Former Haryana Chief Minister and Indian National Lok Dal leader Om Prakash Chautala passed away at his Gurugram residence at the age of 89.

Om Prakash Chautala passes away, Market dip, Google layoffs & more

Carraro India's initial public offer got subscribed 9 per cent on the first day of share sale on Friday.
The initial share sale of the manufacturer of transmission systems for off-highway vehicles and other agricultural and construction equipment, received bids for 11,24,277 shares against 1,30,98,803 shares on offer, as per NSE data.
Retail Individual Investors (RIIs) portion mopped up 15 per cent subscription while the category for non-institutional investors received 6 per cent subscription.
Carraro India Ltd on Thursday said it has garnered Rs 375 crore from anchor investors.
The issue, with a price band of Rs 668-704 per share, will conclude on December 24.
Carraro India's IPO is completely an offer for sale (OFS) of shares worth Rs 1,250 crore by Carraro International SE, with no fresh issue component, according to the red herring prospectus.
Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than the ...

Carraro India's initial public offer got subscribed 9 per cent on the first day of share sale on Friday.

Vedanta Resources Limited (VRL), the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, has received a rating upgrade from S&P Global Ratings.
The agency upgraded VRL's corporate family rating from 'B-' to 'B'.
With this, VRL's rating by S&P has gone up by five notches from 'CC' in December last year.
"We raised our issuer credit rating on Vedanta Resources Ltd. to 'B' from 'B-' and raised our issue ratings on the company's guaranteed bonds to 'B-' from 'CCC+'," the rating agency said.
S&P said in its report that the upgrade comes after VRL obtained the minimum acceptances needed to close its consent solicitation exercise for 2028 bonds.
"The stable outlook reflects our expectation that refinancing risks will be more manageable after the transaction given a newfound funding flexibility and improved capital market access," the agency said in its report.
"The stable outlook also reflects the company's sound underlying operations, which should support internal cash .

VRL's focus on deleveraging has reduced debt by USD 4.7 billion in the past two years, Chairman Anil Agarwal said in a letter to shareholders in November this year

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Till date, Namma Yatri said it has generated over Rs 1,100 crore in driver earnings, improving their financial stability and livelihoods

Food safety regulator FSSAI has ordered licensed food manufacturers and importers to submit quarterly data on rejected and expired food items through its online compliance system FOSCOS to prevent their resale for human consumption.
The Food Safety and Standards Authority of India (FSSAI) directive, issued on December 16, also applies to repackers and relabellers.
The new reporting requirements cover three key areas: quantity of products failing internal quality testing or inspection; volume of expired or returned products from the food supply chain; and detailed records of product disposal, including destruction, auction, or alternative use, with specific buyer and waste disposal agency information.
The move is aimed at preventing rebranding and resale of expired and rejected food items for human consumption under the guise of cattle feed.
This initiative will enable real-time tracking of rejected or expired goods and their subsequent disposal or auction for non-human consumption 

While the FOSCOS (Food Safety and Compliance System) reporting function is still being developed, the regulator has asked food businesses to begin collecting the required data to ensure readiness

The government on Friday announced an increase in the minimum support price (MSP) for copra by up to Rs 420 to Rs 12,100 per quintal for 2025 with a budget outlay of Rs 855 crore.
A decision in this regard was taken by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
The MSP for 'milling copra' has been increased by Rs 420 to Rs 11,582 per quintal, while for 'ball copra' by Rs 100 to Rs 12,100 per quintal for 2025, Information and Broadcasting Minister Ashwini Vaishnaw told reporters.
The total financial implication would be Rs 855 crore.
Cooperative agencies Nafed and NCCF will be the central nodal agencies for the procurement of copra, he added.

The MSP for 'milling copra' has been increased by Rs 420 to Rs 11,582 per quintal, while for 'ball copra' by Rs 100 to Rs 12,100 per quintal for 2025

Finance ministers of states demanded an increase in allocation of 50-year interest free loan, while fiscally stressed states like Punjab and Kerala pitched for a special package and borrowing flexibility, sources said.
In a pre-budget meeting with Union Finance Minister Nirmala Sitharaman, states have also urged for higher borrowing limits to support fiscal activities, besides additional funds for Jal Jeevan Mission to arrange for tanks and storage to enhance water supplies.
Sources said in the meeting, Maharashtra wanted funds for Mukhyamantri Majhi Ladki Bahin Yojana and demanded that a Centrally Sponsored Scheme (CSS) be launched with the Centre and state sharing 50 per cent of the cost each.
The Budget for 2025-26 is slated to be presented in Parliament on February 1, 2025. Finance ministers of all states attended Friday's meeting with Sitharaman here.
Several states demanded increase in allocations for the 50 years interest-free loan scheme, sources said, adding they also ...

In the Budget for 2024-25, Sitharaman had hiked the allocations for interest-free loans to states for capital expenditure, enabling states to spend more on infrastructure and specified reforms

The official further noted that this year's Budget consultations are particularly significant due to the political outcomes of recent state elections

Russia-Ukraine War

The year 2022 is coming to an end and a lot has happened that shaped the world in the year. Let's have a look at some of these significant events

In February 2022, Russia attacked Ukraine&amp;#39;s capital, Kyiv, from the north in an attempt to overthrow President Volodymyr Zelensky&amp;#39;s government. In the months following, artillery bombardment and street fighting continued, with Russia seizing multiple cities.

