Name: Swiggy shuts down its premium grocery delivery vertical
Uploaded: 2023-05-02T15:48:03.000+05:30
Duration: T00M24S
Channel: Editorji News Desk
Description: In January, the company closed its meat marketplace and laid off around 380 employees

After seven hours of talk the OPEC countries and its allies led by Russia, agreed on lowering the production target from 2024 by a further total of 1.4 million barrels per day

Saudi Arabia to cut oil production by 1 million barrels/day starting July due to price plunge

After seven hours of talk the OPEC countries and its allies led by Russia, agreed on lowering the production target from 2024 by a further total of 1.4 million barrels per day

Saudi Arabia has said that it will reduce its oil supply to the global economy by one million barrels per day, beginning July. By this, the output from the Kingdom will reduce to 9 million barrels per day from around 10 million barrels in May. In April, Saudi announced a cut of 5 hundred thousand barrels per day. Saudi Arabia's maximum output capacity is 12 million barrels per day.&nbsp;
This comes as the OPEC+ alliance of major oil-producing countries faces plunging oil prices and a looming excessive supply, even after taking voluntary cuts in April. On 3rd April, several producers of the oil cartel had said that the oil production will decline by 1.66 million barrels per day until the end of this year. The OPEC group's collective production targets were adjusted to 40.5mn barrels a day for 2024. After this cut, the prices briefly rallied towards $90 per barrel. However, it fell to $70 per barrel at one stage last week.&nbsp;
As per IMF, Saudi Arabia requires the prices to be above $80 a barrel to balance its budget and fund some of the &ldquo;giga-projects&rdquo; that Crown Prince Mohammed bin Salman hopes can transform its economy.
After seven hours of talk the OPEC countries and its allies led by Russia, agreed on lowering the production target from 2024 by a further total of 1.4 million barrels per day. This comes as the two earlier production cuts by the OPEC countries failed to push the price up.
&ldquo;This is a grand day for us, because the quality of the agreement is unprecedented,&rdquo; Saudi Energy Minister Abdulaziz bin Salman said in a news conference, adding that the new set of production targets is &ldquo;much more transparent and much more fair&rdquo;. He also mentioned that the cut by Saudi could extend beyond July if needed.&nbsp;
The rest of the oil producers have agreed to extend the production cut in supply through the end of 2024.&nbsp;
As per Reuters, Russian deputy Prime Minister, Alexander Novak has said that Russia will extend its oil production cut by 5 hundred thousand barrels per day until the end of December 2024.&nbsp; While, the group lowered the targets for Russia, Nigeria and Angola, UAE was allowed to raise the output.
The oil prices on Monday rose after the announcement of voluntary cuts. Global benchmark Brent futures were last trading up 1.43% at $77.22 a barrel during early Asia trade, while U.S. West Texas Intermediate futures rose 1.5% to $72.86 per barrel. OPEC+ pumps around 40% of the world&rsquo;s crude, making its policy decisions have a major impact on oil prices. &nbsp;

In the hope of fast-track deployment of 'Kavach', markets saw a rise in stock prices of HBL Power Systems and Kernex Microsystems

Odisha accident: These stocks' prices surge, as Govt pushes for 'Kavach' 

HBL power, Kernex microsystems shares spike amid hopes that govt will fast-track 'Kavack' adoption

In the hope of fast-track deployment of 'Kavach', markets saw a rise in stock prices of HBL Power Systems and Kernex Microsystems

HBL Power Systems' stock price increased by nearly 10% to reach a new 52-week high of ₹123 while Kernex Microsystems' stock price opened at its 5% upper circuit of ₹297 in early trade on Monday.&nbsp;
A mint report citing market experts, says that the stocks are rising on expectations that the government will prioritise the Kavach system deployment contracts following horrific Odisha train accident. These two companies are two of the major suppliers of transportation-related goods and services.
Both stocks have been rising over the past few days; shares of Kernex Microsystems have increased by almost 16% over the past week, while those of HBL Power Systems have increased by more than 13% in just three sessions of June.
What is ' Kavach'
On 23 March 2022, the Ministry of Railways announced a significant step towards enhancing the safety of train operations in India with the development of the indigenous Automatic Train Protection (ATP) System called Kavach.
Kavach has been developed to enhance train operations in conditions such as severe fog, and to help locomotive pilots avoid Signal Passing At Danger (SPAD) and overspeeding. The device ensures improved control over train speed and averts potential accidents by automatically deploying brakes as needed.

