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BusinessPhoto: Business Standard

SBI Urges RBI to Curb Non-Essential LRS Outflows, Scrutinize ODI

The State Bank of India (SBI) recommended that the government and RBI impose restrictions on non-essential remittances under the Liberalised Remittance Scheme (LRS) and closely monitor overseas direct investment (ODI) outflows to ease pressure on the rupee. SBI emphasized addressing vulnerabilities in current and capital accounts, suggested tax and borrowing reforms, and noted the rupee may appreciate despite global uncertainties. Travel expenses abroad have sharply risen compared to study-related spending.

Business Standard·

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TechnologyPhoto: Firstpost Tech

FTC Subpoenas OpenAI and Anthropic Over Consumer Safety Concerns

The Federal Trade Commission (FTC) has issued civil investigative demands to AI companies OpenAI and Anthropic to obtain documents related to safety incidents and potential consumer protection violations. This probe is part of broader government efforts to regulate AI firms following incidents involving unreleased models hacking websites and deceptive testing practices. The FTC may compel top AI executives to testify as it investigates unfair or deceptive actions.

Firstpost Tech·

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BusinessPhoto: Business Standard

Jio's ₹30,213-cr IPO priced at 34x earnings, below Bharti Airtel

Jio Platforms, Reliance Industries' digital arm, will launch India's largest IPO on October 21, priced between ₹1,065 and ₹1,119 per share. The issue will raise about ₹30,213 crore by selling 270 million shares, valuing Jio at ₹10,30,491 crore. This surpasses Hyundai Motor India's ₹27,870-crore IPO in 2024. Jio's IPO is unique with no offer for sale and aims to repay debt. It is priced at 34 times FY26 earnings, below Bharti Airtel's 39 times.

Business Standard·

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SportsPhoto: Hindu Sport

Paul Urges Bowlers Not to Be Hard on Themselves on Bad Days

Keemo Paul emphasized the importance of not being too hard on themselves during bad bowling days. He mentioned that the team holds long bowling meetings to avoid taking success for granted. Paul stated he was clear about his intentions, field settings, and plans during the game, highlighting a focused approach despite challenges.

Hindu Sport·

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PoliticsPhoto: News18

SCBA Files Contempt Plea Against Sanjay Raut and Nikhil Wagle

The Supreme Court Bar Association (SCBA) filed a criminal contempt petition against journalist Nikhil Wagle and Shiv Sena-UBT MP Sanjay Raut for an abusive social media post dated October 11 targeting Chief Justice of India Surya Kant. The petition alleges the statements scandalize the court and seeks show-cause notices, removal of the post, and restraint on similar remarks. The post followed CJI Surya Kant's refusal to meet opposition leaders amid protests over the Special Intensive Revision exercise.

News18·

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BusinessPhoto: TOI World

RXBAR Founded in 2013 Sold to Kellogg for $600 Million

In 2013, Peter Rahal and Jared Smith launched RXBAR from Rahal's parents' basement, focusing on nutritious protein bars. The brand quickly gained popularity, leading to its acquisition by Kellogg Company in 2017 for $600 million. Rahal stayed on as CEO for two years after the sale before stepping down, marking a major success in the clean-label snack market.

TOI World·

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