A Tale of Two Deals

Donald Trump talked to Vladimir Putin for two-plus hours and got zilch in return. Putin didn’t even sign on to the 30- day ceasefire the US had thrown at the Ukrainians in Saudi Arabia. All that the Russian president would concede was a vague promise of halting strikes on Ukraine’s energy infrastructure, about 80 per cent of which has already been reportedly destroyed. The US president did better with Volodymyr Zelensky, the little guy, prompt­ing the White House to talk about possible American ownership of Ukraine’s nuclear power plants which would guarantee their protec­tion, just as the somewhat cynical plan to grab Ukraine’s minerals would in return guarantee American military protection whether Kyiv ever ends up in NATO or not. But the Ukrainian president later said only the Zaporizhzhia plant currently in Russian hands was discussed. Trump has not applied any pressure on Putin, let alone on the scale used against Zelensky. He has re-legitimised Putin in the international community without extracting any concession and the next warmon­ger is doubtless watching. But the upside is the more civil exchange between Trump and Zelensky, an hour-long conversation that has diluted the aftertaste of the spectacle in the Oval Office the last time they talked. Zelensky has understood the pragmatism needed to deal with the new US administration and that “lasting peace” could be achieved, maybe before year-end, but not without Trump’s leadership. He has also accepted a partial ceasefire in principle but warned that without a similar agreement from Russia, “everything will fly”. Trump, meanwhile, will help Ukraine source more air defence systems, perhaps from Europe—meaning he isn’t yet giving in to Putin’s de­mand for an end to aid for Ukraine— where Germany, still waiting for its new chancellor to take office, has decided to boost its defence spending although it will be years before Europe can begin to think of building its own alternative to the US nuclear and defence umbrella. Trump’s art of deal-making may not be so fine after all, but even this is progress. The only spoilsport is still the man in Moscow. (By Sudeep Paul)

The Big Picture
Ground Beneath Her Feet

Tallahassee, Florida, March 18, 2025: NASA astronaut Sunita Williams emerges from a SpaceX recovery vessel that brought her and three colleagues back from an extended nine-month mission at the International Space Station and landed them off the coast of Florida.

Newsmaker: Lex Fridman
Good Listener

The podcaster is becoming a favourite interviewer of world leaders

FOUR EPISODES BEFORE his podcast with Narendra Modi that saw the Indian prime minister open up about issues he rarely talks about, Lex Fridman had Ukrainian President Volodymyr Zelensky ruminate on his country’s war with Russia. Three episodes prior to that Argentine President Javier Milei was telling him about the economic revival unleashed in Argentina through economic libertarianism.

That such varied world leaders find it amenable to be on his show is because of Fridman’s reputation as someone with a genuine interest in understanding his guests’ ideas. His background as a scientist may have something to do with it. The podcast started with a focus on AI in 2018 when Fridman was a researcher at MIT. And then a paper written by him on Tesla was praised by Elon Musk. The podcast got traction, as did his friendship with Musk.

Soon, Fridman was interviewing all manner of personalities and the audience grew into millions. When the woke movement was at its peak, Fridman continued to give a platform to those who were politically unfashionable. Now that the pendulum has swung the other way, he hosts people from the Left end of the spectrum. Long an advocate of free speech, Fridman tries to bring intellectual depth to conversations, whether with an astrobiologist or a judo champion. Language is no bar. Both Modi and Milei spoke in their native languages on the podcast but Fridman, using an interpreter, still managed to provide his audience the insights they were used to.
(By Madhavankutty Pillai)

Noisemaker: Siddaramaiah
Quota King

Despite various state governments having burnt their fingers trying to implement quotas for Muslims that are not constitutionally valid, Karnataka Chief Minister Siddaramaiah has taken a fresh stab by announcing a 4 per cent reservation for contractors from the community with regard to contracts and supplies below a certain fiscal threshold. The quotas are in addition to those being provided to contractors in SC/ST and OBC categories. The move has BJP up in arms and state unit chief BY Vijayendra called the decision “sarkari jihad”. But Siddaramaiah may see the move as serving a political purpose besides keeping internal challenges at bay.

