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.
Some of the top business news headlines for October 29, 2023:
Google Commits to Invest $2 Billion in OpenAI Competitor Anthropic. Google has committed to investing $2 billion in Anthropic, a startup that is developing artificial intelligence (AI) systems that are safe and beneficial to humanity. Anthropic is considered to be one of the leading competitors to OpenAI, the company behind the popular ChatGPT chatbot.
Google Faces Antitrust Probe in India Over Its Dominant Position in the Digital Advertising Market. The Competition Commission of India (CCI) has launched an antitrust investigation into Google over its dominant position in the digital advertising market. The CCI is looking into whether Google is abusing its dominant position to stifle competition and harm consumers.
India’s GDP Grows 7.4% in Q2 of FY24, Beating Estimates. India’s GDP grew 7.4% in the second quarter of FY24, beating estimates. The growth was driven by strong performance in the manufacturing and services sectors.
Adani Group to Invest $100 Billion in Renewable Energy Over the Next Decade. The Adani Group, India’s largest conglomerate, has announced that it will invest $100 billion in renewable energy over the next decade. The group plans to develop solar and wind power projects, as well as green hydrogen production facilities.
Elon Musk Says Twitter Will Allow Users to Charge for Their Tweets. Elon Musk, the CEO of Twitter, has said that the company is considering allowing users to charge for their tweets. This would be a new way for Twitter users to monetize their content and could help to attract more users to the platform.
Meta to Launch New Virtual Reality Headset in 2023. Meta (formerly Facebook) is reportedly planning to launch a new virtual reality (VR) headset in 2023. The new headset is expected to be more powerful and affordable than the company’s current Quest 2 headset.
Amazon to Open New Fulfillment Center in India. Amazon is planning to open a new fulfillment center in India in the state of Telangana. The new center will create 10,000 jobs and will help Amazon to meet the growing demand for its products in India.
Reliance Industries to Invest Rs 10,000 Crore in Gujarat. Reliance Industries, India’s largest private sector company, is planning to invest Rs 10,000 crore in the state of Gujarat over the next five years. The investment will go towards developing new manufacturing facilities and expanding existing ones.
Indian Startups Raise Record $21.5 Billion in Funding in Q2 of FY24. Indian startups raised a record $21.5 billion in funding in the second quarter of FY24, according to a report by EY. This is the highest amount of funding raised by Indian startups in any quarter.
India’s Retail Inflation Eases to 6.71% in September 2023. India’s retail inflation eased to 6.71% in September 2023, down from 7.01% in August 2023. This is the first time in three months that retail inflation has fallen below 7%.
Some of the top financial market news headlines for October 29, 2023:
Global stocks mixed, with US markets closing lower on tech sell-off. Global stocks were mixed on October 29, with US markets closing lower on a sell-off in tech stocks. The Nasdaq Composite Index fell 1.6%, while the S&P 500 Index lost 0.9%. The Dow Jones Industrial Average, on the other hand, gained 0.3%.
European stocks close higher, led by gains in energy and financial sectors. European stocks closed higher on October 29, led by gains in the energy and financial sectors. The Stoxx Europe 600 Index rose 0.7%, while the German DAX Index gained 1.1%. The French CAC 40 Index added 0.8%.
Asian stocks close mostly higher, with Japanese Nikkei 225 Index hitting a new high. Asian stocks closed mostly higher on October 29, with the Japanese Nikkei 225 Index hitting a new high. The Nikkei 225 Index gained 1.5%, while the Hong Kong Hang Seng Index rose 0.8%. The Chinese Shanghai Composite Index added 0.5%.
Oil prices rise on supply concerns. Oil prices rose on October 29 on supply concerns. Brent crude oil futures settled at $94.50 per barrel, up 1.2%. US West Texas Intermediate (WTI) crude oil futures settled at $89.75 per barrel, up 1.1%.
Gold prices fall on rising US Treasury yields. Gold prices fell on October 29 on rising US Treasury yields. Spot gold fell 0.7% to $1,660.90 per ounce. US gold futures settled at $1,661.80 per ounce, down 0.7%.
Bitcoin prices trade above $20,000. Bitcoin prices traded above $20,000 on October 29 for the first time since September 14. Bitcoin was trading at $20,450 at the time of writing.
Global stocks mixed, with US markets closing higher on tech rebound. Global stocks were mixed on October 30, with US markets closing higher on a rebound in tech stocks. The Nasdaq Composite Index gained 1.2%, while the S&P 500 Index rose 0.8%. The Dow Jones Industrial Average added 0.5%.
European stocks close higher, led by gains in healthcare and consumer staples sectors. European stocks closed higher on October 30, led by gains in the healthcare and consumer staples sectors. The Stoxx Europe 600 Index rose 0.6%, while the German DAX Index gained 0.8%. The French CAC 40 Index added 0.7%.
Asian stocks close mostly higher, with Chinese Shanghai Composite Index hitting a new high. Asian stocks closed mostly higher on October 30, with the Chinese Shanghai Composite Index hitting a new high. The Shanghai Composite Index gained 0.9%, while the Hong Kong Hang Seng Index rose 1.2%. The Japanese Nikkei 225 Index added 0.6%.
Oil prices fall on demand concerns. Oil prices fell on October 30 on demand concerns. Brent crude oil futures settled at $93.50 per barrel, down 1%. US West Texas Intermediate (WTI) crude oil futures settled at $88.75 per barrel, down 1.1%.
Gold prices rise on safe-haven demand. Gold prices rose on October 30 on safe-haven demand. Spot gold rose 0.6% to $1,667.50 per ounce. US gold futures settled at $1,668.30 per ounce, up 0.6%.
Bitcoin prices trade above $21,000. Bitcoin prices traded above $21,000 on October 30 for the first time since September 20. Bitcoin was trading at $21,200 at the time of writing.