Reliance Jio and Nokia: The 5G Power Couple! 📱

Friday, July 7^th, 2023

Good Morning ☕

Looks like Reliance Jio is dialing up their 5G game with this Nokia deal. It's like giving their network a turbo boost, ensuring everyone in India can stream, surf, and share at lightning-fast speeds. With this much connectivity, maybe we'll see Bollywood stars hosting virtual dance-offs on Jio's 5G network soon!

Reliance Jio Infocomm is expected to sign a $1.7 billion deal with Nokia this week to purchase 5G network equipment, according to reports by Economic Times and other sources. The deal is expected to help Jio expand its 5G network coverage in India. The contract is one of the largest deals for Nokia in India and comes as the country prepares to roll out 5G services.

Important News of the Day

1. World acknowledges India’s capabilities and potential in space tech: Jitendra Singh

India's Minister of State for Space, Jitendra Singh, has stated that the world has acknowledged India's capabilities and potential in space technology. A report by EY focuses on developing a holistic space ecosystem in India, covering the outlook of the space economy in India and its potential to achieve inclusive growth. India's space priorities are shifting towards national security, with a growing perception of space security threats from China. India's space sector was valued at USD 9.6 billion in 2020, contributing 2%-3% of the global space economy, and is expected to reach USD 13 billion by 2025.

2. Meta Launches Threads, Betting Instagram Mojo Can Take on Twitter With New App

Meta, the parent company of Facebook and Instagram, has launched a new app called Threads that is set to take on Twitter for real-time digital conversations. The app is connected to Instagram and appears to function much like Twitter, emphasizing public conversations, with users able to follow people they already do on Instagram. Meta executives have characterized the app as a “sanely run” version of a public-facing social network, in a not-so-subtle jab at Twitter's recent turmoil under Elon Musk. The app is available for download on the Apple App Store and will be released on Thursday.

3. Bajaj Auto ready to target Royal Enfield's market dominance: Report

Bajaj Auto, India's largest mass two-wheeler manufacturer, is targeting Royal Enfield's market dominance in the premium motorcycle segment. Rajiv Bajaj, the Managing Director of Bajaj Auto, believes that the segment has potential for business. Bajaj Auto has previously announced its intention to launch a Royal Enfield rival. Bajaj Auto and Hero MotoCorp are stepping into a new battleground of premium lifestyle motorcycles, unleashing a premium motorcycle war with Royal Enfield. Hero MotoCorp is also looking to dislodge Eicher's complete dominance of the high-end bike segment with affordable Harley Davidsons.

4. Auto sector margins to expand in Q1FY24 driven by softening commodity costs

According to a preview of Q1 FY23 earnings for the auto sector, major companies are expected to report muted revenue growth due to inflation-triggered demand and input costs. The automotive industry has been affected by margin pressure and semiconductor shortages, leading to mixed Q1 results. However, the auto sector is expected to continue margin expansion driven by operating leverage and softening commodity costs. Tesla's Q1 earnings saw a fall in net income and gross margin due to strained consumer spending on big-ticket items. NIO's Q1 earnings missed expectations, with gross margin dropping to 1.5% due to promotional discounts and changes in product mix.

5. Google accuses CCI of protecting Amazon in Android case

Google has accused India's Competition Commission (CCI) of bias in the Android case, claiming that the CCI is favoring Amazon. Google alleges that its efforts to develop a modified version of Android for Indian consumers were hindered by the CCI, which ordered changes to Google's business model "only to protect" Amazon. The CCI has yet to respond to the allegations. Google has previously been involved in legal disputes over its use of Android code, most notably in a case against Oracle in 2021.

6. PFC extends ₹ 9,187 crore assistance to HPCL Rajasthan Refinery Project

The Power Finance Corporation (PFC) has provided a loan of Rs 9,187 crore ($1.2 billion) to HPCL Rajasthan Refinery for setting up a greenfield refinery-cum-petrochemical complex in Barmer, Rajasthan. The project, which has a total cost of Rs 72,937 crore ($9.7 billion), will have a refining capacity of 9 million metric tonnes per annum and is expected to be commissioned by 2024. The complex will produce environment-friendly clean fuels and petrochemicals to be used as feedstock in packaging, textile, and petroleum industries.

Breaking News: The Scoop You Can't Miss!

1. CBI registers case against Pune-based company in ₹91.92 crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Pune-based builder K J Infrastructure Projects India Pvt Ltd. and its directors in an alleged over Rs 91.92 crore bank fraud case. The CBI alleged that the accused diverted the proceeds into accounts of related and associated companies without its end utilization, resulting in losses to the banks. This is one of several recent bank fraud cases in India, including a Rs 1,017 crore scam involving steelmaker Loha Ispaat Limited.

