Data recap: AI race hots up, RBI increases rates

1 month ago Mint

India’s monetary policy committee raised the benchmark policy rates in its continuing fight against inflation. The rate hike came despite a drop in the headline inflation rate in November and December. A Mint analysis shows inflation remains high for a significant chunk of items in the retail basket. A Political TurnTHE STOCK market turmoil after allegations of fraud surfaced against the Adani group took a political turn this week. Battle of BotsTHE PHENOMENAL success of artificial intelligence-based chatbot ChatGPT is set to turn into a new race among tech titans.
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Liz Truss: What happened in Westminster chaos that triggered PM's resignation?

London (The Conversation): Many factors combined to cause Liz Truss’s demise but it was a night of chaos in the British parliament that triggered her resignation. Accusations were made that Conservative whips behaved inappropriately in order to get their MPs to vote with the government. The fracking vote was clearly a moment of high pressure for the whips, given that the prime minister’s position is precarious at best. However, at the end of the debate on Labour’s fracking motion, the climate change minister announced that the motion wasn’t a confidence vote. Governing Conservative MPs under these conditions – regardless of who is prime minister – is going to be tricky.

5 months ago Mint

Crypto exchanges launch offers to combat up to 99.8% drop in volumes this Diwali

Compared to this, the platform had witnessed a 24-hour trading volume of more than $535 million on 28 October 2021. BitBNS had logged a peak trading volume of over $110 million on 28 October 2021, while the exchange’s last 30-day volume has ranged between $11 million and $15 million. Bitbns has launched crypto gift cards option for new users. Industry executives believe that crypto gift cards can stir up gifting emotions during the festivities, and simultaneously give a higher value for money. However, when it comes to gifting crypto assets, there are certain aspects to be kept in mind.

5 months ago Mint

Ayodhya Diwali celebrations: PM Modi to launch ‘Deepotsav Mahotsav’ today

Prime Minister Narendra Modi, who is all set to begin his visit to Ayodhya on the occasion of Diwali 2022, will attend the ‘Deepotsav’ celebrations on Sunday after offering prayers to Lord Ram at the under-construction Ram Janmabhoomi temple. During the Deepotsav Mahotsav, around 18 lakh earthen lamps will be lit today as part of Diwali celebrations that will also include fireworks, a laser show, and the staging of Ramlilas. At the Ram Katha park, Lord Ram, Goddess Sita, Lord Lakshman and Lord Hanuman will be shown descending from a ‘pushpak vimana’," Rinwa told PTI. This Deepotsav is going to be more grand and memorable for us as Prime Minister Narendra Modi will be coming for the event." Notably, this is the sixth edition of Deepotsav Mahotsav and it is for the first time that the Prime Minister will be participating in-person in the celebrations.

5 months ago Mint

Cyclone Sitrang: Storm to intensify in next 12 hours, red alert in these states on Diwali, day after. Check here

The Indian Metrological Department (IMD) has forecasted that isolated very heavy rainfall is very likely to occur over the coastal districts of West Bengal on 24 and 25 October. Red alert has been issued for Gangetic West Bengal and the North eastern states for the two days owing to the movement of Cyclone Sitrang. It is very likely to move northwestwards during next 12 hours and intensify into a cyclonic storm over central Bay of Bengal. Cyclone Sitrang:The weather department has informed that the deep depression over eastcentral Bay of Bengal about 640km northwest of Port Blair. It would gradually decrease becoming 45-55 kmph gusting to 65 kmph over coastal areas of Bangladesh after evening.

5 months ago Mint

Geopolitics has speeded up the race to launch CBDCs

The geopolitical fault-lines it has exposed has spawned an odd by-product: it is animating a race among nations to launch central bank digital currencies (CBDCs), some with unique characteristics which could have interesting consequences for the future of money. The Reserve Bank of India (RBI) recently released a concept note as a precursor to launching its own CBDC, the digital rupee. The risk of unilateral, punitive sanctions and its deleterious economic consequences has impelled many countries to start exploring cross-border CBDC options. According to Atlantic Council, as of June 2022, there were nine cross-border wholesale CBDCs in the works. The wild card here is China, which was the first to launch a pilot project for its retail CBDC and is now focused on launching cross-border CBDCs.

5 months ago Mint

IDFC First Bank stock gives over 101% returns in 4 months; Should you buy after Q2 results?

On Monday, due to Q2 results, IDFC First shares witnessed stellar buying sentiment and even clocked a new 52-week high. Due to the latest stock performance, IDFC First emerged as multi-bagger stock with gains of more than 100% in a span of a little over 4 months. Further, net interest income (NII) climbed by 32% to ₹3,002 crore in Q2FY23 from ₹2,272 crore in Q2 of FY22. While the bank's funded assets jumped by 25% yoy to ₹1,45,362 crore in the latest quarter. We recommend a ‘BUY’ rating on the stock with a target price of ₹66, implying 15 % upside from current levels."

5 months ago Mint

Prada and pools: Rishi Sunak's mega-wealthy wife and in-laws

Akshata Murty, the Indian wife of Britain's next Prime Minister Rishi Sunak, is fabulously rich thanks to her billionaire father, a fortune that is attracting controversy as ordinary people reel from a cost-of-living crisis. The outsourcing behemoth now worth around $75 billion helped drive India's transformation into the "back office of the world". "That cured me from being a confused leftist to a determined compassionate capitalist," Narayana said afterwards. In July, Sunak wore Prada loafers on a campaign visit to a rubble-strewn construction site. Non-materialisticMurty and Sunak own at least four properties, including a £7 million five-bedroom house in Kensington, London.

5 months ago Mint

'It's revenge time...', Trevor Noah's take on Rishi Sunak as UK PM | Watch

Moments after Rishi Sunak became UK prime minister, comedian Trevor Noah, who runs an American television show, released a hilarious take on the new British PM, Conservative Paty, and the racism that is brewing around it. “Can you imagine me becoming Prime Minister of Pakistan? Meet Rishi Sunak, Britain's new PM who is only 42, meaning he'll probably serve well into his 42-and-a-halves pic.twitter.com/I7fP8Ohi0j — The Daily Show (@TheDailyShow) October 25, 2022How UK media reacts to Sunak getting the top jobRishi Sunak's rise to the top received both and bouquets from the UK media. Echoing similar sentiment, The Mail headline read, “A new dawn for Britain" with the sub-head: "Rishi Sunak becomes our youngest modern PM - and first with an Asian heritage". However, not all media outlets were happy with Sunak being the UK's new Prime Minister.

5 months ago Mint

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