Business

Elon Musk’s xAI raises $6 billion to expand AI capabilities-Telangana Today

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In May this year, the AI company behind Grok raised $6 billion to accelerate the research and development of future technologies. The company said the funds from the Series B funding round will be used to take xAI’s first products to market and build advanced infrastructure

Published Date – 6 December 2024, 10:21 AM


Elon Musk’s xAI raises $6 billion to expand AI capabilities

Elon Musk

New Delhi: Elon Musk‘s AI company called xAI has raised $6 billion, as it plans to expand its supercomputer to house at least one million graphics processing units (GPUs).

According to a filing with the US Securities and Exchange Commission (SEC), investors gave a minimum of $77,593 per the filing. A Wall Street Journal report mentioned that Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz were likely to contribute to the round, along with Qatar Investment Authority, Qatar’s sovereign wealth fund.

The new cash brings xAI’s total raised to $12 billion, adding to the $6 billion tranche xAI raised earlier this year.

In May this year, the AI company behind Grok raised $6 billion to accelerate the research and development of future technologies. The company said the funds from the Series B funding round will be used to take xAI’s first products to market and build advanced infrastructure.

“xAI is primarily focused on the development of advanced AI systems that are truthful, competent, and maximally beneficial for all of humanity. The company’s mission is to understand the true nature of the universe,” the company said in a blog post.

Earlier this year, xAI raised $500 million in commitments from investors toward a $1 billion goal. Founded in 2023, xAI unveiled its first AI product in November last year and recently announced the Grok-1.5 model with long context capability, as well as Grok-1.5V with image understanding.

Meanwhile, the tech billionaire has filed for a preliminary injunction against Sam Altman-run OpenAI for alleged anti-competitive behaviour. The motion for an injunction accuses OpenAI, its CEO Sam Altman, President Greg Brockman, Microsoft, LinkedIn co-founder and former OpenAI board member Reid Hoffman, and former OpenAI board member and Microsoft VP Dee Templeton of  ‘various illicit activities and seeks to halt them,’ according to reports.

The allegations also include converting OpenAI’s governance structure to a for-profit and ‘transferring any material assets, including intellectual property owned, held, or controlled by OpenAI, Inc., its subsidiaries, or affiliates.’

OpenAI said in a statement that “Elon’s fourth attempt, which again recycles the same baseless complaints, continues to be utterly without merit.” It had earlier called the lawsuit “blusterou and baseless. ”

Business

RBI keeps interest rate unchanged for 11th time in a row, lowers GDP forecast to 6.6%-Telangana Today

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Raises inflation target to 4.8 per cent from previous projection of 4.5 per cent for current fiscal

Updated On – 6 December 2024, 11:02 AM


RBI keeps interest rate unchanged for 11th time in a row, lowers GDP forecast to 6.6%

RBI Governor Shaktikanta Das delivering the Monetary Policy statement on Friday. Photo: PTI

Mumbai: The Reserve Bank of India (RBI) on Friday decided to keep the policy rate unchanged for the 11th time in a row, but sharply lowered the GDP growth forecast to 6.6 per cent for the current fiscal, as against earlier projection of 7.2 per cent.

The RBI maintained the status quo on interest rate despite the July-September quarter GDP growth falling to a seven-quarter low of 5.4 per cent, as against its own projection of 7 per cent.

The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022.

Announcing the fifth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent while keeping policy stance unchanged at neutral.

He said the MPC will remain watchful of incoming macroeconomic data for future action.

The RBI sharply cut the GDP growth projection to 6.6 per cent from the earlier level of 7.2 per cent, while raising inflation target to 4.8 per cent from the previous projection of 4.5 per cent for the current fiscal.

In a bid to make available more money with banks for lending so as to boost economic activity, the RBI slashed Cash Reserve Ratio to 4 per cent from the existing 4.5 per cent. This would lead to the release of Rs 1.16 lakh crore to banks and improve their lending capacity.

The CRR is the percentage of a bank’s total deposits that it is required to maintain in liquid cash with the RBI.

The CRR percentage is determined by the RBI from time to time. Banks do not get any interest on this amount.

The government in October reconstituted the Reserve Bank’s rate-setting panel — Monetary Policy Committee (MPC). This was the second MPC meeting of the reconstituted panel with three newly appointed external members — Ram Singh, Saugata Bhattacharya and Nagesh Kumar.

