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- Bit by Bit 3rd Oct || Xiaomi's Assets being siezed in India || Jio to launch budget laptops & More
Bit by Bit 3rd Oct || Xiaomi's Assets being siezed in India || Jio to launch budget laptops & More
BGS Committee
October 03, 2022
Good Morning!
Here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
WEEK AHEAD
The Reserve bank of India (RBI) raised its policy repo rate by 50 basis points in order to curb the rising prices. It was not an unexpected move, but it may not be the last in the current rate hike cycle. This month may see more rate jokes from central banks across the world. Here are the few key data that can be expected in the coming week to help you navigate through the upcoming days:
Monday (03/10/2022): We will take note of September Automobile sales. It is projected that carmakers will see healthy growth in numbers. The board of FSN E-commerce Ventures (sellers of Nykaa brand) will meet on 3rd October to consider the issuance of bonus shares to current equity shareholders. S&P Global will release its Manufacturing PMI data for India, Australia, UK, Canada, USA, Eurozone and other Asian countries. Also, on the same day, India will share its exports and imports data for the month of September.
Tuesday (04/10/2022): The Reserve Bank of Australia will announce its stance on the interest rate. It is expected to raise the rates by 50 bps. US Job opening data will also be released, which are projected to remain healthy in August and September.
Wednesday (05/10/2022): Indian markets will be closed on the festival of Dussehra. S&P Global will release its composite and services PMI data for Australia, UK, Canada, USA and Eurozone. OPEC and the non-OPEC ministerial meetings will be held on October 5 amid the falling crude prices and the signs of softening of global demand.
Thursday (06/10/2022): Services PMI data for India will be released. In the previous reading, the services PMI for India stood at 57.2. The US Initial Jobless claims data for the week ending October 1 will be released.
Friday (07/10/2022): India will release its bank loan data for the fortnight ending September 23. Also, the Reserve Bank of Australia will release its financial stability report. At the end of the day, we will also have a look at the US Unemployment Rate.
(Markets were closed on Sunday 2nd October, 2022)
ECONOMY
Favorable geology, open data access, supporting policy regime and ease of doing business were the major drivers to attract potential US players to invest in India's energy and petroleum growth wave during a two-day investors meet held in Houston.
Ministry of Petroleum and Natural Gas[MoPNG] Secretary Pankaj Jain, in his keynote address to potential investors from over 50 companies; oil and gas majors, financial institutions, private equity firms, service providers and academicians, made a strong pitch to investors interested in doing business with India.
He discussed India's strength and role in the global energy ecosystem and highlighted India as the destination of energy opportunities. Jain spoke on the latest offering of discovered fields, ease of doing business for bidding and assured an open-door policy to resolve any issue faced by the industry as he sought foreign and private investments to boost domestic oil and gas production.
AUTOMOTIVE
Key Facts:
Ola Electric witnessed a 179% month-on-month jump in e-scooter registrations to 9,616 units in September
Ola Electric was at first position in terms of e-scooter registrations, followed by Okinawa Autotech and Hero Electric
Ola Electric said it was planning to launch over 200 experience centers across the country by March 2023
The Story:
Ola Electric Mobility Pvt. Ltd has begun talks with Australian companies to source key minerals for electric vehicle battery manufacture. The discussions to explore commercial and economic collaboration in minerals were held under the aegis of the Australia India Business Exchange (AIBX) programme.
However, it must be noted that ECTA is yet to be ratified in the Australian parliament and is expected to come into effect by the end of the year. An Australian delegation visited Ola Electric’s manufacturing facility in Krishnagiri, Tamil Nadu and its battery innovation centre (BIC) in Bengaluru to expand talks around a strategic partnership. Ola plans to mass-produce its cells from its coming Giga factory by 2023. The company was also allocated 20GWh capacity under the production-linked incentives scheme for advanced chemistry cells.
FMCG
The Story:
The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi, the highest amount frozen to date in India, the ED said Friday. The Enforcement Directorate (ED) issued the order of seizure on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country.
The order has been issued under section 37A of the FEMA against Xiaomi Technology India Private Ltd, the federal agency said in a statement. "This is the highest amount of seizure order in India which the authority has confirmed to date.
"The authority, while confirming the seizure of Rs 5,551.27 crore, held that ED is right in holding that foreign exchange equivalent to Rs 5,551.27 crore has been transferred out of India by Xiaomi India in an unauthorized manner and is held outside India on behalf of the group entity in contravention of Section 4 of the FEMA," the agency said.
The competent authority also observed that the payment of royalty is nothing but a tool to transfer the foreign exchange out of India and the same is in "blatant violation" of the provisions of FEMA, it said.
TECH
The Story:
Jio is set to launch a budget laptop with an embedded 4G chip in an effort to replicate the success of the jio phone.
Jio will be working with global giants Qualcomm and Microsoft to develop the JioBook. It will be produced locally by the contract manufacturing company Flex.The laptop will be available to enterprise customers such as schools and government colleges this month and is expected to be available to consumers in the next three months.
The laptop will run JioOS and apps can be downloaded from jiostore. The laptop will be priced at Rs 15000.
Want More Bits?
Scientists develop a new ionic circuit that could transform computing
The Story:
Physicists have developed an ionic circuit- a processor based on movement of ions in an aqueous solution instead of electrons like a traditional solid semiconductor. This circuit, according to researchers is capable of analog computing and opens up avenues of more advanced computing.
Signal transmission in the brain is largely through movement of ions in a liquid medium, much like the kind of movement achieved here. The circuit consists of many small transistors with two concentric circular electrodes in an aqueous solution of quinone molecules.
The ionic circuits can be arranged to perform matrix multiplication which is the most prevalent calculation in neural networks for artificial intelligence. Scientists hope to one day merge this with traditional circuits to create hybrid technologies with the capabilities of both.
