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< Back RBI bars Kotak Mahindra Bank from onboarding new customers digitally 24 Apr 2024 Despite repeated warnings over the last two years, Kotak did not fix its IT systems. On Wednesday, RBI barred new customer onboarding via online and mobile channels and issued new credit cards, citing “serious deficiencies and non-compliances” in Kotak Mahindra Bank's technology platforms. Kotak is the third-most valued bank in India in terms of market capitalisation. The move may also impact the bank’s existing co-branded card deals. The ban will not affect existing banking and credit card customers. Its branches continue to operate as usual. RBI found non-compliance in Kotak’s IT inventory management, user access management, patch and change management, vendor risk management, data security and leak prevention strategy, and business continuity and disaster management. As per RBI, the inadequate technological infrastructure caused severe and frequent Core Banking System failures in digital banking channels in 2022-2023. The latest service disruption occurred on April 15, 2024. RBI imposed a similar ban on HDFC Bank in 2020 and removed it in March 2022. Previous Next

L’Espagne a vu 24 millions plus de touristes, une hausse de 14,5% que la même période de l’année dernière. < Back Les Espagnols protestent contre le surtourisme L’Espagne a vu 24 millions plus de touristes, une hausse de 14,5% que la même période de l’année dernière. Ce qui peut être vient telle une surprise, tourisme n’est pas en même demande en Espagne. En raison du surtourisme, tous les prix ont élevé en Espagne. Celui-ci causée la flambée en loyer l’approvisionnement en eau et le logement, les services de santé, et le management de déchets pour les habitants. Après les années covid, le tourisme a expérience une hausse feu a raison de vols a bas prix et les réseaux sociaux. L’Espagne a été témoin un augmenté en dépenses des touristes internationaux par 22,6% entre janvier et avril 2024. Barcelone émergé la ville la plus visitée dans ce pays avec environ 12 millions visiteurs par an. Pour protester contre surtourisme, environ 3 000 personnes participent aux manifestations organisées dans toute l’Espagne. Les autorités ont mets l’interdiction de cinq ans sur louer de logements aux voyageurs. Les portails comme Airbnb ne peut plus offrir des logis aux touristes. Previous Next

< Back US Federal Trade Commission sues Meta for buying out competition 15 Apr 2025 The Federal Trade Commission (FTC) filed an antitrust suit against Meta for buying Instagram and WhatsApp to avoid competition. The antitrust trial against Meta started on April 14th. The US FTC alleges that Meta unlawfully monopolised the social media market. FTC produced an email from Mark Zuckerberg dating back to 2012 confirming his intentions to buy Instagram to “neutralize a competitor” and his concerns about Facebook Camera lagging behind Instagram. Zuckerberg admitted to the genuineness of these emails but clarified that they were being portrayed out of context. Meta alleges it still competes with YouTube, TikTok, SnapChat, and Apple’s iMessage. FTC argued that users don’t have other meaningful alternatives to Meta. If the FTC wins, Meta could be forced to sell Instagram and WhatsApp. Experts estimate Instagram, Meta’s major ad revenue generator, could produce $37 billion in ad revenue in 2025. This case was filed during President Trump’s first term. Meta donated $1 million to his inauguration this year and is trying to persuade Trump to settle the lawsuit. Never miss another post from SalestorrsNews150. Follow Salestorrs on WhatsApp , LinkedIn , Facebook , X , and Instagram . Previous Next

< Back Mukesh Ambani buys 26% stake in Adani’s Mahan Energen 15 Jul 2024 The deal, announced in March, has now been completed. Reliance Industries has bought five crore shares of Adani Power subsidiary Mahan Energen for ₹50 crores. Adani Power’s subsidiary Mahan Energen, established in 2005, runs a thermal power plant in Singrauli, Madhya Pradesh. Earlier, Essar Power owned this plant. Adani Power bought it for ₹4,250 crore in March 2022. The Singrauli plant capacity will be raised from the existing 1200 MW to 2800 MW in the short term and to 4400 MW over the next decade. Adani is planning to invest ₹30,000 crore for this expansion. Reliance Industries has signed a twenty-year power purchase agreement, picking up a 26% stake in this plant’s 500 MW unit for captive use. Captive use means that Reliance will consume the electricity instead of selling it to the power grid or consumers. Adani aims to become the largest renewable energy producer in the world by 2030. Meanwhile, Reliance is readying four gigafactories at Jamnagar, Gujarat, one each for solar, green hydrogen, fuel cells, and batteries. Previous Next

