Sree Iyer: Today is July 6th, Tuesday, and Welcome to Daily Global Insights with Sri and Sree, Episode 197. We have a lot to cover and shall jump straight to Global News.
In global news, In an astonishing statement, Canadian civil liberties boss says burn it all down as churches are torched across Canada. Harsha Walia is described as a community, organizer and Campaigner in Migrant Justice, feminist, anti-capitalist, abolitionist, and anti-Imperialist. Welcome to DGI Sridharji and your thoughts on what this lady is saying.
Sridhar Chityala: Good morning to everybody. Welcome the first day back here in the United States after the long weekend of the July 4th weekend. It very bright, 91 degrees is going to be a kicker as we get into the space of the journey.
It’s quite astonishing that a person could make such a provocative statement and I believe that she has later apologized, but it is her qualifications that follow imminently describes or, aptly describes the Persona that we are talking about, you know, anti-capitalist, abolitionist, Anti-Imperialist and those fighting for justice, Etc. You can fight for everyone of this, but to make provocative statements in public is not very appropriate but, typical characteristics of These liberals, you know, who care to hooks for anything other than what they believe in, it doesn’t matter what you believe. But why should you be antagonistic to others who have their own beliefs, But very poor and I think it’s been condemned across the world, her statement, she’s not even clear about her identity. And when you go back and Google she is from Bahrain is a South Asian resident. So these are some of the questions but never mind. So, we should move on. But it’s not a very appropriate statement coming from the liberal wing of the World.
Sree Iyer: China trots out corrupt former Afghan president Hamid Karzai to whine about the United States, widespread corruption and expansion of opium production, dominated his tenure prior to this eventual fall. The Bagram Airfield Commander has complained that the US forces left, shutting off electricity without telling anyone by night. Well, first off, what is the China claim that under Karzai, things were very corrupt. I thought opium traders in flourishing in Afghanistan for God knows how long?
Sridhar Chityala: China has a point to prove, which is to say that this is the proxy battle that is going on, between China and the United States. It chooses every theatre or every venue and every opportunity to seize this moment. So what does it do as the US forces, EU leave Afghanistan who do they bring out in the front? They bring out, Mr Hamid Karzai. What does Hamid Karzai says, well US forces did not do their job and now they are leaving and we are left to the mercy and it’s the most inappropriate, you can see for yourself that the US is not a country to be trusted. Along those lines, he has issued a statement, the background is, this is the guy who was ousted because of his very Corrupt Practices.
Sree Iyer: Japan is going to extend Covid restrictions for 30 million people until after the Olympics. Indonesia’s Covid deaths soar as hundreds perish outside hospitals. Japan’s number two Deputy Prime Minister Taro Aso said on Monday that any invasion of Taiwan by China would be interpreted as a threat to Japan. Japan will deploy self-defence forces alongside the US forces. So Japan is beginning to get prepared for an eventual attack by China. Is that how I should read it, sir?
Sridhar Chityala: Well, we have to read is that Taiwan is clearly a red zone or the red line. Japan is taking a much more pre-emptive and proactive approach. And it is saying that any intrusion into Taiwan will be treated by Japan as an invasion of Japan itself. So, it will deploy and unleash all its forces to defend the nation of Taiwan, and it is demonstrating in two ways. One, it is providing this type of augmented support in concert with whether the United States is part of it or not, but it continues to tag the United States being adjacent to these statements. And if you remember, in the Ashima Island, the US and Japan conducted the exercise of surface-to-air missiles testing, as well as they, have packed anti-missile, batteries etc, etc. So Japan is making a very clear stand on this.
There is another thing that when one has to infer, what has happened to Quad? Japan is no longer talking about Quad or the whole objective of Quad was on from one stretch, Indonesian into South China, Sea into Taiwan Strait or in the East China Sea and then into Pacific that was the territory by which these four countries segmented themselves and decided to provide security. So very much it was an integrated architecture of the US, Japan, Australia, and India. So, Quad has been relegated to the back seat and Japan is coming up with these types of statements to defend Taiwan. So it’s very clear and the second thing that also we have to point out is that Japan has been almost every other day supplying the Covid vaccines, yesterday or today, they supplied another 1.2 million vaccines to Taiwan. There has been a spurt in cases if you recall Taiwan and Israel were two countries that have flouted as the countries which were able to combat Covid better. Taiwan had almost zero per cent in the first wave and in the second wave now they’re caught in the third wave. Israel was very effective in combating and but again the cases on the rise, but let’s move up from Israel coming back to Taiwan. So, Taiwan both on the Eco front as well as on the health front as well as on the security front. It looks like Japan is taking a much more active role in making sure that Taiwan is defended at any cost. The reason once Taiwan is done, Japan believes Japan is the next target.
