D Luther

@trainofangels00 Venezuela is already supplying > 400,000 bpd of heavy crude to India. They moved fast after the change of Government

India says it will now make Canada a major crude oil supplier to fuel its energy needs. India's new refineries are built specifically for heavy crude. This is part of a massive trade partnership and reinforces clear evidence of Canadas now visible pivot away from the US to supply trustworthy nations. 🇨🇦 🇮🇳 #canpoli #MAGA

Power needed to overcome wind resistance increases by the cube, so an increase in speed from 60 mph to 70 mph, 16.66% results in 58.79% more power needed thereby increasing fuel consumption. Beyond 60 mph, the fuel consumption of SUVs, which typically have large frontal areas, increases dramatically.

Question for the smart people in the room: What incentive does a Lyft driver have to go 60 mph on a highway where everyone else is going 70-80 mph? Our trip from FLL to Jupiter was forecast by the app to take 1:03 and actually took more than 1:15. The driver of our pavement-melting GMC Yukon was rated 5 stars and seemed like a nice guy. He set the cruise control for 60 mph and left it there as we traveled up I-95 starting at 10 pm. We were passed on both the left and right every few seconds. The $184 pre-tip price quoted for the 65-mile trip didn't change as a result of the extra time consumed. Gas prices are $3.50-4/gallon in this area currently, which doesn't seem like enough to make it worth driving at Jimmy Carter-era speeds. I have to assume that people are rational, but what is the rationale?

@1shankarsharma 5 year CDS for $ denominated India sovereign risk is priced at ~90 bp. Add that to the cost.

With everybody's permission, let me explain the FCNR arithmetic: A. Current rates being offered: ~6% USD, 3 year deposits ( eg, HDFC bank etc, although AU is offering 7%) B. Private banks are the only entities that give funding for such instruments. ( PSU Banks don't because they don't have a private banking practice. C. Funding rates are still getting worked out but it does look likely that ICICII Bank will be the lead Bank in this particular round. In 2013 it was right at the fore front but BNP was also there. Why? Because the banks that are aggressive in raising such deposits need to have, a private banking business, and also a very large local India lending business. This is absolutely critical: it helps a lot if the lending Bank for the overseas leg has a large local India business, eg, ICICI bank. Because when you are raising such USD deposits you simply cannot get adequate avenues for lending in the international markets. You need to lend to the domestic Indian market and for that you need the loan franchise. BNP no longer has this edge. HDFC bank has its own overseas issues, AT1 Credit Suisse bonds etc. D. A critical think to be kept in mind is of course that when you get leverage to invest in such deposits, private banks typically offer you only one month floating rates. Nobody gives you three year fixed rates because that is much too risky from a rate perspective. Therefore there is an interest rate swap ( IRS) involved, from floating to fixed USD. So, given the current interest rates structure globally, base rate would be 1 month SOFR , which is around 3.75%. 3 year IR swaps may be around 4-4.5%. Now a private bank will put a credit cost on top of this for the non resident, eg, around 1%. This is simply a judgement on the credit risk of the borrower. Then on top of that the private bank will put a profit spread of around 0.5%. All in all, I would imagine that the final cost to the non resident Indian would come to around 5.5% or thereabouts, after considering the interest rate swap and the other costs. If indeed the leverage given is 19:1, as was the case in 2013, the return on equity for the borrower non resident will come to ~15%. That's pretty good. So it should be able to gather decent capital. But do keep in mind that in 2013, the capital raised like this was literally a buffer. Overseas flows were healthy right throughout the taper tantrum period ( barring one month).Full year was +10 billion. This time this capital is going to fund a leaking boat, not act as a buffer. ~$40-50 billion would be around 3-4 months of F2 outflows. Critical difference this time vs 2013. Separately, yesterday,F2s sold a lot less... because D2s bought a lot less. The lower May,June MF inflows are preventing F2s from selling more. A slowdown, even outflows, in MF flows would be a gift from God for our BoP.

@AmrikanDesiAnon @elmihiro If Indian politicians had worked for a strong job creating economy, Indians would not have to go to literally every country in the world and on the high seas to earn a living. If you venture into a bad neighborhood, be prepared to duck when the bullets start flying.

@elmihiro They might be Indian civilians but in this context it doesn't mean much - they were staffing an Oil tanker that has nothing to do with India. The real responsibility lies with the owner who put their lives at risk and potentially any delays by the ship captain in responding.

As a certified American simp and licensed sucker of gora toes, may I just point out that it isn’t a good look to tweet this on the very day the US military killed Indian sailors?

@daeroplate_v2 @sahilsinghop @raptor1991007 These jokers who are drooling for the SU-57 probably don't realize that in 4 years of war, the Russians haven't dared to send one so called 5th gen fighter into Ukrainian airspace, the SU-57s are using standoff munitions from the safety of Russian airspace.

