Good Afternoon ☕

Nokia, the Finnish telecom giant, is making waves with a stunning workforce reduction of 14,000 employees. This audacious move follows a turbulent third quarter, which witnessed a jaw-dropping 20% drop in sales, primarily attributed to a sluggish 5G market in locations like the United States.

Driven by their superhero ambition to revamp the 5G landscape and rescue their financial fortunes, Nokia aims to achieve savings of 1.2 billion euros ($1.26 billion) by 2026. The ultimate mission? To achieve an operating margin of at least 14% by the same year. With lightning speed, Nokia plans to execute this bold strategy, expecting to save 400 million euros in 2024 and an additional 300 million euros in 2025. Brace yourselves for a turbocharged Nokia, ready to conquer the future and reignite the tech arena.

Important News of the Day

1. Nokia to slash 14,000 jobs to save costs

Finnish telecommunications equipment group Nokia has announced that it will cut up to 14,000 jobs as part of a new cost-saving plan after third-quarter sales dropped 20% due to slowing sales of 5G equipment in markets such as America. The company aims to achieve savings ranging from 800 million euros ($842 million) to 1.2 billion euros by 2026, as it strives to reach its long-term target of a comparable operating margin of at least 14% by the same year. Nokia expects to swiftly implement this program, with at least 400 million euros in savings anticipated for the year 2024, followed by an additional 300 million euros in 2025.

2. Uttarakhand CM Pushkar Singh Dhami signs MoUs worth ₹11,925 crore

Uttarakhand Chief Minister Pushkar Singh Dhami signed investment MoUs worth ₹11,925 crore with various industry groups in Dubai on October 18, 2023. The MoUs are related to tourism, education, infrastructure, and real estate. The investment is expected to boost the state's economy and create job opportunities. The MoUs were signed during the Uttarakhand Global Investor Summit 2023, where the Chief Minister invited all industrial houses to participate. The summit aims to showcase the state's potential and attract investment from domestic and international investors.

3. DGGI detected GST evasion of ₹1.36 trillion this year: finance ministry

According to multiple sources, the Directorate General of GST Intelligence (DGGI) in India has detected tax evasion amounting to Rs 1.36 lakh crore (equivalent to approximately $18.2 billion USD) so far in the current financial year 2023-24. The evasion includes fake input tax credit claims, under-reporting of turnover, and undervaluation of goods. The DGGI has been conducting nationwide searches and investigations to detect such tax evasion. The government has been taking measures to curb tax evasion and increase compliance with the Goods and Services Tax (GST) system, which was introduced in India in 2017 to replace multiple indirect taxes.

4. PM Modi to launch over 500 rural skill development centres in Maharashtra

Prime Minister Narendra Modi is set to launch 511 Pramod Mahajan Grameen Kaushalya Vikas Kendras in Maharashtra today through video conferencing. These centres will be established across 34 rural districts of the state and will conduct skill development training programs across various sectors to provide employment opportunities to rural youth. Each centre will train about 100 youngsters in at least two vocational courses. The training is being provided by empanelled industry partners and agencies under the National Skill Development Council.

5. Tribal youth must help to eradicate Left Wing Extremism

Union Home Minister Amit Shah interacted with 200 tribal youth under the Tribal Youth Exchange Program (TYEP) and urged them to help eradicate the idea of Naxalism from the country. He stated that Naxals are against the country's development and bright future and that the tribal youth should play an important role in eradicating the idea of Left Wing Extremism from the country. Shah also mentioned that a lot of opportunities are available for people of the tribal community now and that they should take advantage of them.

Stock Market Update 📈

1. Lexus mulls price hike from next month to offset impact of depreciating rupee, increase in input cost

   Lexus is considering a price increase starting next month in response to the depreciating rupee and rising input costs. The luxury automaker seeks to offset the financial impacts of these factors on its operations. This move may affect potential car buyers in the Indian market, where Lexus competes with other premium brands. The price hike reflects the ongoing challenges faced by companies dealing with currency fluctuations and cost pressures, which are driving the need for adjustments to maintain profitability.

2. Dalmia Polypro to raise $30 million from US' DFC to build facility in Maharashtra

   Indian company Dalmia Polypro is set to secure $30 million in funding from the United States' Development Finance Corporation (DFC) to construct a new facility in Maharashtra. This investment will facilitate the expansion of Dalmia Polypro's operations and contribute to economic growth in the region. The funding highlights the strong partnership between the US and India in the development of infrastructure and industries.

3. Dabur sued in the US over cancer-causing hair product allegations

   Indian consumer goods company Dabur is facing legal action in the US over allegations that its hair products contain cancer-causing chemicals. The lawsuit claims that some of Dabur's hair care products, including popular brands, contain high levels of formaldehyde, a known carcinogen. The plaintiffs argue that Dabur failed to adequately warn consumers about potential health risks. This legal action could have significant implications for the company's reputation and future sales, both in the US and potentially in other markets where their products are sold. Dabur has yet to issue an official response to the allegations.

