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Jio to launch 5G digital services by Diwali

Mukesh Ambani said that with 5G being rolled out in India, the current 800 million connected internet devices would double to 1.5 billion connected internet devices in just one year.

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Mukesh Ambani

Reliance Jio today announced that it would launch its fifth generation (5G) services of digital connectivity by Diwali this year.

Reliance India Limited (RIL) Chairman Mukesh Ambani said that Jio was creating digital connectivity, especially in fixed broadband. That was Jio 5G. With 5G, they would connect 100 million homes with unparalleled digital experience and Smart Home solutions.

Mukesh Ambani said that with 5G being rolled out in India, the current 800 million connected internet devices would double to 1.5 billion connected internet devices in just one year.

The RIL Chairman said that Reliance Jio has prepared the world’s fastest 5G rollout plan. By Diwali 2022, they would launch Jio 5G across multiple key cities, including metro cities of Delhi, Mumbai, Chennai & Kolkata. By December 2023, they would deliver Jio 5G to every town, taluka & tehsil of India.

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He claimed that Jio 5G services would connect everyone, every place and everything with the highest quality and affordability. They were committed to making India a data-powered economy even ahead of China and the US.

Claiming the commitments towards the nation, they said that Reliance Jio would invest Rs 2 lakh crore for this project.

He also claimed that they have indigenously developed an end-to-end 5G stack which was cloud-native, software-defined, and digitally managed, with support for advanced features like Quantum Security. This was developed in-house by our 2,000+ young Jio engineers.

Reliance Jio claimed that using 5G technology, people can now deliver breakthrough increases in broadband speed, network capacity and the number of connected users while dramatically reducing latency.

The digital services company also said that it would provide digital services to lakhs of medium businesses with the same digital capabilities that were historically available only to larger companies.

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Adani Group holding back India’s future, draped in tricolour while systematically looting nation: Hindenburg

Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”,

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Adani Group

Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”

In a 413-page response titled “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg Research accused the Adani Group of holding back India’s progress by draping itself in the Indian flag while systematically looting the nation.

Hindenburg said it believes that India is a vibrant democracy and an emerging superpower with an exciting future. However, the research group alleged that the country’s future was being held back by the Adani Group, “which has draped itself in the Indian flag while systematically looting the nation.”

Hindenburg stressed that it’s a firm believer in the fact that fraud is fraud even when perpetuated by one of the wealthiest individuals globally.

The firm’s statement comes in response to the Adani Group’s note to its stakeholders in which it rebutted the allegations levelled by the short seller firm.

The note claimed that the report was a deliberate attempt to target a specific company but also to tarnish India’s image.

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In its note, Adani Group termed the allegations as a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”

Adani Group claimed that the research group’s report contains nothing new other than “selective and incomplete extracts of disclosed information which has been in the public domain for years.”

However, in its statement, Hindenburg said the Adani Group’s response largely either confirmed or attempted to sidestep their findings.

It said that their report asked 88 specific questions of the Adani Group who in response, failed to “specifically answer 62 of them.”

 Instead, Hindenburg claimed, Adani Group mainly grouped questions together in categories and provided generalized deflections.

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Do We Need Demat Account to Invest In Mutual Funds?

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Mutual Funds

Investments in mutual funds are great options for investors to diversify their portfolios and benefit from the stock market. For investing directly in the stock market, investors need a Demat Account where they can hold their financial securities like shares and bonds. In this article, we will discuss whether investors need a demat account for investing in mutual funds.

What is a mutual fund?

A mutual fund is an investment vehicle that collects money from various investors with similar financial goals and creates an investment pool. The funds collected are then invested in various instruments such as equities, bonds, money market instruments, etc, as per the objective of the mutual fund scheme. These funds are managed by highly qualified professionals.

As far as returns are concerned, they are distributed to the investors after deductible expenses are subtracted from any profits generated. The calculation of returns hinges upon the Net Asset Value (NAV).

What is a Demat Account?

A demat account helps investors store their shares and other financial securities in an electronic or dematerialised form. It is a useful tool in today’s era of online trading and investing. Plus, a demat account also comes in handy to keep track of all your investments, including shares, bonds, mutual funds, etc.

Is Opening a Demat Account a Must for Investing in Mutual Funds?

You do not need to open a demat account if you want to invest in a mutual fund. You can buy or redeem your mutual fund units directly from the mutual fund company or through a registered distributor. However, for purchasing mutual funds, investors must complete the KYC formalities.

