Venture capital (VC) investment in India surged considerably to $4 billion in the April-June period (Q2 2024), from $2.9 billion in the previous quarter, a report said on Thursday.

On the other hand, China saw a massive decline in VC investment from $13.5 billion to $6.9 billion in the same period.

VC investment is expected to continue to pick up in India, driven in part by the country’s stable government and positive economic environment, according to a KPMG report.

During the quarter, VC investors in India focused on more traditional sectors for investment, including fintech, electric vehicles, and consumer technologies.

Unlike many other jurisdictions where investment in the consumer-focused technology space has dried up dramatically, India’s population and demographics have kept investment in the space relatively resilient, the report mentioned.

The IPO market in India continued to be robust. The capital markets saw all-time highs during Q2’24, feeding the appetite of venture companies looking to raise funds in the public markets.

“Investors continue to remain optimistic about India and as mentioned in the previous edition, our expectations of VC investments to bounce back are now playing out,” said Nitish Poddar, Partner and National Leader, Private Equity, KPMG in India.

Strong demographics, robust economy and a vibrant capital market are the real drivers behind this optimism.

“Investors will however remain cautious and will continue to back sectors and companies which have a good operating model and an assured path to profitability,” Poddar added.

VC investment in Asia dropped from $20.8 billion to $17.4 billion, driven largely by a decline in China.

“VC investment in other jurisdictions in the region saw solid increases. In Singapore, it rose from $1 billion to $2.6 billion, and in Japan, it rose from $842 million to $1.1 billion. Consumer e-commerce companies raised the largest rounds in Asia in Q2 2024,” the findings showed.

Global VC investment rose from $75.4 billion in Q1 to a five-quarter high of $94.3 billion in Q2.

Heading into Q3, VC investment globally is expected to remain relatively steady, with AI continuing to attract a large share of funding, said the report. AGENCIES

New Delhi, Aug 1

 As more than 3.2 billion people use at least one of Meta apps daily, X rival Threads is about to hit 200 million monthly active users (MAUs), Meta Founder and CEO Mark Zuckerberg has announced.

He said the company is making steady progress towards building Threads what is going to be another “major social app”.

During the Q2 earnings call with analysts, Meta CEO said “WhatsApp now serves more than 100 million monthly active users in the US.”

He said the company is also seeing good year-over-year growth across Facebook, Instagram and Threads as well, both in the US and globally.

The Meta family of apps continues to grow, with approximately 3.27 billion people using at least one of its family of apps on a daily basis in June.

“Q2 total family of apps revenue was $38.7 billion, up 22 per cent year-over-year. Q2 family of apps ads revenue was $38.3 billion, up 22 per cent or 23 per cent on a constant currency basis,” informed Meta.

On an advertiser geography basis, total revenue growth continued to be strongest in Asia Pacific, at 28 per cent.

“We expect the relevance of video recommendations will continue to increase as we benefit from unifying video ranking across Facebook and integrating our next-generation recommendation systems,” said the social network.

The company is also seeing good momentum with its longer-term engagement priorities, including Generative AI. AGENCIES

 The mastermind of the September 11, 2001 attacks on US soil, Khalid Sheikh Mohammed, and two of his accomplices have agreed to plead guilty, the Pentagon said in a statement.

They are held at the US military prison at Guantanamo Bay, Cuba.

The Pentagon said that the Convening Authority for Military Commissions, Susan Escallier, has entered into pretrial agreements with Khalid Shaikh Mohammad, Walid Muhammad Salih Mubarak Bin ‘Attash, and Mustafa Ahmed Adam al Hawsawi, three of the co-accused in the 9/11 case said the statement.

The official said that the specific terms and conditions of the pretrial agreements are not available to the public at this time.

The three accused, along with Ali Abdul Aziz Ali and Ramzi Bin al Shibh, were initially charged jointly and arraigned on June 5, 2008, and then were again charged jointly and arraigned a second time on May 5, 2012, in connection with their alleged roles in the September 11, 2001, attacks against the US, the Pentagon said.

US Senate Republican Leader Mitch McConnell condemned the plea deals. “The Biden-Harris Administration’s cowardice in the face of terror is a national disgrace. The plea deal with terrorists, including those behind the 9/11 attacks, is a revolting abdication of the government’s responsibility to defend America and provide justice” McConnell stated on X. AGENCIES

The Australian government has denounced Japan’s decision to expand its commercial whaling. 