In lieu of registered death certificates, list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death

Odisha train tragedy: LIC relaxes claim settlement process for victims

In lieu of registered death certificates, list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death

Expressing grief over the Odisha train accident, in which over 300 people died, the Life Insurance Corporation (LIC) has announced to support those affected and expedite settlement claims to provide financial relief.
The national insurer said it will expedite claim settlements to provide financial relief to the victims of the train accident.
To mitigate the hardships of the claimants of LIC policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana, LIC has announced various concessions for claim settlements.
In lieu of registered death certificates, list of casualties published by Railway Authorities, Police or any State or Central Government Authorities will be accepted as proof of death.
Not only this, a specific help desk and a contact centre number (022-68276827) have also been established by the national insurance at the divisional and branch levels to assist claimants and address claim-related questions.&nbsp; Odisha train accident The two trains had been travelling at a high speed and carried around 2,000 passengers on board. Seventeen coaches were derailed and severely damaged in the collision, trapping hundreds of passengers.

The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases

Non-sugar sweeteners: Beverage lobby disagrees with WHO's  non-sugar sweeteners observation

The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases

A gorup of beverage companies that include, Coca-Cola, PepsiCo, Red Bull, Dabur and Tetra Pak among others, has disagreed with WHO's observation on non-sugar sweeteners, calling it not scientifically rigorous. The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases.
After this, health groups have called for a 'restrictive use only' messages on all food and drinks with artifical sweeteners. "It is a disservice to public health to not recognise the role of low or no-calorie sweeteners in reducing sugar intake" amid a global obesity crisis. "IBA has been engaging with concerned authorities in the country to seek their alignment for a favourable policy regime in this regard," a senior Indian Beverage Association (IBA) executive told The Economic Times.&nbsp;
The industry body would join others, including relevant government agencies who have responded to the public consultation on the draft guidelines, expressing their concerns about the conclusions and rationale used by WHO.
WHO has said that its conditional recommendations and guidelines on non-sugar sweeteners are based on available evidence. "Replacing free sugars with non-sugar sweeteners does not help with weight control in the long term," Francesco Branca, WHO director for nutrition and food safety, had said in a detailed statement, adding that such sweeteners "are not essential dietary factors and have no nutritional value."
Meanwhile, the National Food regulator, Food Safety and Standards Authority of India has said that a scientific panel is evaluating the recommendations of WHO. Industry experts also believe that bringing guidelines and labelling changes could dent the sales of diet foods.
&nbsp;

A two-year study of a universal basic income of £1600 (₹1.64 lakh) per month will be conducted to observe the impact on participants' physical and mental health

Universal basic income trial to be done in England 

Universal basic income of £1600 (₹1.64 lakh) a month to be trailed in England

A two-year study of a universal basic income of &pound;1600 (₹1.64 lakh) per month will be conducted to observe the impact on participants' physical and mental health

A universal basic income of &pound;1600 (₹1.64 lakh) per month will be tested for the first time in England, as a pilot study.
As per a report by Guardian, 30 people will receive a lumpsum payment for two years, and their lives will be monitored to determine how it affects them.
East Finchley, in north London, and central Jarrow, in northeastern England, have been chosen as the locations for the micro trial scheme.
In order to track their experiences over the same time period, a control group will be chosen and not given the basic income. These people will be chosen randomly from a pool of volunteers, and 20% of the spots will be reserved for participants with impairments.
Those who advocate Universal Basic Income (UBI) argue that it can give everyone a certain amount of financial security. Others claim it is expensive and help should be targeted, yet it is considered as a viable answer to job uncertainty.
Will Stronge, the director of research at the thinktank Autonomy, which is backing the plan, said &ldquo;Our society is going to require some form of basic income in the coming years, given the tumult of climate change, tech disruption and industrial transition that lies ahead. This is why building the evidence base and public engagement now is so important, so the ground is well prepared for national implementation.&rdquo;
In other nations, similar pilot programmes are currently underway. Young adults exiting foster care in Wales are eligible for a programme sponsored by the Welsh government that pays them &pound;1600 per month for two years. The govt will report on the outcome after the trial finishes, as reported by The Guardian.&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,530 while the for 24K gold prices stood at ₹6,033 and 1 kg silver stood at ₹73,000

Gold, Silver Rates Today 5 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,530 while the for 24K gold prices stood at ₹6,033 and 1 kg silver stood at ₹73,000

