Saudi Arabia's sights set on IPL; And, Delhi's winter pollution woes are back

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Market Watch

• Indian Benchmark indices extended the gains for the second day to end in the green, with the Sensex up 282.88 points at 64,363.78, and the Nifty up 97.30 points at 19,230.60.
• All sectoral indices ended in the green, with oil & gas and realty up 1-2% each.

Sports disruptor Saudi Arabia has locked its sights on the IPL

The BCCI’s cash cow, the IPL, is now attracting the attention of Saudi Arabia, which has recently been a massive disruptor of sports franchises and businesses worldwide.

• Advisers to Crown Prince Mohammed bin Salman have reportedly discussed the possibility of moving the IPL into a holding company valued at about $30 billion, with Saudi Arabia taking a $5 billion stake.
• The proposal includes a plan for the kingdom to lead the IPL’s expansion into other countries, akin to the English Premier League or the European Champions League, with the Saudi government's sovereign wealth fund being the vehicle to strike the deal with the BCCI.

The intrigue: In April, Saudi had approached team owners in the IPL, looking to build the “world’s richest T20 league”. However, since the BCCI bars Indian players from participating in leagues abroad, the proposal was stalled.

A massive disruptor: The LIV Golf vs PGA saga will serve as a pertinent reminder of Saudi Arabia’s capabilities to disrupt sports.

• When the Saudi-backed LIV Golf was announced, the PGA (the world’s biggest golf association at the time) barred players from participating in LIV, threatening to ban them from the PGA if they did.
• However, in time, the PGA was unable to keep up with the financial might of the kingdom and ultimately announced a merger of the PGA Tour, European Tour, and Saudi-backed LIV Golf.

In fact, the Saudi government’s massive sports-washing campaign has stolen away huge stars from football too - Cristiano Ronaldo, Karim Benzema, and Neymar, to name a few.

• Saudi Arabia's PIF, a $650 billion fund, has made numerous sports investments in recent years, including taking over four of Saudi's biggest football clubs in addition to acquiring English club Newcastle United.

Sportswashing? Saudi Arabia has splurged over $6.3 billion on sports since early 2021, surpassing their total spending over the previous six years by more than four times, amidst criticism from the West and accusations of 'sportswashing'.

• The move aligns with Saudi Arabia's Vision 2030 plan to diversify the economy and engage its growing young population, aiming to become a hub for religious, cultural, and sporting tourism.
• This move not only prepares Saudi Arabia for a post-oil future but also addresses the needs of its youthful population, with approximately two-thirds being under 30.

Hi, I’m Gaurav Jeyaraman, the editor of this newsletter. We’d like to hear some feedback on our newsletter: what works and what doesn’t work? WhatsApp me directly and tell me what you think.

Delhi’s winter pollution woes are back

The National Capital Region in India, including Noida, Gurgaon, and Faridabad, is experiencing its worst air quality of the season, with the average Air Quality Index (AQI) reaching hazardous levels in some areas.

• Noida's sector 62 AQI reached a hazardous level of 695, making it the most polluted city in the country.

Why? Unfavorable meteorological conditions including low wind speed, smog, and farm fires are contributing to the poor air quality, increasing health risks and leading to a spike in respiratory ailments.

Diwali or farm-fires? According to a study that analysed pollution data from 2013 to 2017, Diwali accounts for almost 40% PM 2.5 particulate concentration, but this usually lasts for just 2 days after the festival.

• Meanwhile, during the stubble burning season, the fires can account for as much as 48% of the PM 2.5 particulate pollution, but this also lasts for about two to three weeks.

However, studies have shown that it is road dust (38 %), vehicles (20 %), domestic fuel burning (12 %) and industrial point sources (11%) that are the biggest sources of PM 2.5 pollution in Delhi.

Why this matters: Justice Jasmeet Singh of the Delhi High Court observed that “every third child has asthma in Delhi; we cannot keep waiting for trees to be taken care of for years…every citizen has a fundamental right to breathe clean air.”

• Other reports have equated breathing in Delhi to smoking up to 31 cigarettes a day.
• Moreover, inhaling polluted air increases the risk of type 2 diabetes, a recent study found - particularly looking at the pollution in Delhi.

What's the govt doing? The Centre's pollution control panel has issued directives to halt non-essential construction, stone crushing, and mining in Delhi-NCR, indicating Stage III of the Graded Response Action Plan (GRAP) for air pollution control during the winter season.

• Delhi's Anand Vihar area recorded an AQI of 999, with a toxic haze affecting the entire area, leading to the implementation of Phase III of GRAP and the closure of primary schools for two days.
• The government is also using mist machines to spray water into the air in an attempt to trap particulate pollutants - some citizens find it to be a waste of water and an ineffective means of combating the issue.

ICYMI

• Elon Musk's new artificial intelligence company, xAI, will release its first AI programme to a select group today.
• The man in the viral videos seen molesting women at a Bengaluru mall has been identified as retired school teacher, Ashwath Narayan, who has surrendered before a local court.
• A rave party in Noida was busted late on Thursday night with five people arrested and Bigg Boss OTT winner Elvish Yadav being named in the FIR.
• A video of actress Urfi Javed allegedly being taken into police custody in Mumbai has gone viral, however, the authenticity of the incident hasn't been verified yet.
• A former Google recruiter Nolan Church has warned against using LinkedIn's 'open to work' sign, suggesting it makes job seekers appear desperate.
• Zee is using AI to write sass-bahu serial scripts, and the bot even predicts the impact of plot scenarios and suggests changes.
• A recent study has discovered a potential link between high mobile phone usage and lower sperm count.