4. Serentica Renewables to raise ₹5,000 cr debt

   Serentica Renewables is set to secure ₹5,000 crore in debt financing. The company's move to raise this substantial amount in debt reflects its strategic focus on expansion and development in the renewable energy sector. The substantial capital injection is expected to bolster Serentica's capacity for renewable energy projects and further contribute to India's transition toward sustainable and clean energy solutions.

5. IBM inks pact with govt to boost innovation in semiconductors, AI

   IBM has signed a significant agreement with the government to enhance innovation in the fields of semiconductors and artificial intelligence (AI). This strategic partnership aims to accelerate advancements in these critical technologies, fostering research and development. The collaboration is expected to promote economic growth, drive innovation, and strengthen the nation's competitiveness in these rapidly evolving sectors. It reflects a commitment to harnessing the potential of semiconductors and AI, with IBM's expertise playing a pivotal role in driving technological progress and benefiting various industries and the broader economy.

6. GST officers detect Rs 1.36 lakh crore evasion in current fiscal

   In the current fiscal year, GST officers have uncovered a staggering Rs 1.36 lakh crore in tax evasion. This substantial evasion detection highlights the government's continued efforts to clamp down on tax fraud and non-compliance. Such a substantial figure underscores the importance of robust enforcement and compliance measures to ensure a fair and efficient tax system, further enabling the government to fund critical programs and services while safeguarding revenue streams.

Breaking News: The Scoop You Can't Miss!

1. Russian exporters stuck with $8 bn in local Vostro accounts

Russian exporters are holding around $8 billion in Vostro accounts in India, which are set up to facilitate trade in Indian rupees, due to a lack of investment opportunities in India for Russians and continued volatility in exchange rates. Some of the Russian money is invested in Indian securities, but most of it remains in Vostro accounts. The rupee is not fully convertible, and Russia is seeking to avoid the US dollar and other currencies of what it calls "unfriendly" Western countries. India has been a major beneficiary, picking up Russian oil on the cheap. However, the imbalance in trade for Russia means that the volume of "frozen funds" can reach tens of billions of dollars.

2. World leaders in Israel to douse war fire; From Biden to Rishi Sunak

World leaders are visiting Israel to help douse the fire of the ongoing war between Israel and Hamas. UK Prime Minister Rishi Sunak is the latest leader to visit Israel, following German Chancellor Olaf Scholz and US President Joe Biden. Sunak is scheduled to meet with Israeli Prime Minister Netanyahu and President Isaac Herzog, and then head to other regional capitals. Meanwhile, Egypt has agreed to open the Rafah crossing into Gaza to allow a first batch of around 20 humanitarian aid trucks to enter the territory. The aid will move into Gaza once Egypt is able to repair the road cratered by Israeli strikes.

3. Elon Musk considers removing X from Europe over new EU law

Elon Musk, owner of social media platform X, is considering removing the service formerly called Twitter from Europe in response to a new internet platform regulation in the region. The European Union adopted the Digital Services Act (DSA) in August, which sets forth rules for preventing the spread of harmful content, banning or limiting certain user-targeting practices, and sharing some internal data with regulators and associated researchers, among other things. Musk has discussed removing the app’s availability in the region, or blocking users in the European Union from accessing it.

4. Intelligence sources blame Islamic Jihad for hospital attack in Gaza

A blast at al-Ahli Hospital in Gaza City on Tuesday has killed hundreds of people, according to the Gaza health ministry. The cause of the blast is disputed, with Israeli and Palestinian officials blaming each other. Israel Defense Forces (IDF) spokesperson, Daniel Hagari, said that an analysis by the IDF operational systems indicates that a barrage of rockets was fired by terrorists in Gaza, passing in close proximity to al-Ahli Hospital at the time it was hit.

5. Xi Jinping touts China as ‘alternative world order’

The Belt and Road Initiative (BRI) forum, marking one decade since the launch of Xi Jinping's flagship initiative, was held in Beijing on October 18, with more than 140 countries in attendance, including the Middle East and the Taliban. The event took place under the shadow of a war in the Middle East that threatens to escalate into broader regional conflict. Russian President Vladimir Putin appeared on stage as a guest of honor and touted his country's deep alignment with China.

World News 🌎

• Vladimir Putin in China, Russian naval officers seen with nuclear briefcases

• Amid Israel-Hamas conflict, Antisemitism on the rise in Canada, says PM Trudeau

• Israel hits hundreds more sites in Gaza as UK PM Sunak due to arrive

• Rishi Sunak to visit Israel as world leaders seek de-escalation

• Alex Danzig: Fears grow for much-loved historian kidnapped by Hamas

• Jeremy Bowen: Joe Biden's search for a Middle East solution just got harder

• Russia's Lavrov hails deeper ties in N Korea visit

• US eases Venezuela oil sanctions after election deal

• Microsoft Unveils Groundbreaking AI Assistant to Attend Meetings on Your Behalf.

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