The Gold rate opened lower on Multi Commodity Exchange today. This, due to the uncertainity over US Fed's rate hike which helped US dollar to sustain at two months high.
The average price of 1 gram of 22K Gold stood at ₹5,530 while the 24K gold prices stood at ₹6,033.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹60,870, which was followed by Delhi and Lucknow where the gold costs ₹60,480.&nbsp;
The average price of 10gm of Silver was at ₹730 and 1 kg of silver stood at ₹73,000.
However, in Chennai the metal was sold at ₹77,800, followed by Bengalure where silver costs ₹74,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 5
Delhi - ₹60,480 Chennai - ₹60,760 Mumbai - ₹60,330 Kolkata - ₹60,330 Bengaluru - ₹60,380
Indian Major Cities 1 KG Silver Rate Today June 5
Delhi - ₹73,000 Chennai - ₹77,800 Mumbai - ₹73,000 Kolkata - ₹73,000 Bengaluru - ₹74,500

The average price of 1 gram of 22K Gold stood at ₹5,600 while the for 24K gold prices stood at ₹6,110 and 1 kg silver stood at ₹73,400

Gold, Silver Rates Today 2 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,600 while the for 24K gold prices stood at ₹6,110 and 1 kg silver stood at ₹73,400

The prices of Gold and Silver in India saw a marginal decline on Friday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,600 while the 24K gold prices stood at ₹6,110.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,505, which was followed by Delhi and Lucknow where the gold costs ₹61,250.&nbsp;
The average price of 10gm of Silver was at ₹734 and 1 kg of silver stood at ₹73,400.
However, in Chennai the metal was sold at ₹78,600, followed by Bengalure where silver costs ₹73,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 2
Delhi - ₹61,250 Chennai - ₹61,505 Mumbai - ₹61,100 Kolkata - ₹61,100 Bengaluru - ₹61,150
Indian Major Cities 1 KG Silver Rate Today June 1
Delhi - ₹73,400 Chennai - ₹78,600 Mumbai - ₹73,400 Kolkata - ₹73,400 Bengaluru - ₹73,500

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Odisha Train Crash

In January, the company closed its meat marketplace and laid off around 380 employees&nbsp;

Swiggy shuts down its premium grocery delivery vertical 

In January, the company closed its meat marketplace and laid off around 380 employees&nbsp;

Days after Swiggy started charging a ₹2 platform fee on food orders being delivered, the online food ordering app has pulled the plug on its premium grocery delivery pilot program, Handpicked, which was functional in several parts of Bengaluru.&nbsp;
"At Swiggy, we're continuously experimenting with new propositions in line with our vision to enable unparalleled convenience to consumers. Handpicked was being piloted in a few zones in Bengaluru and we have had several positive learnings from it," the spokesperson said.
Handpicked, which was launched in December 2022, offered premium products which are either imported or locally made.&nbsp;
The development comes soon after the online food delivery platform Swiggy announced a &ldquo;platform fee&rdquo; of Rs 2 per order, irrespective of the cart value, as the company looks to control its costs.

The buying in index heavyweights helped the benchmark indices Sensex and Nifty settle higher for the second straight session on Monday

Sensex, Nifty settle higher for 2nd straight session

The buying in index heavyweights helped the benchmark indices Sensex and Nifty settle higher for the second straight session on Monday

Benchmark indices Sensex and Nifty closed higher for the second straight session on Monday, boosted by buying in index heavyweights Reliance Industries, ICICI Bank and M&amp;M stocks amid a positive trend in global markets.
The 30-share BSE Sensex climbed 240 points to settle at 62,787. During the day, it jumped 396 points to 62,943.
The NSE Nifty advanced 59.75 points to end at 18,593.
From the Sensex pack, Mahindra &amp; Mahindra climbed 3.81 per cent and Axis Bank advanced 2.68 per cent, followed by Tata Motors, Larsen &amp; Toubro, Tata Steel, ICICI Bank, Reliance Industries, Maruti, IndusInd Bank and Sun Pharma.
Asian Paints, Tech Mahindra, Nestle, Hindustan Unilever, Kotak Mahindra Bank and ITC were among the laggards.
Global oil benchmark Brent crude jumped 1.92 per cent to USD 77.59 a barrel.

Sam Altman is visiting India to explore opportunities and collaborations in the country's AI ecosystem.

OpenAI CEO Sam Altman to visit India this week

Sam Altman is visiting India to explore opportunities and collaborations in the country's AI ecosystem.

