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- Bit by Bit 22th Oct. ||Competition Commission of India penalizes Google & more
Bit by Bit 22th Oct. ||Competition Commission of India penalizes Google & more
Good Afternoon!
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
BSE SENSEX : ₹59,307.15 (+0.18%)
NIFTY 50 : ₹17,576.30 (+0.07%)
NIFTY BANK : ₹40,784.05 (+1.71%)
USD/INR : ₹82.60 (-0.26%)
BRENTOIL : $93.39 (+1.09%)
MCXGOLD : ₹50,635 (+0.98%)
FII Net Cashflow : + ₹439 crores
DII Net Cashflow : - ₹119 crores
(Markets data as of 11:00 PM on 21/10/2022)
ECONOMY
Key Facts:
India needs to go for Rupee internationalization, and take up risks
Reduces dependability on Forex reserves
Opportunity to settle exports in Rupee, due to the disruption caused by Russia-Ukraine war
The Story:
A central bank deputy governor today rooted for internationalization of Rupee and even take up unavoidable risks if India is to progress to be an economic superpower.
Reserve Bank of India Deputy Governor T Rabi Sankar said it reduces the need for holding foreign exchange reserves; something that has in recent months been a worry for stakeholders as the RBI has burned $114 billion of its reserves since September last year in a desperate attempt to halt rupee's record plunge.
India's largest lender State Bank of India had said in July that the RBI should make a conscious effort to internationalize the rupee given that the Russia-Ukraine war and the disruptions to payments caused by it is a good opportunity to insist on export settlement in Rupee.
AUTOMOTIVE
The Story:
Henrik Fisker, a newcomer to the global electric vehicle (EV) industry, and his California-based Fisker Inc. are progressively moving forward with their India-focused plans. Fisker Inc. will launch its first model, the Ocean SUV, on November 17, 2022. They include platform sharing, technology development, marketing, and collaborative ventures for manufacture, sales, and servicing in the future. The software technologies for the Ocean SUV are already being delivered by the Hyderabad-based technology development centre of Fisker Inc.
Henrik Fisker, a newcomer to the global electric vehicle (EV) industry, and his California-based Fisker Inc. are progressively moving forward with their India-focused plans. Fisker Inc. will launch its first model, the Ocean SUV, on November 17, 2022. They include platform sharing, technology development, marketing, and collaborative ventures for manufacture, sales, and servicing in the future. The software technologies for the Ocean SUV are already being delivered by the Hyderabad-based technology development centre of Fisker Inc.
RETAIL
The Story :
Hindustan Unilever (HUL), a significant player in the fast-moving consumer goods (FMCG) industry, continues to struggle with inflation in critical raw materials despite stabilising prices for palm oil, a crucial commodity for the soap industry. The management of the company is "cautiously optimistic in the near future" in light of the situation.
HUL slashed the price of its soap brands such as Lux and Lifebuoy by about 5-11 percent in October in the Western region of the country. The price cut, as per the management during the media briefing, came on the back of a reduction in palm oil prices. Palm oil is a key ingredient for soap manufacturers and contributes as much as 40 percent to the cost of making soap. The company, however, during the quarter also took calibrated price increases across fabric wash and household care portfolios on account of inflation in other raw materials.
TECH
Key Facts:
Competition Commission of India penalizes Google 1337.76 crores
Google is leveraging the dominant position in the market
CCI wants Google to change its approach
The Story:
It is the biggest news in the tech industry; Google looks at it as a “major setback” and the Competition Commission of India took a big decision. Google was penalized INR 33,296 crore by European Union for the very same reason in 2018. Hence, the discussion is more about the role of CCI in the whole scenario, three and half years ago CCI started this investigation on Google.
CCI has imposed a penalty on Google for leveraging its dominant position in the market to force smartphone manufacturers pre-install its entire Google Mobile Suite. Android operating system powers 97% of 600 million smartphones in India, making it Google’s largest market by users, as per Counterpoint Research.
CCI wants Google to change its approach in the market by not indulging itself in anti-competitive practices. And the company is also told not to offer any monetary/ other incentives to OEMs for ensuring its search services.
Want a BIT More?
The Story:
A person who is brain-dead, that is, has no brain activity at all, may appear to be just comatose and be breathing with the assistance of a ventilator. Is brain death, however, reversible?
Unfortunately, brain death is irreversible. According to a US statute that has been in effect since 1981, it is also regarded as a real death that is just as irrevocable as when the heart stops beating. According to Dr. Panayiotis Varelas, chair of neurology at Albany Medical College, brain death, sometimes referred to as death by neurological criteria, is a rather uncommon cause of death. However, it can occur in situations of serious brain damage brought on by either brain trauma or a protracted lack of oxygen.
The entire body shuts down, demonstrating the extent to which the brain has control over the body as a whole, he claimed. "The entire body disintegrates when the central integrator, the brain, dies."
