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  • Bit by Bit 16th Jan || China’s rapid reopening, what it means for the world || Reliance Retail arm launches FMCG brand 'Independence' in Gujarat & more

Bit by Bit 16th Jan || China’s rapid reopening, what it means for the world || Reliance Retail arm launches FMCG brand 'Independence' in Gujarat & more

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Good Morning Readers!

Here are:

"5 amazing stories in 5 minutes to make you future ready"

Happy reading!

ECONOMY

Facts:

  • China emerging out of COVID could prevent the global economy from tumbling into recession.

  • Goldman Sachs and Capital Economics have upgraded their forecasts of Chinese growth, citing signs that the coronavirus outbreak is peaking sooner than expected.

  • China’s ability to recover from nearly three years of self-imposed isolation is very likely the single most important factor for global growth in 2023 : IMF.

The Story:

Since early December, when the Chinese government abandoned its lockdown strategy. In Henan province, with more people than Germany, nearly 9 in 10 residents are sick, officials said this week.

The pace of China’s reopening, after the lifting of its draconian zero-covid policy last month, will shape the global outlook for growth and inflation. Stock prices for U.S. companies that serve the Chinese market, such as the casino operator Wynn Resorts, would benefit from a smooth rebound, as would American attractions that appeal to Chinese tourists.

Despite the dangers, there are signs that the economy is stirring. Subway ridership in major cities is rapidly returning to normal. Consumers who accumulated savings while shut in their homes for much of the past year have money to spend. And the government is rolling out policies to support a rebound.

FMCG

The Story:

Reliance Consumer Products, the FMCG arm of Reliance Retail on Thursday announced the launch of its made-for-India consumer packaged goods brand 'Independence' in GujaratThe company will be selling products ranging from staples to processed foods and other daily essentials, it said in a statement. It plans to develop Gujarat as a 'go-to-market' state to create excellence in execution for its FMCG business and will be rolling out the brand nationally soon.In the coming months, the company plans to step up the launch to cover FMCG retailers across Gujarat.

The company aimed to launch its FMCG business with an objective to develop and deliver high quality, affordable products that solve every Indian's daily needs, Reliance Retail Ventures director Isha Ambani said at the AGM.

AUTOMOTIVE

The Story:

Electric vehicles (EV) stole the show at the Auto Expo 2023, with Maruti Suzuki, Hyundai, Kia, Tata Motors, and MG Motor displaying their futuristic wares. People were interested in more than simply EVs when they came to the auto show. They were also interested in the latest technology. At the event, innovations ranging from vehicle exterior designs to EV charger locks drew attention.

Godawari Electric Motors, an electric two-and-three-wheeler manufacturer, showcased electric vehicles made with the Dicyclopentadiene (DCPD) plastic. The material is impact resistant and has been virtually unbreakable, making the vehicle strong enough to work during harsh conditions.

Another technology on display was from LML. Its newly-unveiled product, the LML Star, comes with two detachable batteries of two kilowatts each. The batteries can be taken out by pressing a button. One can charge the batteries at home or at the shop.

TECH

The Story:

Tens of thousands of customers were unable to access Spotify (SPOT.N), an audio streaming service, for a brief period before services appeared to resume.

"Everything now appears to be lot better!" According to Spotify State, an account that tweets about the status of the audio platform.

At the height of the outage, according to Downdetector, which records outages using a variety of sources, including user reports, there were over 45,000 affected users from the United States.

Downdetector reported that the number of reports of outages had dropped below 2,000 while Spotify was going back online.

Anything Interesting

Most cryptocurrency fans were filled with confidence and excitement for the year ahead after seeing the numerous victories and advances in 2021. However, 2022 was unquestionably a turbulent and difficult year for the cryptocurrency business, as it was marked by the onset of the "crypto winter," the failure of algorithmic "stablecoins," and a domino effect that led to a string of implosions and bankruptcies in the sector.

The blockchain and cryptocurrency industries are still in their infancy and have a lot of unrealized promise. Despite the numerous changes that have occurred in the sector over the past year, it's critical to distinguish between human error and technology shortcomings. The failures of 2022 were not due to flaws in blockchain technology, but rather to bad judgment and poor decision-making. Here are some major developments that we can anticipate seeing as 2023 approaches. We may anticipate improved global regulation and compliance on cryptocurrency in 2023. Greater industry regulation is unavoidable as a result of the events of 2022, with "smart regulation" being crucial for a safer custody of cryptocurrencies.

The adoption of blockchain technology with practical applications has accelerated, according to a study published by Bank of America (BAC). The seamless and secure data storage system made possible by blockchain technology's decentralized structure eliminates the need for third-party dependence. The technology and the potential it offers are attracting more businesses and organizations from a variety of industries.