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Mumbai: The Reserve Bank of India ( RBI ) injected funds into the banking system as the weighted average call rate, a barometer for short-term borrowing costs, rose 23 basis points above the policy repo rate at 6.73% on Friday. Surplus liquidity in the banking system shrank to ₹84,154.75 crore due to monthly GST outflows. This is akin to a fine-tuning exercise to manage call rates near the repo rate, as monthly tax outflows drew surplus liquidity out of the banking system, money market experts said. The RBI injected funds worth ₹25,000 crore via a variable rate repo auction (VRR) to ensure that recent overseas outflows from local debt and equity do not drive up banks' cost of funds, analysts said. This is the second such auction that the RBI has conducted post its change in stance to neutral from withdrawal of accommodation. On Thursday, surplus liquidity - as measured by absorption of funds by the RBI - dropped to a one-month low of ₹84,154.75 crore, central bank data showed. "The RBI has been very flexible and quick to manage liquidity. I am also expecting some VRR auctions to happen around mid December when there are advance tax outflows," said Vikas Goel, MD and CEO at PNB Gilts . "The RBI wants to keep durable liquidity positive and roughly about 1% to 1.2% of NDTL, to make sure that the call rates don't move away from the repo rate," he said. Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program Finance AI and Generative AI for Finance By - Hariom Tatsat, Vice President- Quantitative Analytics at Barclays View Program Marketing Marketing & Sales Strategies for Startups: From Concept to Conversion By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Finance Tally Prime & GST Accounting: Complete Guide By - CA Raj K Agrawal, Chartered Accountant View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) ChatGPT Mastery from Zero to Hero: The Complete AI Course By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Advanced Java Mastery: Object-Oriented Programming Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Web Development Master RESTful APIs with Python and Django REST Framework: Web API Development By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership From Idea to Product: A Startup Development Guide By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Validating Your Startup Idea: Steps to Ensure Market Fit By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program In the auction on Friday, the RBI received bids worth ₹35,420 crore from banks versus the notified amount of ₹25,000 crore, reflecting the need for funds from lenders. So far in November, the rupee has weakened nearly 0.5% to 84.45/$1 and foreign investors have sold $4 billion from Indian stocks and bonds, depository data showed. Likely intervention by the RBI has capped the rupee from depreciating further, currency dealers said. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )
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Shopping on Temu can feel like playing an arcade game. Instead of using a joystick-controlled claw to grab a toy, visitors to the online marketplace maneuver their computer mouses or cellphone screens to browse colorful gadgets, accessories and trinkets with prices that look too good to refuse. A pop-up spinning wheel offers the chance to win a coupon. Rotating captions warn that a less than $2 camouflage print balaclava and a $1.23 skeleton hand back scratcher are “Almost sold out.” A flame symbol indicates a $9.69 plush cat print hoodie is selling fast. A timed-down selection of discounted items adds to the sense of urgency. Pages from the Shein website, left, and from the Temu site, right. Welcome to the new online world of impulse buying, a place of guilty pleasures where the selection is vast, every day is Cyber Monday, and an instant dopamine hit is always just a click away. By all accounts, we’re living in an accelerating age for consumerism, one that Temu, which is owned by the Chinese e-commerce company PDD Holdings, and Shein, its fierce rival , supercharged with social media savvy and an interminable assortment of cheap goods, most shipped directly from merchants in China based on real-time demand. The business models of the two platforms, coupled with avalanches of digital or influencer advertising, have enabled them to give Western retailers a run for their money this holiday shopping season. A Christmas tree ornament purchased on Temu. Software company Salesforce said it expects roughly one in five online purchases in the U.S., the United Kingdom, Australia and Canada to be made through four online marketplaces based or founded in Asia: Shein, Temu, TikTok Shop — the e-commerce arm of video-sharing platform TikTok — and AliExpress. Analysts with Salesforce said they are expected to pull in roughly $160 billion in global sales outside of China. Most of the sales will go to Temu and Shein, a privately held company which is thought to lead the worldwide fast fashion market in revenue. Lisa Xiaoli Neville, a nonprofit manager who lives in Los Angeles, is sold on Shein. The bedroom of her home is stocked with jeans, shoes, press-on nails and other items from the ultra-fast fashion retailer, all of which she amassed after getting on the platform to buy a $2 pair of earrings she saw in