Sree Iyer: Boris Johnson has made significant progress with vaccinations has decided to lift all restrictions including masks. He says we have to learn to live with the pandemic. Excellent thought, sir, but you still have to keep monitoring for looking for all these signs of, whether another one is going to come third wave, fourth wave. God only knows how many more waves are being held in check. And with a spineless response like in the United States is doing especially by not being very solidly together with a quad that’s a huge disappointment, because I see in India’s TV debates as if Quad is very much alive and active, some of them need to wake up and smell the coffee, that’s just my take, sir. Please go ahead and you think that British policy will be taken up by other countries.
Sridhar Chityala: Britain derive its confidence from Two factors. One factor is 50 per cent of its population is vaccinated with two doses of vaccine and 67 per cent of its population has had at least one vaccine. So 17 per cent of the people have had one vaccine the waiting for the second to cross. And then, of course, you continue. I think around 60-70 per cent, once you have vaccinated, you cannot keep people, especially in summer, winter one understands, especially in summer you Cannot keep the people inside. There’s been a lot of protests against people being against the shutdown so he saying, okay fine, now, we are vaccinated reasonably prepared, they say, okay, fine, let’s kind of move forward and deal with the situation allow people to acclimatize and see whether there herd immunity system begins to take shape, as it has happened in some of the warmer states in the United States. Florida is an example. Texas is an example where we have seen this herd immunity in conjunction with acclimatisation has helped people to combat it better. So, I think Boris is following the same principle but as you rightly said that one has to keep a close watch. Now that we have moved from Delta to Lambda. We have a new variant called the Lambda variant, so we will see the efficacy and how quickly this contagion spreads under Lambda. We have heard from China that it can very actively spread across as they have witnessed in their own country.
Sree Iyer: Israeli defence officials were checking whether Iranian forces were behind the attack on a cargo ship under partial Israeli ownership. The ship was on its way from Jeddah, in Saudi Arabia, to the United Arab Emirates, a large fire reported near Tehran and the background on what caused it remains unclear. The fire broke out in Karaj, south of Tehran, the city where an alleged past attack was the target of a nuclear facility reportedly used to produce centrifuges.
Viewers, you’ll remember a few days ago, we had reported this. So it looks like there is a certain link and Iran is also being looked at with suspicion if they were the ones who attacked the ship. Sir, these are all tit for tat between Iran and Israel. Is that how you see it too?
Sridhar Chityala: Yes, I think Iran is playing both proxies as well as direct you know multi theatrical attack against Israel. It directly cannot confront Israel or he confronts to its proxies and through its agents be in Hamas, be it Hezbollah, be it the people from Gaza. So, you have a whole range, so they seem to have targeted. We have had this issue even in the Persian Gulf, near Oman if you remember that ship was attacked. They tried to seize the ship both the Korean and Israeli. This is a cargo ship that is moving around between Jeddah and UAE that was attacked. So, Israel is investigating, it is very clear that there’s not going to be a dull moment for the next few months or a few years under the current presidency because all of these things are begin to pop up especially because Iran is now in the front and centre of negotiations, part of the world accepts it, part of the world doesn’t accept it. IAEA is supposed to visit it back again notwithstanding the fact Iran is unwilling to cooperate. The Swiss people are saying we got to go back Swiss, Germans and the Chinese are saying we got to go back and bring Iran to the negotiating table and discuss the sanctions. While that happens, you have these subtle attacks going on around Tehran where you know bit by bit some of these facilities are being targeted. We don’t know by whom, sometimes Israel claims, sometimes you don’t get any answers but this is an instance of the fire that took place yesterday.
Sree Iyer: Let’s take a look at the US news, immigration activists called Texas border security efforts and Insurrection against the United States. A major Hispanic group league of the United Latin American citizens, LULAC delivered a letter to Biden, calling him to block State Governor sending National Guard and other officers. Sir, these things don’t hold any weight for me. You can start a letterhead in the comfort of your bedroom if you want to and say that you represent a certain interest and then start putting out business, you know, press statements and so on and so forth. These are all, you know, I am just stuck by the amount of exaggerated importance these organizations give to themselves. You got to really fight it out for some time and establish credibility before you can start claiming these things. I’m just an Aghased, sir, these progressives, I don’t know where their head is, frankly, I don’t know where their head is. I don’t know about you, sir. I think the US is still not out of this Pandemic. We need to regulate who comes in out. We seem to be able to do that just fine at our airports but not at the borders.
