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Hello everyone! Good day! 

Another week passed by and let’s dive into some interesting news of the week.

We Work Files For Bankruptcy After 2 Years Of Going Public

The US based coworking space provider, once hailed as the most valued US startup filed for bankruptcy, ailed by debt worth $19 billion and mounting losses. Founded by Adam Neumann, the company had attracted investments from SoftBank and Benchmark and was once worth $47 billion dollars. The company’s philosophy was to disrupt the office space services by giving more flexible and manageable options for small businesses by leasing huge office spaces. Aggressive expansion led to mounting losses and the changing work culture post-pandemic led to its downfall.

Supreme Court Directs To Stop Stubble Burning As Air Quality Index In Delhi Worsens

According to the Commission on Air Quality Management, stubble burning is the major contributor of air pollution in Delhi. Farmers resort to stubble burning before the next sowing season to burn the residues from previous harvest. The lack of equipment like super seders and balers at the right time forces farmers to burn the crop residues. Moreover, without government aid, using such machines can be quite expensive too. The Union Govt in a bid to eliminate this practice has till now provided funds worth Rs 3333 Cr to the states of Punjab, Delhi and NCR states in order to provide subsidised access to crop residue management machines.

Pakistan Once Again Sought Help From China Amidst Weakened Economic Situation

Following a recent downgrade by rating agencies, the cost of borrowing for Pakistan increased, making it extremely difficult to arrange foreign loans. Hence the country approached its long-term ally China, to seek $600 million in loans. Since 2000, China has extended $21.2 billion as loans to Pakistan. It is expected China would lend a helping hand to manage the economic crisis faced by Pakistan. The country is also in negotiations with the International Monetary Fund (IMF) to release the second tranche of $3 billion bailout package.

More news from the week ...

  • An Unbelievable Knock by Glenn Maxwell: The all rounder hit 201* during the match against Afghanistan sealing Australian win by 3 wickets. The batter achieved this miraculous feat after his team was crumbled to 91-7 and became the first Australian to score a double ton in ODI.

  • Deepfake Threats: Deepfake videos of celebrities are surfacing on the internet and the world is in shock. Deepfakes are manipulated media, typically videos, that are crafted using AI techniques. You can spot a deepfake by unnatural eye movement, inconsistencies in physical appearance and audiovisual discrepancies.

  • 11.5 Crore PAN Cards Deactivated: The deadline for linking PAN Card and Aadhar was June 30, 2023. For reactivating the PAN Card, one needs to pay a penalty of Rs 1000 while getting a new PAN Card only costs Rs. 91.

  • Elon Musk’s Starlink in India: Starlink, owned by Elon Musk will soon be the third GMPCS (Global Mobile Personal Communication by Satellite) service provider in the country. The other two licensed service providers in this space are Reliance Jio and One Web.

  • Bharat Atta At Subsidised Rates: Ahead of Diwali, Central Govt has launched Bharat Atta at a subsidised rate of Rs 27.5/kg compared to the market rate of Rs 35-70/kg. This will be available in physical outlets and mobile vans of NAFED, NCCF and Kendriya Bhandars.

Visual of the week

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Spread across 590 acres and house to almost 1 million people, Dharavi is known as Asia’s largest slum. The place is going to get a makeover by the Adani Group after winning the bid for the redevelopment project last year. The project involves relocation of its population and numerous small-scale businesses.

Test you knowledge !

What is the annual turnover of businesses in Dharavi?

A) $100 million

B) $250 billion

C) $500 million

D) $1 billion

Dharavi has 20,000 single room factories and 500 larger units. These units produce everything from vessels to bricks to bags. It is estimated that the annual turnover of these businesses comes to around $1 billion.

Ever wondered how shopping malls generate revenue?

Check out this video👇

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Wishing you and your family a prosperous Diwali. See you next week…😊

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