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ECONOMY

India’s Forex Reserves Decline $2.23 Billion to $550.87 Billion

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India’s foreign exchange reserves fell by $2.234 billion to $550.871 billion in the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, foreign exchange reserves fell by $7.941 billion to $553.105 billion.


According to the weekly statistical supplement released by the RBI, the decline in reserves during the reporting week was due to a decline in foreign exchange assets (FCA), the main component of total reserves. During the reporting week, FCA decreased by $2.519 billion to $489.598 billion.


In dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign reserves. The data showed that the value of gold reserves increased by $340 million to $38.644 billion.


Special Drawing Rights (SDR) decreased by $63 million to $17.719 billion. Data showed that the country’s reserve position with the International Monetary Fund (IMF) rose by $8 million in the reporting week to $4.91 billion.

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TECHNOLOGY

OpenAI Hits Back at Elon Musk with Countersuit, Alleging Harassment

Dhruva Kulkarni

OpenAI has countersued Elon Musk, accusing him of harassment and seeking a court order to block further legal action.

Musk, who co-founded OpenAI in 2015 but left before its rise, now opposes its shift to a for-profit model. OpenAI claims Musk has used press attacks, lawsuits, and takeover bids to disrupt its business and fundraising efforts.

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Musk’s legal team argues that OpenAI unfairly rejected a $97.4 billion takeover bid.

OpenAI insists Musk’s actions aim to hinder competition and seize control of top AI innovations. The lawsuit is critical to OpenAI’s for-profit transition, which it says is necessary to secure $40 billion in funding.

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TECHNOLOGY

Nothing Eyes Rs 1,000-Crore JV, Plans India as Global Export Hub

Dhruva Kulkarni

Sources said Nothing plans a Rs 1,000-crore joint venture with leading electronics manufacturers to establish India as a key global production hub. 

Talks with potential partners are in advanced stages, and once finalised, the company plans to invest over Rs 1,000 crore in a new facility for smartphones and audio products.

Currently, Nothing manufactures its smartphones through Noida-based Dixon and BYD India. CEO Carl Pei recently met key partners in India, highlighting the country’s growing role in global smartphone production. The company has also appointed co-founder Akis Evangelidis as president of India to drive expansion.

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Several Chinese smartphone brands, including Vivo and Oppo, are exploring similar joint ventures, aligning with the Indian government’s “Make in India” push. Dixon has already partnered with China’s Transsion Holdings.

Nothing was the fastest-growing smartphone brand in 2024, with 577% YoY growth driven by its Phone (2a) and CMF sub-brand. The company plans to expand its offline retail network to 12,000 stores in 2025 and is manufacturing its upcoming Phone (3a) series at BYD India’s Chennai facility.

With a strong presence in India and Europe, Nothing has sold over 7 million devices globally. Analysts say its growth strategy, pricing, and branding have helped it gain momentum as a rising challenger brand.

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TECHNOLOGY

Microsoft-backed Wicresoft to Exit China, Cut Jobs: Report

Dhruva Kulkarni

According to reports, Microsoft’s joint venture Wicresoft will shut down its China operations starting Tuesday, resulting in around 2,000 job cuts.

The decision follows Microsoft’s move to end outsourcing after-sales support in China to Wicresoft, raising concerns about how it will service local Windows and Office users.

The layoffs will mainly affect Microsoft’s outsourced team in China. Wicresoft has not commented on the closure. Microsoft is scaling back in China amid rising US-China tensions and competition from local firms like Kingsoft.

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Founded in 2002, Wicresoft was Microsoft’s first joint venture in China and operates globally with over 10,000 employees. Microsoft recently shut down a Shanghai lab focused on AI and IoT.

A screenshot of an internal email about the shutdown circulated online, but Microsoft denied it referred to its operations, clarifying that it was about Wicresoft.

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TECHNOLOGY

ChatGPT Can Create Fake Aadhaar, PAN Cards—But Here’s Why It’s Not a Big Concern

Dhruva Kulkarni

Less than two weeks after its launch, OpenAI’s upgraded image generator in ChatGPT has raised privacy concerns by creating fake government ID cards with Aadhaar and PAN numbers.

Users on X shared concerns about security risks and called for AI regulation after screenshots showed AI-generated ID cards with fictional details.

When tested, ChatGPT refused to generate Aadhaar or PAN cards, citing legal and ethical restrictions, but allowed the creation of parody-style badges and profile cards.

In a later test, ChatGPT placed an image in a PAN card template, asking about cropping and file format preferences. The output appeared AI-generated, with minor errors in text and design.

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Further refinements produced a more realistic-looking PAN card with placeholders for key details. Adding fake information made the final output more convincing.

Real Aadhaar and PAN cards have security features like holograms, QR codes, and microtext, which were absent in AI-generated versions, making them easy to spot as fake.

While these AI-generated IDs may not bypass KYC verification, scammers could still use them to deceive individuals. The increasing availability of AI tools with fewer restrictions raises further concerns.

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TECHNOLOGY

Google in Advanced Talks to Acquire NVIDIA AI Chips

Dhruva Kulkarni

Google is reportedly in late-stage talks with AI cloud provider CoreWeave to lease NVIDIA’s Blackwell chips amid an ongoing AI chip shortage. 

CoreWeave’s close ties with NVIDIA and rapid AI data centre expansion have attracted interest from companies like OpenAI and Meta.

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On Wednesday, CoreWeave’s stock climbed 14% to over $60, rebounding from its $40 IPO price. This comes despite reports that Microsoft may end data centre leases, with Google potentially acquiring some of the available capacity.

With AI firms like xAI and OpenAI emphasising the ongoing NVIDIA GPU shortage, computing power remains a critical asset. If finalised, Google’s deal with CoreWeave would strengthen its AI infrastructure in an increasingly competitive market.

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