Your Wednesday Update in 2 Mins ⏰

May 01, 2024 • Estimated Reading Time: 4 minutes

In today’s edition: Delhi is on the edge as bomb hoax calls are to 100+ schools, now this crosses the lines of a bad prank; Keep buying India! Our economic activity isn’t slowing down!; Godrej Family Feud finally comes to a peaceful end; Fintechs are not too happy with RBI's KYC rules; China shows off its tech prowess in the seas!; Ride-hailing apps are not doing so well, looking at you Uber and Ola; Binance founder is finally jailed for 4 months

TODAY’S HIGHLIGHTS

  1. India Denies Allegations of Plot to Assassinate Khalistan Movement Leader 🇮🇳🔍 Dismisses Washington Post report on R&AW operative’s involvement as "Speculative and Irresponsible" 📰

  2. India's GST Collections Hit Record High Reflecting Robust Economic Activity: 📈💼 Rs 2.10 lakh crore in April 2024 📈💰 Reflecting impressive 17.1% growth in net collections; 12.4% YoY growth

  3. Godrej Group's Legacy Divide: 👨‍👩‍👦‍👦 Family accord sees Adi and Nadir holding listed entities, Jamshyd gets unlisted companies and land bank! 🏢🔄

  4. Defence Minister Rajnath Singh Debunks Opposition Claims: 🏛️💼Says BJP won't alter the constitution, committed to basic structure; 🗣️Criticizes Congress's wealth redistribution plan as a recipe for economic slowdown 🐢 💰️ 

  5. Bomb Threats Shake Over 100 Delhi-NCR Schools: 🚨💣️ Prompt evacuation, extensive search operations underway 🐕‍🦺

  6. India to Fund Renovation of Sri Lanka's Kankesanthurai Port Renovation: 🇮🇳🚢🇱🇰 Agrees to cover full cost of $61.5 million, boosting connectivity and economic growth

  7. Delay in Voter Turnout Figures Raises Suspicion: ⏳🚨 Opposition demands transparency from Election Commission; Alleges manipulation tactics! 🗳️🚫

  8. Fintech Giants Lobby RBI for KYC Relaxation: Pushback against costly verification for small merchants! 💳💰 Seek alternative verification methods

THE MARKET MOVEMENT

  1. IPO: 🚀 Indian IPO market bucks two-decade election trends, surges ahead with Rs 7,000 crore in May 📈💼💰

  2. Chemicals: 🔻Tata Chemicals posts Q4 results; Net loss of Rs 841 crore, revenue falls 21.1% 💸📉

  3. Finance: 🟢 SEBI gives green signal to Manappuram Finance's Asirvad Microfinance for IPO, stock jumps 5% 📈🚀

  4. Banking: 🏦 Kotak Mahindra Bank faces double blow; Joint MD KVS Manian resigns, stock faces sell-off amidst RBI credit card ban; New leadership structure announced 💼 🔄

GEOPOLITICS SPOTLIGHT

  1. IMF Raises Growth Estimate for Asia to 4.5% in 2024: 📈🌏️ China's real GDP expected to grow by 4.6% in 2024, 🇮🇳 India's to increase by 6.8%

  2. China’s Military Technological Leap: 🌊🚢: Advanced indigenous Fujian aircraft carrier begins first sea trials, testing next-gen launch technology 🚀 

  3. South Korea in Talks to Join AUKUS Pillar 2: 🤝🇰🇷 Defence Minister confirms discussions to partner with US, UK, and Australia 🚀

  4. US Says Companies Cannot Operate Responsibly in China: 🇨🇳🚷 Labour official urges companies to exit Xinjiang over forced labour concerns

  5. Indonesia's Bold Move to Reverse Brain Drain and Boost Economy: 🧠💸 Plans to offer dual citizenship to attract skilled overseas workers 🌏💼

TECH NEXUS

Kids In The Hall Comedy GIF by CBC

  1. Indian Ride-Sharing Giant Ola Undertakes Restructuring: 🇮🇳 Parts ways with CEO Hemant Bakshi, cuts 180 jobs 🚗💼 Move to boost profitability

  2. Uber Ends Operations in Pakistan: 🇵🇰 Cites competition from local rivals, urges users to switch to Careem 🚕🔚

  3. Shocking Move:😯 Tesla cuts charging team despite industry leadership over Ford and GM 🧳🔌, major automakers adopting Supercharger Network’s connector technology

  4. Binance Founder Sentenced: 🔒 Fined $50M, 4 months in prison for anti-money laundering failures

  5. TikTok's Sneaky Move: 🦹‍♂️ Dodging Apple's 30% fee by offering it’s users web coin purchase option💰🕵️‍♂️

  6. The Stealthy Startup Rewriting Enterprise Security: 🌴💻Island browser raises $175M Series D at $3B valuation 🏄‍♂️💼

  7. OpenAI's ChatGPT in Hot Water Again: New GDPR complaint alleges inaccuracies and privacy violations 🔥🤖

  8. Financial Times and OpenAI Partner Up: 🤝💰️ New deal raises ethical questions on AI training data access and equity 🤖 📰

  9. Samsung's Q1 Earnings Skyrocket: Revenue jumps 12.8% on strong demand for servers, memory chips, and AI storage 🚀💾 

  10. U.S. Carriers Face $200M Fine for Breaching Customer Privacy: 📍 FCC cracks down on illegal customer location data 🙅 📱💰

  11. U.S. Commerce Department Launches GenAI Program: 🛠️🤖 NIST aims to combat AI-generated misinformation and deepfakes 🛡️📰 

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