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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.

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.

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.

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.

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.

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.

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.

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.

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.

‘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.

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.

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.

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.

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.

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.

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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