Business

RBI slashes cash reserve ratio by 0.5 pc to spur growth, leaves repo rate unchanged-Telangana Today

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The CRR has been reduced from 4.5 per cent to 4 per cent. This is the first time since March 2020 that the CRR has been cut

Published Date – 6 December 2024, 11:16 AM


RBI slashes cash reserve ratio by 0.5 pc to spur growth, leaves repo rate unchanged

Shaktikanta Das

Mumbai: The Reserve Bank of India (RBI) on Friday slashed the cash reserve ratio (CRR) for banks by 0.5 per cent to make more funds available for lending to spur economic growth, but kept the key policy repo rate unchanged at 6.5 per cent with an eye on inflation.

The CRR has been reduced from 4.5 per cent to 4 per cent. This is the first time since March 2020 that the CRR has been cut.

The CRR is the proportion of deposits that banks have to set aside as idle cash in the system. The CRR cut will infuse Rs 1.16 lakh crore into the banking system and bring down market interest rates.

The monetary policy decision maintains a delicate balance between controlling inflation and pushing up the growth rate in a slowing economy, RBI Governor Shaktikanta Das said that the decision had been taken by the monetary policy committee with a 4:2 majority after a detailed assessment of the macroeconomic outlook.

He said, “India’s growth story is still intact. Inflation is on the declining path, but we cannot overlook the significant risks in outlook. This risk cannot be underestimated.”

The RBI Governor was optimistic on the outlook for the economy, observing that “the balance between inflation and growth is well poised. He also pointed out that the country’s external sector is stable and foreign exchange reserves have scaled a new peak.”

Das said that the RBI would be nimble and flexible in managing the economy. The monetary policy action gives flexibility and optionality to the monetary policy committee to keep in sync with the evolving economic outlook. Price stability is important to people because it impacts their purchasing power, said RBI Governor Shaktikanta Das, adding that ensuring “durable” price stability is critical to ensuring high growth in the economy.

Policy support may be needed if the growth slowdown “lingers”, Das said. For now, the central bank sees economic growth as resilient, Das said. Notwithstanding the recent aberrations in growth and inflation, domestic conditions are on a balanced path, he added. Das also stated that there was no role for complacency, especially in the backdrop of current geopolitical conditions that trigger uncertainty in financial and commodity markets.

Business

RBI hikes interest rates on NRI foreign currency deposits-Telangana Today

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The move is aimed at attracting more foreign capital at a time when the Indian rupee has come under pressure as foreign investors have been pulling money out of the Indian stock markets resulting in hot money outflows

Published Date – 6 December 2024, 02:47 PM


RBI hikes interest rates on NRI foreign currency deposits

Reserve Bank of India

Mumbai: The RBI on Friday increased the interest rate ceilings on Foreign Currency Non-Resident Bank deposits or FCNR (B) deposits which will enable NRIs to earn more on their savings.

The move is aimed at attracting more foreign capital at a time when the Indian rupee has come under pressure as foreign investors have been pulling money out of the Indian stock markets resulting in hot money outflows.

FCNR(B) deposits are accounts where Non-Resident Indians (NRIs) can hold their earnings in foreign currencies like USD or GBP, protecting them from exchange rate fluctuations. “In order to attract more capital inflows, RBI has decided to increase the interest rate ceilings on FCNR (B) deposits.

Accordingly, with effect from today (December 6, 2024), banks are permitted to raise fresh FCNR(B) deposits of 1 year to less than 3 years maturity at rates not exceeding ARR plus 400 bps and deposits with maturity between 3 to 5 years at rates not exceeding ARR plus 500 bps.

This relaxation will be available till March 31, 2025,” an RBI statement said. Until now, interest rates on Foreign Currency Non-Resident Bank (FCNR(B)) deposits were subject to ceilings of Overnight Alternative Reference Rate (ARR) for the respective currency/swap, plus 250 basis points for deposits of 1 year to less than 3 years maturity and overnight ARR plus 350 basis points for deposits of 3 years and above and up to 5 years maturity, according to an RBI statement.

Banks have now been allowed to offer higher interest across the tenors. The RBI has also decided to move ahead with the introduction of the Secured Overnight Rupee Rate (SORR), a benchmark based on the secured money markets.

