Didi Chuxing: The last of its kind

Read in browser >

The Signal

July 08, 2021

Good morning! Just when I thought I was out, they pulled me back in. Donald Trump is back in the news — he plans to sue Mark Zuckerberg, Sundar Pichai, and Jack Dorsey for ousting him from their platforms, according to Axios.

Anyway, on to the day’s stories:

  1. We have a new minister for IT. We wonder what Twitter thinks of him.

  2. Holding you to ransom.

  3. Crypto takes a break.

If this newsletter was forwarded to you, consider subscribing, it’s free.






+ 0.39%




+ 0.37%




+ 0.08%




- 0.17%




- 0.01%




+ 0.28%




+ 0.50%




+ 1.23%

*As of market close

Stocks: A late rally helped benchmark Indian indices register record closes, with the Sensex settling above the 53k mark for the first time. However, their perches are precarious, as last evening’s cabinet reshuffle could lead to a shock response in either direction.

Two IPOs — GR Infraprojects and Clean Science and Technology — kicked off yesterday.



Indian Crypto Market Cools

Indian Crypto Market Cools

The Indian crypto bull run appears to be slowing down. WazirX, India's largest exchange by volume, reported a 60% drop in trades.

Others such as CoinDCX and Coinswitch Kuber are also experiencing lower volumes, indicating that regular traders may have exited, while long-term investors are holding on to their positions, hoping for an uptick.

Helping hand: At its peak, India's crypto market had seen a retail investor frenzy after the Supreme Court overturned the Reserve Bank of India’s ban on banks dealing with crypto firms last year. It rekindled flagging enthusiasm for crypto trading and volumes on WazirX alone had crossed $6 billion in May.

Lull’s good: This isn't all bad news though - many exchanges are using the downtime to build capacity and improve the stability of their systems. Many couldn’t handle volume spikes, leading to frequent maintenance shutdowns.

Share on Facebook Share on Twitter Share on LinkedIn Share on email


Ransomware Is Everywhere

Even though the ransomware attack on Kaseya may have caused “minimal damage” to US businesses, US President Joe Biden isn’t taking it lightly — elevating ransomware threats to “national security and economic security priority.” Last weekend’s REvil attack impacted up to 1,500 businesses, according to Kaseya, the vendor whose software was hacked.

Russia and Republicans: Cozy Bear, a hacking group tied to the Russian government, allegedly breached the computer systems of the Republican National Committee during the Kaseya attack. The group is suspected to have hit the Democratic National Committee back in 2016 and done the SolarWinds hack in 2020. 

Not the same old: This time it feels a bit different. Experts consider REvil’s attack  more sophisticated, with “a zero-day exploit” and a level of planning closer to a state-sponsored hack — accessing a “company with a small but a key role in the internet ecosystem.”

Timing: The attack comes within weeks of the US-Russia summit, where Biden had taken up with Russian President Vladimir Putin cyber attacks originating from that country.

Share on Facebook Share on Twitter Share on LinkedIn Share on email


Change Of Guard

Change Of Guard

Three high-profile ministers were among those who resigned on Wednesday to make way for new faces as Prime Minister Narendra Modi effected a major cabinet reshuffle. Each of the ministers, Ravi Shankar Prasad (IT), Harsh Vardhan (health) and Prakash Javdekar (environment), has been in the news for different reasons.

No blue tick: Prasad leaves the ministry when India is in the thick of framing laws to regulate big technology companies and platforms in entertainment, social media, fintech and commerce. He had taken up cudgels against Facebook-owned WhatsApp and Twitter, asking the former to open up encryption for the government and baiting the latter for several of its policies. Prasad was instrumental in trying to shape a global alliance against Big Tech and was a fervent supporter of homegrown social media platforms like Koo (also among its most-followed users). He leaves behind the unfinished business of creating a data protection framework. Relatively unknown Ashwini Vaishnaw replaces him.

Second wave: Harsh Vardhan leaves as health minister after the government’s handling of the second Covid-19 wave came under fire from citizens and experts, domestic and global, alike. The government’s vaccination programme is also being seen as a bungle by many. Although the responsibility was collective, scores of people died for want of medical oxygen and treatment on Vardhan’s watch. Mansukh Mandavia will take over from him. 

