Friday, November 29
The new subscription termed as "Not A Bot" will charge users for likes, reposts or quoting other accounts' posts, and bookmarking posts on the web version of the platform. The purpose of introducing the new subscription model is to combat bots and spammers, X said, adding that the fee will vary from country to country based on the exchange rate.
Sportstech startup Game Theory has raised $2 million in pre-series a funding. The funding round was supported by investors including Rainmatter, Rohan Bopanna, WEH Ventures, and Prequate Advisory. The company will use the fund to build technology, establish coaching products, and expand the reach of smart sporting facilities across the country.
Indian conglomerate Vedanta Group is seeking collaborations with Japanese technology companies as it plans to establish a semiconductor fab in Gujarat. The company believes that this presents an $80 billion opportunity for firms interested in investing in the electronics manufacturing hub. Vedanta's Global Managing Director has invited Japanese companies to partner with Vedanta in building the first electronics manufacturing hub in Gujarat.
Goldman Sachs reported a decrease in profit for the third quarter due to a write-down on its GreenSky fintech business and real estate investments. The bank's net profit was $2.06 billion, lower than the $3.07 billion from the previous year. CEO David Solomon is refocusing the firm on investment banking and trading, and aims to expand in asset and wealth management.
Wheat prices in India have reached an eight-month high due to strong demand for festivals, limited supplies, and import duties. The government may release more stocks and eliminate import duties to control prices ahead of important elections. Rising wheat prices could contribute to food inflation. India has no immediate plans to abolish the 40% import tax on wheat.
Institutional Shareholder Services Inc. has advised shareholders to vote against the appointment of Anant Ambani, the youngest son of billionaire Mukesh Ambani, to the board of Reliance Industries. The proxy advisory firm expressed concerns about Anant's limited leadership experience. Mumbai-based Institutional Investor Advisory Services also recommended against the appointment. However, another proxy firm, Glass Lewis, supports Anant's appointment. The issue highlights the focus on succession planning and corporate governance at Reliance, as the conglomerate undergoes a leadership transition and attracts investments from major players such as Google and Meta Platforms.
Federal Bank has reported its highest-ever quarterly net profit of Rs 954 crore for the September quarter, an increase of 36% over Rs 703 crore in the year-ago period. The increase in net profit followed a 20% year-on-year increase in loans to Rs 1.9 lakh crore and a 23% growth in deposits to Rs 2.3 lakh crore.
Bitcoin's price briefly surged after rumors circulated that BlackRock had received approval to launch a spot-Bitcoin ETF in the US. However, the gains were quickly reversed as BlackRock clarified that the application is still under review by the SEC. Despite this, the incident highlights the excitement and hope for a spot-Bitcoin product in the US, with several industry heavyweights participating in the race for approval.