Sridhar Chityala: Well, you know you have raised a number of issues ranging from containing the pandemic to controlling the inflow of the surges that are happening across the border plus the security issues that are adjacent that come with it. And again, you’re right that a pandemic has not been conquered. We finished wave one with lots of damages, wave two we seem to be smothering but Wave 3 is almost imminent here which is what both Dr Fauci as well as WHO is warning and we have been talking about the Active cases which remain are significantly material number, right on a 34 million. If you have 5 million, people still 4.7 or 4.8 million people are still active and more people coming in untested and what they call is shelter in place. It is called is another word that is called shelter in place means which means you can put these people because they said there’s an opportunity to house them. Even in the shelter in place, there’s been deaths and there is no testing of all these people who are Coming in.
So as you rightly point out there seems to be no rationale other than the only rationale being all these people have to be gushed in conjunction with 11 or 12 million people already here. So you can explore the nation with the people that are for whatever purpose is like you know, unfinished business, but we will do it at any cost under all circumstances seem to be their only agenda.
Sree Iyer: Biden gun and police policies are threatening Democrats, prospects with rising crime and violence across major cities. Across 34 cities, the homicide rates surged up to 24% in the first quarter of 2021 alone. In New York City, the recent crime, waves have triggered discussions around racial Justice policing changes. New York has witnessed resignations and early retirement by officers and detectives. The general outcry is keeping the dangerous criminals, locked up until Justice is dispensed. More than 80 shot and 14 fatally over the July 4th weekend in Chicago. Many amongst them were children. What did they do to deserve this? So, where is this country headed?
Sridhar Chityala: I think the crime is astronomical and you can see from the data. The New York issue is the front and centre of the mayoral debate that just concluded. Manhattan is flooded with a lot of liberals, you know, the five boroughs are. Now even the Liberals are breaking ranks with the progressives and saying change these policies which came into effect in January 2020, change the policies namely that you got to have these people in those who are criminals, give the freedom to the justices. So that these guys who have perpetrated crimes, at least can be kept behind bars away from the society until such time, you know, the verdicts and judgments happen and then we’ll deal with it, as situation, maybe if it’s proven guilty or proven innocent as the case may be, but unleashing them back into the society is not the very effective way by which reducing the Crime and that is why the crime is growing. You can’t go into Times Square and guarantee that your walk out of the Times Square safe anymore, during the daytime, evening time, night time, doesn’t matter what it is. Even the people innocent people, we had that incident, a guy coming into a Time Square and randomly shooting and the fellow who was walking with his family, in a bike, gets injured and admitted to the hospital. So you have a number of these cases propping up just in the heart of many important public venues where people flock especially the tourist and of course Chicago, DC, Minneapolis and so on you can begin to list these states. But, the general uptick in the homicides is a reflection of the prevailing Law and Order plus this whole defund police movement and disrespect to the police officers and detectives is become a double whammy in terms of addressing the crime issue in the United States.
Sree Iyer: In fact, I must add that in San Francisco, many of the store chains such as Target and Walgreens, are reducing their hours to like 5 p.m. in the evening, even during weekdays, we were used to be open till 8:00 p.m. because of the unchecked, unbridled crime that is going on. If you remember, we had talked about this and some of you dunderheads have said in comments that it’s a fake video or it is not a fake video, it was a real video that is being used now, a person was trying to steal stuff, he biked his way into, I think it was a Walgreens on a post or fell or something like that is San Francisco. He goes in and he steals, whatever he wanted a black garbage bag and security, guys trying to stop him, he just knocked him and just keeps going and the state said, I think that you cannot prosecute someone for crimes of theft less than $900, ridiculous, ridiculous. So this is San Francisco is not very far behind New York, sir and I’m very very sorry to see this state of affairs and I have nothing but place the blame at the feet of the Biden Administration. These guys have led their Progressive Wing to run amok. I don’t know what kind of coffee they drink. What kind of tea they drink and what kind of cigarette they smoke? But it’s all wrong. They really need to do an attitude adjustment. This great country of ours is actually going to hell in a handbasket.