No green light: Prakash Javdekar was a favourite target of environmental activists for being soft on big industry. They allege that on many instances his ministry allowed industry to get away with violations. Bhupender Yadav will occupy his chair.

The Signal

The exit of the three ministers apart, the cabinet reshuffle clearly indicates political calculations. Anupriya Patel, for instance, holds sway in several constituencies of eastern Uttar Pradesh, which is headed to the polls next year. Sadananda Gowda’s exit and Rajeev Chandrashekhar and Shobha Karandlaje’s entry point to a give and take within the Karnataka BJP. Sarbananda Sonowal has been accommodated at the Centre for ceding the Assam chief ministership to Himanta Biswa Sarma.

Share on Facebook Share on Twitter Share on LinkedIn Share on email


Olympics Under Emergency

In what clearly represents the year that is 2021, the Tokyo Olympics will be held under a state of emergency, which the Japanese government declared until August 22. That's a first. The number of spectators at these events is also likely to be reviewed owing to the fourth wave of the Coronavirus infections, Kyodo News reported.

Foreign spectators are already excluded and the 50% venue capacity limit for domestic fans faces the possibility of dropping to zero.

Share on Facebook Share on Twitter Share on LinkedIn Share on email


Chinese Firms’ US Gold Rush May Stop

Chinese Firms’ US Gold Rush May Stop

While attention is focused on ride-hailing company Didi Chuxing’s share crash, China is working to plug the loophole exploited by Didi and Alibaba (2014) to list overseas. That may dash the plans of 34 China- or Hong Kong-registered companies due to list in the US this year, Bloomberg reports.

The loophole: "Variable interest entities” or VIEs first came to light in the early 2000s as a vehicle for companies operating in restricted sectors to get foreign investment and list abroad. Once a local company in a restricted sector wants to raise money, it signs an agreement with a foreign shell company, which effectively provides investment in exchange for revenue.

$831 billion: That's how much Chinese tech giants have lost in market capitalisation since February 2021, as per Bloomberg. And well, the Didi founders lost $1.5 billion in wealth as their company’s shares nosedived after Beijing's crackdown.

Share on Facebook Share on Twitter Share on LinkedIn Share on email


Money incoming: Startups in India raised $12.1 billion until June 2021, zooming past last year’s total funding by $1 billion already, according to data from Venture Intelligence.

WeChat LGBTQ: China’s social media giant WeChat deleted the accounts of dozens of LGBTQ university students without any warning. The government reasoned that they had broken rules on the internet.

Cutting costs: The Japanese government is redirecting costs at the ministerial level towards environment and digital spending. For every yen saved, ministries will get 3 yen to spend on green initiatives.

Whoopsie: Founder of crypto exchange Binance Holdings, Changpeng Zhao, said that its rapid growth is partly to blame for its troubles. This confession comes after the company stopped deposits from a European payment network.

Let’s stop: The Pentagon has pulled the plug on a $10 billion technology contract with Microsoft after a contentious legal battle about alleged interference from the Trump administration. It will now farm it out to multiple companies.

Surveillance alert: The EU has given the green signal to a law that will allow digital companies to comb through client information to trace and report child sexual abuse on their platforms for the next three years. This opens up a can of worms for the privacy debate.

Go, go, go: Right around the corner to its fifth anniversary, Pokémon Go made $1.3 billion in global revenue in 2020, surpassed $5 billion in lifetime revenue, and hit 632 million total downloads.



Street sunscreen: Worried about the heat making the road cave under you? Don’t worry. Ohio-based Pavement Technology has developed a cure: a spray-on pavement “sunscreen.” The mixture uses compounds found in sunscreens, white paints, and pharmaceuticals that will naturally lower the temperature of the road and keep it cool.

Secret café opens up: A secret Nintendo-themed café in Japan has opened its doors to the public. Before the pandemic, it was a members-only diner in Tokyo that kept its location a mystery. You can now make a reservation and go dine in a place filled with video game memorabilia.

Free sandwiches: Who says there’s no such thing as a free meal? Fast-food franchise Subway will give out 1 million free subs on July 13 across 10,000 stores in the US as it prepares for a major menu rehaul. 

