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- Bit by Bit 14th Oct. || JioMart and SMART announces biggest Indian festival sale || Toyota's first flex fuel engine car & More
Bit by Bit 14th Oct. || JioMart and SMART announces biggest Indian festival sale || Toyota's first flex fuel engine car & More
Good morning! It's Friday. The golden child of the weekdays. The superhero of the workweek. The welcome wagon to the weekend."
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
BSE SENSEX : ₹57,235.33 (-0.68%)
NIFTY 50 : ₹17,014.35 (-0.64%)
NIFTY BANK : ₹38,624.00 (-1.26%)
USD/INR : ₹82.25 (+0.11%)
BRENTOIL : $94.28 (+1.98%)
MCXGOLD : ₹50,814 (-0.18%)
FII Net Cashflow : - ₹1636 crores
DII Net Cashflow : + ₹753 crores
(Market Data as of 10:00 PM on 13/10/2022)
ECONOMY
"India A Bright Spot On This Dark Horizon": IMF Chief On 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:
Flex-fuel cars can run over at different types of fuel and also a mixture of fuels like a blend of petrol and ethanol or methanol is used.
Flex-fuel powerful electric hybrid cars are an initiative of the Mr. Narendra Modi administration for alternative fuels in response to rising pollution and expensive oil imports.
This vehicle is capable of running on fuel with ethanol blends ranging from 20 to 100 percent.
The Story:
Mr. Nitin Gadkari launched the pilot project for flex-fuel hybrid electric vehicles (FFV-SHEVs) in India. The goal of the project is to encourage the use of flex engines in cars and trucks that can use bio-fuels like ethanol and methanol. Toyota is in charge of the flex-fuel pilot project and has also introduced the FFV hybrid Corolla Altis.
The Toyota Corolla Altis has a flex-fuel engine that can run on gasoline, ethanol, or electricity. According to a report by Auto HT, it has a 1.8-liter petrol-hybrid engine that is ethanol ready. This vehicle is capable of running on fuel with ethanol blends ranging from 20 to 100 percent. Gadkari stated that the transport industry is a major course to pollution in India. He emphasizes the need to promote the use of ethanol- and methanol-powered vehicles as well as electric vehicles. According to PTI, Toyota Brazil has introduced flex fuel-strong hybrid electric vehicle technology in Brazil.
RETAIL
Key Facts:
The sale will be live from the 14th of October and will run till the 24th of the month.
The sale will be live on the JioMart, e-marketplace platform as well as 3000+ SMART Stores, which include SMART Bazaar, SMART Superstore, and SMART Point, across the country.
The Story:
JioMart and SMART Stores, two Reliance Retail brands, today announced the launch of the "Bestival Sale," one of India's largest omnichannel Diwali celebrations from October 14 to 24. This announcement characterized the e-quick marketplace's expansion into a number of new categories, including fashion and lifestyle, consumer electronics, and home and kitchen.
The SMART Stores have grown across value shopping, destination shopping, and convenience shopping formats during the past two years.
"With this vast network of physical stores, strong partner network, sourcing capability, and deep insights gained through serving Reliance Retail's 20 crore+ registered customer base, the Bestival Sale brings the best of the exclusive offers and deals, bank tie-ups, and special discounts on Diwali essentials and general merchandise, apparel, beauty products, and electronic exclusively available online through JioMart and at the neighborhood SMART Stores," the company said in a statement.
TECH
The Story:
A Brazilian court on Thursday fined Apple BRL 100 million (about Rs. 150 crore) and decided that new iPhone models sold in the nation must include battery charges. The group of debtors, consumers, and taxpayers sued Apple, claiming that by selling its flagship product without a charger, the business engages in unfair business practises. The Sao Paulo state court decided against Apple in the case. Apple declared that it would contest the ruling.
The company has previously claimed that the strategy was intended to cut carbon emissions.
The court's ruling stated that it was "clear that, under the rationale of a "green effort," the defendant imposes on the consumer a requirement to acquire charging adaptors that were previously included with the product."
Want a BIT More?
The Story:
Over 40 Ukrainian cities and towns have been hit by Russian missiles in the last 24 hours, Kyiv reports. Nato allies gathering in Brussels on Thursday outlined plans to bolster Europe's air defences with Patriot and other missile systems.
At a signing ceremony when Germany and more than a dozen other European Nato members vowed to working together to procure weapons for a "European Sky Shield" to better secure their territory, German Defense Minister Christine Lambrecht stated, "We are living in threatening, dangerous times."
The US-led military alliance's members are now "a direct party to the conflict," according to recent threats from Moscow. Moscow also claimed that admitting Ukraine to the alliance would start a World War.
According to Alexander Venediktov, deputy secretary of Russia's Security Council, "Kyiv is well aware that such an action would entail a guaranteed escalation to a World War Three."
Moscow has frequently argued that Ukraine's aspirations to join the alliance represented a threat to Russia's security in order to justify the invasion on February 24 that resulted in the deaths of tens of thousands of people in what it called a "special operation."
Given that Ukraine's admission would bring the United States and its allies into direct conflict with Russia under the collective defence clause of the alliance, Nato is unlikely to approve its membership any time soon.
Although they have imposed broad economic penalties and given Ukraine weapons to combat Russia, Washington and other Nato members have tried to avoid getting more directly involved in the conflict. US Defense Secretary Lloyd Austin vowed to defend "every inch" of member countries' territory prior to the meeting of Nato's defence ministers, which also included behind-closed-doors discussions by the alliance's nuclear planning committee.
