A 21-year-old was responsible for the biggest US intel leak in a decade; and Saudi wants to set up the “world’s richest T20 league”

Market Watch

The markets were closed today on account of Ambedkar Jayanti. However, here are a few market-centric articles we’ve curated for you today:

• The directorate General of GST Intelligence (DGGI) has served show cause notices to several insurance intermediaries including HDFC Bank and others for the wrongful claim of input tax credit amounting to Rs 2250 crore.
• Reliance is now focusing on India’s Rs 50,000 crore grocery retail sector and banking on its Kirana partners and distribution channel to shake up the space.
• Reliance Jio’s recent decision to bundle several live TV channels with its JioFiber home internet service has sparked backlash from rivals Bharti Airtel and Tata Play.

US red-faced as 21-year-old arrested for biggest intel leak in a decade

A 21-year-old US Air National Guardsman was arrested on Thursday over a leak of classified documents that amounted to “America’s most serious intelligence leak in a decade.”

The details: Jack Teixeira, who faces charges under the Espionage Act, was arrested by the FBI at his family home in Massachusetts' Dighton.

• Teixeira joined the National Guard in 2019 and holds the rank of Airman 1st Class - a fairly junior position-- in the intelligence wing of the Massachusetts Air National Guard.
• After the arrest, US Attorney General Merrick Garland said Teixeira would be arraigned at the Federal District Court on Friday, but avoided giving more information on the investigation or the motive behind the leak.

The big picture: Teixeira reportedly shared about 100 classified documents about the CIA, US military, the Ukraine war and even US' allies on a Discord group named Thug Shaker Central, which had around 24 members, including some from Russia and Ukraine.

• Some contain precise accounts of Western plans to arm and train Ukraine’s army, revealing that Ukraine’s air defence systems are vastly depleted and in dire shape, while others detail how Russia’s troops have suffered heavy casualties.
• The leaks also lay out US intelligence on its own allies, including Israel and South Korea—the latter of which was reportedly reluctant to send ammo to the US for Ukraine’s benefit.
• They also mention intelligence on countries like Egypt, the UAE, and China and confirm the presence of special forces from NATO countries in Ukraine.

Saudi Arabia wants IPL owners to set up “world’s richest T20 league” in country

The Saudi Arabian government has approached the IPL’s owners, offering the opportunity to set up the “world’s richest T20 league” in the country, reports.?

The details: Several representatives of the Saudi government and businesses have been spotted around India's cricketing activities, looking to get the IPL owners and the BCCI itself into their planned Twenty20 league which would rival the IPL in financial clout.?

• These conversations have been taking place for over a year now, but the league would need to be sanctioned by the International Cricket Council (ICC).
• Currently, the Board of Control for Cricket in India (BCCI) bars Indian players from participating in leagues abroad, but this new proposal seeks to change this stance.

Additionally, Saudi Arabia is also exploring the possibility of staging the annual Asia Cup, the opening match, or even a round of the IPL in Saudi Arabia.

The big picture: Saudi Arabian Cricket Federation Chairman Prince Saud bin Mishal Al-Saud recently said in an interview that the country is aiming to create a sustainable industry for locals and expats living in the Kingdom and make Saudi Arabia a global cricketing destination.?

• The country wants to strengthen its ties to India via cricket and improve the inflow of Indian tourists with hopes of becoming India’s number one tourist destination by 2030.?
• Saudi Tourism and state-owned oil giant Aramco are already among the IPL’s sponsors.

Between the lines: Saudi Arabia has been rapidly expanding its sports diplomacy with the advent of the Saudi Arabian Formula 1 Grand Prix, the establishment of LIV Golf, the 2021 purchase of Newcastle United in the English Premier League, and the signing of Cristiano Ronaldo for Al-Nassr Football Club.

ICYMI

• Uber stands accused of increasing the fares shown to users whose phone batteries are low.
• Twitter has upped its character limit for Blue subscribers from 4,000 characters to 10,000, and also introduced new formatting options like bold and italics.
• Davinder Singh AKA ‘Bunty Chor’, the thief who inspired the Bollywood film ‘Oye Lucky! Lucky Oye!’ has been arrested again from Kanpur in Uttar Pradesh.
• Tata Consultancy Services has been creating AI-enabled solutions for more than 20 years, TCS Chief Operating Officer N Ganapathy Subramaniam revealed.
• As the environmental impact of AI has come into focus, a new study found that AI-powered chatbot ChatGPT consumes 500 ml of water for every 20-50 questions asked by a user.