Good Morning Folks!!! Can you guess what will be Akasa Air's first overseas destination as it becomes the quickest airline to start international operations in a record period of 19 months since its inception? Stay tuned till the end of the newsletter to find out!

STATE
Karnataka Suspends Transactions with SBI and PNB Amid Controversies

One Liner: Karnataka's government orders all state departments to withdraw funds and cease dealings with SBI and PNB following disputes over mismanaged deposits.

In a bold move, Karnataka has ordered all state departments to cut ties with State Bank of India (SBI) and Punjab National Bank (PNB). The decision, sanctioned by Chief Minister Siddaramaiah, follows controversies involving the banks: PNB allegedly shortchanging the Karnataka State Industrial Board on a fixed deposit, and SBI reportedly mismanaging funds from the Karnataka State Pollution Control Board. This decisive action, requiring all departments to withdraw deposits and halt transactions, is set to shake up the financial dealings of the state's public sector.

START-UP
Ola Enters Quick Commerce Battle with Robot-Powered Dark Stores

One Liner: Ola shakes up the quick commerce market by introducing fully automated dark stores that promise to slash order processing times and challenge industry giants.

Ola is diving headfirst into the booming $5-billion quick commerce market, ramping up competition with Blinkit, Swiggy Instamart, Zepto, and Flipkart Minutes. At their 'Sankalp' event, Ola unveiled an ambitious plan to revolutionize dark stores with cutting-edge automation. Instead of relying on human workers, Ola is deploying robots to handle order processing, promising to slash order fulfillment times from four minutes to under one minute. Their dark stores, housed in high-tech, volume-efficient containers, will support up to 6,250 units—well above the current norm. Ola's move is set to shake up the quick commerce sector, offering their dark store tech to all kiranas and brands on ONDC, not just their own operations. With quick commerce evolving rapidly, Ola's innovations could set new standards in the industry.

CORPORATE
Supreme Court Puts Insolvency Case Against Byju’s on Hold

One Liner: Byju's breathes a sigh of relief as the Supreme Court stays NCLAT's order in the insolvency case!

The Supreme Court has stayed the National Company Law Appellate Tribunal (NCLAT) order that set aside the insolvency proceedings against Byju’s, providing temporary relief to the edtech giant. The case stems from an ongoing dispute with lenders, and this latest development delays any immediate insolvency action. Byju’s had challenged the NCLAT’s earlier ruling, seeking the Supreme Court's intervention to prevent the proceedings from moving forward. This stay allows Byju’s to continue its operations without the looming threat of insolvency, at least for now.

WORLD

China's steel industry is encountering significant difficulties as the country's property market, a major consumer of steel, faces declining demand. The slowdown in real estate, exacerbated by financial stress among property developers, has led to reduced steel consumption, impacting production and profits within the sector. With property developers struggling to complete projects and overall investment in construction dropping, the steel industry is seeing a sharp contraction, signaling broader economic concerns for China.

In response to previous rocket failures that caused debris to fall back to Earth, China is implementing stringent measures to avoid similar incidents in future launches. These precautions include enhancing the design and safety protocols of their rockets and monitoring potential debris trajectories more closely. China's space agency aims to prevent uncontrolled re-entry events, ensuring public safety and protecting its reputation in the global space community.

The World Health Organization (WHO) has declared the ongoing mpox outbreaks a global health emergency. The decision comes as the virus, which causes painful skin lesions and other symptoms, spreads to multiple countries with a concerning rise in cases. The WHO is urging governments to intensify surveillance, vaccination efforts, and public awareness campaigns to contain the outbreak. The declaration is intended to mobilize international resources and cooperation to combat the spread of the virus and prevent a broader health crisis.

Event: Echoes of earth, Music Festival 2024 - Bangalore

Foodie Spot: Goan Chilli Paneer from Rolling Fresh

Workshop: Hand Building Pottery Workshop

Riddle

What kind of tree can you carry in your hand?

ANSWER TIME!!

Answer(Trivia): Doha, Qatar 

Answer(Riddle): Palm tree