Well, let’s move on Texas joins 21 other states, and asking Supreme Court to protect Second Amendment. Sir, a little bit more on what a second amendment here is in question that Texas is asking, sir.
Sridhar Chityala: So, Texas, Arizona, Arizona Kansas, Missouri, Idaho, Wisconsin, several of these Republican states, several of the red states are asking for the right to carry guns with permission and license with a right to defend themselves. They believe that withdrawing that is withdrawing the Second Amendment which is giving the right to a citizen to self-defence and protect himself from any kind of catastrophe that he faces. Obviously, if he uses it not in self-defence but for offensive purposes then law enforcement takes place. So they are saying that all these things that Biden Administration is bringing basically violate the Constitutional Second Amendment, which is what the red states are saying. So, Texas has now joined in lieu, of all the things that are happening in Texas in its Southern borders. You saw that one of the other things that the Texas Attorney General, as well as the Texas governor, Mr Abbott had proclaimed, is that those ‘who are living in the border states, where you find your property is damaged where you find Criminal incidents have happened, please come forward and report, so we can appropriately deal with the situation. So in conjunction with this Texas is saying that you cannot violate the Second Amendment. So they’ve taken it right to the Supreme Court.
Sree Iyer: Now Pennsylvania Republicans are thinking of an Arizona like election probe. Now first-off the election probe like Arizona, especially the Maricopa County was entrusted to a company in Florida but we don’t know what happened after that, sir. Perhaps you have an update on what is playing out on that thing? What is now leading other states to consider doing something similar? That would be most helpful.
Sridhar Chityala: Now, let me first finish Pennsylvania. Pennsylvania has indicated, especially the Republican, or the GOP senate members that they must conduct an independent probe to determine not the change the course of the election but to make sure that the practices and policies that are put in place preserve the integrity of the elections. They say that if the state is not going to fund they have taken permission they have taken legal reviews with a privately-funded GOP effort can contact a similar type of audit in Pennsylvania to retune its election policies and principles. You go back to Pennsylvania or maybe a read snippet of, whenever Sree Iyerji’s book – Who Painted my State Purple?’ you will get some glimpses of what happened in terms of the drama that prevailed in Pennsylvania. So this is what they’re trying to fix.
What is the Maricopa? Where did it happen? They clearly established that there were several issues including the voter ID validation. They identified these gaps and picked up that there were issues in Maricopa County. So that has been addressed. There are still 145,000 – 200,000 missing ballots, what has happened to it and what needs to be done around that remains the part of a probe that is not completed. Then there is a battle going on between Maricopa County and the election audit officials in the state. Supreme court in determining whether they are entitled to provide these data or not entitled to provide this data. The battle is still going on. But prima facie, Arizona has determined that there were gaps and there have been issues in the conduct and the process of the elections and preserving the Integrity. Remember, Maricopa County was the subject matter of big contention. There is a good sprinkler for liberal friends who have different views on what the elections are to be.
Sree Iyer: Keystone XL pipeline developer seeks $15 billion damages from the government for the cancellation of the project. Yeah, some of the money that Bidens have made from all their deals in Ukraine, perhaps they can set it aside for covering this. Otherwise, why should the taxpayer be putting it, sir? That is my thought, your thoughts.
Sridhar Chityala: I have just a simple response to this. The WTI Brent Crude is around $77, very close to getting to the $80. The Brent is around $76 plus. We started around $45.50, we have come to $76. What have we done in the United States? We have cut off or supplies. So we are now going to be left with the vagaries of the imports that we need to do from other countries. We are no longer going to be self-sufficient, we cannot pull from the reserves. So one of the great benefits that the United States entered over the last four years is going away. On top of it, there is a battle going on between UAE and Saudi, and Saudi and Russia. So we are in trouble as far as the gas prices are concerned, as far as Keystone Pipeline is concerned, it was just an abrupt decision of termination. If you don’t terminate Keystone Pipeline, we are going to have floods, we are going to have climate changes, we’re going to have a whole range of stuff that going to engulf us. So, therefore, we have to cancel, but when you cancel something, you have a price to pay. We can borrow because we don’t need to repay, it just becomes another number to the balance sheet of the government. To borrow more and we borrow more and we give it. $750 billion has been allocated to local governments and councils thus far. We are going to do a fireside chat only to focus on the covid allocation of data, of numbers both at the Fed level which goes into the money supply and the second into the various cost allocation. How much has been spent and what’s the outcome that’s going to come out? And we have more coming in the next three years of the budget.