Tanya Plibersek, Minister for the Environment and Water, on Thursday, condemned Japan’s move to add fin whales to its list of commercial whalers will target, Xinhua news agency reported.

“Australia is deeply disappointed by Japan’s decision to expand its commercial whaling program by adding fin whales,” she said in a statement.

Fin whales are the second-largest whale species in the world and are listed as vulnerable to extinction on the International Union for Conservation of Nature Red List of Threatened Species.

Japan’s Fisheries Agency in May proposed expanding commercial whaling in the country’s territorial waters and exclusive economic zone to include fin whales. In June the agency announced that it has authorized the hunting of up to 59 fin whales in the North Pacific in 2024.

Plibersek said on Thursday that Australia is opposed to all commercial whaling and called for all countries to end the practice.

“Australia’s efforts through the International Whaling Commission have contributed to a whaling-free Southern Ocean and a decline in commercial whaling around the world. Australia will continue to advocate for the protection and conservation of whales and the health of our ocean for future generations,” she said. AGENCIES

The body of Fouad Shokor, Hezbollah’s top military commander who was killed in an Israeli strike on Tuesday, was found under the rubble in Dahie in Beirut’s southern suburbs, local media reported, citing sources close to Hezbollah.

An Israeli drone fired on Tuesday evening three missiles at a position near the Shura Council of Hezbollah, aiming to target Shokor, a senior military advisor to Hezbollah Secretary-General Sayyed Hassan Nasrallah. The attack on Dahie also killed five others and wounded around 74 people, Xinhua news agency reported.

Lebanese Prime Minister Najib Mikati condemned the attack, saying Lebanon preserves its right to take all necessary measures to deter the aggression.

Tensions along the Lebanon-Israel border escalated on October 8, 2023, following a barrage of rockets launched by the Lebanese armed group Hezbollah toward Israel in solidarity with Hamas’ attack on Israel the day before. Israel then retaliated by firing heavy artillery toward southeastern Lebanon. AGENCIES

 Cambodian Prime Minister Hun Manet said here on Thursday that women have played a pivotal role in socio-economic development and poverty reduction in the Association of Southeast Asian Nations (ASEAN).

Speaking at the opening ceremony of the Pinnacle Entrepreneur Forum & 2024 ASEAN Women Entrepreneurs’ Network Award held in Phnom Penh, Hun Manet said women are at the heart of families, the soul of communities, and the conscience of the nations, Xinhua news agency reported.

“Our region has become the fifth-largest economy in the world because ASEAN women have played a pivotal role, not just as the very bedrock of her communities and national economies, contributing to job creation, reducing poverty, and promoting inclusive economy, but also in economic integration through regional and international platforms driving growth and foster innovation across borders,” he said.

In ASEAN, about 9.8 per cent of the population, or over 60 million individuals, are female business owners, he said, adding that in Cambodia, female business owners account for around two-thirds of businesses.

“As women engage more actively in regional and international economic activities. They not only elevate their enterprises but also contribute to the overall economies, resilience and sustainability of their communities and nations,” Hun Manet said.

The Cambodian leader said despite their resilience and determination, women entrepreneurs face numerous challenges including limited access to finance, markets, networks and opportunities for growth and development.

“The ASEAN governments, including Cambodia, recognise the challenges faced by women entrepreneurs and understand the vital role they play in achieving gender equality and economic growth,” he said. “We are actively working towards overcoming these obstacles.”

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. AGENCIES

 Chile’s government downgraded its economic growth forecast for 2024 from 2.7 per cent to 2.6 per cent, and lowered its inflation forecast for the year to 3.7 per cent, the Finance Ministry has said.

Finance Minister Mario Marcel and other ministry officials presented on Wednesday the latest figures to parliament in a Public Finance Report for the second quarter of 2024.

Economic activity “contracted slightly” in the second quarter but “will resume growth” in the third quarter, Xinhua news agency reported, citing the ministry’s macroeconomic coordinator, Andres Sansone.

“Given a somewhat worse performance than expected in the non-mining sectors in the second quarter, the non-mining GDP (gross domestic product) is being reviewed,” he said.

The government slightly upgraded its 2025 growth forecast to 2.6 per cent.

Regarding inflation in 2025, officials revised their figure upwards, from 3.4 per cent to 4.4 per cent, due to higher electricity rates in the first half of the year.

