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Amazon Lays Off Employees from AGI Team Amid Strategic AI Refocus
Amazon has laid off employees from its Artificial General Intelligence (AGI) team, responsible for developing human-level AI, despite calling AGI a top priority. The cuts, affecting roles in model customisation and post-training, aim to sharpen focus on key AI initiatives amid continued heavy investment and recent leadership changes.
Russian Oil Discounts to India Disappear Amid Middle East Disruptions, Red Sea Risks
Russian crude oil discounts for India have ended due to Middle East supply disruptions and Red Sea shipping risks, increasing demand for alternative grades. This development, driven by geopolitical tensions, is expected to squeeze margins for Indian refiners like BPCL, which recently reported quarterly losses.
Second Uber layoff in eight weeks—and the first one AI gets blamed for
Uber cut 10% of its customer service roles, citing AI efficiency and operational complexity, marking its second layoff in two months. Remote employees are mandated to relocate. This is Uber's first time explicitly blaming AI for job cuts, following significant AI spending and internal skepticism about its cost-effectiveness.
India solar makers halt output as cell shortages and China export curbs bite
Indian solar panel makers are cutting or halting production because domestic solar cells are scarce and China has restricted technology exports. The shortages could raise costs, threaten jobs and make India’s 2030 clean-energy targets harder to meet.
ITC aims for ₹8 lakh crore FMCG market by 2035, leveraging AI and acquisitions
ITC Chairman & MD Sanjiv Puri announced at the AGM that ITC expects its addressable FMCG market to reach ₹8 lakh crore by 2035, planning to achieve this through brand building, AI-led consumer insights, omnichannel expansion, and strategic acquisitions.
FCNR(B) vs NRE Deposits: Understanding Currency Risk and Returns for NRIs
Non-resident Indians can choose between FCNR(B) and NRE deposits for investments in India. FCNR(B) offers currency protection, while NRE deposits carry exchange rate risk but can yield higher returns if the rupee strengthens. Historically, the rupee has depreciated against the US dollar, making the choice dependent on risk appetite and future fund utilization.