Sree Iyer: Now, let’s take a look at Indian news. PM Modi holds a meeting with Amit Shah and BJP General Secretary BL Santhosh in what is being viewed as final touches prior to Cabinet expansion. It is slated to take place on the 8th of July, we will keep you posted. I stood on that. Personally, I think he needs to fire a lot of his Babus but that’s just me. Sir, your thoughts.
Sridhar Chityala: I think I agree with you on this. He needs to bring some technocrats. I’m sure Sree Iyerji has published a few pieces on this in PGurus. Then I think one of the other pieces that I saw two days ago is one of our members who come on our channel, TV Mohandas Pai has said, it’s time to bring technocrats. Bring people with expertise in banking, bring people with expertise in It, bring people with expertise in manufacturing. So you need technocrats helping many of the ministers in the transformative agenda. It is not a linear jump from $3 trillion to $5 trillion. We really need competencies. If I have to address your point which follows the same pattern that the United States follows. The US brings a lot of technocrats from outside the industry in the administration to help politicians to have better governance and better orchestration of the program. So I think, Mohandas Pai has recommended quite a few names, if you read the article, I think it was published on News18. I think the next one Nandan Nilekani is a very good move, I believe that coming into the governance process of the digital ecosystem.
Sree Iyer: You read by next news item. So I’ll just go on. He’s going to be joining a government panel as digital expertise He’s going to be looking at Open Digital networks, Digitizing of the value chain and enhancing values. These are the main objectives. So, one thing that I can tell you, having interacted with India for almost half of my lifetime, there is an active pushback from people of your age and my age to learn new things about computers. If you don’t learn you are obsolete. Please remember, those of you curmudgeons and I used to include myself as one of those until I saw the light. Please understand knowledge is doubling itself every 18 months. Students who are going into college are coming out obsolete, that is how quickly technology is changing and you still want to not use a new computer. Your smartphone is actually more powerful than your laptop. Please consider changing it every year because that’s the kind of power and activity you need to stay and keep up with the Shastris and the Sharmas. That’s all I have to say, sir.
Let’s take a quick look at what’s happening. Twitter fail to comply with new IT rules, centre tells Delhi High Court. There’s an article about this in PGurus. Just wait and watch and I think this is all one by one, step by step, bit by bit, it is a drip treatment for Twitter. My guess is that it is going to be banned in India. Let’s see how it goes. Sir, your thoughts.
Sridhar Chityala: Let me add another dimension to this. This is a systematic approach that India has taken in dealing with what I call the progressive offensive machinery. The progressive offensive machinery is the technology platform. The technology platforms yield a power that is disproportionate to any non-governmental agency deals used with the present Biden Administration. So anything that India does, immediately you’re going to see some repercussions be it on the taxation side, be it on the enforcement side. So I think India is adopting a policy, keeping in mind, the sensitivities and what could come from the United States. Some of these things, for example, India is dependent on one of the vaccines’ critical API ingredients. India, based on what I’m reading, seems to have overcome that and is not reliant on the United States. Once India feels that there is a catastrophic reaction from the US government, it can deal with it then you will see rapid acceleration towards the enforcement of rules within India. I think that’s where we are heading with Twitter. Twitter is a very, very big donor to the Democratic party and they are the presiding party in power. Whereas people like Facebook and Google, yes they have influence but they seem to be far more compliant. Google was the first one that said it would be compliant, Facebook said it will take its rules, but the only one which seems to be defiant is Twitter. As Sreeji rightly pointed out, one-by-one things are being checkmated and eventually, I feel that there will be enforcement.
Sree Iyer: India’s Services sector slums the fastest in 11 months, in June. As per PMI, the Indian Services business activity index fell from 46.4 in May to 41.2 in June. India engages in quiet Covaxin diplomacy likely to get approval from several countries in the next two months. India will be offering under one Earth, one Health, the Cowin digital platform for the management of covid to all countries. They have made that course as open source. In fact, there’s an article in PGurus again, explaining this. Moderna vaccine likely to reach India this week and will be the fourth vaccine. Mumbai-based Cipla has been granted permission. I am just going to read because you’re running a little late, sir. Indian covid update tracker, vaccines, active cases, scorecard, etc, with your permission, I will put up that thing, sir. Let’s take a look at the number of cases. I have the graphic up sir. Please go ahead.
