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- Bit by Bit 3rd Jan || The government suggests changing the IT Rules to control internet gaming. || Electric two-wheeler sales slow down in December & more
Bit by Bit 3rd Jan || The government suggests changing the IT Rules to control internet gaming. || Electric two-wheeler sales slow down in December & more
Good Morning Readers!
Here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,197.45 (+0.51%)
BSE SENSEX : ₹61,167. 79 (+0.54%)
NIFTY BANK : ₹43,203.10 (+0.50%)
USD/INR : ₹82.772 (+0.07%)
BRENTOIL : $86.00 (+3.04%)
MCXGOLD : ₹54,336 (-0.38%)
FII Net Cashflow : - ₹873 crores
DII Net Cashflow : + ₹373 crores
(Market Data as of 11:00 PM on 02/01/2022)
ECONOMY
Key facts
First time in 40 years, China’s growth below Global Level
The three big economies are all slowing down simultaneously
The US economy is ‘most resilient'.
The Story:
For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the US, Europe and China – all experience weakening activity, the head of the International Monetary Fund has warned.
The new year is going to be “tougher than the year we leave behind,” IMF managing director Kristalina Georgieva said on the CBS Sunday morning news program Face the Nation on Sunday. “Why? Because the three big economies – the US, EU and China – are all slowing down simultaneously,” she said.
“We expect one-third of the world economy to be in recession. Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” she added.
Moreover, a “bushfire” of expected Covid infections there in the months ahead are likely to further hit its economy and drag on both regional and global growth, said Georgieva, who traveled to China on IMF business late last month.
“For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,” she said. Meanwhile, Georgieva said, the US Economy is standing apart and may avoid the outright contraction that is likely to afflict as much as a third of the world’s economies.
FMCG
The Story:
Reliance Consumer Products (RCP), the FMCG arm of Reliance Retail Ventures (RRV), has announced that it will acquire a 50 per cent stake in Gujarat-based Sosyo Hajoori Beverages, the owner of soft drink brand Sosyo.
The Hajoori family, who are the existing promoters, will continue to own the remaining stake in the 100-year-old beverage company.
A product of the Swadeshi movement of the Indian independence struggle, Sosyo was established in 1923 by Abbas Abdulrahim Hajoori. Sosyo Hajoori Beverages is a leading player in the domestic soft drinks market. Operated by Abbas Hajoori and his son Aliasgar Hajoori, it has several beverage brands in its portfolio including Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, Hajoori Soda and S’eau. It has launched over 100 flavours with its strong expertise in developing formulations.
The Sosyo brand has a loyal customer base in Gujarat.
“With this joint venture, Reliance will further strengthen its portfolio in the beverage segment having already acquired the iconic brand Campa. In addition, Sosyo’s expertise in formulations can be leveraged to develop unique value propositions for the product portfolio and consumers,” it said in a stock exchange filing.
AUTOMOTIVE
The Story :
Ducati India has revealed its roadmap for the Indian market. The company is all set to launch nine new motorcycles in a phased manner in the country. Moreover, the company has also announced the prices of these bikes. The brand will open new dealerships in the country, it said.
The auto manufacturing company mentioned that it will open its new dealership in Chandigarh and Ahmedabad. The Ducati Chandigarh unit will commence its operations in January whereas the Ducati Ahmedabad will start its operations in the first quarter of the year. Notably, both these showrooms will get 3S facilities and will provide sales, service and spares from the same units.
Ducati will commence the deliveries of its DesertX in the second week of this year. In the second quarter, the company will be launching its mOnster SP that will come with MotoGP-inspired livery. Speaking of the price, Ducati Monster SP will be launched at a price of ₹15.95 lakh (ex-showroom).
TECH
The Story:
The IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which also control social media sites, have been proposed by the government as a way to include real money online gambling platforms. According to analysts, the new regulations may harm overseas betting organisations while helping Indian fantasy sports and other gambling businesses grow. . The ministry stated that notice of the final revision to the IT rules following industry consultation will be given by April. Only "games of skill" are permitted to be legally operated in India. In India, the term "games of skill" has been used to describe a variety of video games, including rummy and the online fantasy sports game Dream11.
The hiring of compliance and nodal officers, the establishment of a self-regulatory organisation (SRO), a self-regulatory framework, required KYC verification of players, and having a physical address in India are further recommendations made by the government. Additionally, it advises gaming companies to exercise more caution, such as disclosing the steps they have taken to safeguard customer deposits and warning users of the "risks of financial loss and addiction connected with online games." Only businesses that obtain the mark are permitted to place advertisements on social media platforms like Google and Facebook. In turn, social media companies must verify registration and seek advice from the SROs before accepting advertising.
Anything Interesting
In Washington, The Republican leader, Representative Kevin McCarthy of California, battled on Monday, the day before his party was to take control of the House, to secure the votes he needed to be elected speaker after failing to overcome staunch opposition from hard-right lawmakers.
Even after Mr McCarthy made a crucial concession that would reduce his power as a speaker, ultraconservative Republicans continued to be resistant, raising the prospect of a turbulent start for the Republican majority in the House. The confrontation highlighted Mr McCarthy's precarious position within his conference and ensured that, even if he managed to win, he would be a weaker figure dependent on an emboldened right wing.
Mr McCarthy would need to gain a majority of those present and voting in a vote scheduled for Tuesday around noon when the new Congress convenes — 218 if every member of the House were to attend and cast a ballot. He appeared to fall short of the near-unanimity he would need inside his ranks to win, despite a laborious weeks-long lobbying effort.