Financial Benchmarks India Ltd (FBIL) is being requested to take the proposal forward. The proposal is being taken up in line with the recommendation of the RBI’s Committee on the MIBOR Benchmark.

The Reserve Bank had set up the Committee on the MIBOR Benchmark headed by Ramanathan Subramanian to review the rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks.

The Committee recommended several important measures to further develop the interest rate derivative market and improve the credibility of interest rate benchmarks.

The Report of the Committee was published on the RBI’s website inviting comments from members of the public. The Reserve Bank has examined the recommendations of the Committee as well as the feedback received. “The other recommendations of the Committee are under consideration,” the RBI statement said.

Business

Medical Devices Park, Genome Valley expansion plans in limbo-Telangana Today

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It has been one year since the Congress government came to power in the State, but the expansion of Sultanpur Park and Genome Valley has not fructified so far.

Published Date – 6 December 2024, 03:42 PM


Telangana: Medical Devices Park, Genome Valley expansion plans in limbo


Hyderabad: The Medical Devices Park at Sultanpur and the Genome Valley at Shamirpet have played a crucial role in taking Telangana’s life sciences sector footprint to a new level in the global market. That was in the past. Now, the expansion of these hubs is inexplicably getting delayed even as the demand for space continues to increase.

The ‘Made in Telangana’ stents and other medical equipment, including surgical, ophthalmic and cosmetic medical devices and medical dressings, manufactured at the Medical Devices Park are being exported to over 89 countries. Similarly, the Genome Valley is now a hub for nearly 200 leading life sciences R&D institutions, incubators, clean manufacturing companies like Novarties, Glaxosmithkline and others.

Considering the growing demand for space and the potential for inviting more companies to set up their units, the Telangana government in the past had envisaged grand plans for expanding both the Medical Devices Park and Genome Valley.

It has been one year since the Congress government came to power in the State, but the expansion of Sultanpur Park and Genome Valley has not fructified so far.

Launched in 2017, the Medical Devices Park at Sultanpur in Patancheru is the country’s largest medtech R&D, innovation and manufacturing cluster. Spread over 300 acres, it is also Asia’s largest stent manufacturing facility with a capacity of a million stents and 1.25 million balloon catheters. The Medical Devices Park is strategically located with a 40 minute-drive from the HITEC city and a 50 minute-drive from the international airport.

The BRS government had planned to expand the park by pooling in an additional 300 to 400 acres. To this effect, the Telangana State Industrial Infrastructure Corporation (TGIIC) was entrusted with the task to execute the expansion plans, particularly land acquisition.

According to TGIIC officials, the exercise got delayed due to land litigation. Things were being expedited, they said.

On the other hand, the Genome Valley expansion also continues to get delayed for reasons better known to the officials. In February this year, the State government had announced plans for expansion of the Genome Valley project with Rs.2,000 crore.

In fact, at the inauguration of the BioAsia 2024 meet in the city, Chief Minister A Revanth Reddy had declared that the State government would promote a 300-acre second phase of the project. After all these months, the plans remain confined to papers.

Business

India clocks impressive 67 per cent growth in total exports in 10 years-Telangana Today

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The country’s trade performance demonstrated stability and moderate growth during the first quarter of the current financial year, according to a NITI Aayog Trade Watch report

Published Date – 7 December 2024, 01:23 PM


India clocks impressive 67 per cent growth in total exports in 10 years

Representational Image

New Delhi: As demand for Indian products in the global market surges across categories, the country’s total exports reached about $778 billion in FY2023-24, compared to $466 billion in FY2013-14, a whopping 67 per cent growth.

India’s share in world merchandise exports also improved from 1.66 per cent to 1.81 per cent, with the country advancing in rankings from 20th to 17th position, Union Minister of Commerce and Industry, Piyush Goyal, responded to a Parliamentary query. The feat was achieved as the government implemented several initiatives to sustain and accelerate export growth.

The country’s trade performance demonstrated stability and moderate growth during the first quarter of the current financial year, according to a NITI Aayog Trade Watch report.

According to the report, India’s total trade in H1 2024 experienced a 5.45 per cent year-on-year increase to reach $576 billion compared to 2023.