2. GST Council may define MUVs and XUVs for levy of 22% cess: Report

The GST Council is expected to clarify the definition of multi-utility vehicles (MUVs) and crossover utility vehicles (XUVs) for the levy of a 22% compensation cess over and above the 28% GST rate. This clarification is expected to increase the prices of MUVs. The GST Council meeting on July 11 is likely to recommend a 22% cess for all multi-utility vehicles. The council will also discuss budgetary support to hill and northeastern states and cess levy on MUVs.

3. After TCS, Tata Steel fires 38 employees for breaching its ‘code of conduct’

Tata Steel has reportedly fired 38 employees for breaching the company's code of conduct, including recruitment bribery and sexual misconduct. The company's chairman, N Chandrasekaran, confirmed the action had been taken against the dismissed employees. This comes after Tata Consultancy Services (TCS) also terminated employees for misconduct.

4. Betting app Lotus365 top advertiser in print during January-March 2023

Lotus365, a banned betting app, was the top advertiser in print media in India during January-March 2023, despite being banned by the government. The app is still operating in India and using surrogate advertising to promote itself, with celebrities endorsing the app. The Economic Times reports that platforms that advertise banned apps could suffer severe consequences. In February 2023, the Indian government banned around 200 notorious betting websites, including Betway, Dafabet, and Lotus365.

5. Most Indians report jump in household spends in June, says survey

According to a survey conducted by Axis My India, overall household spending has increased for 56% of families in April 2023 across rural and urban India. However, it is unclear what specific items or services the households are spending on. A separate study found that cancer-affected households in India spent between INR 66 and INR 85 more per member on healthcare over a 15-day reference period than controls. Additionally, the USDA found that food-away-from-home spending increased by 7.5% in December 2022 compared to November 2022 and was 13.5% higher than December 2021. Finally, a PwC survey found that half of consumers are extremely or very concerned about their personal financial situation and 96% of surveyed consumers intend to adopt cost-saving behaviors over the next six months.

6. Meta's Threads attracts over 5 mn users in just 4 hours, Zuckerberg announces

Meta, the parent company of Facebook, has launched a new app called Threads, which aims to compete with Twitter. The app allows users to post short messages, or "threads," which can be linked together to create longer conversations. According to Meta CEO Mark Zuckerberg, the app logged 10 million sign-ups in just seven hours. The launch comes amid a chaotic weekend for Twitter, during which CEO Elon Musk announced a limit to the number of tweets users can view in one day, causing dismay among users. Other would-be rivals to Twitter have attracted users away from the platform in the wake of Musk's takeover, including Mastodon and BlueSky.

World News 🌎

• Wagner chief Yevgeny Prigozhin in Russia, troops still in camps: Belarus Prez.

• First IIT campus beyond Indian borders finds its home in Tanzania: MEA

• Joe Biden to announce $60 million investment from Enphase Energy.

• Quran burning: Christian minorities get threats while Pakistan plans protests.

• India's 'economic diplomacy' bolsters lending in Africa, countering China.

• Cocaine found in White House ‘visitors area’, cameras, visitor logs searched.

• French President’s diplomatic adviser calls on PM Modi.

• US lawmakers call on World Bank to boost funding for climate initiatives.

• North Korea's failed satellite had 'no military utility', South Korea confirms.

• California Committee passes landmark bill to prohibit caste discrimination.

Trendy Hashtags of Twitter #️⃣

#Threads: Threads, the hottest new app brought to you by the rockstar team behind Instagram.

Imagine this: You log in using your Instagram account, and bam! You're transported to a world where words dance, characters sizzle, and ideas run wild. With Threads, you're the life of the digital party, delivering text updates that are short, snappy, and bursting with personality. Make your mark with up to 500 characters that pack a punch!

But Meta didn't stop there. They knew that a party isn't complete without some eye candy and show-stopping moments. That's why Threads lets you unleash your creative beast by adding links, photos, and videos that'll leave your friends in awe. Share your weekend adventures, your secret recipes, or that epic cat video you just stumbled upon, everything's fair game! And yes, the videos can go up to 5 minutes long, so there's plenty of time to dazzle your audience.

But hold on tight because here's the kicker: Threads is all about embracing the future! Breaking down barriers and meta working tirelessly to make Threads compatible with the coolest, most futuristic social networks out there. We're talking about the kind of networks that make the internet a better place, where connections are seamless and possibilities are endless. We're putting the "OMG" in "interoperable social networks."

Our guru, Mark Zuckerberg, recently announced the initial version of Threads, and the excitement is through the roof! Whether you're a seasoned creator or a spontaneous poster, Threads is your VIP ticket to a separate space where real-time updates and jaw-dropping conversations come alive. Expect to meet a crowd of kindred spirits who share your passions, interests, and that weird obsession you have with rubber duckies. We won't judge!