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Hello everyone! Good day! 

Here we are with some interesting news from past week

OpenAI: Sam Altman was ousted and later reinstated as OpenAI CEO

Within 5 days, Sam Altman was fired and later asked to return as the CEO of OpenAI. Altman was fired unceremoniously by the OpenAI Board citing ‘he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.’ Microsoft, the largest investor in OpenAI was swift to act and offered Altman the job to head lead its AI Research. Meanwhile, 700 out of the 770 employees of OpenAI in an open letter called for the resignation of current board and reinstatement of Sam Altman to the helm. Sam Altman was not only reinstated, but the Board that fired him initially was sacked with only the Quora CEO retaining his position on the Board.

RBI raises the risk weights of personal loans amid uncomfortable growth in the segment

The RBI was not comfortable with the growth in the retail loans which include - housing loans, advances against fixed deposits, advances to individuals against shares and bonds, credit card receivables, education loans, vehicle loans, loans against gold jewellery, consumer durables loans and personal loans. Even though the Central Bank raised the repo rates during 2022 and in 2023, the personal loan segment has grown sending worries. RBI raised the risk weights by 25% and hereafter, banks and NBFCs have to set aside more capital for lending. The move is expected to arrest the growth in retail loans.

Temporary ceasefire from Nov 24 in Gaza ahead of hostage release

After 48 days of conflict, Israel and Hamas camps agreed for a ceasefire for 4 days following Qatar’s mediation. Later on Nov 24, 50 Israeli captives including women and children held hostage by Hamas are expected to be released in exchange for the release of 150 Palestinian prisoners held in Israel. Qatar will monitor the truce in real time for violations. However, both Israel and Hamas camps have mentioned the truce is temporary.

More news from the week ...

  • Javier Milei's Economic Revamp: Argentina has elected Javier Milei as its new president, taking a chance on an outsider with extreme views to mend an economy facing triple-digit inflation, a potential recession, and increasing poverty. Javier pledged a radical approach to rescuing the struggling economy by implementing an agenda that involves closing down the central bank, abandoning the peso, and cutting spending

  • Uttarkashi tunnel collapse: A portion of Uttarakhand's Silkyara Bend - Barkot tunnel collapsed on November 12, trapping 41 workers. The rescue, now on day 13, faced cracks in the platform supporting the drilling machine. However, progress is being made toward reaching the trapped workers.

  • Jio's Regulatory Status Shift: Jio Financial Services, a separate entity from Reliance Industries, has applied to the Reserve Bank of India (RBI) to transition from being a non-banking financial company (NBFC) to a core investment company (CIC) to change its shareholding pattern and control after demerger from Reliance Industries as required by regulations.

  • Nicaragua's First Miss Universe: Sheynnis Alondra Palacios Cornejo made history by claiming the Miss Universe 2023 title, becoming the first ever Nicaraguan woman to achieve this esteemed crown, and etching her name in history.

Visual of the week

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At Kalinda Kunj Ghat, the Yamuna River reveals a concerning sight with sizable amounts of toxic foam floating along its banks. This foam is a consequence of the river's High phosphate levels, posing risks of skin and respiratory issues. Despite this condition, numerous devotees assembled and performed 'Araghya' to the rising sun during the Chhath Puja celebrations in Delhi

Test you knowledge !

What is the brand name of FMCG products introduced by Reliance?

[A] Freedom

[B] Independence

[C] Trust

[D] Faith

Reliance Consumer Products, a wholly-owned subsidiary of Reliance Retail Ventures, introduced the FMCG brand 'Independence.' The company unveiled this home-grown consumer packaged goods brand in Gujarat, aiming to enter the market alongside competitors such as Tata Consumer Products, Adani Wilmar, and ITC Ltd.

Do you know, what happened when 900 employees were laid off in one Zoom call?

Check out this video👇

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