OpenAI Predicts PhD-Level AI, Zomato’s Eco Push, India’s Highway Capex Hike, and More.

OpenAI’s Mira Murati Predicts PhD-Level AI Intelligence Soon

Mira Murati, CTO of OpenAI, predicts AI systems reaching “PhD-level” intelligence in specific tasks within a few years. At Dartmouth Engineering, she likened GPT-3 to a toddler and GPT-4 to a bright high school student. OpenAI plans to release a new model achieving this advanced intelligence. Additionally, OpenAI rolled out GPT-4o, a free, cost-efficient version of GPT-4, offering enhanced real-time text, audio, and image processing capabilities.

PhD-Level AI Intelligence

PhD-level AI intelligence refers to artificial intelligence systems achieving advanced problem-solving and analytical capabilities akin to those of a human with a PhD. These AI systems can perform highly specialized tasks, demonstrate deep understanding in specific domains, and offer expert-level insights and solutions. This advancement marks a significant leap in AI capabilities, promising transformative impacts across various fields.

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Source: Financial Express

Deepinder Goyal Backs Biodegradable Packaging in Response to Health Concerns

Zomato CEO Deepinder Goyal responded to nutritionist Luke Coutinho’s call for biodegradable packaging in food delivery. Coutinho warned about health hazards from hot food in plastic containers, urging Swiggy and Zomato to switch to eco-friendly alternatives. Goyal pledged to highlight restaurants using food-safe packaging, allowing customers to make healthier choices. Despite Zomato’s commitment, Coutinho criticized Swiggy for not addressing the issue.

Biodegradable Packaging

Biodegradable packaging refers to materials that decompose naturally and safely in the environment, reducing pollution and waste. Unlike traditional plastics, these materials break down into non-toxic components, often using plant-based resources like corn starch, cellulose, or sugarcane. This eco-friendly alternative helps mitigate environmental impact, contributing to a healthier planet.

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Source: Live Mint

Budget 2024-25: Highway Capex to Rise by Up to 10%

The Indian government plans to increase capital expenditure for highway development by 5-10% in the 2024-25 Union Budget. The Ministry of Road Transport and Highways, which received ₹2.72 trillion in the interim Budget, has already utilized over ₹57,000 crore. Experts find the proposed hike reasonable due to the high base from previous years’ significant increases. This move aims to support new and ongoing projects, including the Bharatmala Pariyojana, under the Vision 2047 initiative.

Bharatmala Pariyojana

Bharatmala Pariyojana is an ambitious highway development project launched by the Indian government to enhance road connectivity across the country. With an initial budget of ₹5 trillion, it aims to construct approximately 83,677 kilometers of highways. The program focuses on improving efficiency in freight and passenger movement, reducing travel time, and boosting economic growth through better infrastructure.

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Source: Business Standard

Why Food Prices Will Remain High in India

Food inflation in India, at around 8% year-on-year since November 2023, is driven by adverse weather affecting crops. A drought last year and ongoing heat wave have reduced supplies of pulses, vegetables, and cereals. Despite early monsoon rains, an 18% rainfall deficit has delayed crop planting. Prices may ease if monsoon rains normalize, but tight supplies of milk, cereals, pulses, and sugar will likely keep prices high.

Impact of Weather on Food Prices

Adverse weather conditions, such as droughts and heat waves, significantly impact food prices by reducing crop yields and damaging stored produce. These factors disrupt the supply chain, leading to shortages and higher prices. Monsoon rains are crucial for replenishing water supplies and ensuring successful crop growth. Variability in weather patterns, therefore, plays a pivotal role in determining food availability and pricing.

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Source: Reuters

Rupee Hits Record Low Amid Dollar Surge

The Indian rupee fell by 19 paise to a record low of 83.6475 against the dollar on Thursday. Despite this drop, the rupee remains Asia’s second-best-performing currency this year after the Hong Kong dollar. Contributing factors include the dollar’s strength, high demand from local importers, and recent corporate outflows. Experts point to the Reserve Bank of India’s efforts to stabilize the currency by building foreign exchange reserves.

Understanding Currency Depreciation

Currency depreciation occurs when a currency loses value relative to another currency. Factors influencing this include economic conditions, market sentiment, and geopolitical events. In the rupee’s case, strong dollar demand and corporate outflows have led to its decline. The Reserve Bank of India’s strategy to amass foreign exchange reserves aims to mitigate volatility and support the rupee.

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Source: Financial Express

RBI Maintains Repo Rate Amid Persistently High Food Inflation

The RBI’s Monetary Policy Committee kept the repo rate unchanged at 6.5%, citing ongoing food inflation driven by high vegetable, pulse, cereal, and spice prices. Despite food inflation, price stability is crucial for growth, according to Governor Shaktikanta Das. Future inflation risks include climate events and volatile oil prices. The RBI remains focused on disinflation, projecting 7.2% GDP growth for 2024-25.

