Things we are reading today - June 05th, 2023

Although many Chinese apps are popular worldwide, they may not be as well-known outside of China. This article features five businesses, including ShareIt and Yalla, that have found success on a global scale. The popularity of Xiaohongshu, a lifestyle app that advertises an idealised urban lifestyle to its users, is also covered in the piece. It also explores Bondee’s popularity, a metaverse app that has lately become popular in Asia. As a whole, the article sheds light on the widespread popularity of Chinese apps worldwide and the expanding global influence of China’s software sector.

The Indian government is making significant investments in digital infrastructure, including programmes like the Digital India campaign, which seeks to link all Indians to the internet by 2025. By 2023, the expanding Indian IT sector is expected to spend $4.6 trillion. India’s digital activities are also assisting the nation in expanding its regional influence. For instance, India recently unveiled the Digital South Asia programme, which aims to strengthen India’s position as a regional leader and encourage digital connectivity with its neighbours. India’s expanding labour shortage is also assisting in attracting international investment in the IT industry. Overall, the article provides insight into India’s digital transformation and its potential impact on the country’s position in the global economy.

Recently an Indian hacker admitted to infiltrating the e-mail accounts of a US-based aviation company and its competitors, as well as a financial services firm. This case offers a glimpse into India’s wider cyber espionage landscape, which is predominantly driven by private entities and individuals rather than government entities. The article delves into the operational methods employed by these hackers, which often involve social engineering techniques like phishing emails and phone calls to gain unauthorized access to sensitive information.The article also examines the legal and ethical concerns associated with this industry, such as the absence of clear regulations and the potential harm inflicted upon innocent individuals and companies.

AI is increasingly being used to automate tasks that were once done by humans, leading to concerns about job displacement. However, AI is also creating new job opportunities, particularly in data analysis and software engineering. As AI becomes more advanced, it will likely continue to change the nature of work, requiring workers to adapt and learn new skills. Overall, the article provides insight into the complex relationship between AI and employment, highlighting both the challenges and opportunities presented by this technological advancement.

This article explores the rise of a new financial giant in the wake of the 2008 financial crisis. It discusses the actions of a former hedge fund manager who used his experience and connections to build a new firm that quickly became a major player in the financial sector. One of the first moves made by the new firm was to lobby the Federal Reserve for the authority to trade and sell corporate stocks, effectively making it a “monster” in the financial world. The author, a former hedge fund manager with over 25 years of experience, writes from a unique perspective that adds depth to the analysis. The article also highlights how the collapse of one company can create opportunities for others to step in and fill the gap in the market. Overall, the article provides an interesting look into the world of finance and the impact that one company can have on the industry.

This article discusses the dynamics of “down & sideways” markets in U.S. financial history and the potential bullish implications of such markets. The author, Nick Maggiulli, provides insights into the frequency of such markets and the median return of 9.1% (including dividends and adjusting for inflation) over the next year when markets are down and sideways. The article highlights that, while investors often fear downturns in the market, history has shown that such markets can actually be a bullish sign. Maggiulli explains that down and sideways markets often occur during periods of uncertainty and that investors who remain patient and avoid panic selling can reap the benefits of a subsequent market rebound. Additionally, the article discusses the use of support and resistance zones in trading and how these zones can be used to identify potential bullish opportunities. Overall, it provides a unique perspective on the relationship between market downturns and subsequent bullish opportunities and highlights the importance of remaining patient and avoiding knee-jerk reactions to market fluctuations.

Some customers are facing issues withdrawing their money from Goldman Sachs savings accounts that are part of the Apple partnership. According to the article, some customers have reported delays of up to several weeks in withdrawing their money from the account. Some of them have also reported that their money has been completely frozen in the account, making it impossible to withdraw any funds at all.