Ideas
Overpopulation

It may be an issue playing out at a particular locality in Mumbai, but it is symptomatic of the malaise affecting many urban areas across the country. The city’s Brihanmumbai Municipal Corporation (BMC) wants to relocate a popular pigeon feeding area in the city’s crowded Dadar market area on health grounds—a decision that has the support of most residents in the area —except it is finding tough resistance from those who feed pigeons for religious purposes. BMC has tried removing this feeding area, an old and popular landmark known as the Dadar Kabutarkhana, multiple times earlier too, but has always failed. The issue of pigeons isn’t just restricted to this locality. There has been an explosion in their numbers across India’s urban spaces. A 2020 report titled ‘State of India’s Birds’, which tracked 867 birds over 25 years in the country found that the numbers of most birds suffered a decline, while those of pigeons shot up nearly 150 per cent. This is because there is plenty of food available and the near absence of predators in urban areas, apart from pigeons being ferocious breeders. With this explosion in numbers has come a vast array of problems for humans—from causing respiratory issues to ruining our heritage structures and monuments. Cities abroad have successfully instituted bans on feeding pigeons. But authorities here have struggled. Not only do urban spaces provide ideal nesting grounds, the presence in India of spiritual beliefs that promote feeding pigeons has meant there are always feeding spaces springing up across our cities.

Money Mantra
Seize the Rebound

It’s the right time to invest in quality stocks as the market recovers

THE STOCK MARKET moves in cycles, with periods of growth followed by corrections and eventual recoveries. Is the Indian market ready for a rebound? With the Nifty having corrected more than 15 per cent from its high over five months ago, the probability is high that a rebound is round the corner. And history tells us that market recoveries provide some of the best opportunities to invest in quality stocks. Here’s why.

When the market declines even fundamentally strong stocks experience price corrections. However, companies with strong financials, solid cashflows and resilient business models tend to recover faster. They often have well-established brands, competitive advantages, and experienced management teams that help them navigate uncertainties better than others. As the economy rebounds, these quality stocks are often the first to regain momentum.

As economic conditions improve, demand increases, corporate earnings grow and businesses expand, positioning these companies for substantial long-term appreciation. Investing in quality stocks at this stage also allows investors to benefit from compounding returns over time.

Companies with sustainable growth, high return on equity (ROE) and consistent dividends can generate significant wealth. Moreover, these stocks tend to be less volatile compared to speculative or highly leveraged companies, reducing the risk of extreme market fluctuations. This stability makes them an ideal choice for long-term investors seeking steady growth with lower downside risk. Another important factor is sectoral rotation. As the economy transitions, some industries recover faster than others. Identifying sectors poised for growth, such as healthcare, helps investors maximise their returns. By strategically positioning their portfolios, investors can take advantage of emerging trends and benefit from economic expansion.

Waiting for absolute certainty in investing is often futile, as markets move based on expectations rather than certainties. By focusing on strong businesses, investors can build a resilient portfolio that performs well in both prosperous and challenging times. (By Ramesh Singh)

Viral
Deportation As A Message

A video of a group of Venezuelan migrants, allegedly belonging to a gang, being deported from the US to an El Salvador prison recently went viral online. Set to thumping music and shot slickly, it appeared like a scene from a violent prison movie, with the shackled detainees being forcefully shaved and shoved out of a plane into armored vehicles, and then finally into a large prison. The video was first shared online by El Salvador’s President Nayib Bukele and later by US President Donald Trump. It was an extraordinary depiction of the way deportation is carried out, something rarely broadcast so openly. It was meant to serve both as propaganda—Trump had promised mass deportations—and an exercise in humiliating those deported. White House Press Secretary Karoline Leavitt, when asked about the video, said it was meant to encourage illegal immigrants to self-deport “to maybe to save themselves from being in one of these fun videos.”

Donald TrumpgeopoliticsKeralaKoodalmanikyam Templestock marketThrissurVladimir PutinVolodymyr Zelensky