a Facebook ad. Neville, 46, estimates she spends at least $75 a month on products from Shein. A $2 eggshell opener, a portable apple peeler and an apple corer, both costing less than $5, are among the quirky, single-use kitchen tools taking up drawer space. She acknowledges she doesn’t need them because she “doesn’t even cook like that.” Plus, she’s allergic to apples. “I won’t eat apples. It will kill me,” Neville said, laughing. “But I still want the coring thing.” Shein, now based in Singapore, uses some of the same web design features as Temu’s, such as pop-up coupons and ads, to persuade shoppers to keep clicking, but it appears a bit more restrained in its approach. Shein primarily targets young women through partnerships with social media influencers. Searching the company's name on video platforms turns up creators promoting Shein's Black Friday sales event and displaying the dozens of of trendy clothes and accessories they got for comparatively little money. But the Shein-focused content also includes videos of TikTokers saying they're embarrassed to admit they shopped there and critics lashing out at fans for not taking into account the environmental harms or potential labor abuses associated with products that are churned out and shipped worldwide at a speedy pace. Neville has already picked out holiday gifts for family and friends from the site. Most of the products in her online cart cost under $10, including graphic T-shirts she intends to buy for her son and jeans and loafers for her daughter. All told, she plans to spend about $200 on gifts, significantly less than $500 she used to shell out at other stores in prior years. “The visuals just make you want to spend more money,” she said, referring to the clothes on Shein's site. “They're very cheap and everything is just so cute.” Unlike Shein, Temu's appeal cuts across age groups and gender. The platform is the world’s second most-visited online shopping site, software company Similarweb reported in September. Customers go there looking for practical items like doormats and silly products like a whiskey flask shaped like a vintage cellphone from the 1990s. Temu advertised Black Friday bargains for some items at upwards of 70% off the recommended retail price. Making a purchase can quickly result in receiving dozens of emails offering free giveaways. The caveat: customers have to buy more products. Despite their rise, Temu and Shein have proven particularly ripe for pushback. Last year, a coalition of unnamed brands and organizations launched a campaign to oppose Shein in Washington. U.S. lawmakers also have raised the possibility that Temu is allowing goods made with forced labor to enter the country. More recently, the Biden administration put forward rules that would crack down on a trade rule known as the de minimis exception, which has allowed a lot of cheap products to come into the U.S. duty-free. President-elect Donald Trump is expected to slap high tariffs on goods from China, a move that would likely raise prices across the retail world. Both Shein and Temu have set up warehouses in the U.S. to speed up delivery times and help them better compete with Amazon, which is trying to erode their price advantage through a new storefront that also ships products directly from China. The business news you need Get the latest local business news delivered FREE to your inbox weekly.Photo: Bob Hall Selkirk College instructor Robin DuPont (middle) was one of four 2024 Sam Carter Award in Applied Art + Design recipients at a BC Achievement Foundation ceremony that was held in Vancouver. He is seen here with former recipient of the award McCauley Wanner (left) and emcee for the award ceremony Fred Lee (right). Selkirk College instructor Robin DuPont has been added to the pantheon of British Columbia’s outstanding working artists after being honoured with the 2024 Sam Carter Award in Applied Art + Design. An instructor in the 10-month ceramics program based out of Nelson’s Victoria Street campus, DuPont is a frontrunner in contemporary ceramics in North America. Recognized for his innovative atmospherically fired ceramics that push the boundaries of form and surface, he was one of four artists recognized at a ceremony hosted by the B.C. Achievement Foundation in Vancouver. “It’s humbling to stand before peers and supporters of the arts to receive an award like this,” said DuPont, who was the City of Nelson’s 2023 cultural ambassador because of his impact on the community and beyond. “I stand on the shoulders of my mentors, the teachers who have helped me get to this point over the last two decades. The support for artists going into the studio everyday asking the hard questions is really important. It’s what our cultural identity is made out of and is so important to our overall cultural landscape.” The Sam Carter Award in Applied Art + Design program shines a spotlight on inspiring examples of functional art that enhance everyday life while strengthening the province’s creative economy. Artists and designers are recognized for their exceptional creations in various fields, including furniture, textiles, jewellery, ceramics, weaving, glass, fashion and industrial design. With more than 20 years of experience, DuPont’s pursuit of creative and technical development has earned him a reputation for excellence in the