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Coca-Cola signs $1.1 billion deal to use Microsoft cloud, AI services

Microsoft and Coca-Cola signed a $1.1 billion deal for five years to utilize cloud computing and AI services. They will experiment with Azure OpenAI, using technology from OpenAI to build chatbots and AI services on Microsoft's Azure cloud. Coca-Cola will also test Microsoft's Copilot to enhance productivity. The deal includes expanding the use of Microsoft software like Dynamics 365. Financial breakdown was not disclosed.

Asset mgmnt JV with BlackRock progressing well with leadership team recruitment: Jio Fin Serv

Asset mgmnt JV with BlackRock progressing well with leadership team recruitment: Jio Fin Serv

Jio Financial Services, in a joint venture with BlackRock, is making progress towards launching its asset management business in India pending regulatory approval. The company is setting up infrastructure and recruiting a leadership team. The JV's scope has expanded to include wealth management and broking businesses, subject to approvals. Jio Finance Ltd is focusing on digital lending solutions for consumers and businesses. Profits increased in the March quarter.

Spotify profits up, but lower marketing hits user growth

Spotify profits up, but lower marketing hits user growth

Spotify's quarterly gross profit surpassed 1 billion euros for the first time by cutting marketing spending, missing monthly user forecasts. Despite this, shares rose 8% in premarket trading. Gross margins improved to 27.6%, boosted by podcast profits. Revenue rose 20% to 3.64 billion euros, with plans to introduce a music-only subscription tier. Premium subscribers increased by 14%. CEO Daniel Ek plans to increase marketing spend gradually.

Reliance tops India Involved Ranking 2023; underlines its commitment to Vikasit Bharat

Reliance tops India Involved Ranking 2023; underlines its commitment to Vikasit Bharat

Reliance Industries tops India Involved Ranking 2023 for commitment to Vikasit Bharat, followed by Hindustan Unilever and Adani Group. Jio Platforms leads in Digital Transformation, while Hindustan Unilever excels in ESG. Reliance's 'We Care' philosophy and Reliance Foundation's social initiatives contribute to India's development goals. Skoch's India Involved Index aims to align corporate activities with national development goals.

Markets climb for 3rd day on firm global cues

Markets climb for 3rd day on firm global cues

Sensex and Nifty closed higher for the third consecutive session, with gains in telecom, tech, and consumer durable shares amid global market trends. However, rising crude prices and foreign capital outflows due to geopolitical tensions limited the market's growth. Sensex rose 0.12%, Nifty 0.14%. Foreign investors sold equities worth Rs 2,915.23 crore. Wall Street and European markets traded positively, while Asian markets had a mixed performance. Brent crude price rose to USD 87.36 per barrel.

Spotify swings to profit, paying subscribers rise

Spotify swings to profit, paying subscribers rise

Spotify reported an increase in paying subscribers and lower-than-expected operating profit for the first quarter, impacted by payroll taxes. The company had 615 million active users, with 239 million paying subscribers. Revenue grew 20% year-on-year to 3.6 billion euros. Spotify expects an operating profit of 250 million euros in the second quarter. The company raised prices for premium subscribers in various markets.

Boxes of Pepsi are displayed in a grocery store.

PepsiCo beats sales estimates boosted by international growth

PepsiCo Inc. exceeded expectations in Q1 with a 2.7% revenue increase, driven by international growth. Sales outside North America rose by 9%, particularly in Mexico and Australia. However, revenue from Quaker Foods North America fell by 24% due to an expanded recall over salmonella concerns.

Copper at Risk of Pullback as Buying in China Stalls After Rally

Copper at Risk of Pullback as Buying in China Stalls After Rally

Copper's rally near $10,000 a ton faces resistance in China, with fabricators hesitant to accept high prices. Despite investor optimism, weak demand in China and oversupply indicators suggest a possible pullback. Fabricators struggle to pass on costs and await a price correction. Market data show softening demand, prompting concerns about the sustainability of the bull market.

China’s Noah to Hire 50 to 100 Wealth Managers in Hong Kong, Singapore

China’s Noah to Hire 50 to 100 Wealth Managers in Hong Kong, Singapore

Noah Holdings Ltd. plans to double its managers in Hong Kong and Singapore to handle increased capital from mainland China. The firm aims to have 150-200 relationship managers by year-end, up from 100. Hong Kong and Singapore are key hubs for Chinese wealth diversification, with Singapore attracting clients due to regulatory changes. Noah is cautious about expanding to Dubai, focusing on sustainable demand.

Bolt.Earth Receives ARAI Certification for Level 2 AC Fast Charger, Accelerates India's Shift to Electric Mobility

Bolt.Earth Receives ARAI Certification for Level 2 AC Fast Charger, Accelerates India's Shift to Electric Mobility

Bolt.Earth achieves ARAI certification for level 1 and 2 EV charging solutions, ensuring safety and efficiency. The Blaze AC model offers advanced features like wireless energy metering and OCPP compatibility, making it a top choice for EV owners in India. Ishaan Bansal, CTO, emphasizes the company's commitment to advancing electric mobility with reliable and cost-effective charging solutions. Bolt.Earth aims to cater to diverse residential and commercial EV charging needs.

Renault's logo, at the French carmaker in Sandouville, northwestern France.

Renault Q1 sales rise 1.8%, helped by financing business

Renault's first-quarter revenue increased by 1.8%, reaching 11.7 billion euros. The company sold 549,099 units during this period, with strong performance in financing business offsetting a decline in core automotive sales. Despite challenges in the global auto sector, Renault's sales volumes grew by 2.6%, but revenue in the core automotive business fell. Tesla's price cuts in key markets are adding pressure on European firms.

India's April business growth at near 14-year high, PMIs show

India's April business growth at near 14-year high, PMIs show

India's business activity grew at its fastest pace in 14 years, driven by strong demand, easing input inflation, and positive job growth. The HSBC's composite PMI rose to 62.2, with both manufacturing and services sectors showing robust expansion. While input costs cooled, strong demand allowed firms to pass on expenses to customers. This strong performance suggests India will remain the fastest-growing major economy.

Elon Musk arrives at the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles, California.

Tesla earnings a 'moment of truth' for Elon Musk after stumbles. Here's why

Tesla CEO Elon Musk faces pressure to address recent setbacks in Tuesday's earnings report, including a drop in deliveries, layoffs, a compensation package revival, and a Cybertruck recall. Analysts are skeptical, with concerns about the delay of the rumored Model 2 and uncertainties around the Robotaxi. Musk's leadership in EVs faces more competition, leading to a 40% drop in Tesla's share price in 2024.

Adani group chairman Gautam Adani.

Sebi finds Adani offshore investors in disclosure rules violation: Report

India's markets regulator found a dozen offshore funds invested in Adani group companies in violation of disclosure rules and investment limits. SEBI and Adani Group have not responded to requests for comment. The regulator sent notices to the funds, asking for explanations. Eight funds have requested to settle charges by paying a penalty without admitting guilt.

METALS-Supply fears fuel tin's surge to 22-month high

METALS-Supply fears fuel tin's surge to 22-month high

Tin prices surged to 22-month highs due to concerns over supply disruptions from Indonesia and Myanmar, with profits being taken later in the session. Nickel also hit seven-month highs on worries about output in Indonesia. Copper, aluminium, zinc, and lead prices fell. Tin was down 3.5% at $34,365 a ton, while nickel was up 1.2% at $19,570 a ton.

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Wednesday, April 24, 2024
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