The Signal
Have a nice day!
Written in with
Is this mail forwarded to you? Subscribe here
Like us? Refer The Signal to your friends.
Share on Facebook, Twitter, and LinkedIn
Don't want to receive The Signal? Unsubscribe here.

© 2021 The Signal - NC Media Networks
All rights reserved.

Older messages

Our property is getting seized

Saturday, July 10, 2021

Read in browser > The Signal July 09, 2021 Good morning! You know one thing we miss about going to work? It's not meeting people but traveling. We love the warm towel in business class and the

⚡ Signal - Do you want an AI friend ?

Tuesday, March 2, 2021

Plus, tips for the best pitch deck ever View this email in your browser The Signal Helping you take advantage of the trends and tech shaping the future. 👋 Hey! Remember me? That guy you haven't

⚡ Signal - The Community Playbook

Thursday, December 10, 2020

How to start a niche community like Indie Hackers View this email in your browser The Signal Delivering business analysis and trends to help entrepreneurs like you stay ahead of the curve 👋 Hey! Notice

⚡ Signal - The Community Playbook

Thursday, December 10, 2020

How to start a niche community like Indie Hackers View this email in your browser The Signal Delivering business analysis and trends to help entrepreneurs like you stay ahead of the curve 👋 Hey! Notice

⚡ [A New] Signal - The Future of Education

Tuesday, November 10, 2020

It's time for reform. Here's what the future of the industry might look like, and how you can position yourself to ride the wave. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Your weekly stock report

Sunday, August 1, 2021

Here is one of the most promising stock forecasts we think you should know about. View in browser Hey Reader, Here is one of the most promising stock forecasts we think you should know about. CoStar

TA #92: 🍫 The most powerful word in writing; Junior Mintapalooza

Sunday, August 1, 2021

Hey, you. You're doing great. Click here to read this on the web. Ann Handley's biweekly/fortnightly newsletter, "Total Annarchy" Junior Mints Image credit: Erik Mclean on Unsplash

Brain Food: On When to Decide, Character, and Automatic Rules

Sunday, August 1, 2021

FS | BRAIN FOOD Hey ... Welcome to Sunday Brain Food: a newsletter full of wisdom you can use. FS 🎙️ Jeff Immelt, the former CEO of General Electric, on decision making: "1000 books get written

Recruiting Brainfood for the week ahead - Issue #251

Sunday, August 1, 2021

Brainfood Live, Ep120: Remaking Candidate Experience, Post Pandemic Engagement rates dropping, drop o Hung Lee Hung Lee @hunglee Brainfood Live, Ep120: Remaking Candidate Experience, Post Pandemic

Weekender: What the delta variant already means for retail

Saturday, July 31, 2021

Signup | Forward Retail Dive Weekender July​ 31,​ 2021 | A roundup of this week's most read stories Salesforce BROUGHT TO YOU BY — Salesforce Gain valuable insights to navigate a new holiday

Weekender: Cheetos deploys finger-scanning tech to unlock Bad Bunny, Adidas collaboration

Saturday, July 31, 2021

Signup | Forward Marketing Dive Weekender July​ 31,​ 2021 | A roundup of this week's most read stories Adobe BROUGHT TO YOU BY — Adobe Are you ready for what comes next? Join us for Experience

5 Hacks That Will Optimize Your Ad Campaigns

Saturday, July 31, 2021

One of the fastest ways to scale up your marketing is ads. Sure it costs money, but if you can make it profitable right away, does it really matter? So to help you make your ads work and scale here are

Where investors want to make an impact

Saturday, July 31, 2021

Also: GP stakes opportunities only growing; Autonomous trucking starts to gain real traction; Antitrust crackdowns loom amid bullish M&A indicators... Read online | Don't want to receive these

Need to Have a Difficult Conversation? Try This Simple 4-Step Method

Friday, July 30, 2021

Friday, July 30, 2021 Lead Apple's Biggest Hit Is an Overnight Success 8 Years In the Making Lead Need to Have a Difficult Conversation? Try This Simple 4-Step Method Owner's Manual Sometimes

The Results Are In! Outsourcing Squirrel Content is Ranking

Friday, July 30, 2021

How well is the content that I ordered for review purposes performing? Over the past few months, I've ordered a number of articles from various content agencies to test out their ordering process