🛢️ Oil price surge

Good morning. Happy Friday. The Devil Wears Prada 2 is schedule to begin filming November 30^th.

Meryl, Anne, Emile and Stanley are all set to return.

That news has made it a happy Friday indeed 📺️ ‼️ 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🛢️ Oil price surge

• 🇮🇳 Google has plans for India

• 🗞️ Bite-sized summaries

  • 🏢 Another co-working venture?

  • ✊ Sovereignty rights

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• The Indian stock market faced a significant downturn with the Sensex plummeting over 1,800 points, marking its third-largest decline this year. This sell-off was attributed to geopolitical tensions in the Middle East and new SEBI regulations affecting trading volumes. Analysts recommend a "sell on rise" strategy, with critical support levels at 25,000 and resistance at 25,500.

🌍️ International

• Stocks declined amid rising oil prices and geopolitical tensions in the Middle East. Energy stocks rose due to oil's 7% weekly gain, but overall market sentiment remained negative as investors awaited crucial payroll data amid concerns about economic stability.

COMMODITIES

🛢️ Oil price surge

The global oil market has been jolted by escalating tensions between Israel and Iran, with prices surging in response to recent events and potential future conflicts. This spike in oil prices exacerbates inflationary pressures and complicates economic recovery efforts worldwide.

Here’s what’s happening: 

• The backdrop of this spike in oil prices is a marked increase in military hostilities.

  • Iran launched approximately 200 ballistic missiles at Israel, which it claims were in retaliation for the assassination of Hezbollah leader Hassan Nasrallah by Israeli forces. 

  • This attack resulted in property damage and the temporary closure of Israel's airspace, prompting fears of further escalation in the region. 

• As a result of Biden's comments, Brent crude oil prices rose by about 5%, reaching $77 per barrel. 

  • This increase comes when global markets are already sensitive to energy prices, which could lead to higher petrol, gas, and electricity costs, exacerbating inflationary pressures that central banks have been trying to manage. 

  • Bank of England Governor Andrew Bailey has expressed concerns that rising energy prices could undermine recent progress against inflation.

• The potential for a blockade of the Straits of Hormuz, a critical chokepoint for global oil transport where about one-third of oil tanker traffic passes, poses a significant risk to global energy supplies. Any military action targeting Iranian oil infrastructure could provoke retaliatory strikes from Iran, further destabilizing the region and impacting oil exports from Gulf states.

The response? 

• G7 leaders have urged restraint from Israel, recognising the broader economic implications of military actions in the Middle East. 

• The potential for increased conflict could hinder recovery efforts from previous economic disruptions caused by the pandemic and geopolitical tensions stemming from the Ukraine war 

• Additionally, Iran has warned that any large-scale Israeli assault on its oil facilities would lead to severe retaliation against Israeli infrastructure. Iranian officials have indicated that they are prepared to escalate their military response if provoked further, highlighting the precarious balance of power in the region

Overall: The situation remains fluid, with significant implications for both regional stability and global economic conditions.

As discussions continue between U.S. officials and their Israeli counterparts regarding potential retaliatory strategies, market participants will be closely monitoring developments for indications of further escalation or de-escalation in hostilities.

Read more: BBC

TECHNOLOGY

🇮🇳 Google has plans for India

Google's annual 'Google for India' event unveiled exciting updates to enhance the digital landscape for Indian users. Here are the key highlights:

AI and language innovations

• Gemini Expansion: The AI model now supports Hindi and will soon include eight additional Indian languages, enhancing accessibility.

• Project Vaani: This initiative aims to develop speech recognition models for various Indic languages, improving voice interactions.

Search and Mmaps enhancements

• Multisearch: Users can combine image and text queries in multiple Indian languages, making searches more intuitive.

• Real-time Alerts: Google Maps will provide timely updates on weather conditions like fog and flooding.

• Review Summaries: AI-generated summaries of reviews will enhance decision-making for users.

GPay and UPI advancements

• UPI Circle: A new feature allowing users to request payments on behalf of others, streamlining transactions.

• Increased Loan Limits: Personal loans up to ₹5 lakh and gold loans up to ₹50 lakh are now available.

• Merchant Tools: Businesses can now add WhatsApp contact information directly to their Google profiles.

Healthcare and education initiatives

• AI-Powered Health Screening: Tools for cancer and tuberculosis screening are being trialed in hospitals, with plans for free access over the next decade.

• AI Skills House: A program offering free courses on generative and responsible AI for students and professionals.

Sustainability and data localisation

• Clean Energy Commitment: Google has added 186 MW of clean energy to India's grid and partnered with the Adani Group for a solar farm.

• Data Localisation: The expansion of Gemini 1.5 Flash enables companies to store data locally, aligning with India's data protection regulations.

These developments underscore Google's commitment to enhancing digital accessibility in India through language inclusivity, innovative technologies, and a focus on local needs.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🏢 Another co-working venture? - Adam Neumann, co-founder of WeWork, has launched a new coworking venture called Workflow, a more refined version of his previous project. Unlike WeWork, which collapsed due to its reliance on long-term leases, Workflow operates in residential buildings Neumann owns or manages through partnerships. It aims to offer flexible, serene office spaces featuring upscale design. Neumann’s new company, Flow, which focuses on real estate, backs Workflow. Flow has received $350M in funding from Andreessen Horowitz. Neumann emphasizes a slower, more disciplined approach for Workflow, aiming to meet the rising demand for flexible workspaces post-pandemic.

✊ Sovereignty rights - India played a quiet but crucial role in the UK's decision to transfer sovereignty of the Chagos Islands to Mauritius. India consistently backed Mauritius’s claim, in line with its anti-colonial stance and its close ties with the island nation. In the final political agreement, both the UK and Mauritius acknowledged India’s support, alongside that of the U.S. India encouraged negotiations to achieve a mutually beneficial outcome, seen as a win for all parties and a boost to security in the Indian Ocean region. The decision follows years of pressure, including a 2019 UN resolution demanding the UK's withdrawal.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• India Inc to offer 9.5% salary hike in FY25.

• A $200B target, but a $5B reality: Why India needs to fix its ecom export landscape.

• Private banks drop lending rates to beat market competition.

• Adani Group seeks to invest $900M in Tanzania power lines.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Millie Bobby Brown and Jake Bongiovi's have a secret Italian wedding 👰 💒 

• Devara box office collection day 6: Jr NTR And Janhvi Kapoor's film is on a roll, eyes 400 Cr. worldwide.

• Border 2: After Varun Dhawan and Diljit Dosanjh, Sunny Deol welcomes Ahan Shetty onboard.

• Taaza Khabar season 2 review: Bhuvan Bam gives the role his best shot.

• Macau Open: Indian badminton pair Tressa Jolly and Gayatri Gopichand’s campaign.

• Carlos Alcaraz came from a set down to edge out world number one Jannik Sinner in a dramatic China Open final.

• Aston Villa stuns Bayern Munich by beating them 1-0 in the Champions League.