field. His extensive research into new ceramic surfaces, clay bodies and kiln design set him apart in Canadian studio ceramics. As an educator and mentor, DuPont has taught at numerous institutions across Canada and the United States. Originally from Calgary, DuPont attended the former Kootenay School of the Arts in 1997 and returned to the ceramic studios at the Victoria Street campus to begin his teaching career at Selkirk College in 2014. DuPont’s approach in the studio has reinvigorated the program, inspiring the next generation of potters to produce work of exceptional quality. At the B.C. Achievement Award ceremony, DuPont was introduced by former Sam Carter Award recipient McCauley Wanner. “Robin is an artist who continually redefines the relationship between form and function,” Wanner said. “With a unique aesthetic, Robin is pushing the boundaries of what is possible in ceramics. From his innovate wood-fired processes to his atmospheric surface techniques, it’s what sets him apart. His dedication to mentoring others and sharing your knowledge with ceramics techniques has had a profound impact. “Through your work in teaching you have raised the profile of ceramics and excellence in practice, not just in B.C. but beyond. Thank you for your continued innovation and inspiration.” Back at the Victoria Street campus studios, DuPont is helping the current ceramics program cohort realize their potential. “I care deeply about this program, its outcomes and its ripples through the cultural landscape of our country,” said DuPont, who also served as the pottery expert on CBC TV’s Great Canadian Pottery Throwdown earlier this year. “It has added fuel to succeed in my own career so that I can attract attention to our program, and our fine city and region. “As a student, I learned the most from my instructors that were out there as professional artists, as well as in the classroom with us. I strive to fill those shoes and hope that my successes can actually help our alumni succeed.” You can learn more about the B.C. Achievement Foundation and watch the entire 2024 Sam Carter Award in Applied Art + Design online at: https://bcachievement.com Learn more about the Selkirk College Ceramics Program at: https://selkirk.ca/programs/arts-technology/ceramics-certificate8 essentials that will complete your cookware collection
U.S. President-elect Donald Trump's pick for NASA administrator, tech billionaire Jared Isaacman, said on Wednesday his planned private astronaut missions with Elon Musk's SpaceX may be paused as he prepares to enter government service. "The future of the Polaris program is a little bit of a question mark at the moment," Isaacman, who was tapped by Trump last week to lead NASA, said in response to a question at the Spacepower 2024 conference in Orlando. "It may wind up on hold for a little bit." Isaacman, a private astronaut and billionaire founder of payment processing company Shift4 Payments, owns the Polaris program, a series of private missions to space on SpaceX vehicles that have made him a key customer and associate of Musk. Making his first public appearance since being picked to lead NASA, Isaacman in an on-stage interview before a crowd of U.S. Space Force members raved about advances in the U.S. space industry such as reusable rockets and asteroid mining but offered no details on how he would lead NASA. The prospective nominee is poised to boost private-sector momentum in space and support SpaceX's goal to send uncrewed Starship rockets to Mars this decade as head of a $25 billion federal agency focused heavily on returning astronauts to the moon. Isaacman, 41, has flown to space twice on SpaceX's Crew Dragon capsule in missions he paid for, helping Musk's space company push the boundaries of what non-government actors can do in Earth's orbit. In his most recent mission in September, Polaris Dawn, Isaacman and his crew became the first private spacewalkers. Two more Polaris missions were planned in the coming years, including one on SpaceX's in-development Starship rocket. But his selection by Trump to helm NASA raised immediate questions about whether he would cut ties with the missions or wind down the program. Isaacman has spent hundreds of millions of dollars on his SpaceX missions and helped fund development of the SpaceX-built spacesuit that he wore in his spacewalking mission. Though SpaceX has its own private astronaut mission in the works and provides its Crew Dragon fleet to other astronaut companies such as Axiom and Vast, the Polaris program offered Musk's company a key source of revenue and a close early partner for its nascent private astronaut business. SpaceX since 2020 has routinely flown NASA astronauts to and from the International Space Station using Crew Dragon, a gumdrop-shaped pod developed under the agency's Commercial Crew program meant to seed development of spacecraft that can also be used by private customers. Boeing's Starliner is also being developed under that NASA program but has been marred for years with technical challenges and two astronauts it delivered to the ISS in June are due to return on Crew Dragon in February. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
Kennedy Center Honors ceremony to highlight Francis Ford Coppola, the Grateful Dead and more stars
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