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Business
KKR invests in Reliance Retail
KKR, a PE firm (not the IPL team), is set to acquire a 0.25% stake in Reliance Retail for INR 2,069.5 Cr, valuing the company at INR 8.36 Lakh Cr ($100 Billion) resulting in a total of 1.42% stake. This adds to KKR's previous investment in 2020 which valued reliance retail at INR 4.21 Lakh Cr.
Travel portal Yatra open for IPO
Yatra is set for a public offering and aims to pursue a dual listing. They plan to raise Rs 602 crore through a fresh issue and offer for sale of 173 crores. Currently valued at $140 million(1,150 crores) on Nasdaq, Yatra aims to double its valuation to 2,230 crores with the IPO.Nvidia,AI X Reliance,Tata
Nvidia is going all in on India.
It will help Reliance build a large language model(LLM) that is trained on Indian languages - like a ChatGPT but in regional language.
The Nvidia partnership with Tata’s will be used by TCS to build and process generative AI apps and a supercomputer.
Byju’s Term loan B saga
Byju's wants to prepay the very controversial $1.2 billion Term loan B in six months, starting with $300 million in three months. To raise funds, they plan to sell recently acquired Epic and Great Learning, potentially yielding $1 billion.
However, within 48 hours of this, lenders alleged Byju’s hid $533 million in a hedge fund Camshaft Capital that once listed it’s place of business in an IHOP pancake restaurant. Byju’s denied this saying that it has invested to manage their cash and were not required to maintain cash collateral.
Beijing clarifies stance on Apple ban
Beijing clarified that it hasn't banned foreign brand phones, including Apple, for state officials. Instead, it emphasized adherence to Chinese data protection laws and raised some security concerns about iPhones. The ban news had led to Apple's market value dropping by $200 billion.
India
Ex-Andhra CM Naidu arrested
Former CM N. Chandrababu Naidu was arrested in the ₹371 crore AP skill development scam. TDP leaders had called for a state-wide bandh to oppose this with massive protests being organized across Andhra.
Liberal arts’ university Ashoka sparks controversy
In July, Economics professor Sabyasachi Das shared unreviewed research alleging BJP of vote manipulation. Das resigned soon after under unexplained circumstances. The IB visited the university after this for inquiry into Das.
Now, The founder of Ashoka’s Centre for Political Data, Gilles Vernier has left alleging he was forced out but the university states that Vernier's departure was due to his ineligibility for tenure. The Centre has also now dissolved itself. Splainer offers beautiful read(signup required) on this.
Apple launch at same day!
The made-in-India iPhone 15 will ship in India from Foxconn’s Tamil Nadu plant from the global launch day (15 September) itself.
Apple has also finally shifted to USB-C mainly due to EU regulations.
Is this an end to the annoying/pointless TV debates?
The opposition alliance ‘INDIA’ has decided to boycott 14 TV anchors (Arnab Goswami, Navika Kumar etc.) with the reasoning that ‘they dont wish to legitimise the hate-filled narrative spewed by these anchors’.
Special parliamentary sessions’ agenda unveiled
The government has revealed part of the agenda for the upcoming special session of parliament starting on the 18th.
The discussion will cover Parliament's 75-year history and include four bills. Most imp is the bill seeking to alter the appointment committee for Election Commissioners, appointing the PM, a cabinet minister, and the Opposition leader with the majority winning. Despite this disclosure, analysts and politicians anticipate potential surprises during the session.
India-Canada not BFF’s anymore
Modi expressed serious concerns about ongoing anti-India activities by extremists in Canada to Trudeau. Trudeau, while skipping the G20 banquet hosted by the Indian President, emphasized Canada's commitment to defending freedoms of expression, conscience, and peaceful protest.
Interestingly, Trudeau’s plane was hit by a technical snag and had to stay two extra days while the issue was being fixed (Awkward!)
Sports & Culture
Djokovic wins historic 24th Grand Slam
Novak Djokovic won the 2023 US Open, matching Margaret Court's record for the most Grand Slam wins and also became the oldest US Open champion.
AI is a water guzzler
Google and Microsoft saw significant increases in water consumption in 2022, rising by 34% and 20% respectively. This surge is likely attributed to the need to cool the supercomputers powering their AI systems, akin to ChatGPT, which consumes 500 ml of water for every 5 to 50 questions asked.
India wins against Pakistan in Asia cup
India secured a dominant win over Pakistan in the Asia Cup by a record margin of 228 runs. Virat & KL Rahul both made centuries. Kuldeep yadav led with the ball getting a 5-wicket hall. Also, it’s India vs SL in the asia cup final playing out today!
Indian football XI chosen by stars
India's national football coach Igor Stimac consulted astrologer Bhupesh Sharma to select starting lineups for crucial matches. Around 100 messages were exchanged between them in May-June 2022. The All India Football Federation paid Sharma ₹12-15 lakh for his services.
India’s never ending football drama
A second-string Indian team is to compete in upcoming games in China due to ISL clubs' refusal to release players, citing games' timing outside the international window (where players are supposed to be available for national duty). FYI, Reliance operates the ISL.Ex-PUMA India head’s new company acquires shoe maker
Agilitas Sports ,founded by Abhishek Ganguly (former Puma India head) acquired Gurgaon-based Mochiko manufactures shoes for international brands such as Adidas, Puma, New Balance, Skechers, Asics, Decathlon. It was funded through the $52 million the company had raised in May.
Global
Morocco Earthquake, 2,100 dead
The 6.8 magnitude earthquake that hit Morocco on 8th September has left close to 2,100 dead and also caused significant damage to old town, a UNESCO-listed World Heritage Site of ochre-coloured palaces and markets in Marakkesh.
Kim Jong Un meets Putin
North Korean leader Kim Jong-un is set to visit Russia for a meeting with Putin. Russia is expected to request conventional weapons like artillery and rockets in exchange for providing food, resources, and ongoing support in international forums like the UN. Putin may follow this up with a visit to North Korea himself.
Maldives Election: India-China Proxy War
Maldives presidential election pits incumbent Solih against rival Muizzu, with implications for India-China influence in the region. Solih is pro-India, while Muizzu has ties to China and has launched an "India out" campaign. For context, India has close to 100 troops stationed in Maldives.
Chinese spy in UK parliament
Sunday times broke the story that a British citizen working as a parliamentary researcher for MPs was arrested in March on suspicion of spying for Beijing. Both Beijing and the arrested individual deny the allegations.
Devastating floods in Libya
Devastating floods in Libya, triggered by a massive Mediterranean storm, have resulted in almost 20,000 dead and over 10,000 missing. The city of Derna suffered extensive damage, with a significant loss of life.
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