Coronil to the rescue 🌿
More layoffs, Historic LGBTQ+ ruling, and India's recovery rates improve.
Hi 👋, Tanvi here.
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Let’s go ahead and get started:
Stock market summary: 🤩
US - S&P 500 up 1.90% 🔼
India - Sensex up 1.13% 🔼
BABA gears up for post pandemic era 😎
Alibaba Cloud has announced that it will invest $283 Million over the financial year to accelerate cloud adoption through its partner ecosystem.
The move comes as a strategy for the post pandemic world, to bring BABA’s partners on par with digitization capabilities and make creation and selling of cloud products and services easy for its customers. The investment prioritizes sectors such as retail, financial services, education, etc.
BABA’s plans include broadening recruitment of independent software vendors, managed software providers and system integrator partners by using BABA’s cloud platforms to improve offerings for end customers.
The company had claimed to be working with about 10,000 partners globally and serving more than 3,50,000 customers worldwide. Global cloud revenues are expected to grow more than 40% in 2020.
More buyers for Jio 🤝
According to Gulf news, Saudi Arabia’s Public Investment Fund(PIF) is set to pick a 2.33% stake in the Reliance Industries Jio for some $1.5 Billion.
That brings the total outside investment to a nice 25% for Reliance. PIF is the 10th investor to invest in Jio platforms in the last 8 weeks and Reliance has managed to raise a whopping Rs 1.04 Lakh Crore so far.
Last Saturday itself Jio sold 0.93% and 0.39% to TPG and L Catterton respectively.
Ayurveda might be the solution 🌿
Patanjali’s CEO, Acharya Balkrishna has claimed that a medicine developed by the controversial Ayurvedic company can cure COVID-19 within 5-14 days.
Baba Ramdev told reporters that the patients administered with Coronil showed a 100% recovery rate. These results were obtained from the trials conducted in Indore and Jaipur. Coronil is made from a mixture of Ashwagandha, Giloy and Tulsi and can be taken twice every morning and evening.
As of now, there is no vaccine or treatment for the Coronavirus worldwide which has claimed over 435K lives globally.
TATA to shed jobs 👎
When the TATAs get uneasy, you know things are tough.
TATA Motors is cutting around 1,100 temporary jobs to ride out the pandemic at its Jaguar Land Rover unit after a terrible quarter saw sales decline.
The company reported a fourth quarter net loss of 98.94 Billion Rupees with total revenue down 27.7% in the quarter.
In a broader effort to cut costs, the company is reviewing its individual businesses and is willing to cut those that do not add any strategic value any more.
Tweet of the day -
The pandemic has accelerated the digital economy. Millions of people are coming online in India as well as across the world each day as internet penetration reaches all time highs.
This has created a surge in demand for all types of stuff people want to watch, read, and consume, which is a great opportunity for all types of professionals to share their work with the world. A blog, a YouTube channel, an Instagram page, or TikTok, the odds are if you keep hammering you will find an audience for your work. So what are you going to create?
Let us know and we’d love to write about it at some point.
What else are we Snackin’ 🍿
✈️ Permission to fill the middle seat in flight granted by Bombay HC - in some of the evacuation missions for COVID-19, Air India flouted norms and made passengers occupy the middle seat which forced a pilot to file a petition against them. Now the Bombay HC has granted permission to do so only if extreme precautions are taken. It's a win for both parties.
🙁 Policy Bazaar cuts 1,500 jobs - job losses in India show no signs of slowing down as the largest online insurance marketplace now cuts sizable jobs. The pandemic is putting immense pressure on startups and small businesses who are constantly running low on cash to fund operations.
📈 Cases up to almost 3.5 lakh, recovery rates up to 52.5% - even as cases rise on the back of ramped up testing across India, the recovery rates are going up too which gives everyone a sigh of relief. India is still believed to be in the early stages of the pandemic’s effect. Also India’s testing capacity is now up at 3-lakh samples a day.
🌈 A big day for LGBTQ rights - in a landmark decision voting 6-3 the US supreme court ruled that the LGBTQ community should be protected from discrimination based on sexuality at the workplace. It's kinda silly to imagine that this should be a thing in 2020, but it is and it marks a landmark in how far the world is coming in giving the community what’s rightfully theirs too - equality in the society.
💊 The US FDA has pulled its emergency use of HCQ to treat COVID-19 patients -saying that the drug might not prove effective in treating the coronavirus, FDA has withdrawn the usage of HCQ. Trump had earlier called the drug a game changer and had requested India to send 50 million tablets to the US back in April.
Hope you took a thing or two away from today’s edition. 😀
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