Chile’s economy grew 1.1 per cent in May year on year, below the expectations of the domestic financial market, the central bank reported at the beginning of this month. AGENCIES

 India on Thursday summoned the Sri Lankan Acting High Commissioner in New Delhi to the Ministry of External Affairs (MEA) to register a strong protest over the death of an Indian fisherman during a collision between a Sri Lankan naval vessel and an Indian fishing boat five nautical miles north of Katchatheevu Island, earlier in the day. 

Out of the four Indian fishermen who were on board the vessel, one lost his life and another is missing. Two of the fishermen have been rescued and brought ashore to Kankesanthurai. A search is ongoing for the missing Indian fisherman.

The MEA said that the Indian Consulate officials in Jaffna have been instructed to “immediately rush” to Kankesanthurai and extend all possible assistance to the fishermen and their families.

“The Sri Lankan Acting High Commissioner in New Delhi was called in today morning to the Ministry of External Affairs and a strong protest was registered over the incident. We expressed our shock and anguish at the unfortunate loss of life. Our High Commissioner in Colombo will also be raising the matter with the Sri Lankan government later today,” the MEA stated.

The ministry added that the Indian government has always emphasised the need to deal with issues pertaining to fishermen in a humane and humanitarian manner.

“Existing understandings between the two governments in that regard must be strictly observed. Utmost efforts should be made to ensure that there is no recurrence or resort to the use of force.

“Government attaches the highest priority to the safety and security of Indian fishermen. Issues relating to Indian fishermen have been raised regularly at the highest levels with the Sri Lankan leadership,” it added. AGENCIES

Delta Air Lines CEO Ed Bastian said the massive IT outage, earlier this month, cost the company $500 million.

He said the figure included not just lost revenue but “the tens of millions of dollars per day in compensation and hotels” in five days, Xinhua news agency reported.

The airline cancelled over 5,000 flights amid the outage through July 25, which was sparked by a botched CrowdStrike software update and took thousands of Microsoft systems around the world offline.

The meltdown was rare for Delta. Its slower recovery from the outage than other airlines prompted an investigation by the US Department of Transportation.

After the outage, Delta’s platforms that match flight crews to planes couldn’t keep up with the changes, leading to further disruptions, according to the company.

Bastian told CNBC on Wednesday that the carrier would seek damages from the disruptions, adding, “We have no choice.”

CrowdStrike has so far made no offers to help Delta financially, Bastian said.

A CrowdStrike spokesperson said in a statement that the company had “no knowledge of a lawsuit and had no further comment.” Microsoft didn’t immediately respond to a request for comment, CNBC reported.

“We have to protect our shareholders. We have to protect our customers, our employees, for the damage, not just to the cost of it, but to the brand, the reputational damage,” Bastian was quoted as saying in the report. AGENCIES

 Calling the twin strikes by Israel killing senior leaders of Hamas and Hezbollah during a 24-hour period a “dangerous escalation”, UN Secretary-General Antonio Guterres has called for an international diplomatic push to prevent a broader regional conflict.

“The international community must work together to urgently prevent any actions that could push the entire Middle East over the edge, with a devastating impact on civilians,” the UN chief’s Spokesperson Stephane Dujarric said on Wednesday.

Hamas leader Ismail Haniyeh was killed in an audacious strike inside Iran on Wednesday during his visit for the swearing-in of newly-elected Iranian President Masoud Pezeshkian, according to Hamas.

A short while earlier, Hezbollah commander Fuad Shukr was killed in an air strike in Beirut.

“The Secretary-General believes that the attacks we have seen in South Beirut and Tehran represent a dangerous escalation at a moment in which all efforts should instead be leading to a ceasefire in Gaza, the release of all Israeli hostages, a massive increase of humanitarian aid for Palestinians in Gaza and a return to calm in Lebanon and across the Blue Line that separates Lebanon from Israel,” Dujarric said.

While Guterres has been calling for maximum restraint, it alone is not enough “at this extremely sensitive time” and he “urges all to vigorously work towards regional de-escalation”, the spokesperson added.

Iran’s UN Mission warned of an escalation, saying in an X post: “The response to an assassination will indeed be special operations — harder and intended to instill deep regret in the perpetrator.”

While Israel military confirmed it had taken out Shukr, Israel was silent on the killing of Haniyeh, a serious setback to ceasefire efforts in Gaza because the Qatar-based leader was a key negotiator with Israel for a ceasefire and the return of hostages taken by Hamas during the October 7 attack. AGENCIES