Merchandise imports showed consistent growth, with Q1 FY25 exports rising by 5.95 per cent to $110 billion and imports increasing by 8.40 per cent to $173 billion, leading to a growing trade imbalance.

In Q1 FY25, Indian iron and steel exports experienced a massive decline (33 per cent) primarily due to weak domestic demand and excess capacity in China which resulted in an oversupply of steel in the global markets.

During Q1 FY25, export growth to FTA partners was notably strong at 12 per cent, while import growth from these partners was 10.29 per cent. North America accounted for 21 per cent of India’s exports, followed by the EU at 18.61 per cent.

Imports were largely from Northeast Asia, West Asia (GCC), and ASEAN, making up 51 per cent of total imports. Meanwhile, India has recorded a sharp increase in exports for several key product categories with the country maintaining or improving its rank among the top 10 global suppliers.

The country’s strategic focus on electronics and semiconductors has yielded impressive results.

Business

Google’s new AI model outperforms world’s best weather forecast system-Telangana Today

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“New AI model advances the prediction of weather uncertainties and risks, delivering faster, more accurate forecasts up to 15 days ahead,” said Google in a statement

Published Date – 8 December 2024, 10:40 AM


Google’s new AI model outperforms world’s best weather forecast system


New Delhi: Google’s DeepMind team has unveiled an AI model for weather prediction called GenCast which has outperformed the top weather forecast system in the world.

In a paper published in the journal Nature, researchers at DeepMind said GenCast outperforms the European Centre for Medium-Range Weather Forecasts’ (ECMWF), which is the world’s top operational forecasting system.

“New AI model advances the prediction of weather uncertainties and risks, delivering faster, more accurate forecasts up to 15 days ahead,” said Google in a statement.

According to the tech giant, GenCast marks a critical advance in AI-based weather prediction that builds on its previous weather model, which was deterministic, and provided a single, best estimate of future weather.

By contrast, a GenCast forecast comprises an ensemble of 50 or more predictions, each representing a possible weather trajectory. GenCast is a diffusion model, the type of generative AI model that underpins the recent, rapid advances in image, video and music generation.

“However, GenCast differs from these, in that it’s adapted to the spherical geometry of the Earth, and learns to accurately generate the complex probability distribution of future weather scenarios when given the most recent state of the weather as input,” said Google.

More accurate forecasts of risks of extreme weather can help officials safeguard more lives, avert damage, and save money. “Consider tropical cyclones, also known as hurricanes and typhoons. Getting better and more advanced warnings of where they’ll strike land is invaluable. GenCast delivers superior predictions of the tracks of these deadly storms,” said Google.

The company will soon be releasing real-time and historical forecasts from GenCast, and previous models, which will enable anyone to integrate these weather inputs into their own models and research workflows.

GenCast is part of Google’s growing suite of next-generation AI-based weather models, including Google DeepMind’s AI-based deterministic medium-range forecasts, and Google Research’s NeuralGCM, SEEDS, and floods models.”

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Adani Portfolio of companies ‘most attractive’ among India corporates-Telangana Today

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According to Japanese brokerage Nomura, other Indian corporates stay at ‘expensive levels’ compared to Adani Group companies

Published Date – 9 December 2024, 10:40 AM


Adani Portfolio of companies ‘most attractive’ among India corporates

File Photo

Mumbai: The Adani Portfolio of companies appear “most attractive” among Indian corporates, according to Japanese brokerage Nomura, as other Indian corporates stay at ‘expensive levels’ compared to the Group companies.

In a new report, the global brokerage said that the ports-to-power conglomerate will also be able to withstand recent turmoil brought on by allegations in an indictment by the US Department of Justice (DoJ). “Adani complex looks most attractive among other IG (investment grade) corporates from India. Other Indian IG corporates stay at expensive levels vis a vis Adani complex,” the note read.

Nomura further commented that compared with the Adani-Hindenburg episode in early 2023, “Adani Group’s liquidity management awareness has improved meaningfully and should be able to weather the rainstorm with adequate short-term liquidity position.”

Nomura added that overall, no signs of stress are seen across the Adani Group and its fundamentals/asset quality remain intact. “We believe the group should be able to weather this round of rainstorm,” said the financial research firm. As far as global banks halting their financial support to Adani companies is concerned, Nomura expects that it will not be a problem when the matter regarding DoJ allegations settles down.

