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India to see second-highest millionaire outflow after China in 2023

  • India will lose approximately 6,500 millionaires in 2023, following a greater outflow of 7,500 in 2022.
  • China is estimated to lose the highest number, 13,500 millionaires in 2023, due to slowing wealth growth and strained trade relations.
  • In contrast, Australia and UAE are set to witness a significant inflow of millionaires, mainly due to their attractive immigration policies, safety and quality of life.
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Google’s dominance makes switching to DuckDuckGo difficult, says CEO

  • DuckDuckGo CEO Gabriel Weinberg testifies in an antitrust trial against Google’s monopoly over the search engine market.
  • Weinberg criticizes Google’s default settings that hamper users from switching, regardless of their privacy preferences.
  • DuckDuckGo calls for simpler user options to choose their preferred search engine, proposing a one-click solution.
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Gujarat to Witness Groundbreaking of $2.75bn Micron Semiconductor Plant

  • Micron’s $2.75 billion semiconductor plant, backed by 70% Union and State government subsidies, to break ground, announced Rajeev Chandrasekhar.
  • Chandrasekhar asserted manufacturing semiconductors would take time, but will ensure global competitiveness after the Production-Linked Incentive schemes end.
  • The minister projected local hardware assembling to fulfil 65-70% local demand, up from 8-10%, within four years.
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Threads introduces simplistic profile swapping on mobile apps

  • Meta-owned social networking app Threads has added feature to swap between multiple accounts without logging out.
  • Long pressing on profile icon in mobile apps enables swapping, no specified limit on number of accounts added.
  • Recent modifications on Threads include options for full-text search features and turning on post notifications for 24 hours.
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Microsoft’s Activision Acquisition Nears Completion as UK Regulator Approves Revised Deal

  • Microsoft’s $68.7 billion acquisition of Activision Blizzard is closer to approval as UK’s Competition and Markets Authority (CMA) finds the revised deal addresses prior concerns.
  • The new agreement involves the transfer of Activision’s cloud streaming rights to Ubisoft, preventing a Microsoft monopoly over cloud gaming.
  • Despite previous regulatory hurdles, Microsoft’s strategy appears successful with CMA’s final decision due on October 6.
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Chennai Taxi Driver Finds Rs 9,000 Cr in Bank Account, Bank Reverses Transaction

  • A taxi driver in Chennai, identified as Rajkumar, discovered Rs 9,000 crore ($1.2 billion) was deposited in his account by Tamil Nadu Mercantile Bank.
  • Upon successfully transferring Rs 21,000 to a friend, Rajkumar realized the funds were indeed in his bank account.
  • The bank quickly rectified this by debiting the massive sum of money, attributing it to a software patch error.
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iPhone 15 Launch: Apple Fans Line Up Early at Indian Stores

  • Apple’s iPhone 15 series went on sale in India at the company’s official stores and website.
  • Customers queued at Delhi and Mumbai outlets, some as early as 4 a.m., to purchase the new devices.
  • One customer traveled from Ahmedabad to experience buying the iPhone at India’s first Apple store.
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Swiggy under fire for discrepancies in billing; asserts ‘technical bug’ as cause

  • Several Swiggy users, including CapitalMind CEO Deepak Shenoy, noted extra charges on their orders.
  • Swiggy argued that the mismatch in amounts was a result of a technical error and customers were correctly charged at checkout.
  • The supposed mischarge was later determined to possibly be a display error, and the issue has reportedly been fixed.
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Google Launches Redesign of Voice Recorder in Messages App

  • Google’s Messages app users now experience a redesigned voice recorder feature with a new user interface.
  • With new waveforms and functionality, users can listen to recordings before sending, which is a deviation from the previous hold-to-record feature.
  • While not broadly available yet, this redesign aligns with other significant changes Google is preparing in its app.
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‘Game of Thrones’ Author and Others Sue OpenAI for Alleged Copyright Infringement

  • ‘Game of Thrones’ author and 16 others, organized by the Authors Guild, are suing OpenAI over alleged copyright infringements.
  • The lawsuit cites specific ChatGPT searches for each author, including an alleged unauthorized prequel to ‘A Game of Thrones’.
  • OpenAI defends its position, insisting it respects authors’ rights and highlighting its current productive discussions with the Authors Guild and other creators.
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Antler India Secures Rs 500 Cr of Maiden Fund, Plans Full Closure This Quarter

  • Antler India has received over Rs 325 Cr from domestic sources such as the Small Industries Development Bank of India.
  • The fund will invest between $200K-$400K in new portfolio companies primarily in SaaS, fintech, generative AI, and large network protocol startups.
  • Antler’s fund aims to support close to 100 early stage startups, has already invested 20% of the total corpus making 27 investments, 13 of whose have raised follow-on funding.
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Tesla Contemplates Establishment of Battery Storage Manufacturing in India

  • Tesla plans to manufacture and sell battery storage systems in India, seeking to support the country’s energy capacity with their solar power storing ‘Powerwall’ system.
  • Despite requests for additional incentives being declined, the Indian government pledged to develop a fair business model by offering subsidies for buyers of these systems.
  • In line with the company’s plan to widen its footprints in India beyond electric vehicles, Tesla is also in conversation about setting up a new electric vehicle plant in the country.
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Foodpanda Announces Layoffs, Aims to Streamline Operations

  • Foodpanda is implementing another round of layoffs in a bid to make the company ‘more agile’.
  • This comes following cuts in February and September last year due to economic challenges.
  • The firm will review organizational structure and shift some reporting lines for improved consistency and focus.
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Plantiga’s AI-Enabled Sensor Pod Aims to Decrease Risk of Injuries

  • Plantiga’s AI-powered technology, Arc5, is designed to minimize injuries by analyzing movement patterns when embedded into shoes, orthotics, or insoles.
  • Having initially catered to elite athletes and specialists, Plantiga now aims to penetrate the broader consumer market, projected to grow significantly by 2030.
  • Despite limited exposure and funding, Plantiga plans to collaborate with major footwear brands and is in the process of raising another funding round.
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India’s Government Bonds to Be Featured in JPMorgan’s EM Debt Index

  • JPMorgan will add Indian government bonds to its Emerging Markets Government Bond Index over 10 months.
  • This move will deepen India’s bond market and inject billions of dollars into its burgeoning economy.
  • Experts speculate that the inclusion will reduce India’s borrowing costs, boost the value of its currency, and potentially spur positive macroeconomic changes.
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Akasa Air Accuses Aviation Regulator DGCA of Inaction Amid Pilot Resignations

  • New airline Akasa Air files a complaint against DGCA, citing severe financial and operational damage due to the abrupt resignation of 43 pilots.
  • The company had to cancel about 18% of 3,500 monthly flights because of the massive exit and now plans to sue these pilots for breaching contracts.
  • Akasa claims DGCA’s neglect is shaking India’s aviation sector and warns that rapid resignations might prompt international airlines to adopt similar ‘poaching’ strategies amid the global pilot shortage.
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