Apple and Amazon in Talks to Invest in Saudi Arabia
Apple and Amazon are in licensing discussions with Riyadh on investing in Saudi Arabia, part of Crown Prince Mohammed bin Salman’s push to give the conservative kingdom a hightech look. Apple was in talks with SAGIA, Saudi Arabia’s foreign investment authority.Both companies already sell products in Saudi Arabia via third parties but they and other global tech giants have yet to establish a direct presence. Amazon’s discussions are being led by cloud computing division Amazon Web Services (AWS), which would introduce stiff competition in a market currently dominated by smaller local providers like STC and Mobily.
Mukesh Ambani-led Reliance Jio will acquire mobile business assets, including spectrum, mobile towers and optical fibre network of Reliance Communications- owned by Anil Ambani. Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries Ltd, announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications and its affiliates. Reliance Jio or its nominees will acquire assets under four categories- Towers, Optic Fiber Cable Network (OFC), Spectrum and Media Convergence Nodes (MCN) from RCom and its affiliates.
SEBI Approves Integration of Equity and Commodity Markets
In a slew of reforms, market regulator SEBI announced easier access norms for foreign investors, approved integration of stocks and commodities trading on a single exchange and capped cross-holdings in rating agencies as well as mutual funds to safeguard investors’ interest. It approved integration of the equity and commodity markets and allowed stock exchanges to trade in both from October 2018. It will permit exchanges to cross-list products, allowing the NSE and BSE to list commodities while MCX and NCDEX will be allowed to list equities and equity F&O. The integration would be achieved in two phases. In Phase I, it was proposed to have integration at the intermediary level. In Phase II, necessary steps would be taken to enable a single exchange to operate various segments such as equity, equity derivatives, commodity derivatives, currency derivatives, interest rate futures and debt.
First Bitcoin Trading App Launched
Cryptocurrency dealer Pluto Exchange announced the launch of India’s first mobile application for transacting in virtual currencies. The company is set to launch the country’s first app-based wallet that enables bitcoins transactions using mobile number. The Pluto Exchange Mobile app offers a solution to the coordinated problem between payment processors, financial gateways and banks.
Alstair Cook reeled-off a record-breaking double century to put England in full command of the fourth Ashes Test with a formidable 164-run lead. Along the way, Cook surpassed the highest score by a visiting batsman in a Test Match at the famous Melbourne Cricket Ground, bettering the 208 by West Indian great Viv Richards in 1984. Cook’s fifth double century also catapulted him above West Indian Brian Lara to become the sixth-highest run-getter in Test Cricket with 11,956 runs.
Anand Reclaims Title Won in 2003
A victory against old nemesis Magnus Carlsen of Norway spurred on Viswanathan Anand as he went on to regain the World Rapid Chess Championship in Riyadh. Anand, who avenged his 2013 World Championship loss as he defeated World No 1 Magnus Carlsen in their ninth round match, was placed joint second at the start of the final five rounds (11 to 15), but came back strongly to bag the title on tiebreak after a three-way tie with Russians Vladimir Fedoseev and Ian Nepomniachtchi at 10.5 points from a possible 15. The former World No 1 reclaimed the title he won in 2003 beating Vladimir Kramnik in the final.
Centre Approves Regional Plan to Tackle Stubble Burning
The Centre approved a regional plan on “Climate resilience building among farmers through crop residue management” under the National Adaptation Fund for Climate Change to tackle stubble burning. The first phase has been approved for Punjab, Haryana, UP and Rajasthan. The project approved at the meeting of the National Steering Committee on Climate change, aims at awareness generation and capacity building activities for farmers to adopt alternative practices and a slew of technological interventions for management of crop residue along with existing machinery.
Instant Triple Talaq Bill gets a Nod
The Lok Sabha passed a Bill by voice vote to prevent and criminalise instant triple talaq in the Muslim community, amid demands from the opposition to refer the bill to a standing committee for deeper scrutiny- which was rejected by the government. “The Muslim Women (Protection of Rights on Marriage) Bill, 2017”, if passed by both Houses, will set aside the practice of talaq-e-biddat. As per the Bill, instant talaq, including in written or electronic form, will be void and not enforceable legally.
First Movement of Cargo through NW 2 Flags Off
Union Minister Nitin Gadkari will flag off first movement of cement cargo through National Waterway (NW)2 on the Brahmaputra in Assam, in an effort to push transportation of goods through water. The idea is to develop Brahmaputra River (NW2) for commercial navigation and efforts are part of renewed focus over the last three years to promote inland water transport in North East Region. Nitin Gadkari will lay the foundation stone for bank protection work of the Majuli island in presence of Assam CM Sarbananda Sonowal.
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