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After a slew of scandals in his term spanning three years, UK Prime Minister Boris Johnson resigned from office in July. Johnson was succeeded by Liz Truss, who took over the office in September.
						
						But after 45 days in the office, she resigned, becoming the shortest-serving PM in UK history. Her budgetary plans, at the centre of which were tax cut plans, had crashed the markets, making her lose the confidence of almost all her own MPs.
						
						In the days that followed, Rishi Sunak took over as Britain&amp;#39;s 57th prime minister and vowed to fix the mistakes made by his predecessor, Liz Truss.

Russia Invades Ukraine

In April, protests began in the nation following a sharp rise in food and fuel costs. Thousands demanded the resignation of now-ousted President Gotabaya Rajapaksa. The people faced long power cuts daily and shortages of basics, including fuel and food. Sri Lanka&amp;#39;s doctors said they were nearly out of life-saving medicines.
						
						Rajapaksa&amp;#39;s government was being blamed for the chronic mismanagement of the country&amp;#39;s finances. In July, protestors stormed Rajapaksa&amp;#39;s home, pushing him to flee the nation before resigning from office.

UK&amp;#39;s political crisis

In September, 22-year-old Iranian girl Mahsa Amini died after being detained for allegedly violating Iran&amp;#39;s laws requiring women to wear a headscarf. Authorities said she died of illness, but her family claimed she fell into a coma after being mistreated by the police. Sources said the police beat Amini with a baton and banged her head against a vehicle. At her funeral on September 17 in Saqez, women protested by ripping off their hijabs. Protests sparked by her demise have since roped in ethnic minorities and even school children. Thousands of women since then have been showing solidarity by cutting their hair and burning their hijabs in public.
						
						Now, the unrest has spread beyond a women&amp;#39;s right to a movement that is calling for an end to theocratic rule. The protests are now the most broadly supported movement in Iran in over four decades.

Sri Lanka economic crisis

In October, Chinese President Xi Jinping was handed a historic third term in office. He became the first leader of the ruling Communist Party after party founder Mao Zedong to get a third term in power.
						
						This came as China&amp;#39;s economy was running out of steam after decades of high growth. Many expect Xi&amp;#39;s third term may see China revert to more old-school economic management, focusing on shoring up the heavy industry and continuing a crackdown on big tech.

Uprising mounts again in Iran

In a historic first, rich countries agreed to pay for losses and damages caused by climate change. For 30 years, developing nations have been calling for developed countries to compensate for the costs of climate disasters caused by climate change. And rich nations that caused the pollution resisted the demand. But this changed in 2022.

Chinese President Xi Jinping starts record third term in power

In 2022, inflation was rising worldwide, with food and energy prices hitting record highs. The hike was mainly driven by pent-up consumer demand after the pandemic and Russia&amp;#39;s invasion of Ukraine. As the pandemic waned, people wanted to return to normalcy and spend more. This led to companies demanding higher prices. Companies also hired more to serve the pent-up demand. They had to increase wages to attract workers and raise prices to compensate for that.

A landmark deal UN Climate Change Conference (COP27)

In September, Queen Elizabeth II, Britain&amp;#39;s longest-serving monarch, died at 96 after reigning for 70 years. Many said her death would mark a turning point for commonwealth nations as many may disassociate themselves.

The global economy at crossroads

In October, Brazil&amp;#39;s former president, Luiz In&amp;aacute;cio Lula da Silva beat Jair Bolsonaro in the country&amp;#39;s closest presidential race in history. Silva&amp;#39;s win marked Latin America&amp;#39;s shift to the left and pointed to an extraordinary comeback for a man in jail for corruption three years ago.

Queen Elizabeth II dies

In October, billionaire Elon Musk closed his $44 billion deal to buy Twitter after months of dilly-dallying, drama and a lawsuit. The Tesla owner&amp;#39;s Twitter takeover is also one of the biggest tech acquisitions of all time. May fear that Musk&amp;#39;s takeover may turn the social media giant into a hotbed of hate speech.
					
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Brazil elections

Google Messages

In January, Google rolled out end-to-end encryption in group chats for messages app users enrolled in the beta programme

Blend launches Blend Studio: AI tool for ecommerce photography

New Delhi [India], March 16 (ANI/PNN): Blend, an AI-powered design and photography application for DTC brands and ecommerce sellers, recently launched Blend Studio - the Chat GPT for product photos.

Celebrity and Travel Photographer Rahul Lokare from Flamingo Productions creates waves of change in the world of photography.

Xiaomi 13 Pro

Priced at Rs 79,999 for the 12GB RAM and 256GB on-board storage, the Xiaomi 13 Pro offers a novel imaging experience on top of a premium package

Om Prakash Chautala passes away, Market dip, Google layoffs & more

Former Haryana Chief Minister and Indian National Lok Dal leader Om Prakash Chautala passed away at his Gurugram residence at the age of 89.

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