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- Bit by Bit 13th Oct. ||CPI Inflation rises to a 5-month high of 7.41% in September||NPCI Partners With Worldline to Bring UPI, RuPay Services Across Europe & more
Bit by Bit 13th Oct. ||CPI Inflation rises to a 5-month high of 7.41% in September||NPCI Partners With Worldline to Bring UPI, RuPay Services Across Europe & more
Good morning! Let this Thursday be filled with possibilities – be aware of the opportunities around you, don’t just go through the day; live the day with your eyes and mind open.
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
BSE SENSEX : ₹57,625.91 (+0.84%)
NIFTY 50 : ₹17,123.60 (+0.82%)
NIFTY BANK : ₹39,118.55 (+1.05%)
USD/INR : ₹82.26 (+0.05%)
BRENTOIL : $92.32 (-2.06%)
MCXGOLD : ₹50,905 (-0.37%)
FII Net Cashflow : - ₹542 crores
DII Net Cashflow : + ₹85 crores
(Market Data as of 11:00 PM on 12/10/2022)
ECONOMY
The Story:
The Reserve Bank of India (RBI) has failed to meet its price mandate, with the latest Consumer Price Index (CPI) inflation for September confirming a third straight quarter in which average inflation has stayed outside the tolerance band of 2-6 percent.
According to data released by the Ministry of Statistics and Programme Implementation on October 12, headline retail inflation rose to 7.41 percent in September from 7.00 percent in August. Today's inflation print means inflation has now spent 36 consecutive months - or three full years - above the RBI's medium-term target of 4 percent. More importantly, inflation has been outside the mandated 2-6 percent tolerance range for three consecutive quarters, which is the definition of failure under the flexible inflation targeting framework.
As per the law, the RBI must now submit a report to the central government explaining why it failed, the remedial actions it proposes to take, and the time period within which inflation will return to target.
AUTOMOTIVE
Key Facts:
U.S. Commerce Department has imposed semiconductor export restrictions on China’s chip sector to prevent American technology from advancing
China’s military power American companies dominate the global chip-production equipment supply chain, with a combined share of 41%, while China’s is 5% or lower
YMTC, the chip maker company is controlled by the Hubei government and China’s national integrated circuit fund
The Story:
U.S. chip equipment suppliers are pulling out staff based at China’s leading memory chip maker and pausing business activities there. The U.S. suppliers have paused support of already installed equipment at YMTC in recent days and temporarily halted the installation of new tools. Some say that this is the result of the new rules, announced by the Commerce Department that add new license requirements for advanced semiconductors and chip-making equipment destined for a facility in China. Licenses for facilities owned by U.S. and U.S.-allied firms would be decided on a case-by-case basis, while Chinese-owned facilities would face a presumption of denial. Beyond the broad new restrictions targeting China’s chip sector, the U.S. last week placed YMTC on a list of companies the Commerce Department is concerned about, called an unverified list.
RETAIL
The Story:
Debt-ridden Future Enterprises Ltd (FEL) on Wednesday said it has defaulted on payment of interest on non-convertible debentures totalling Rs 9.16 crore. The due date for payment was October 11, 2022, FEL said in a regulatory filing.
The debentures are secured and have a coupon rate of 10.15 per cent per annum.
FEL has defaulted on interest payments for the period from April 11, 2022, to October 10, 2022.
The total amount of securities issued was Rs 180 crore and a default has occurred on this gross principal amount.
Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. FEL had recently defaulted on payment of interest on several non-convertible debentures.
TECH
The Story:
To increase the adoption of Indian payment methods throughout Europe, global payments services firm Worldline has partnered with NPCI International Payments. The National Payments Corporation of India (NPCI), which is the main force behind digital payments in India, has an overseas division called NPCI International Payments.
Due to the cooperation, Worldline will make it easier for Indian clients to transact in the European markets by enabling RuPay and UPI to be accepted through point-of-sale (POS) systems at merchant locations.
According to the statement, which cited Schengen Visa, India is one of the most significant tourist destinations for Europe, with an estimated 10 million Indians visiting the continent year before the pandemic. That amount, it claimed, is now anticipated to considerably rise when COVID-19's effects start to fade.
Want a BIT More?
The Story:
The grandfather paradox, which happens in some time travel scenarios, is exemplified by the impossibility of someone travelling back in time to kill their grandfather. Let's say you have access to a time machine that enables you to go back in time. While there, you unintentionally kill a grandparent or another direct ancestor before they may bear children. That would change an entire series of upcoming events, such as your own birth, which would no longer take place. The paradox results from the fact that if you weren't born in the future, you couldn't have murdered your ancestor in the past.
Is it possible to kill an ancestor by travelling back in time without producing a paradox? Strangely, the solution might be yes.
The grandfather paradox raises questions if physics permits going back in time. According to scientist Stephen Hawking, there are two conceivable answers to the paradox. The "consistent histories" model is the first, according to which all of time—past, present, and future—is strictly predetermined. According to this model, you can only go back in time if you have already been there in your own history. The grandfather paradox couldn't exist according to this "block universe" theory since time travel wouldn't change the past.
The second method of going back in time makes use of quantum physics, where an event may have multiple alternative outcomes with various probabilities of happening. All of these different outcomes are viewed by the "many worlds" interpretation of quantum theory as taking place in various, "parallel" timelines. According to this theory, the grandfather paradox may be addressed if the time traveler began their journey in a reality where their grandfather had children and decided to continue on a parallel time track where they would never be born after killing their ancestor.
