Researched & collated by: Vagda Galhotra, Prafula Grace Busi & Elisha Benny

HDFC aur HDFC bank ki shaadi

Yes, it sounds confusing. Basically, the bank is acquiring its parent company—the country’s largest mortgage lender. The $64 billion deal will create a $160 billion financial services giant. After the merger, the company will have Rs 17.9 trillion ($237 billion) in its loan book (money owed to it)—much ahead of ICICI bank (Rs 8.14 trillion or $108 billion) and Axis Bank (Rs 6.65 trillion or $88 billion). Mint and Reuters have more details.

Speaking on big corporate moves: Elon Musk disclosed that he’s taken a 9.2% stake in Twitter—making him the largest shareholder. The announcement sent the company’s shares soaring by 27%. He is expected to be an ‘active’ investor—one who has often attacked Twitter for being anti-free speech. He recently held a poll on Twitter’s policy—adding: “The consequences of this poll will be important. Please vote carefully.” Also, his first tweet after the announcement: “Oh hi lol.” And there’s a new poll, as well: “Do you want an edit button?” 

Speaking of banks & bankers: A new Reporter’s Collective investigation published in Al Jazeera looks at communication between the government and then Reserve Bank Governor Raghuram Rajan—and also his successor Urjit Patel. The letters show senior bureaucrats insinuating bad faith on the part of Rajan—who is accused of deliberately keeping interest rates up to benefit developed nations. Point to note: We can’t find any reference to the ‘white man’ mentioned in the headline in these communications. But it is the first of a three-part series 🤷🏻‍♀️. (Al Jazeera)

Pakistan in chaos: The latest update

As you may know, Prime Minister Imran Khan has thrown the country into a constitutional crisis by blocking a no-confidence vote against him (see: our Big Story).  The Opposition raised a challenge in the Supreme Court calling his move unconstitutional. But the Court adjourned without deciding the matter on Monday—and it is unclear how it will rule. 

Meanwhile, Pakistan President Arif Alvi announced that Khan will remain in office until a caretaker prime minister is appointed—by Alvi in consultation with Khan and the leader of the opposition, Shehbaz Sharif. Interesting move: Khan has nominated former Supreme Court Chief Justice Gulzar Ahmed for the post of caretaker PM. Sharif has flatly refused to participate in the process—and the opposition held its own parliamentary “session” to pass a no-confidence motion against Khan. Is this silly season in Pakistan? Yes.

Meanwhile, in Sri Lanka: The opposition has rejected President Gotabaya Rajapaksa’s invitation to form a unity government—and help form a new cabinet after the last one resigned en masse. FYI: the governor of the nation’s central bank has also resigned. So the government right now consists of four newly appointed ministers—to maintain “legitimacy and stability.” For more context, read our Big Story on the economic crisis.

China tests 25 million citizens

Shanghai has extended its lockdown after recording 9,006 new Covid cases on Sunday—and is now testing all its residents. Beijing has sent 38,000 health workers to conduct the massive exercise—including medical staff from the military.  

Also this: Chinese health authorities announced that they have sequenced a new subvariant of the omicron variant—called BA.1.1—which does not match any others in the global database. Reminder: UK recently identified a new ‘recombinant’ subvariant called XE—which combines two subvariants of Omicron. Plus: see drone footage of an eerily empty Shanghai below. (Reuters)

Two bad news announcements about Earth

One: The UN warned that we have less than three years to halt the rise of carbon emissions—and less than a decade to slash them almost in half. The world is now on track to blow past the 1.5°C warming limit set by the Paris Agreement—and reach a shocking 3.2°C by the end of this century. The clear message: “It’s now or never.” (Al Jazeera)

Two: New WHO data shows that a whopping 99% of humanity breathes air that is below its quality standards—and are inhaling unhealthy levels of fine particulate matter and nitrogen dioxide that threatens their health. (Indian Express)

Infosys bows to Rishi Sunak’s career

The UK Chancellor of Exchequer has been facing PR flak over the company’s operations in Russia. The reason: his wife, Akshata—daughter of founder Narayan Murthy—has a significant stake in Infosys. This while hubby Rishi has been railing against British companies who do business with Moscow. After Sunak faced a media grilling (watch here), the company has quietly shut shop—and is “trying to find replacement roles abroad for staff employed in Moscow.” FYI: If you want more goss, we did a Big Story on golden boy Sunak and his Murthy connection. (Indian Express)

Three things to see

One: Arooj Aftab became the first Pakistani woman to win a Grammy. She scored the award for best global music performance. Her single ‘Mohabbat’ beat out a star-studded list of nominees including Angélique Kidjo, Burna Boy and Femi Kuti. Watch her acceptance speech below. (NME)

Two: Sydney’s iconic Bondi beach and others have been swallowed entirely by high tidewaters—which has everyone talking about rising sea levels. This is the second time the city has suffered widespread flooding in a single month. Watch the massive waves engulf all of Bondi below. (The Guardian)

Three: Lightning can strike at any time and at anything. NASA got this rude reminder when four lightning bolts hit the towers surrounding its new moon megarocket. It was parked on the launch pad for a “wet dress rehearsal”—but happily seems to have survived intact. Watch a slo-mo version of the strike below. (Futurism)

Good stuff to check out

On the latest episode of the splainer podcast ‘Press Decode’, the splainer team looks at the Will Smith ‘thappad’ through an Indian lens—which has been missing in the popular debate—including how the protector role plays out in politics. Be sure to head over to the IVM website, Spotify or Apple Podcasts to listen to it.