Understanding the Repo Rate

The repo rate is the rate at which a country’s central bank lends money to commercial banks. By adjusting this rate, the central bank can control inflation and stabilize the currency. In India’s case, the RBI uses the repo rate to influence economic activity and maintain price stability.

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Source: Live Mint

Swiss Court Sentences Four Hinduja Family Members for Worker Exploitation

A Swiss court has sentenced four Hinduja family members to 4-4.5 years in prison for exploiting domestic workers. The court dismissed trafficking charges, citing the workers’ understanding of their roles. The family was found guilty of unauthorized employment and exploiting workers by seizing passports, paying in rupees, and forcing long hours. A fifth defendant, Najib Ziazi, received an 18-month suspended sentence. The family plans to appeal the verdict.

Understanding Unauthorized Employment

Unauthorized employment occurs when an employer hires individuals who do not have legal permission to work in a country. This can include hiring workers without proper documentation, underpaying them, or not providing legal working conditions. Such practices can lead to legal consequences for employers and exploitation of workers.

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Source: Business Standard

Tata Steel Workers in UK to Strike Over Job Cuts

Tata Steel UK workers will initiate an indefinite strike from July 8, protesting the planned closure of two blast furnaces and 2,800 job cuts at Port Talbot and Llanwern in Wales. This marks the first strike in over 40 years, significantly impacting operations. Despite seven months of negotiations, the union and Tata Steel failed to reach an agreement. Tata Steel aims to transition to Electric Arc Furnaces, preserving 5,000 jobs and reducing CO2 emissions.

Understanding Electric Arc Furnaces

Electric Arc Furnaces (EAFs) are a modern method of steel production that uses electric arcs to melt scrap steel and convert it into new steel. This technology is more environmentally friendly compared to traditional blast furnaces, as it significantly reduces CO2 emissions. EAFs also allow for more efficient recycling of steel, contributing to sustainability in the steel industry.

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Source: Business Today

SEBI Tightens IPO Pre-Open Session Rules with Enhanced Surveillance

The Securities and Exchange Board of India (SEBI) has implemented stricter surveillance on IPO pre-open call auction sessions, effective in 90 days. The session will run for 60 minutes, with specific intervals for order entry, modification, cancellation, matching, and trade confirmation. New measures include system-driven random closures and alerts for significant price modifications and cancellations. This aims to curb manipulative practices and enhance market integrity.

SEBI Pre-Open Call Auction Session Explained

The pre-open call auction session is a designated period before the regular trading session where buy and sell orders for IPO shares are collected, modified, and canceled. This process helps establish the opening price. SEBI’s new rules introduce stricter surveillance, random session closures, and detailed reporting to prevent manipulative practices like placing large orders to create false demand.

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Source: Financial Express

How Health Insurance Plans Reward Active Lifestyles with Discounts

To celebrate International Yoga Day, several health insurance plans now offer premium discounts for maintaining an active lifestyle. Policies like HDFC Ergo My Health Suraksha Plan and ICICI Lombard Elevate provide discounts based on calories burned and steps taken. Aditya Birla Active One even offers a 100% premium return for active lifestyles. These incentives aim to reduce health insurance costs and promote wellness through regular exercise and yoga.

Health Insurance and Wellness Benefits Explained

Health insurance wellness benefits are rewards or discounts offered to policyholders who maintain an active lifestyle. Insurers track physical activities like yoga, running, and other exercises to determine eligibility for discounts on premiums. These programs encourage healthier living by providing financial incentives for staying active and managing health metrics like BMI.

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Source: Live Mint

Pine Labs Eyes $1 Billion IPO in India After Relocating from Singapore

Fintech firm Pine Labs plans a $1 billion IPO in India, aiming for a valuation over $6 billion. The company, backed by Peak XV Partners and Mastercard Inc, received approval to move its base from Singapore to India. Pine Labs may issue new and secondary shares and consider a pre-IPO fundraising round. This IPO would be India’s largest fintech offering since Paytm’s $2.5 billion IPO in 2021.

Understanding Pre-IPO Fundraising

Pre-IPO fundraising is when a company raises capital from private investors before its initial public offering (IPO). This helps the company boost its valuation and prepare for the IPO. The funds are often used to expand operations, improve financial health, or invest in new projects. Pre-IPO investors typically receive shares at a discount, making it an attractive investment opportunity.

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Source: Business Standard

Zerodha Faces Technical Glitches, Traders Lose Money

On June 21, Zerodha’s broking platform experienced a complete freeze, preventing trades and causing losses for users. Stocks like India Cement were incorrectly marked as restricted. This follows similar issues on June 3 and multiple instances last year. Frustrated traders vented on social media, demanding accountability. Meanwhile, IIFL brokerage accounts also faced disruptions due to large order placements. The platform has since resumed normal operations.

Understanding Stock Market Technical Glitches

Technical glitches in stock trading platforms refer to unexpected software or hardware failures that prevent users from executing trades. These issues can result from system overloads, coding errors, or cyber-attacks. When a platform freezes, it can lead to financial losses and market disruptions. Traders often demand compensation and accountability from the platforms during such incidents.

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Source: Business Standard