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News in Short

News in Short - 28-May-2021

WhatsApp moves Delhi HC against government’s new IT rules

Date: 28 May 2021 Tags: Judiciary & Judgments
  • WhatsApp has moved the Delhi high court against the new rules announced in February for digital media companies.
  • The new requirement forces them to adopt features such as traceability for identifying originators of messages.
  • The rules pertain to new guidelines notified under the Information Technology Act on February 25. They gave digital media companies three months to implement new content moderation mechanisms, appoint new officers who will be liable for compliance, and adopt features such as traceability of messages.

Los Angeles Mayor may be appointed Indian ambassador

Date: 28 May 2021 Tags: Appointments & Resignations
  • U.S. President Joe Biden is reportedly preparing to name Los Angeles Mayor Eric Garcetti as the next Ambassador to India. Mr Garcetti is a long-time political ally of the President.
  • Mr. Garcetti is a co-chair for the Biden campaign and was considered for a Cabinet post, but did not make it due to sexual harassment allegations against his former aide.
  • The U.S.-India relationship enjoys bipartisan support in the U.S. with ties in trade, defence and the COVID-19 response growing across the Trump and Biden administrations.
  • The two countries have also had to navigate their relationship in the context of growing Chinese assertiveness and aggression.

Amazon buys MGM studios

Date: 28 May 2021 Tags: Miscellaneous
  • Amazon has agreed to buy the storied MGM studios for $8.45 billion, giving the US tech giant a vast content library to further its ambitions in streaming.
  • The deal bolsters Amazon Prime Video, which competes with Netflix and others in the fast-evolving market, with some 4,000 films and 17,000 television shows.
  • The move comes with Amazon experiencing surging growth in online retail and cloud computing, while making a push into entertainment as more consumers turn to streaming media.
  • The Metro Goldwyn Mayer studios is an iconic name in Hollywood which has been through a series of ownership changes and bankruptcy in recent years.

Sri Lanka concludes currency swap agreement with Bangladesh

Date: 28 May 2021 Tags: Miscellaneous
  • Bangladesh has cleared a $200 million currency swap facility for Sri Lanka, to help boost its economy, becoming the first South Asian country to extend crucial financial assistance to the island nation this year.
  • Sri Lanka’s main foreign exchange-earning sectors such as tourism, export of garments and tea are badly hit due to the pandemic.
  • The country has been struggling to maintain its reserves in the face of a daunting debt repayment schedule. It debt obligations have already crossed $ 4.5 billion.