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- Bit by Bit 19th Oct. || North Korea fires artillery shells near border with S Korea||Indian Railway earned over ₹2500 crore from sales of scrap & more
Bit by Bit 19th Oct. || North Korea fires artillery shells near border with S Korea||Indian Railway earned over ₹2500 crore from sales of scrap & more
Good morning! No matter how bad yesterday was, today is a new day full of opportunities.
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
BSE SENSEX : ₹58,960.60 (+0.94%)
NIFTY 50 : ₹17,486.95 (+1.01%)
NIFTY BANK : ₹40,318.75 (+1.00%)
USD/INR : ₹82.27 (+0.12%)
BRENTOIL : $90.82 (-0.90%)
MCXGOLD : ₹50,426.00 (-0.09%)
FII Net Cashflow : - ₹153 crores
DII Net Cashflow : + ₹2084 crores
(Markets data as of 11:00 PM on 18/10/2022)
ECONOMY
Key Points -
Indian Railways has earned total ₹2582 Crore till September 2022 from sale of scrap
This is 28.91% higher as compared to same period of last FY 2021-22
Ministry said the target for earnings has been fixed at ₹4,400 crore for 2022-23
The Story:
According to the ministry, ferrous scrap of 3,93,421 MT was disposed in 2022-23 compared with 3,60,732 MT in 2021-22. “Also 1751 Nos. of wagons, 1421 Nos. of coaches and 97 Nos. of locos were disposed in 2022-23 as compared to 1835 Nos. of wagons, 954 Nos. of coaches and 77 Nos. of locos in 2021-22 upto Sept.2022," as per the statement.
For the Railways, scrap is generated mainly by way of laying new tracks, converting old tracks into new ones, abandoning old structures, selling old locomotives, coaches and wagons, selling old surplus or condemned diesel locomotives due to rapid electrification of routes and waste materials generated by workshops. This has been a significant source of revenue for the national transporter over the years.
AUTOMOTIVE
Key Points -
Foxtron is a joint venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd.
Foxtron unveiled the Model B crossover and Model V pickup at an event in Taipei
Foxconn's shares closed down 1.4% on Tuesday, underperforming the benchmark index, which gained 1.2%
The Story:
Taiwanese tech giant Foxconn, best known for assembling Apple's iPhone, said on Tuesday it hopes to one day make cars for Tesla as it ramps up electric vehicle (EV) manufacturing in a strategy to diversify its business. Luxgen n7, an EV built by Foxtron, a joint venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd, received 15,000 pre-orders in less than two days. An annual tech showcase takes place on the birthday of the company's billionaire founder Terry Gou. Gou drove onstage in one of two prototypes unveiled this year, the Model B sporty crossover hatchback and the other Model V, an all-terrain pickup. Liu said Foxconn is not in the business of selling its EV brands but wants its customers to sell "a lot" of EVs.
Retail
Key points :
The company plans to open 50 more outlets in the city by the end of this year.
The company will open these stores in partnership with some of the leading retailers.
The Story :
Electronics appliances retailer, Electrolux India has opened its first exclusive brand outlet in Bengaluru. The store has opened as a result of a collaboration with Fabluxe appliances. The store, which occupies 3,500 square feet, features an open layout, live product demonstrations, and contains appliances like coffee makers, air purifiers, air conditioners, washing machines, vacuum cleaners, and dishwashers.
Since Electrolux first entered the Indian market this year, they have been attempting to establish a stronger relationship with customers here. A significant step in that direction has been made with the inauguration of this first exclusive brand location in Bengaluru, according to Sudhir Patil, commercial director of Electrolux India.
TECH
Key Facts:
In April 2020, Facebook, Inc. bought a 9.9% stake in Jio, which was the highest foreign direct investment in the Indian technology sector.
Every day, Giphy is serving 10+ billion pieces of GIPHY content to a daily user reach of 700+ million people
The Story:
After a judgment maintained its belief that the acquisition could harm its competitors and eliminate a prospective competitor in advertising, Britain's competition regulator on Tuesday ordered Meta (META.O), the owner of Facebook, to sell Giphy, a platform for animated photographs.
Meta declared that it would abide by the Competition and Markets Authority's (CMA) directive to terminate the 2020 agreement.
“We are disappointed by the CMA's decision but accept today's ruling as the final word on the matter," a Meta spokesperson said in a statement. "We will work closely with the CMA on divesting Giphy."
Want a BIT More?
The Story:
Late on Tuesday, a day after the South started its annual military exercises to prepare for North Korean provocations, North Korea launched artillery shells close to its maritime border with South Korea. Early on Wednesday, the Joint Chiefs of Staff of South Korea said that North Korea had fired 150 rounds off its east coast and another 100 shells off its west coast. There were no reports of hostilities between the rivals, despite repeated requests for North Korea to halt its fire from the South Korean military, according to the source.
The shells, according to South Korea's military, landed outside the marine buffer zones that the two Koreas established as part of an inter-Korean deal in 2018 intended to lessen hostilities on the front lines. It is the second time North Korea has launched shells into the buffer zones since last Friday, when it did so in its biggest-ever direct breach of the 2018 pact by firing hundreds of shells there.
The military of South Korea urged North Korea to stop its provocations that threaten regional peace and security. In conjunction with the United States, it continued, it is increasing preparation and closely observing North Korean actions.
In recent weeks, North Korea has launched a number of missiles and pieces of artillery in what some experts believe to be an effort to increase the size of its arsenal and increase its negotiating power with its competitors.
