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Here are the top 11 news stories across business, global events, tech, and more.
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Paris Olympics 2024: Vinesh Phogat announces retirement from wrestling, tweets ‘Do not have any more strength’
Vinesh Phogat announced her retirement from the wrestling on Thursday, August 8, on her social media X handle.Ina post, Phogat in Hindi said, “Mother, wrestling won against me, I lost. Forgive me as your dreams and my strength are broken. I do not have any more strength left in me. Goodbye wrestling 2001-2024. I will always be indebted to you all for forgiveness.”
Phogat, was disqualified from Paris Olympics 2024 after she was found to be 100 grams overweight on the morning of her 50 kg gold medal bout. She was hospitalised after her weigh-in as she suffered from dehydration.
RBI Monetary Policy: Ninth straight policy status quo from the MPC
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has left the key lending rate (repo rate) unchanged at 6.5%. A CNBC-TV18 poll had predicted the same. This is also in-line with what other market watchers and economists were expecting. This is the ninth straight instance of the policy repo rate being left unchanged by India’s central bank.
The decision to keep the rates unchanged was taken with a 4:2 majority. The RBI MPC also decided by a 4:2 majority to remain focused on “withdrawal of accommodation”.
The RBI MPC also left the Marginal Standing Facility (MSF) and Standing Deposit Facility (SDF) rates unchanged at 6.75% and 6.25%, respectively.RBI Governor Shaktikanta Das in his opening remarks mentioned that the headline inflation increased in June driven by a “stubborn” food inflation component.
RBI MPC Meeting LIVE Updates: Governor Shaktikanta Das to announce policy decision shortly
70 essential medicines may get cheaper in India
National Pharmaceutical Pricing Authority (NPPA) has fixed the prices of 70 essential medicines and 4 formulations to make them cheaper.
These medicines are going to be used in many lifestyle diseases including pain, fever, infection, diarrhoea, muscle pain, antibiotics, diabetes, blood pressure, and heart. Some antibiotics, multivitamins, cancer, diabetes and heart-related medicines will also get cheaper after the decision. Earlier in June 2024, the government had also announced to reduce the prices of 54 formulations and eight essential medicines.
#TechTalks📱
OnePlus launches OnePlus Open Apex Edition in new colour and 1 TB of storage
OnePlus has announced the launch of the OnePlus Open Apex Edition, priced at ₹1,49,999 and available for purchase from August 10. The new variant sports a new colourway, Crimson Shadow, and comes in a single, 16GB RAM + 1 TB storage, variant.”The OnePlus Open is a foldable smartphone integrating our latest technology,” said Kinder Liu, President and COO of OnePlus. The Apex Edition builds on the original, which was among the best foldable released in India.
The new model features upgraded and faster 16GB of LPDDR5X RAM and 1TB of UFS 4.0 storage. Additionally, it includes an independent security chip that enhances privacy and security, along with a VIP mode that disables all microphones and cameras, OnePlus stated in a press release.
India is leading in terms of creator economy all over the world: YouTube CEO
One of YouTube CEO Neal Mohan’s four big bets for 2024 is that creators should be recognised as “next-generation studios” for the way they are refining entertainment. As it turns out, India is the hub for the industry. On the sidelines of YouTube Brandcast 2024, Mohan told CNBC-TV18 that India is the fastest-growing market for video-sharing platforms and is leading in many global trends in terms of the creator economy all over the world. Elaborating, Mohan said that India is the first and the largest market for Shorts (YouTube’s challenger to other short-video content offerings like Instagram’s Reels and TikTok).
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Google antitrust ruling may pose $20 billion risk for Apple
Apple’s lucrative deal with Google could be under threat after a US judge ruled that the Alphabet-owned search giant was operating an illegal monopoly.A potential remedy for Google to avoid antitrust actions could involve terminating the agreement, which makes its search engine a default on Apple devices, Wall Street analysts said on Tuesday.
Google pays Apple $20 billion annually, or about 36% of what it earns from search advertising made through the Safari browser, for the privilege, according to Morgan Stanley analysts.
#PersonalFinance 💰
Govt says no deadline extension for NPS to OPS switch: What this means for pension holders
The government has announced that there is no plan to extend the deadline for central government employees to switch back to the Old Pension Scheme from the National Pension System (NPS). This announcement was made on Wednesday (August 7).
The NPS, which became mandatory on January 1, 2004, for all recruits in central government services, except the armed forces, replaced the Old Pension Scheme that offered fixed pension benefits.Union Minister Jitendra Singh clarified in a written reply to the Lok Sabha that, following court decisions, the Department of Pension and Pensioners’ Welfare had issued directives on March 3, 2023.
How loan settlements impact your CIBIL score and how to fix a bad report
Loan settlements can significantly impact your CIBIL score, a crucial factor for obtaining future credit. When a loan is settled for less than the full amount owed, it’s marked on your credit report. Understanding how to address and recover from a loan settlement is essential for maintaining financial health and improving creditworthiness.
“When you settle a loan, it indicates that you were unable to repay the full amount, and the lender accepted a lower amount as full payment,” Anand Agrawal, Co-Founder and CPTO, Credgenics, explains. This settlement status is reported to credit bureaus and remains on your credit report for several years. Consequently, it can lower your credit score and suggest to future lenders that you might be a high-risk borrower.
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Higher gold prices make sovereign gold bonds a headache for the government
Sovereign Gold Bonds are proving to be costly for the government. RBI data on the 4 bonds that have matured so far suggests that while SGBs have given investors returns in excess of 100% over 8 years, the burden of interest and high tax-free redemption prices may be giving the government some heartburn. Reason enough that these bonds may not be allowed to continue in their current form.
After 67 SGB tranches, the enthusiasm with which the scheme was launched seems to be wearing off, at least for the government and the Reserve Bank of India (RBI). Five months into this financial year, and not a single tranche has been announced. There is buzz that the RBI is taking a long, hard look at the scheme itself, and is likely to discuss if, and how, the scheme should continue.
FM’s indexation move — how will it simplify taxation in long term
Nirmala Sitharaman’s 7th Budget as India’s finance minister attracted 71 rounds of applause from the House for her pro-growth perspective. However, the FM has also received widespread criticism for some of the announcements made in her 1-hour-25-minute speech, especially pertaining to certain changes that might affect real estate demand.
The real estate sector had great expectations from the first Budget of Modi 3.0 — from the regularly repeated demand for an industry status to an increase in tax deduction limit on home loans, key stakeholders submitted a thorough wish list ahead of the Budget to the finance minister.
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Agrizy secures $9.8 million Series A funding, plans to expand into new product areas and geographies
Agri-processing platform Agrizy has successfully raised $9.8 million in a Series A funding round, co-led by Accion and Omnivore.Founded in 2021, the startup aims to transform the agrifood supply chain by providing a fully managed B2B marketplace for MSMEs.The fresh capital injection will fuel Agrizy’s ambitious plans to expand into new product areas and geographies. Additionally, the company intends to launch value-added advisory services and offer financial services to MSME processors and farmer-producer organisations, further solidifying its position in the agri-processing industry.
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