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Newsletter | Voting in Lok Sabha Election Phase 3 underway; Expectations from Apple’s ‘Let Loose’ & more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
From Phase 3 of the Lok Sabha Election 2024 to Apple’s upcoming Let Loose event, here are the top 11 news stories across business, global events, tech, and more.
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Voting in the Phase 3 of the Lok Sabha Election 2024 underway
Voting is underway in 93 constituencies spread over 11 states and Union Territories on May 7 in the third phase of Lok Sabha polls. Over 1,300 candidates, including around 120 women, are in the fray. Among the bigwigs are Union ministers Amit Shah (Gandhinagar), Jyotiraditya Scindia (Guna), Mansukh Mandaviya (Porbandar), Parshottam Rupala (Rajkot), Pralhad Joshi (Dharwad), Dimple Yadav (Mainpuri) and SP Singh Baghel (Agra).
As many as 17.24 crore people, including 8.39 crore females, are eligible to vote in this phase. PM Narendra Modi and Home Minister Amit Shah cast their vote at booths in Ahmedabad city under the Gandhinagar Lok Sabha seat in Gujarat. Voting was completed in 189 seats out of 543 seats in the first two phases. The next four phases will be on May 13, May 20, May 25 and June 1. The counting of votes is on June 4.
Hindalco shares gain post Novelis results, an analyst awaits better entry point
Atlanta-based Novelis Inc, a wholly-owned subsidiary of the Aditya Birla group’s Hindalco Industries, reported a 28% year-on-year growth in operating profit or EBITDA at $514 million, driven by higher volumes, lower cost of production, and improved pricing. This resulted in EBITDA per tonne of $540, which was higher than the management’s EBITDA guidance of $525 per tonne.
Following Novelis’ March quarter earnings announcement, domestic brokerage firm Nuvama Institutional Equities has increased its FY25 and FY26 consolidated EBITDA estimates by 13% and 12%, respectively, to factor in higher aluminium prices. Moreover, the brokerage has also upped its EV/EBITDA multiple to 6.5 times from 6 times earlier to factor in the sustainability of Novelis’ earnings and higher profitability in Indian operations.
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Be cool, composed & careful — IMF chief tells countries to take actions that do not derail global economy
The International Monetary Fund’s (IMF) managing director Kristalina Georgieva said businesses, economies and countries should be careful about taking actions that can derail the global economy. “Anything that distorts energy prices, pushes them up, then this beautiful trend of inflation going down and growth in positive territory, can be disturbed. So the most important thing for everybody is to be cool, composed and careful,'” she told The Economist, as part of the Milken Institute’s global conference.
The IMF is also sticking to its baseline scenario of the US Fed cutting interest rates this year despite some fears on the contrary, which is a US rate hike to cool inflation.
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Apple might release a foldable iPhone in 2026
For Apple fans who have been waiting years for a foldable device, there seems to be a faint light at the end of this tunnel.
According to Apple tracker 9To5Mac, Apple could begin production of a 20.3-inch folding device next year, followed by a foldable iPhone in 2026.“Apple is ramping up its work on foldable devices, according to a new investor note seen by 9to5Mac. The report, from Haitong International Securities analyst Jeff Pu, says that Apple will begin mass production of a 20.3-inch foldable device in late 2025, followed by a foldable iPhone in late 2026,” the report said.
Developer data platform MongoDB and Google Cloud optimise Gemini Code Assist for developers
Developer data platform MongoDB announced on Monday that it collaborating with Google Cloud to optimise Gemini Code Assist, a tool designed to offer advanced suggestions for application development on MongoDB.
This partnership is said to target millions of developers and tens of thousands of customers who rely on MongoDB’s data platform for crucial business applications on a daily basis. Gemini Code Assist, which is part of Gemini for Google Cloud, was introduced at the Google Cloud Next ’24 in April. It functions by generating code suggestions, providing answers to queries regarding existing code within developers’ integrated development environments (IDEs), and facilitating the updating of entire codebases with a single command.
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Liberalisation of Indian space sector — why it needs more clarity to attract foreign investors
On March 4 this year, the Government of India released a press note amending the Indian foreign direct investment policy (FDI Policy) in the space sector and formally notified the amendments on April 16, by amending the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019.
While historically, the Indian space sector was predominantly controlled by the government, in the recent years, we have seen a cascade of liberalisation reforms being implemented in this sector, including the amendments to the FDI Policy. However, foreign investors have been wary of investing in this sector because of the lack of clarity on many aspects.
Shell’s “fake” carbon credits — why the world is always the loser
The recent Financial Times report observes global oil major Shell’s egregious misconduct in peddling millions of carbon credits ostensibly tied to CO₂ removal, despite the utter absence of any such mitigation efforts. If this were true, this is simply carbon-washing!
This revelation not only casts a damning shadow on the integrity of a markets-process, hailed as important incentive in curbing greenhouse gas emissions. In Alberta, boasting one of the world’s largest and most carbon-intensive oil reserves, rampant production has impeded Canada’s strides toward meeting emission reduction targets.
#Podcast▶
In this episode of The Climate Clock podcast, Sonal Bhutra along with Jai Dhar Gupta, Founder & CEO of Nirvana Being, explores the vital issue of air pollution and the transformative power of technology in mitigating its effects.
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ICICI Prudential Life Insurance launches its first ULIP with fund value-based distributor payouts
ICICI Prudential Life Insurance has launched ICICI Pru Platinum, the company’s first unit-linked product (ULIP) which aligns distributor payouts to their customers’ fund value. The distributor commissions are linked to their customers’ Assets under Management (AUM), the insurer said. In a ULIP, the premiums paid by customers are invested in various funds, and the returns on these investments are linked to the performance of those funds. What sets ICICI Pru Platinum apart is that it aligns the commissions paid to distributors with the value of their customers’ funds.
Planning to buy a car this Akshaya Tritiya? Check which bank is offering lowest interest rate
As Akshaya Tritiya, the auspicious occasion believed to bring prosperity and success, approaches on May 10 this year, the automotive industry gears up for a surge in sales. Traditionally associated with purchasing gold, this festival has also become synonymous with acquiring new assets, including vehicles like cars and bikes. In anticipation of this festive period, banks generally come out with offers on car loans to attract consumers looking to make a big-ticket purchase. Among the banks vying for attention with competitive interest rates are Union Bank of India, State Bank of India, and ICICI Bank.
#Startupsworld🌍
Poshn secures $6 million in pre-Series A round to expand its business
Foodtech startup Poshn announced that it has raised $4 million in equity and $2 million in debt in a pre-Series A funding round. This takes its total funds raised to $8 million in equity. The company plans to use the fresh funds to expand the business to Southeast Asian and Middle Eastern Countries. It also aims to build an innovative stack of solutions that will address the gaps in the system. Co-founder of the company, Shashank Singh said, “Now Southeast Asia, and specifically India, has been the food basket to the world, there is a lot of exports in agro commodities that happen from India, and that requires a specific set of solutions to be built in.
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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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