at Spotify: The company became the first music streaming service to enter the metaverse—striking a partnership with the wildly popular gaming platform Roblox. It’s created a Spotify Island for its gamers:
“The island (which has been hovering around 7,800 active users on its launch day) is a lush and tropical digital landscape, where Spotify says users can meet their favourite artists, collect points to reach the top of ‘The Charts,’ and create their own music using beat stations scattered across the island, which are powered by the digital audio workstation Soundtrap.”
Users will soon be able to travel to other islands themed around different artists and genres. First up: K-park, of course! See the promo video below. (Gizmodo)
India is #1 in T20
The Annual ICC Men’s Team Rankings are out. India is #1 in T20 and #2 in the Test series—with Australia taking the top spot. But we are only #4 in One Day Internationals. New Zealand rules that roost, followed by England and Australia. The Hindu has more details.
Another on-stage assault on a comedian
Dave Chapelle was assaulted while performing a set at the Hollywood Bowl. A man rushed on stage and tackled him to the ground. The incident got even uglier when Chapelle resumed his act, and quipped, “It was a trans man”—a reference to the fact that his jokes have been criticised as transphobic. Chris Rock then came on stage and joked: “Was that Will Smith? (Hollywood Reporter)
A very expensive Maradona jersey
An anonymous buyer paid $9.28 million at a Sotheby’s auction for a jersey of football legend Diego Maradona. Why this one is special: He wore it while scoring the ‘Hand of God’ goal against England in the 1986 World Cup. This is an all-time record price for any piece of sports memorabilia. It blew past the $8.8 million paid for the original hand-drawn Olympic manifesto in 2019. (ESPN)
Two things to see
One: When Prime Minister Narendra Modi and German Chancellor Olaf Scholz held a press conference, neither leader took questions—on the insistence of the Indian side. Inevitably, there was great amusement when this ‘no teleprompter’ clip went viral. It’s supposedly taken during his current trip to Denmark—and Indian reporters seem to be complaining they haven’t been let into the Indo-Nordic summit. But we haven’t been able to verify that as yet from a mainstream news source. Though we’re not sure where else he would be this exposed to reporters…
Two: Airbnb partnered with the famous Parisian night club Moulin Rouge to offer a sumptuous stay at its famous red windmill. The interiors have been refurbished into “a Belle Époque-inspired boudoir, reminiscent of the cabaret era.” Lucky guests will score one of three single-night stays (for two) on either June 13, 20, or 27—for the price of just one euro (Rs 80). Travel+Leisure has all the details. You have time to try your luck until May 17 by signing up here.
