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- Bit by Bit 10th Feb || Reliance Consumer attacks the biscuit business to compete with Parle and Britannia || Budget 2022-23: Boost to electronics manufacturing as customs duty cut on key parts & More
Bit by Bit 10th Feb || Reliance Consumer attacks the biscuit business to compete with Parle and Britannia || Budget 2022-23: Boost to electronics manufacturing as customs duty cut on key parts & More
Good Afternoon Readers!
Here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹17,893.45 (+0.12%)
BSE SENSEX : ₹60,806.22 (+0.23%)
NIFTY BANK : ₹41,554.30 (+0.04%)
USD/INR : ₹82.490 (-0.19%)
BRENTOIL : $84.17 (-1.08%)
MCXGOLD : ₹56,796 (-0.58%)
FII Net Cashflow : - ₹145 crores
DII Net Cashflow : - ₹205 crores
(Market Data as of 11:00 PM on 09/02/2022)
BFSI
Janet Yellen, the US Treasury secretary, has increased pressure on the World Bank's management by encouraging it to "fast" implement reforms to free up more funding to address climate change and other global concerns.
Along with many other significant shareholders, notably Germany, the US is the largest international financial institution shareholder providing funding for developing countries. The US has advocated for reform.
Less than two weeks after visiting three African nations, Yellen spoke about her worries about the bank on Thursday in Washington. She recommended that it "extend its vision to encompass addressing global concerns" and assist nations that require funding by lowering their expenses and participating in "stronger" private finance mobilisation.
Yellen added that including global challenges like pandemic preparation or climate change should not divert the bank from its current objective of eradicating poverty.
FMCG
Reliance Consumer Products (RCPL), the FMCG division and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL), has formed a strategic alliance with Maliban Biscuit Manufactories, which is based in Sri Lanka (Maliban). Reliance will provide Indian consumers with a variety of biscuits thanks to this agreement. Reliance is now a player in the biscuit market, where it will face off against Parle Products and Britannia Industries.
According to Isha Ambani, executive director of RRVL, "Maliban has a rich history and reputation and holds a leading market position. With the help of this strategic alliance between RCPL and Maliban, we will be able to give our Indian customers a fantastic value proposition through high-quality goods while also expanding our FMCG range with a strong brand. Reliance is in a great position to further increase the tremendous consumer equity and reach that Maliban has developed over the course of 70 years because it is the custodian of numerous well-known international brands in India, she continued.
Manufacturing
Key Facts :
Custom duties on certain components for mobile phones and televisions removed
Significant cost reduction for electronic manufacturers would follow
Would not have significant impact on final customer prices
The Story :
The reduction in basic customs duties on certain parts and components like camera lenses will have no significant impact on the final product price, but will have a 0.16-0.19% cost impact on the mobile phone’s bill of material, India Cellular and Electronics Association said in reaction to the union budget 2023 announcements.
Sections of the industry welcomed the move to remove customs duties on certain parts and components for mobile phones and televisions, stating that it will deepen the value chain in India, and make manufacturing more competitive.
The government removed the 2.75% basic customs duty on import of camera lens, along with removal of duties on inputs to parts of connectors in the union budget 2023. The government notified the continuation of custom exemption notifications which were facing a sunset on March 31, 2023 for another one year. Additionally, BCD on parts of open cell assembly for tv panels have been slashed from 5.5% previously to 2.75%.
TECH
According to EU officials, Elon Musk's Twitter Inc. sent an incomplete report to the EU on how it is policing its online messages, infuriating regulators just months before the EU has the authority to penalise businesses for inadequate content moderation under a new social-media rule.
The authorities complained that Twitter's report, which it released on Thursday as part of a voluntary code of conduct it and other businesses signed last year, lacked quantifiable information on how it is combating what the EU regards as purposefully incorrect or misleading material. One of the individuals noted that regulators want to caution Twitter that it needs to improve in order to comply.
Anything Interesting
The Story
Catfish is a popular meal in the United States, and catfish farms play an important role in transporting the product to stores and dinner tables nationwide. Unfortunately, these farms increase the likelihood of disease transmission from fish to fish. However, a team of scientists at Auburn University may have discovered a solution: genetically engineering catfish to improve disease resistance using alligator DNA. According to Insider, alligators have a gene in their intestines called cathelicidin, which produces an antibacterial peptide that aids in disease resistance.
Researchers discovered that their test catfish had considerably greater disease resistance as compared to wild catfish after inserting this alligator gene into the DNA of the fish using CRISPR, a gene-editing technique that precisely slices DNA and allows the natural repair mechanism to take over. The survival rates of the fish were "two to five times greater," according to the researchers. The cathelicidin gene insertion also limited the catfish's capacity to breed, which was done on purpose. The scientists actually put the gene into a section of the catfish's genome that included reproduction-related sequences. They claimed that doing so would avoid genetic contamination if the hybrid fish attempted to procreate with wild catfish.
