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Today’s Latest Business News at 5:30 pm on 14th October 2022
“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
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“Let’s begin. India’s WPI inflation came down to 10.7 per cent per cent in September, from 12.41 per cent in August, aligned with the analysts’ sentiment. The ease off in the wholesale price index-based inflation was primarily aided by fall in the global commodity prices, the data released by the Ministry of Commerce & Industry showed. However, despite the cool off, the WPI has remained in double digits for the 18th month in a row, starting from April 2021. The WPI inflation levels have been on a downward trend since the spike witnessed in July when it spiked to 13.93 per cent. On the contrary, earlier this week, the retail inflation saw an upsurge and came in at a 5-month high of 7.41 per cent.
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Meanwhile, Elon Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for Twitter Inc, the social media company said in a court filing released on Thursday, a Reuters report said this week. While the filing said he was under investigation, it did not say what the exact focus of the probes was and which federal authorities are conducting them. Twitter, which sued Musk in July to force him to close the deal, said attorneys for the Tesla Inc CEO had claimed “investigative privilege” when refusing to hand over documents it had sought. In late September, Musk’s attorneys had provided a “privilege log” identifying documents to be withheld, Twitter said. The log referenced drafts of a May 13 email to the U.S. Securities and Exchange Commission (SEC) and a slide presentation to the Federal Trade Commission.
“Moving on. A total of 65 per cent Indians prefer to invest a part of their income in one form of the other and among all the ways of investment, gold emerged as the popular choice of investment. According to the Axis My India Survey, 53 per cent people preferred gold as an investment tool, 35 per cent of the population showed awareness towards digital gold and 10 per cent had already invested in digital gold. In terms of age group, 15 per cent of people in the age group of 18-24 years showed interest to invest into digital gold. The awareness for digital gold, it maintained, is coming from social media, followed by mass media like TV/print/outdoor, families & friends. “85 per cent of population was aware that digital gold is a new age investment instrument that allows you to invest in 24 Karat Gold, 73 per cent knew that it could be redeemed for physical gold and 64 per cent was aware that it can be purchased at Re 1 through their phones,” the survey said.
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“Now some good news for tech lovers. Xiaomi launched the entry-level Redmi A1 Plus smartphone in India today. The Redmi A1 Plus is essentially the Redmi A1 with a fingerprint reader on the back. You can also get it in multiple RAM options unlike the Redmi A1 which comes in just one configuration at the time of writing. Just like the Redmi A1, the Redmi A1 Plus is designed for first-time smartphone users. It comes with a nice and clean –and attractive— design and clean Android 12 (Go) software for a nice and fluid experience. You get a sizeable 5,000mAh battery in this phone and dual cameras on the back. Xiaomi is also touting features like built-in FM radio, 3.5mm audio jack, and micro-SD storage expansion.
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“In some more exciting news, Netflix is finally launching its affordable subscription plan with ads. The popular streaming service this week announced ‘Basic with Ads’ – it’s first-ever ad-supported affordable video streaming plan priced at $6.99 a month which is roughly Rs 500. The new plan will go live on November 3 at 9am. The company on its blog post said, “Basic with Ads will launch just six months after we first announced the option of a lower priced ads plan. None of this would have been possible without our team’s hard work or Microsoft’s extraordinary partnership. The switch from linear is happening at an ever-increasing speed, with streaming now surpassing broadcast and cable in the US. We’re confident that with Netflix starting at $6.99 a month, we now have a price and plan for every fan.””
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“And lastly, let’s hear how the stock market performed today. Indian equity markets bounced back on Friday, tracking gains is US and Asian markets. The BSE benchmark index soared to a high of 58,435, up over 1100 pts in intra-day, led by strong gains in IT major Infosys, HDFC and HDFC Bank. Both indices surged nearly 2 per cent intraday, but pared gains in the latter half of the trading sessions. The Sensex ended 685 points higher at 57,920, and NSE Nifty 50 index rallied past the 17,300-level in early deals, but finally settled at 17,186, up 169 points.
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