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Corporate News - September 2024
TECHNOLOGY
Cabinet clears Chandrayaan-4 and Venus Orbiter Mission for space exploration 
The Union Cabinet has approved the Chandrayaan-4 mission, aimed at advancing technologies for returning to Earth after landing on the moon and collecting lunar samples for scientific analysis. With a budget of Rs. 2104.06 crore, the mission encompasses spacecraft development, two LVM3 launches, deep space network support, and specialized tests for validation. Scheduled for completion within 36 months, the mission will involve extensive collaboration with industry and academia. Chandrayaan-4 will demonstrate critical technologies such as docking, undocking, lunar landing, sample collection, and safe Earth re-entry. Additionally, the upcoming Venus mission will explore key questions surrounding Venus' transformation, offering valuable data to the global scientific community.
Mark Zuckerberg unveils Orion: Meta's holographic AR prototype 'most advanced' 
Meta CEO Mark Zuckerberg introduced Orion, a cuttingedge prototype of augmented reality (AR) glasses, at the company's annual Connect event. Touted as "the most advanced glasses the world has ever seen," Orion marks a major breakthrough in AR technology by combining a wide field of view with a sleek, compact design. The glasses feature Micro LED projectors embedded in the frames, delivering a 70-degree holographic display that seamlessly integrates digital content with the physical world. Users can control the experience through eye tracking, hand gestures, and a neural interface wristband. Powered by custom silicon developed by Meta, the components are miniaturized to mere fractions of a millimeter. Although not yet ready for public release, Orion underscores Meta's progress in shrinking AR technology. The device is significantly smaller than competitors like Snap's Spectacles 5, but with current production costs at an estimated $10,000 per unit, further advancements are needed to make Orion commercially viable.
Airtel launches India's first Al-powered network solution for spam detection 
Telecom operator Bharti Airtel has introduced India's first AI-powered spam detection solution to tackle the growing issue of spam calls and messages. Recently, unsolicited promotional calls and messages from unregistered marketers have become a significant nuisance. Airtel's new tool will provide real-time alerts to customers about suspected spam calls and SMSes. The solution, developed in-house by Airtel's data scientists, is free of charge and will automatically activate for all Airtel users without the need for a service request or app download. Using a proprietary algorithm, the AI system effectively identifies and classifies calls and messages as "Suspected SPAM," with the telecom operator claiming high accuracy in flagging potential spam.
ESG
LEGO Group increases renewable content in Bricks by 83% in 2024 
The LEGO Group has reported significant progress in its efforts to use more sustainable materials, achieving an 83% increase in renewable content in its bricks during the first half of 2024. Currently, 30% of the resin used by the company is sourced through a “mass balance” approach, resulting in 22% of its raw materials coming from renewable sources. This announcement aligns with LEGO's sustainability commitments, which include a goal to produce all products from sustainable materials by 2032, achieving net zero emissions across its value chain by 2050, and reducing carbon emissions by 37% by 2032 compared to 2019 levels.
Apple Reduces Carbon Footprint of New iPhone by 30% 
Apple released its Product Environmental Report for its new iPhone 16 lineup, highlighting some of the key sustainability attributes of its new products. The report indicated that Apple has achieved lifecycle greenhouse gas (GHG) emissions reductions of 30% for its new iPhone 16 Pro 128 GB and iPhone Pro 16 Max 256 GB models, against a business as usual scenario which models no use of clean electricity beyond that available on the grid. According to the report, the greatest contributor to date to the reduced GHG footprint of the new iPhone, which now stands at 74 kg for the iPhone 16 Pro Max compared to a 105 kg baseline, is the increased use of low carbon electricity in Apple's supply chain, with the company noting that low carbon solutions implemented by suppliers reduced product emissions by more than 20%.
ING Launches Climate Transition Assessment Tool, May End Financing for Clients Not Progressing 
Amsterdam-based global bank ING has launched a new tool, ESGX, to assess the climate transition of its clients. The bank plans to impose stricter conditions on companies that fail to make progress, potentially ending financing. This announcement coincides with ING's Climate Progress 2024 report, which outlines its efforts to help clients transition to a low-carbon economy through its “Terra approach,” targeting net zero by 2050. The ESGX tool collects publicly disclosed climate data, including emissions, targets, action plans, and governance strategies. It generates a client transition score that informs ING's risk assessment and transaction approval processes. The bank has assessed around 2,000 of its largest clients, particularly in high-carbon sectors, and aims to have a clearer understanding of their progress by 2026. For clients that are “unable or unwilling to progress,” ING may impose stricter business conditions, including the possibility of ceasing financing.
Incentive provided by IFSCA for filing of ESG Funds by Registered FMEs at GIFT IFSC
The International Financial Services Centres Authority (IFSCA) is incentivising Fund Management Entities (FMEs) to establish Environmental, Social, and Governance (ESG) funds at the GIFT IFSC, in a significant step to promote sustainable finance. This move is another step in attaining the vision of GIFT IFSC becoming a global climate finance hub and is expected to encourage fund managers to focus on investments that align with responsible and sustainable business practices. These incentives show IFSCA's commitment to not only attracting foreign and domestic fund managers to GIFT IFSC but also promoting ESG principles in investment decisions. As sustainable finance continues to grow globally, this initiative will allow GIFT IFSC to be at the forefront of this evolving financial trend.
ECONOMY
Union Minister Mr. Piyush Goyal inaugurates Invest India's new office in Singapore 
Union Minister of Commerce & Industry, Shri Piyush Goyal inaugurated Invest India's new office in Singapore, following the announcement made by Prime Minister Shri Narendra Modi during his visit to the country on September 4th and 5th, 2024. This marks Invest India's first overseas office, highlighting India's commitment to strengthening investment ties and facilitating global investor engagement. The Singapore office will serve as a dedicated hub for regional companies seeking to invest in India, fostering collaboration across various sectors and making it easier for international investors to explore opportunities in the Indian market.
India signs agreements for Clean and Fair Economy inIndo-Pacific Economic Framework 
India recently signed important agreements under the US-led Indo-Pacific Economic Framework for Prosperity (IPEF). These agreements aim to build a cleaner and fairer economy. They were formalized during Prime Minister Shri Narendra Modi's visit to the United States and are designed to speed up clean energy projects and improve economic transparency between member countries. The agreements focus on several important areas such as Developing and using clean energy technologies, strengthening anti-corruption efforts, and improving tax transparency among the countries involved. The IPEF involves 14 countries and focuses on four key areas Trade, Supply chain resilience, clean economy, and Fair economy. India's participation highlights its dedication to being part of a regional partnership that plays a big role in the global economy. The framework helps India work more closely with other countries, promoting stronger economic ties and cooperation.
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Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
