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- Bit by Bit 26th November ||
Bit by Bit 26th November ||
Good Morning Readers, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,512.75 (+0.15%)
BSE SENSEX : ₹62,293.64 (+0.03%)
NIFTY BANK : ₹42,983.95 (-0.21%)
USD/INR : ₹81.71 (+0.12%)
BRENTOIL : $83.93 (-1.65%)
MCXGOLD : ₹52,540 (-0.25%)
FII Net Cashflow : + ₹369 crores
DII Net Cashflow : - ₹296 crores
(Market data as of 11:00 PM on 25/11/2022)
ECONOMY
Key Facts
• The objective is to reduce the cost of transactions.
• The concept paper for trade in local currencies was shared by India.
• The central banks of both countries will discuss the modalities and standard operating procedures.
The Story
The discussion of a concept paper on fostering bilateral trade in Rupee and Dirham is taking place between the central banks of India and the UAE. A senior official stated on Friday that this is being done to cut down on transaction costs.
To boost bilateral trade and economic ties, India and the UAE signed a free trade agreement (FTA) in February. Post FTA, bilateral trade is expected to increase from USD 60 billion to USD 100 billion in the next five years.
FMCG
The Story:
Amazon Food had onboarded 3,000 partners including QSR brands such as McDonald's and Domino's Pizza; some 25 people working on the project have all have been absorbed by the company
Amazon India has decided to shut its food delivery business on December 29 this year, according to a letter sent by the e-commerce giant to its restaurant partners. This follows its recent decision to shut down its edtech offering in India from August 2023.
"After a careful evaluation, we have decided to discontinue Amazon Food from December 29, 2022. This decision means that you will no longer get orders from customers via Amazon Food after this date. You will continue to receive orders till then and we expect you to continue fulfilling those orders," Amazon told its restaurant partners.
Amazon Food had onboarded about 3,000 restaurant partners including quick-service restaurant brands such as McDonald’s and Domino's Pizza, according to the sources. Around 25 people working on the project have all been absorbed by the company.
AUTOMOTIVE
The Story:
Citroen electric vehicles (EV) will be introduced in India's developing market by Stellantis NV, the company created by the merger of Fiat Chrysler Automobiles and France's PSA Group, to gain a foothold in the market for environmentally friendly vehicles, according to chief executive officer Carlos Tavares.
The company may also explore opportunities to export affordable, India-made EVs to European markets, but no decision has been taken yet, said Tavares, who was in India to review operations of Citroen’s Hosur and Tiruvallur factories in Tamil Nadu.
India's automakers will have to adhere to tighter pollution standards, which would necessitate a gradual transition away from conventional combustion engines and toward more fuel-efficient goods like electric vehicles in order to reduce their carbon emissions footprint.
Currently, Tavares stated, EVs cost about 40% more than conventional automobiles. To reach price parity between IC engines and EV vehicles in 4-5 years, the supply chain will need to absorb close to 85% of the total production costs.
TECH
The Story
According to Chief Minister Naveen Patnaik, Odisha is fast establishing itself as India's technological resource powerhouse and creating chances for young people. According to Patnaik, the state has recently made great gains in the IT industry, and the rate of expansion is speeding.
"Odisha is quickly rising as a technology resource hub of India, creating jobs for youths," he said at the opening of the Happiest Minds IT development centre in Bhubaneswar. He stated that the new plant would boost the state's industry standing.
More than 1,000 individuals will be able to work at the Fortune Towers centre in Bhubaneswar, and the firm is hoping to increase its ability to work with clients from across the world. The majority of the enterprises in the industry have established themselves in the state capital, according to Patnaik, who emphasised the IT-friendly environment present in Bhubaneswar.
The new development centre will allow the business to increase its capacity to provide businesses with digital transformation solutions, according to IT Secretary Manoj Mishra.
A variety of disruptive technologies, including artificial intelligence, blockchain, cloud computing, digital process automation, the Internet of Things, robotics and drones, security, and virtual or augmented reality, are what the company hopes to use
Want a BIT More?
After a 25-minute battle, UK angler Andy Hackett caught a colossal carp, nicknamed "The Carrot," that weighed in at a staggering 67 pounds, 4 ounces (30 kilograms). The giant fish is believed to be the second largest of her type ever to be caught, according to BlueWater Lakes, the fishery in France's Champagne region where the giant lives.
With its striking orange color, the massive goldfish-like creature easily stands out as it swims below the water's surface. The Carrot, however, has proven to be a challenge to catch. Hackett landed the prized fish, a hybrid of a leather carp and a koi carp, on November 3 while visiting the lake site.
BlueWater Lakes provides anglers with a private spot to try a hand at pulling in one of its many fish weighing over 50 pounds (22.7 kilograms) — and some even over 90 pounds (40 kilograms).
