🇮🇳 PM Modi’s US visit

Good morning. Laapataa Ladies is India's official entry for Oscars 2025 in the Best Foreign Language Film category.

We have a good feeling about this 🏆️ 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇮🇳 PM Modi’s US visit

• 🧑‍💻 CCI's Antitrust probe - the conclusion

• 🗞️ Bite-sized summaries

  • 🇫🇷 New French Government

  • 💼 Will Intel get acquired?

  • 🛫 More insolvency

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian benchmark indices, BSE Sensex and NSE Nifty50, hit record highs on Monday, with Sensex closing at 84,928.61 and Nifty50 at 25,939.05. Gains were led by Bajaj Auto and Mahindra & Mahindra, while ICICI Bank and Wipro declined. Broader indices and sectoral indices, except Nifty IT, also closed higher.

🌍️ International

• The US stock market continued its upward trend today, with major indexes posting gains. The S&P 500 and Nasdaq saw increases, driven by a rebound in technology stocks. Inflation data released this week showed easing price pressures, boosting investor confidence. The 10-year Treasury yield remained low at around 3.66%.

INTERNATIONAL RELATIONS

🇮🇳 PM Modi’s US visit

In case you missed it, PM Modi recently completed a high-profile tour of the United States, aimed at driving investment in Indian startups and the semiconductor industry, while also showcasing India's Digital Public Infrastructure (DPI) initiatives.

Here are the key highlights from the trip:

1. Modi engaged with leaders from 15 major US tech companies, exploring potential AI, quantum computing, and semiconductors collaborations. The CEOs expressed strong interest in India, recognizing the country's innovation-friendly policies and growing market potential.

   1. Nvidia CEO Jensen Huang was notably impressed with PM Modi, stating: "I’ve had the pleasure of many meetings with the Prime Minister. He is an incredible student of technology. Each time I meet him, he is eager to learn more about AI, its potential for India, and its impact on Indian society and industry... India is home to some of the world's greatest computer scientists, and this is a tremendous opportunity."

   2. Huang further emphasized that "India is having its moment," stressing the importance of building robust AI infrastructure to support the country's booming startup ecosystem.

2. PM Modi himself projected that "Made in India" semiconductor chips would soon be available in the U.S., underscoring India’s ambitious plans for its semiconductor industry.

3. Google CEO Sundar Pichai also praised the Digital India initiative and announced Google's decision to manufacture Pixel phones in India, further solidifying India’s role as a tech manufacturing hub.

Overall: The visit reinforced India's position as a rising global technology powerhouse, with top American tech companies eager to invest and collaborate.

As India continues to advance its digital infrastructure and foster innovation, it is fast becoming a key player in the global tech landscape.

Read more: Economic Times

ANTITRUST PROBE

🧑‍💻 CCI's Antitrust probe - the conclusion

The Competition Commission of India (CCI) is nearing the conclusion of a four-year antitrust investigation into Amazon and Flipkart, two of India's largest e-commerce platforms. 

The probe, which began in October 2019 following a complaint by the Delhi Vyapar Mahasangh, alleges that the companies unfairly favoured select sellers, particularly during major product launches and festive sales.

Here’s a quick timeline, for those unfamiliar: 

1. January 2020: CCI orders an investigation, which the companies challenge in court.

2. August 2021: Supreme Court orders Amazon and Flipkart to face the probe.

3. August 2023: The Director General submits a report to CCI, highlighting concerns.

4. September 2023: CCI demands financial statements to determine potential penalties.

The biggest allegations against these companies include: 

• Preferential treatment to select sellers

• Exclusive product launches, especially for major smartphone brands

• Deep discounting practices

• Prioritizing certain listings in search results

The investigation report suggests that Amazon and Flipkart have created an ecosystem where only preferred sellers can thrive. It also claims that both companies "deliberately downplayed" allegations of exclusive launches and deep discounting.

This case could have immense implications for the participants:

• Potential penalties of up to 10% of average global turnover for the past three years.

• Increased scrutiny on high-tech brands' partnerships with these platforms.

• Additionally, the case could significantly impact India's growing e-commerce market, projected to reach $160B by 2028.

So what’s next?

•  The CCI is expected to issue final orders by November 2023. This comes at a crucial time, just before the festive season when these companies host major sales events.

• The outcome of this investigation could reshape the landscape of online retail in India, potentially affecting how e-commerce platforms operate and partner with sellers and brands. 

• As the case unfolds, it highlights the growing tension between the expansion of digital marketplaces and the need for fair competition in the retail sector.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇫🇷 New French Government - French President Emmanuel Macron has unveiled a new government, led by conservative Prime Minister Michel Barnier, marking a shift to the right. Despite a left-wing alliance winning the most parliamentary seats in the July snap election, Macron's centrist party partnered with Republicans to form a cabinet. Key appointments include Bruno Retailleau as interior minister and Antoine Armand as finance minister. The government faces challenges, including France’s growing deficit, which exceeds EU limits. With a fractured parliament, Macron’s administration will need support from other parties to pass legislation, while the left-wing alliance threatens a no-confidence motion.

💼 Will Intel get acquired? Apollo Global Management has offered to invest up to $5B in Intel, providing a potential alternative to a takeover bid from Qualcomm. Intel, under CEO Pat Gelsinger, is executing an expensive turnaround plan amid declining sales and shrinking market value. Qualcomm's interest has sparked speculation about one of the largest M&A deals in tech history, though regulatory and financial challenges loom. Intel is evaluating Apollo's proposal, which comes as the company secures new partnerships and scales back on some projects. Qualcomm would likely need additional investors to make a purchase feasible.

🛫 More insolvency - SpiceJet faces another insolvency plea, this time from Techjockey Infotech Pvt Ltd, over a Rs 1.2 Cr. default. The National Company Law Tribunal (NCLT) has issued a notice and scheduled the next hearing for November 14. SpiceJet is already dealing with multiple insolvency petitions, including those from Willis Lease, Aircastle Ireland, and Wilmington, with some cases still pending. Despite raising Rs 3,000 crore through a qualified institutional placement (QIP) to address its liabilities, SpiceJet continues to struggle with financial obligations, including dues to creditors, engine lessors, and statutory dues amounting to Rs 601.5 Cr..

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Lebanon says 274 people were killed and 1,024 injured in Israel bombing.

• Blinkit, BB, Zepto deliver iPhone 16 within minutes.

• Microsoft announces plan to reopen Three Mile Island nuclear power plant to support AI.

• India reports first case of Mpox Clade 1 strain that led WHO to declare a public health emergency.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Laapataa Ladies becomes India’s official Oscar entry.

• Alanna Panday's show The Tribe to release on October 4th.

• Carlos Alcaraz wins Laver Cup for Team Europe on debut.

• Alia Bhatt and Aishwarya Rai Bachchan represent L’Oréal Paris at Paris Fashion Week 2024.