Sam Altman, CEO of OpenAI, is set to <a href="https://twitter.com/sama/status/1665320086415060992?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1665320086415060992%7Ctwgr%5E7dc92d1caa3368ce570f6c0b0f2a77731e396f71%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.moneycontrol.com%2Fnews%2Ftrends%2Fsam-altman-openai-ceo-to-visit-india-later-this-week-10741291.html" target="_blank">visit India</a> in the coming week.
Altman's visit to the country reflects OpenAI's interest in exploring opportunities and collaborations in the Indian market.
OpenAI, known for ChatGPT and other advanced artificial intelligence technologies, aims to engage with local researchers, entrepreneurs, and policymakers during the visit.&nbsp;

UBS said that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) after the merger

UBS likely to complete takeover of Credit Suisse by June 12: Report

UBS said that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE) after the merger

Multinational Investment bank UBS on Monday has said that it will complete the takeover of Credit Suisse as early as 12th June, reported Reuters. The merger would create a giant balance sheet of $1.6 trillion and will oversee assets worth around $5 trillion.
&ldquo;UBS expects to complete the acquisition of Credit Suisse by as early as 12 June 2023. At that time, Credit Suisse AG will be merged into UBS Group AG&rdquo;, said UBS in a statement that was accessed by Reuters. The biggest bank in Switzerland further added that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE). &nbsp;&nbsp;
After the merger is completed, Credit Suisse shareholders will get one UBS share for every 22.48 shares they held. UBS CEO Sergio Ermotti on Friday had warned of job cuts after the Credit Suisse takeover. However, as per Business Today, the bank is also looking to retain over 100 Credit Suisse Group investment bankers across Asia and employ around 1,20,000 people worldwide.
In a deal orchestrated by regulators, banking giant UBS is taking over Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank's customers.

Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years

Aakash IPO: Byju's to launch IPO of its test preparatory subsidiary next year

Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years

Edtech major BYJU'S will launch the Initial Public Offering (IPO) of its test preparatory arm Aakash Education Services Limited by middle of next year, the company said on Monday.
Aakash Education Services Limited (AESL) revenue is on track to reach Rs 4,000 crore with an EBITDA (operational profit) of Rs 900 crore in the fiscal year 2023-24, the company said in a statement.
"BYJU'S... will launch the Initial Public Offering (IPO) of its subsidiary, Aakash Education Services Limited (AESL) mid next year," BYJU'S said in a statement.
The board of BYJU'S has granted its official sanction for the IPO.
"The appointment of the merchant bankers for the IPO will be announced soon to ensure a planned and successful listing next year.
"The upcoming IPO will provide a significant capital infusion to bolster Aakash's infrastructure, broaden its reach, and extend high-quality test-prep education to a larger number of students across the nation," the statement said.
BYJU'S acquired AESL for about USD 950 million, or about Rs 7,100 crore, in April 2021.
Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years.
According to Ken Research, test-prep market revenues are predicted to grow at a compound annual growth rate (CAGR) of 9.3 per cent over 2020-2025, led by the online test preparation segment which is predicted to grow at a CAGR of 42.3 per cent over the same duration.
"Aakash is uniquely positioned to capitalize on this growth due to its comprehensive range of offerings that combine the best of classroom-based learning with cutting-edge digital products and services tailored for engineering and medical entrance exams," the statement said.
Aakash has over 325 centres currently serving more than 4,00,000 students across the country.

The PMI reading for May showed a growth for the 22nd straight month, which is the longest streak of expansion in over 12 years. A PMI reading of below 50 represents a contraction and a reading of above 50 represents an expansion. 

India's Service PMI sees slight fall in May but remained in expansionary phase for 22nd straight month

The PMI reading for May showed a growth for the 22nd straight month, which is the longest streak of expansion in over 12 years. A PMI reading of below 50 represents a contraction and a reading of above 50 represents an expansion.&nbsp;

India's service sctor Purchasing Managers Index (PMI) declined slightly to 61.2 in May versus 62 in April. This as per the S&amp;P Global India Services PMI.&nbsp; A PMI reading of below 50 represents a contraction and a reading of above 50 represents an expansion. Witnessing a growth for the 22nd straight month, this is the longest streak of expansion in almost 12 years.&nbsp;
The services sector accounts for more than 50% of India's GDP. In April, India's services activity expanded at the fastest pace in nearly 13 years.&nbsp;&nbsp;
Pollyanna De Lima, economics associate director at S&amp;P Global Market Intelligence said, "Inflationary pressures continued to pose a challenge for service providers, with panelists noting rising costs for food, inputs, labor and transportation. &ldquo;Faced with the delicate task of balancing these increases and maintaining affordable prices for consumers, firms opted to lift selling prices again in May." Both domestic and international demand remained strong, however employment generation in the services industry saw only a marginal uptick.&nbsp;

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