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RBI's foreign exchange reserves rose by $1.7 billion in a week to reach $573.73 billion by January 20. During the same period, Rupee rose by 0.3% against the dollar. The rises come as a relief after the $100 billion decline in reserves from February to September 2022.
The appreciation of the Rupee and the Union Budget approaching might really make Amrit Kaal a reality after all (provided the growth is sustained and real)!
The Indian government has set out to pay ₹4,000 crore to various industries by March 2023 through PLI schemes. Sectors such as pharma, automobiles, renewable energy, and more already received benefits during 2021-22. This instalment is set to be directed towards industries like, bicycle components, leather, furniture, home textile and more.
These payouts are a part of a larger sum of ₹1.97 lakh crore planned for five years.
Watch out for Insider's take on the budget's effect on various industries.
Amazon has started its pharmacy delivery service called RxPass. Amazon Prime users will be able to get their prescriptions refilled on a monthly or quarterly basis, depending on their needs, at just $5 a month.
RxPass will be Amazon's next foray into diversifying businesses with Basics and Fresh. The additional $5 will be added to users' Prime subscription fees.
The drugs supplied will be off-patent and sourced from over 60,000 pharmacies.
Great, Amazon's a step closer to world domination!
As the global economy edges ever closer to a recession, Microsoft has begun executing its 10,000-employee layoff. As per reports, 1,000 out of these 10k have already received notification regarding the end of their employment.
There are also reports that the number of employees to be laid off might go up as well, especially from engineering divisions.
Microsoft also faced a fall in the value of its shares, experiencing a 22% fall over the year to reach $235 from $303.
The American recession is starting to take its toll as another western giant falls to trying times. Amidst a mass layoff of 3,000 employees, the finance giant also reported a revenue drop of over 65%!
The fall in revenue comes as a result of a reduction in the number of IPOs in the American market. The revenues in the previous year fell by 16% to reach $10.2 billion before further falling to $1.2 billion for this year.
Adani Enterprises is planning to bring a ₹20,000 crore FPO, making it the biggest yet in India, beating Yes Bank's ₹15,000 crore July 2022 FPO. ICICI Securities and Jefferies are the first among the consortium of investment banks reportedly engaged in the FPO.
Adani Enterprises filed for SEBI's fast-track FPO procedure, allowing a listing company to skip the preparation and filing procedure of listing documents.
Based on recent developments, the FPO is likely to be published before the Union Budget.
Microsoft has been reported to be in talks to acquire OpenAI's chatbot software, ChatGPT. The Nadella-owned software giant had already invested $1 billion in the AI company in 2019.
The acquisition is valued at $10 billion while OpenAI is valued at $29 billion in an attempt to compete against Google.
If I had a browser like Bing as my offering, I'd try to adopt a "new kid", too.
Remember 2016 when everyone and their dog wanted a Jio sim? Well, best get ready for Reliance as it launches its "True 5G" network.
The 10 cities where the pilot phase will begin include Agra, Kanpur, Meerut, Prayagraj, Tirupati, Nellore, Kozhikode, Thrissur, Nagpur, and Ahmednagar. The company plans to release a "Jio Welcome Offer", wherein users will get unlimited data at 1GBPS+ speeds in these cities.
How many of the little to non-existent telecom companies will be eliminated this time?
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