“Separately, the big three Japanese banks plan to continue their relationship with Adani group.” The DoJ indictment is only an allegation, Nomura said, citing Adani Management. The allegation does not constitute any breach in anti-corruption covenants. It could indicate a breach if found guilty. Nomura did caution that “global banks might halt new financings in the short-term but should gradually resume in the long-term when the dust of the Adani-DoJ saga settles.”

“Separately, the Big Three Japanese banks plan to continue their relationship with Adani Group,” it added. The Big Three Japanese banks refer to MUFG, SMBC and Mizuho. Nomura expects upside on bond prices for Adani Green Energy Ltd., Adani Ports and Special Economic Zone Ltd., Adani International Container Terminal, Adani Electricity Mumbai Ltd., Adani T-One Transmission Ltd., and Adani Renewable Energy Ltd. For Adani Green Energy, the prices may go up to 7 points, for others it sees 2 to 4 points, said the report.

Business

Hoi Introduces Advanced Airport Experience Platform with Real-Time Intelligence and Premium Services-Telangana Today

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The platform’s integration with airport infrastructure systems enables accuracy in real-time flight information delivery, transforming traditional airport processes into seamless digital experiences

Published Date – 13 December 2024, 05:00 PM


Hoi Introduces Advanced Airport Experience Platform with Real-Time Intelligence and Premium Services


Hyderabad: Hoi, an innovative travel-tech platform revolutionising airport experiences for modern travellers, announced enhancements to its airport services suite.

The platform’s integration with airport infrastructure systems enables accuracy in real-time flight information delivery, transforming traditional airport processes into seamless digital experiences. Hoi has transformed the airport experience across major Indian airports including Hyderabad, Delhi, and New Goa (GOX).

Hoi’s ‘Time to Gate’ feature leverages advanced data analytics to guide travellers through optimal routes and shortest queues. Through direct integration with Airport Flight Status Display Systems and AODB, the platform delivers instant updates on flight statuses, gate changes, and scheduling modifications, ensuring travellers remain informed at every step of their journey, a press release said.

Harshvardhan Singh, Chief Operating Officer, Hoi said, “Our platform unifies critical stakeholders – from airlines to retail partners – while delivering personalised services that modern travellers expect, from real-time navigation to premium concierge assistance.”

Business

OpenAI whistleblower Suchir Balaji found dead in his San Francisco apartment-Telangana Today

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His death comes three months after he publicly accused OpenAI of violating US copyright law while developing ChatGPT

Published Date – 14 December 2024, 10:46 AM


OpenAI whistleblower Suchir Balaji found dead in his San Francisco apartment

Suchir Balaji. Photo: X

New York: A 26-year-old Indian-origin former employee of artificial intelligence giant OpenAI has died by suicide in San Francisco, authorities said.

Suchir Balaji was found dead inside his Buchanan Street apartment in San Francisco on November 26, the San Francisco police and Office of the Chief Medical Examiner were quoted as saying by The Mercury News.

The medical examiner’s office determined the manner of death to be suicide and police officials said there is “currently, no evidence of foul play”.

Balaji was known for whistleblowing the blockbuster artificial intelligence company which is facing a swell of lawsuits over its business model.

Balaji’s death comes three months after he publicly accused OpenAI of violating US copyright law while developing ChatGPT, a generative artificial intelligence programme that has become a moneymaking sensation used by hundreds of millions of people across the world, the report said.

Its public release in late 2022 spurred a torrent of lawsuits against OpenAI from authors, computer programmers and journalists, who say the company illegally stole their copyrighted material to train its programme and elevate its value past $150 billion.

In an interview with the New York Times published on October 23, Balaji argued that OpenAI was harming businesses and entrepreneurs whose data were used to train ChatGPT.

Balaji left OpenAI because he no longer wanted to contribute to technologies that he believed would bring society more harm than benefit, the report added.

“If you believe what I believe, you have to just leave the company,” he told the outlet, adding that “this is not a sustainable model for the internet ecosystem as a whole.”

Balaji grew up in Cupertino before attending UC Berkeley to study computer science.

Meanwhile, Balaji’s mother has requested privacy while grieving the death of her son, The Mercury News reported.