@sahilsinghop @raptor1991007 yes, and maintaining a good lock on a LO platform at 100km is tough...it is claimed the f22 can be picked up around 20km, which is well inside the 40km ish nez of its aim120d in a frontal fight

MiCA IR NG test fired successfully. This IR NG variant is important as it will be able to hit stealth targets at ~100KM. It has dual-pulse rocket motor that is first time for an IR missile & its IR seeker is next generation. However, RF variant is not useful for obvious reasons

@daeroplate_v2 @sahilsinghop @raptor1991007 F-35 has DAS & EOTS which can generate passive fire control data for IR missile tracks plus it has a LPI radar. What's the independent of radar, tracking range if any of the Rafale Optronique System? Without that data, a 100 km IR Mica range is meaningless.

@somnath1978 They will spend a fortune on it and when it has to take "evasive action" against the latest Chinese tech, will again start crying for another round of imports.

Unless Su57 is China's Su35 purchase model - done to get deep insights (read, steal) engine IP - makes no sense. Su57 is barely 5th gen, will cost an arm and leg to integrate israeli/Indian munitions. Su30 upgrade + addnl orders will be much better...

China is playing India like a fiddle. Give Pakistan enough to keep India tied down, 4th gen to 4th gen, network kill chain to achieve parity without giving Pakistan the 5th gen J35 with which IAF assets will be a turkey shoot but by giving Pakistan a 5th gen LO coupled with the PL-16 will push India into a full US embrace, something China would like to avoid.

@joe_sameer interesting. so the idea atleast from PAF pov is to endanger our fighters at extended ranges, snipe support assets using PL17 and not give them a chance to counterfire using similar cued assets

#PL16 - A scaled tactical breakdown of BVR engagement brackets, from Max Range glide slopes down to the No-Escape Zone (Rne​). (Disclaimer - OSINT based analytical modeling/sim data)

@RobynUrback Yes, artificially boosting top line GDP but low income and low productivity immigration has flushed per capita GDP down the toilet

Or, put another, way: immigration was artificially boosting economic performance measures. Interesting that he would admit this!

@mattgurney And Carney just confirmed that. x.com/i/status/20618…

Niagara Falls levels of immigration and Niagara Falls levels of government spending held up those positive GDP numbers ever since Covid. Now that immigration has come down to merely large scale vs out of control, government spending alone cannot support those GDP numbers. As they say, when the tide goes out, you can see who is swimming naked.

Genuinely intrigued to find out to what extent anyone is going to notice and/or care the tacit acknowledgement that a lot of what we touted as economic growth was specifically rapid population growth. And that high immigration was masking other problems. ctvnews.ca/politics/artic…

According to Google the typical PM overseas flight consists of 40-60 passengers supported by 13-15 crew. Assuming the maximum end of the scale would result in 75 people on board for whom the total cost of catering is about C$ 84,000. That works out to $1120 per person for catering. Also according to Google, the typical business class meal costs an airline the equivalent of C$ 40-$70. Also assuming the maximum amount of $70 for dinner service and say $30 for breakfast, at a total of $100 per passenger, it's still less than 10% of this invoiced amount

@ryangerritsen $133.00 for a litre of milk! Obviously inflated prices but by who & who authorized the payment of these insane prices??

On Carney’s flight to Rome they not only had “freshly squeezed orange juice” but they also had “freshly squeezed apple juice” for $308.00 I’m glad so glad we Canadians are making the necessary sacrifices so Carney can eat like a King on his plane ride.

@BullTheoryio It's a leasing structure which has a 33% equity cushion to absorb risk, quite acceptable.

🚨Michael Burry just said Elon Musk and Nvidia's deal is built on fake numbers. Burry published a detailed breakdown calling the entire structure "Fugazi", his word for fake. He is alleging that billions of dollars in Nvidia chips are being hidden off balance sheets, and that American retirees are unknowingly funding the whole thing. Nvidia, the world's largest AI chip company sold $5.4 billion worth of its most advanced GPUs, the GB200, to a company called Valor. Valor is not a real operating business. It is a special purpose vehicle, a shell company created specifically to hold these chips and nothing else. Nvidia also invested $1.9 billion of its own money directly into Valor on top of the sale. Those 100,000+ chips are now physically inside xAI's data center. xAI is Elon Musk's artificial intelligence company, the one that builds Grok. xAI is using every single one of those chips right now to run its AI models. But here is what Burry is flagging. Neither Nvidia nor xAI owns those chips on paper. Valor, the shell company holds legal title. That means $5.4 billion in GPU assets do not show up on Nvidia's balance sheet as inventory. They do not show up on xAI's balance sheet as assets. They are legally invisible to both companies. Nvidia gets to book the $5.4 billion as a completed sale and record it as revenue. xAI gets full use of the chips without owning them. And the risk disappears into a shell company in the middle. Now here is where American retirees enter the picture. Valor needed $3.5 billion in debt to fund this structure. Apollo provided it. Apollo is one of the largest asset managers on earth with $1.03 trillion under management and $834 billion specifically in private credit. Apollo raised the $3.5 billion, packaged it into debt securities, and sold those securities to Athene. Athene is Apollo's own insurance company. It sells fixed and indexed annuities, retirement savings products, to ordinary Americans. When a retiree buys an Athene annuity, they believe their money is sitting in safe, stable investments. That money is now inside a structure funding Elon Musk's AI data center. The numbers inside Athene are most alarming. Athene holds $74.2 billion in reserves. It has moved $217 billion in assets into a captive insurer based in Bermuda, meaning those assets sit outside normal US insurance regulation and oversight. Of the entire portfolio, 34.7%, equal to $103 billion, is classified as Level 3 assets. Level 3 is an accounting classification that means there is no observable market price for these assets. No outside party can independently verify what they are actually worth. The leverage sitting on top of those unpriced assets is 16 times. Burry's says: Every step of this structure is technically legal and publicly disclosed. But the entire thing was deliberately engineered across 8 to 12 steps to move credit risk off balance sheets and away from any market pricing. - Nvidia books the revenue. - Apollo collects the fees. - xAI gets the computing power. - And retirees sitting at the bottom of a 16x leveraged Bermuda insurance structure, holding $103 billion in assets with no market price carry the risk without knowing it exists.

