Business News Updates | 29-10-2023

Some of the top business news for October 29, 2023:

• Elon Musk Announces Starlink Internet Connectivity for Gaza Aid Organizations. The billionaire entrepreneur and CEO of SpaceX said that Starlink, the company’s satellite internet service, will be provided to aid organizations operating in the Gaza Strip, which has been under Israeli blockade for over a decade.
• Twitter to Replace Your Bank? Elon Musk Wants X to Roll Out a Financial and Payment Feature in One Year. Musk, who also owns Twitter, has said that he wants to turn the social media platform into a “one-stop shop” for users, offering a variety of services, including financial and payment features.
• Google Paid Rs 2,19,377 Crore in 2021 to Be the Default Search Engine Across Platforms: Report. A new report by Counterpoint Research claims that Google paid Rs 2,19,377 crore ($30 billion) to device manufacturers and mobile operators in India in 2021 to make its search engine the default option on their devices.
• ‘Not Just 70, More Like 140’: Ola CEO Bhavish Aggarwal Bats for Infosys Founder Narayana Murthy’s Outlook. Ola CEO Bhavish Aggarwal has expressed support for Infosys founder Narayana Murthy’s view that young people should work for 70 hours a week. Aggarwal said that he works “140 hours a week” himself and that it is necessary to put in long hours to be successful.
• Why OTTs Pose a Bigger Threat to Serials in Hindi Than Those in Regional Languages. A new report by Boston Consulting Group (BCG) claims that over-the-top (OTT) platforms like Netflix and Amazon Prime Video pose a bigger threat to Hindi serials than to regional language serials. The report says that this is because Hindi serials are more formulaic and predictable, while regional language serials are more diverse and innovative.
• Amul’s Big Pivot: How the Dairy Major is Looking to Make a Big Play in the Foods Space. Amul, the Indian dairy cooperative, is looking to make a big push into the foods space. The company has recently launched a number of new food products, including frozen snacks, ready-to-eat meals, and desserts. Amul is also looking to expand its distribution network to reach more consumers.
• Sensex, Nifty This Week: From India’s Fiscal Deficit to Fed Decision, Factors That May Drive Dalal Street. The Indian stock market is expected to be volatile this week, with a number of factors likely to drive sentiment, including the release of India’s fiscal deficit data and the US Federal Reserve’s interest rate decision.
• Marico’s Harsh Mariwala Weighs in on Narayana Murthy’s ‘Work 70 Hours a Week’ Remark. Marico CEO Harsh Mariwala has said that he does not agree with Narayana Murthy’s view that young people should work for 70 hours a week. Mariwala said that “work is not about hours clocked in” and that it is more important to be productive and efficient.
• Bengaluru Cardiologist Shares His Take on Narayana Murthy’s ‘Work 70 Hours a Week’ Advice. A Bengaluru cardiologist has said that Narayana Murthy’s advice to young people to work for 70 hours a week is “dangerous” and could lead to health problems. The cardiologist said that it is important to have a good work-life balance and to get enough sleep.