Sridhar Chityala: Yes, Let me pick up the same charts that you have. So, I think one of the first charts is around, what you will see in the Cowin dashboard, it roughly shows 352 million people have been vaccinated of which close to 287 billion have received a dose one, and 64 million people have received dose 2. It roughly translates to about 20% of the people have been vaccinated of which about 16% of the people have got their first vaccine, and then how about less than 3% or less than 4% have got the second vaccine. That’s the first set of data that you are seeing.
The second data that you’re saying is the most important number is that India has overcome the active cases. The active cases are around 420,000 to 440,000 number. Once upon a time, it was 10 times this number when Wave 2 was rampaging across India. So they’ve also been able to contain the daily active cases that are coming down, which are negative in number. That’s again, a reflection that India is slowly coming out of Wave 2 and probably preparing itself very well with the acceleration of vaccines. So that’s the second chart.
The third chart is the number of vaccines given across the world. India, as you can see is at number one, the United States is number two. This is total vaccines, not the total vaccines relatively to the percentage of the population. When you look at the total vaccines relative to the percentage of the population, countries like the UAE, United Kingdom top. The reason why the UK is very confident is the percentage of people vaccinated with two vaccines is 50% and the percentage of people who have totally been vaccinated with at least one dose of vaccine is around 67-70%. This is what gives UK confidence to do what it is doing in terms of opening up or loosening the rules.
Sree Iyer: Let’s move on. And now we will take a look at the markets. In markets, we have some amazing developments. The average wage earnings increase 3.6% in June. This is higher than the trend before the pandemic. Surveys indicate that pay increases and benefits are tools to lure workers back in. So Market is Galloping. We know that all indices are up 15% to 16% or somewhere in there about. Now what is happening is many have money in their pockets and they are now looking up and down, looking at the weather trying to see, should I go, should I not go? This is going to turn hopefully sooner rather than later because, otherwise, you will have inflation plus you’ll have fallen productivity. My primary question, sir, is that why are many Americans still reluctant to take the vaccination shots?
Sridhar Chityala: This is just not American. I just spoke with few people in Australia and a few in Asia. There is considerable reluctance and suspicion. Whether the suspicion is created by the adverse press that is coming out, is becoming a barrier and fear. All this comes from lack of trust and lack of credibility from the governmental agencies which have dealt with the covid situation right from day one almost making it non-existent to turning it into a pandemic and then the political battle that took place between various parties depending on which country you are in between left, right, and centre on vaccination, the effectiveness of vaccination wearing masks versus not wearing masks, doctors not coming out and being allowed to come out and speak in a much more transparent manner. All this is creating suspicion in the minds of the people. I don’t want to inject something into my body that I don’t know what it will do to me. Now I control my body so, therefore, it’s better for me to deal with it in a natural combative way and basically, address it comes. This is the feedback that is coming through which is we don’t trust the doctors and by the way, these vaccines have been rushed into the market with not adequate testing that has taken place, and we are guinea pigs for the test.
Now, I’m not suggesting. I’m vaccinated, I have had two vaccines, I have also suffered a covid situation and I have dealt with various protocols, to address myself. So, I’m a vaccine supporter, but I’m just trying to tell you that this is the feedback, talking to people. For example, the USA army says, quite a large number of people have stated that they should not be a mandate to compulsorily vaccinate. Australian army, some of the army of other countries. So there seems to be this suspicion that this is not field-tested, there are a lot of collateral consequences and there’s also why should I trust the people who have misled me right through, this is the sentiment that is blocking people from the vaccine. It is based on, I’ve not conducted a survey of 10,000 people I just may have spoken to about 20, 30, 40 families. And that this is the feedback that we are getting, sir.
Sree Iyer: Hackers demand over 70 million to restore data held by the companies hit in the Cyberattack. The number, I believe is around 200 companies. This is still not resolved. FBI has not been able to crack it down. I don’t know if the FBI is the one that’s responsible for that, however, Biden Administration is certainly responsible for this because these are all American companies and let’s see how these things play out, sir. We will touch upon this maybe tomorrow because we are out of time today. And thanks for joining viewers. And we’ll be back again, tomorrow, bright and early, thanks for joining again. Namaskar.
Sridhar Chityala: Thank you. Have a wonderful day. Namaskar.
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