🔍️ Google probe continues

Good morning and hope you have a restful weekend when it arrives 💤 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 💰️ Abu Dhabi to invest in Indian startups

• 🔍️ Google probe continues

• 🗞️ Bite-sized summaries

  • 🔋 Adani hits the 80th percentile

  • 💊 Closer to a cancer cure

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• The Indian stock market experienced a significant downturn. This sharp decline erased most of the year's gains, with the Nifty dropping below the 24,000 mark. The crash occurred despite a positive opening, attributed to selling pressure in the afternoon trading hours.

🌍️ International

• U.S. stock markets were closed yesterday due to Thanksgiving holiday.

INVESTMENT

💰️ Abu Dhabi to invest in Indian startups

The Abu Dhabi Investment Office (ADIO) is positioning itself as a strategic partner for Indian startups, offering a robust ecosystem to drive innovation and global growth. With a focus on knowledge-based industries, ADIO aims to foster transformative partnerships that benefit both Abu Dhabi and India, as highlighted by Massimo Falcioni, ADIO's Chief Competitiveness Officer.

Indian startups, known for their rapid innovation and talent, are an ideal match for Abu Dhabi’s ambitions. The UAE’s strategic ties with India have further strengthened this collaboration, highlighted by recent high-level visits and agreements. Startups engaging with ADIO can benefit from tailored mentorship, funding opportunities, and a vibrant tech ecosystem led by initiatives like Hub71.

Cluster Strategy: Driving Innovation

ADIO’s cluster approach focuses on emerging industries. Key initiatives include:

• Smart and Autonomous Vehicle Industry (SAVI): Based in Masdar City, SAVI promotes autonomous vehicle technologies. Collaborations, such as with Archer Aviation for air taxis, aim to revolutionize urban mobility and contribute AED 44 billion to Abu Dhabi’s GDP by 2045.

• AgriFood Growth & Water Abundance (AGWA): This cluster addresses global food and water challenges, fostering innovations in AgTech and sustainability. It is projected to add AED 90B to GDP and create over 60,000 jobs by 2045.

Indian startups in sectors like urban mobility, AgTech, and water sustainability are well-positioned to thrive in these ecosystems.

Broad Impact

ADIO’s initiatives align with Abu Dhabi’s vision of becoming a sustainable, innovation-driven business hub. Through strategic investments, regulatory support, and cutting-edge infrastructure, ADIO is accelerating technological advancements while ensuring economic diversification.

From air taxis to alternative protein production, partnerships fostered by ADIO highlight its role in shaping future industries and strengthening global competitiveness. For Indian startups, Abu Dhabi offers not just a market but a gateway to scale and innovation on the global stage.

Read more: Economic Times

COMPETITION COMMISSION OF INDIA

🔍️ Google probe continues

India’s Competition Commission (CCI) has initiated an investigation into Google over allegations of antitrust violations, following a complaint by online gaming company Winzo.

The probe centres on claims that Google’s policies unfairly restrict the operations of real money gaming apps on its Play Store, allegedly exploiting its dominant position in the market.

Key Allegations

• Winzo asserts that Google’s Developer Distribution Agreement and policies impose unreasonable conditions on app developers.

• Specifically, Google reportedly prohibits the listing of real money gaming apps, forcing such apps to rely on sideloading from their websites.

• This sideloading process, according to Winzo, is hindered by warnings displayed on Android devices, which deter users and harm its business reputation.

The gaming company claims that these warnings lack justification, mislead users, and tarnish the reputation of platforms like Winzo, resulting in financial losses and market disadvantages.

Broader Implications: This case adds to the growing scrutiny of Google’s business practices in India, following previous antitrust investigations into its dominance in app distribution and in-app payment systems.

The outcome of this probe could have significant implications for the online gaming industry and app market dynamics in India, potentially altering policies around real money gaming apps on Android platforms.

The investigation underscores increasing regulatory efforts to ensure fair competition and protect businesses from alleged monopolistic practices in the digital economy.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🔋 Adani hits the 80th percentile - Adani Power achieved a Corporate Sustainability Assessment (CSA) score of 67 in FY24, surpassing the sector average of 42 and its previous score of 48. This places it in the top 80th percentile of global electric utilities, as rated by S&P Global. The CSA score evaluates environmental, social, and governance (ESG) performance. Meanwhile, U.S. authorities accused Adani Group executives, including Gautam Adani, of securities fraud but not bribery, allegations the group denied as baseless. The accusations have caused international project cancellations and investor scrutiny. Adani’s clarification on the charges led to a surge in the group’s share prices.

💊 Closer to a cancer cure - Dr. Reddy's launched Toripalimab, marketed as Zytorvi, in India to treat recurrent or metastatic nasopharyngeal carcinoma (RM-NPC). This next-generation PD-1 inhibitor, approved by USFDA, EMA, and others, offers superior outcomes over chemotherapy with gemcitabine and cisplatin, reducing progression or death risk by 48%. India becomes the third country to access Toripalimab after China and the US. Licensed from Shanghai Junshi Biosciences, Dr. Reddy's plans further regional expansions. The company emphasized its focus on oncology, offering innovative therapies and holistic care. Nasopharyngeal carcinoma, an aggressive cancer, saw 6,519 new cases in India in 2022, with high prevalence in northeastern states.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Delhi government extends electric vehicle incentives until March 2025 amid poor air quality.

• Govt says 136 Vande Bharat train services are operational across the railways network.

• Akasa Air announces daily flights between Abu Dhabi, Bengaluru, & Ahmedabad starting March 2025.

• Air India sees growth from domestic, short international flights in 2025: CEO Campbell Wilson.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Dua Lipa lands in India ahead of her Mumbai concert.

• Five-time Grand Slam winner Iga Swiatek handed suspension for banned substance.