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- Bit by Bit 17th Sept || Monk who gave away his company || Samsung's Campus Programme & More
Bit by Bit 17th Sept || Monk who gave away his company || Samsung's Campus Programme & More
BGS Committee
September 17, 2022
Good Morning! Common sense is like deodorant. The people who need it most never use it, that's it; that's the intro.
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
BSE SENSEX : ₹58,840.79 (-1.82%)
NIFTY 50 : ₹17,530.85 (-1.94%)
NIFTY BANK : ₹40,776.80 (-1.05%)
USD/INR : ₹79.680 (-0.21%)
BRENTOIL : $91.56 (+0.80%)
MCXGOLD : ₹49,334.00 (+0.04%)
FII Net Cashflow : - ₹3,260 crores
DII Net Cashflow : - ₹36 crores
(Market data as of 11:00 PM on 16th September 2022)
ECONOMY
Key Facts:
On the 26th, FSDC advised the Government and regulators to improve their assessment of financial sector risk.
Council chair Mrs. Nirmala Sitharaman said they focus on improving the financial Information System to forecast any financial risk better.
Council is also Preparing for the upcoming G20 summit Presidency, under which they must focus on financial sector issues.
The Story:
The Financial Stability and Development Council, in their 26th meeting, advised the Government and Regulators to work on their market condition and financial sector risk that would help strengthen financial stability and make policies according to the economic situation. Government and Regulators also Focus on improving the Financial Information System that would help forecast monetary disturbances faced by developed countries, like supply chain disruption and stagflation (It is a situation when an economy faces High levels of Unemployment and Inflation).
FSDC Meeting is chaired by Union Finance and Corporate Affairs Minister Mrs. Nirmala Sitharaman. FSDC is a government body set up in 2010 with a recommendation of the Raghuram Rajan Committee in 2008. Their crucial role is Financial Stability, Financial Sector Development, Financial Literacy, and Financial Inclusion.
AGRICULTURE
Key Facts:
Paddy Sowing reduced to 4.52% at 399.03 hectares compared to 417.93 lakh hectare of previous year.
Paddy is the main Kharif crop
Total area sown to kharif crops remained lower at 1,092.92 lakh hectares so far, this kharif season as against 1,101.87 lakh hectares in the year-ago period
The government expects 6-7 million falls in kharif rice production
Sugarcane area was marginally up at 55.65 lakh hectares from 54.97 lakh hectares
Cotton growing area to 127.15 lakh hectares from 118.24 lakh hectares
Coarse cereals remained higher at 181.31 lakh hectares so far, this kharif season as against 174.05 lakh hectares earlier
The Story:
Around 80% of India’s total Kharif crop production comes from monsoon season which is from mid-June to September. But due to uneven rainfall the kharif production especially paddy is badly affected.
According to the Agriculture ministry, there was already a lag of about 12.39% in paddy sowing this season. The deficit in sowing is due to a few major states like Jharkhand, West Bengal and Odisha.
Jharkhand halved its paddy production to 8.25 lakh hectares which is the highest percentage drop for a particular state. However, the cash crops i.e. sugarcane, cotton and jute saw an increase in production as per the ministry, which prevented the agriculture sector facing a huge loss by some margin.
AUTOMOTIVE
Key Facts:
Ad spend falls to $4.8 billion in first seven months of 2022.
Digital ad spending accounted for 53% of the total $4.80 billion industry.
The Story:
US.
For the first seven months of this year fell 4% year-on-year as inventory shortages crimped sales even as vehicle demand stayed strong, according to data from an advertising research firm. The overall ad spend was 12.7% less compared to the same period in pre-pandemic 2019 at $5.50 billion, as spending from dealerships, traditionally among the biggest in the industry, suffers due to a shortage of vehicles.
India.
The advertising industry is one of the most important sectors of the media and entertainment industry. With support to the advertising industry. India is the 2nd fastest growing advertising market in Asia, with an expected contribution to GDP in 2018 to reach 0.45%.
Goldstein Research analyst forecast that the India Advertising Industry is set to reach USD 54.39 billion by 2024 growing at a CAGR of 26.30% over the forecast period (2017-2025).
TECH
Key Facts:
Students from 27 campuses, including business schools, engineering institutions, and design colleges are being invited by Samsung E.D.G.E. to demonstrate their leadership abilities and problem-solving skills.
The company's leaders will serve as mentors to the program's finalists.
There are three rounds total: the campus round, the regional round, and the national round, which will be held at campuses spread all across the nation.
The Story :
On Friday, Samsung India began the seventh iteration of its nationwide campus program, Samsung E.D.G.E., by inviting students from some premier colleges in the nation to work on real-life problem statements. The company claimed that they will allow the students to interact with Samsung's top executives and offer unique solutions to the given problem statements.
There are three rounds in the program. Ideation occurs in the first round, known as the campus round, where the team members gather together and present an executive case summary based on their research and analysis.
The top teams that are chosen for the regional round after the campus round work on a case study, submit, and present their thorough solutions.
The top 8 teams are chosen following the regional phase and are given guidance on their respective solutions by Samsung leaders. The National Round pits the last eight teams against one another to determine the three victorious teams.
Want More Bits?
Patagonia has long been revered by those in the industry who believe fashion can be a force for good. But founder Yvon Chouinard has taken his vision of what a responsible business should look like one step further by giving away his entire company – believed to be worth $3 billion (£2.6 billion) – in a bid to tackle the climate crisis.
The company was founded in 1973 by Chouinard, a former rock climber in Ventura, California. Patagonia was the first firm to donate 10% of its sales to grassroots organizations fighting to rescue or restore environments in 1986. Never hesitant to buck trends, the company famously launched an ad with the slogan "Don't purchase this jacket" on Black Friday in 2011 in the New York Times.
To preserve Patagonia's independence and guarantee that its $100 million in yearly profits are utilized to fight climate change and "protect undeveloped land across the world," Chouinard and his family have decided to donate the business to a nonprofit organization, a trust. Patagonia and Chouinard have suggested an entirely new business method as the climate crisis becomes more severe. Let's see if any other companies in the fashion industry and beyond follow suit.