Stratospheric levels of entitlement, boorish behavior, insensitive to others, littering, extremely loud, just some of the issues that have made Indian tourists unwelcome in many countries. China had a similar problem in yhe early 2000s and they introduced draconian education and coercive measures to civilize their outbound tourists, including penalties in the social score system. I doubt any such measure is possible in India and hence destination countries will take their own measures to protect themselves which in turn will result in cries of racism.

has anyone ever seen this done in indian aprons ? I don't think the CISF will tolerate it at all. and airline staff also, who want disciplined lines from bus to steps on tarmac.

Sound Horn is a relic from 50-60 years ago when most Indian roads were single lane, when overtaking another vehicle meant that both vehicles would need to partially get on the unpaved dirt on either side. It was a way of letting the truck driver, who had no rear view mirrors, be alerted that there was a faster vehicle behind him wanting to overtake him. With multi lane roads and rear view mirrors, there is no need for Sound Horn on the back of trucks.

This is such a nice third person view of honking in India. From a Japanese, apparently. In India we are so hooked to a western viewpoint that we are unable to think and unravel the purpose of honking in this way. We hear honking and become instantly Europeanized and curse the honker

@myabradshaw78 110,000 total employees & anecdotally, about 80% look like TFWs/foreign students. So hiring 10,000 means replacing only 10% of the workforce.

4000 Tim Horton restaurants in Canada and yesterday they announced they would hire 10,000 Canadians,so they plan on hiring 2.5 Canadians for each restaurant. Start building Dunkin’ Donuts and hire All Canadians..

India is part of many talking shops, NAM, BRICS, SAARC, also "strategic relationships" with any country that the Indian leadership has ever met, but it's not part of any action club. Trump wanted to transform QUAD from a talking shop to an action club, India resisted, hence QUAD is withering away.

Quad has less energy than NAM...

@daeroplate_v2 @Norse_Codee All electric railway network=single point of failure via sabotage, network hacking etc. A brittle system with minimal/non existent redundancy.

@Norse_Codee old ICF rajdhani's used to have a big power car at the end to drive the a/c on whole train via overhead piping...because some stretches were diesel. now I think each LHB coach has its own AC setup + battery in underside + all-electric locos

Enclosed cabins without AC, what could go wrong lol!

If anything Deng's achievements transcend GDP numbers. Deng laid the foundations of capitalism & individual property rights in a country in which prior to Deng, during Mao's era, there was no private property, no private industry, no private agriculture as everything was owned by the Government. The foundation that Deng laid during the 1980s. However, what Mao achieved, notwithstanding the disastrous Great Leap Forward & Cultural Revolution, was the push for widespread literacy via a major for primary and secondary school education and adult literacy classes. These two foundational moves created the base for China's subsequent meteoric growth.

After the first 12 years of Deng in China, in 1990, China per capita GDP was still less than India. Deng grew per capita GDP by ~6% CAGR in 12 years. Modi has grown per capita GDP by ~5.3% CAGR despite higher base, COVID and democracy. At least check data before criticizing, no?

This is the difference between a worker who goes to the Gulf on a 2 year visa which may or may not be extended every 2 years and who has to be prepared to leave on the day the visa expires (no 60 day grace period) & a US H-1B worker. The Gulf worker plans a life in India, the US worker plans a life in the US & if that is rudely cut short has no back up plan.

An Indian engineer at Meta gets the layoff email at 11pm Bangalore time. His wife is on H-4. His kid is in 3rd grade in Seattle. His Bellevue apartment lease has 8 months left. His H-1B clock just started ticking — 60 days. Meta's stock went up on the news. Zuck called it becoming more efficient. This is what AI transformation actually looks like for 2 lakh Indians abroad. Ai impact on Indians abroad is highest