< Back iPhone assembler Foxconn to invest ₹1,200 crore to set up factory in India 9 Feb 2024 Foxconn is a major supplier to Apple. The setting up of its factory offers crucial support to Apple’s iPhone manufacturing plans in India. Taiwan-based Foxconn Technology announced an investment of ₹1,200 crore to set up another factory in India for its operational needs. Foxconn is the main assembler for Apple’s iPhones and is among the world’s largest contract electronic manufacturers . After Apple’s CEO Tim Cook meeting with Prime Minister Narendra Modi in April 2023, Foxconn announced its first investment of $500 million to set up a factory in Telangana. In November 2023, it announced the second $600 million investment in two projects in Karnataka, including a phone casing component plant and a semiconductor manufacturing facility. These investments were made through Foxconn’s subsidiary, Hon Hai Technology India Mega Development. Last month, Foxconn announced a partnership with HCL Group to build a $37.2 million chip packaging and testing facility in India. Apple started manufacturing older and lower-budget iPhones in India in 2017. It started scaling up due to tensions between the US and China. Previous Next

< Back Satellite communication to become mainstream in the next few years Ishita Nigam 19 Oct 2023 MediaTek and Qualcomm have developed chipsets to support satcom, giving customers access to satellite communication for messages, calls, and broadband data. Prominent chipmakers like MediaTek and Qualcomm have developed mobile chipsets that can use satellite communication or Satcom for sending messages, making calls, and using broadband data. This technology can facilitate information and data flow at high speeds across inaccessible or difficult to reach regions. This technology can become mainstream if more Original Equipment Manufacturers (OEMs) adopt it as per global open standards and develop it on a mass scale. Currently, five to six devices worldwide, including iPhone 14 and 15, offer satellite connectivity. If companies adopt company-specific standards, this technology will be difficult to adopt on a mass scale. Elon Musk’s Starlink and Amazon have this direct to device satellite connectivity services and are pushing their own standards. As of now, Satcom is used only for network coverage in emergencies and gives access only to messages. But in the next few years, it will also enable calling and data usage. Previous Next

< Back Another Apple supplier Rayprus to set up factory in Bengaluru 20 Mar 2024 Rayprus makes high-quality precision cameras and lens solutions. It plans to set up a facility in the Foxconn Park being developed in Bengaluru. Rayprus Technologies plans to set up a facility in the upcoming Foxconn Park, near Bengaluru airport. The Indian government cleared 14 of the 17 Apple suppliers from China. Wistron has been manufacturing the iPhone 12 and iPhone SE in a Bengaluru facility. Pegatron produces some iPhones in Chennai. In December 2023, Corning Inc, a US gorilla glass maker and Apple supplier, announced manufacturing facility in Sriperumbudur, Tamil Nadu, for a ₹1,000 crore investment in partnership with Optiemus Infracom. Foxconn is investing $2.7 billion in establishing manufacturing in Foxconn Park. It is a 300-acre campus planned in the IT Investment Region (ITIR) and will assemble around 20 million smartphones a year. Apple aims to manufacture up to 50 million iPhones annually in India within the next three years. It is lowering its dependence on China for iPhone assembly. At this speed, India may start producing one-fourth of iPhone production by 2030. Previous Next

< Back A 34-year low Yen strengthening India’s imports from Japan 30 Jul 2024 When the Bank of Japan increased its interest rate from negative to 0-0.1% in April 2024, the Yen depreciated to a 34-year low, thus making imports cheaper for India. ! Widget Didn’t Load Check your internet and refresh this page. If that doesn’t work, contact us. Previous Next