Do note that a demat account can help investors easily store their mutual fund units or other investments electronically.It also provides other several benefits like speedy processing of trades, paperless transactions and security of financial transactions.

What are the Benefits of Opening a Demat Account?

If you open a demat account, you can enjoy the following benefits:

  • Paperless transactions:

Prior to the demat accounts, shares were held in the form of paper certificates that had to be carefully stored or they could get lost, stolen, or misplaced. Plus, the transfer was lengthy and involved excessive paperwork. Now, with a demat account, you can safely store such securities in a digital format.

  • Convenience:

A demat account promotes the convenient transfer of shares. Plus, you can hold any number of shares and securities in your demat account. It is a common place to hold and track all of your investments including mutual fund units.

  • Automatic updates:

In case of any corporate actions like dividend payments or bonus issues on the shares you are holding, these shareholder benefits get automatically updated in your demat account.

  • Versatility:

A demat account is not specifically designed for any certain type of instrument and can be used to store various kinds of financial securities.

  • Nomination:

To ensure that your investments are protected in the event of your demise, you can also appoint a nominee to your demat account.

How to Open a Demat Account?

To open a demat account, you can reach out to a bank, broker, or financial institution that offers one. You can open a demat account online by following the steps given below:

  1. Fill out the online application form
  2. Plug in pertinent details and personal information as required.
  3. Enter your bank details
  4. Complete the KYC process with the required documents and proof.
  5. Record a clip of yourself to complete the in-person verification process.
  6. Provide your e-sign using your Aadhaar-linked phone number.

That’s it! With a few steps, you will have access to a demat account and all the benefits it offers, along with the ability to safely store and oversee your mutual fund investments.

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Washington Post for sale as Jeff Bezos plans to buy NFL team: Reports

The Washington Post is reportedly up for sale as billionaire Jeff Bezos is rumored to sell the left-leaning newspaper in order to finance his plans to buy the NFL team Washington Commanders.

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Jeff Bezos

The Washington Post is reportedly up for sale as billionaire Jeff Bezos is rumored to sell the left-leaning newspaper in order to finance his plans to buy the NFL team Washington Commanders.

Quoting a source with firsthand knowledge of the matter, The New York Post reported, that the Washington Post is courted by at least “one logical suitor”, who intends to submit a proposal. The source, however, declined to identify the potential buyer.

Another newspaper buyer and seller claimed that they heard “rumors” that Bezos might be looking to sell off the newspaper.

However, the Amazon founder’s spokesperson has issued a statement, denying the rumors of a possible sale.

A journal spokesperson, which is owned by News Corp, the same corporation that owns the New York Post, also denied the alleged sale.

In its report, the New York Post claimed that Bezos, who bought the Washington Post for $250 million in 2013, was ‘looking to clear the way’ to get the Commanders from embattled owner Dan Snyder.

The Washington Commanders, who have won three Super Bowls, lifting the Lombardi Trophy in 1983, 1988 and 1992, are viewed by potential investors as a sleeping giant franchise in a major market.

Reports say that Bezos may have trouble striking a deal with Commanders’ owner Dan Snyder, who reportedly is not a big fan of the billionaire’s newspaper and is still irate about the Washington Post’s series of disclosures exposing the toxic management culture of the NFL team.

The expose had reported that Commanders’ bosses, including Dan Snyder are allegedly responsible for enabling sexual harassment.

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The New York Post report added that Front Office Sports reported that Snyder has hired Bank of America, which “continues to court Bezos — even if there are indications that Snyder doesn’t want to sell” to the billionaire.

Apparently, the Commanders accepted first-round bids from potential buyers last week, but Bezos, who supposedly has been in negotiations with Jay-Z to form a buyout partnership, wasn’t one of them.

Bezos has publicly stated that owning a newspaper was never his goal. In order to ensure financial stability and spur online expansion, the Amazon founder was persuaded to purchase the Washington Post by its former owner Donald Graham in 2013.

The billionaire has said multiple times that football is his favorite sport.

Despite experiencing expansion quickly under Bezos with massive coverage, Washington Post apparently planned to lose money in 2022 after years of profits as circulation dwindled after the end of the Trump administration.

In November, Jeff Bezos, in an interview with CNN, said he plans to donate the majority of his wealth to charitable causes within his lifetime.

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