< Back BSE indices rejig from June 23 28 May 2025 Tata Trent will replace Nestle, while Bharat Electronics Limited will replace IndusInd Bank. BSE indices, including BSE 100, BSE Bankex, Sensex 50, and Sensex Next 50, are undergoing a major rejig effective June 23rd. The underperformers will be shifted to other indices. Similar changes will be effected in BSE 100, where Dixon Technologies (India), Indus Towers, and Coforge will replace Bharat Forge, Siemens, and Dabur India. In the Sensex 50, InterGlobe Aviation and Shirram Finance will replace Britannia Industries and Hero MotorCorp. Tata Trent will replace Nestle India, which has shown no growth in the past year. Nestle India is also undergoing a management change, with Manish Tiwary replacing Suresh Narayan as Managing Director effective August 1st. Sales grew at 7% annually in the past five years. The stock indices conduct periodic balancing as per the criteria set by the Asia Index, a BSE subsidiary. Market performance, liquidity, trading volume, sector representation, market capitalisation, financial strength, and growth prospects impact this shuffle. Never miss another post from SalestorrsNews150. Follow Salestorrs on WhatsApp , LinkedIn , Facebook , X , and Instagram . Previous Next

< Back PARAM Rudra supercomputers, High Performance Computing launched across India 27 Sept 2024 Prime Minister Narendra Modi launched the supercomputers in Delhi, Kolkata, and Pune on Thursday via video call. Three supercomputers developed in India for ₹130 crore have been deployed in Delhi, Kolkata, and Pune to facilitate breakthrough research in various scientific fields. They were created under the National Supercomputing Mission (NSM). The Inter-University Accelerator Centre in Delhi will use the supercomputer to further research in material science and atomic physics. The Giant Metre Radio Telescope (GMRT) in Pune will use the newly installed supercomputer to explore astronomical phenomena, like Fast Radio Bursts. The S.N. Bose Centre in Kolkata will boost research in earth sciences, physics, and cosmology. These machines will significantly push AI and machine learning in India. The Prime Minister also revealed a High-Performance Computing (HPC) system, called ‘Arka’ and ‘Arunika’, dedicated to climate and weather research. Developed with an investment of ₹850 crore, the HPC is located at the National Centre for Medium Range Weather Forecast, Noida, and the Indian Institute of Tropical Meteorology, Pune. Previous Next

< Back Amazon speeds up Q-commerce service Tez launch 25 Nov 2024 It plans to launch it by late December 2024 or early 2025. Amazon is expediting its entry into the Indian quick commerce sector, worth almost $6 billion. Its fast delivery service called Tez, expected to be launched in the first quarter of 2025, is now slated to launch in the next two months. Amazon Tez will prioritise groceries and daily essentials. The company is focusing on establishing dark stores, finalising stock-keeping units (SKUs) and creating logistics infrastructure for superfast deliveries. It may finalise the launch date during its review meeting ahead of the annual Smbhav event planned on December 9th and 10th. This launch will mark Amazon’s global debut in this segment, making it the only e-commerce giant to venture into quick commerce. Amazon has started fresh hiring for Tez. Flipkart launched Minutes before Diwali, and Tata’s BigBasket transitioned to a q-commerce model and recorded ₹900 crore in gross sales in October. Tata Digital also introduced Neu Flash. Previous Next

< Back Northeast bound Alliance Air costing ₹6 lakhs per passenger to govt 4 Dec 2023 State-run airline connects India’s smaller towns with Northeastern cities. In April 2022, it carried just three passengers but charged the exchequer a lofty ₹6 crore. Alliance Air deploys Hindustan Aeronautics Limited's (HAL) 15-seater Dornier aircraft. The central government funds flights from smaller towns to northeast cities under the northeastern connectivity scheme. It connects Dibrugarh (Assam) to Ziro, Tezpur, and Itanagar (Arunachal Pradesh). Between April 2022 and June 2023, it carried 1500 passengers, costing around ₹100 crore, or ₹6 lakh per passenger to the government. While a burden, the government cannot scrap it as Alliance Air connects crucial northeastern airports near the Chinese border. Moreover, the Dornier aircraft is the first Made in India civilian fleet enjoying the government’s push. Government put up Alliance Air for sale after its parent Air India’s takeover by Tata last year. There were no takers, as investors expected the government to clean up Alliance Air’s ₹4,326 crore debt, as it had done for Air India. The government recently gave ₹600 crore to clear its old debt carried forward from Air India. Previous Next