ChatGPT parent OpenAI on May 13 showcased its latest AI model, GPT-4o, with a demo featuring voice interaction across text and images. This could keep the company “ahead of the race” in the global artificial intelligence landscape, Reuters reported.
Realistic Voice Conversations
The GPT-4o boasts advanced audio capabilities, allowing users to engage in real-time conversations without delays and even interrupt the AI during its speech—a significant milestone in replicating natural human interaction, the report said. OpenAI researchers showcased these features during a livestream event, likening the experience to dialogue straight from the movies.
OpenAI CEO Sam Altman expressed his enthusiasm in a blog post, highlighting the newfound naturalness in conversing with computers, a feat previously considered challenging. “It feels like AI from the movies … Talking to a computer has never felt really natural for me; now it does,” Altman wrote.
Competition and Expansion
Backed by Microsoft, OpenAI faces mounting competition and the imperative to broaden the user base of its popular chatbot, ChatGPT, the report noted.
During the livestream, researchers demonstrated ChatGPT’s enhanced voice assistant capabilities. In one demonstration, the AI guided a researcher through solving a mathematical problem, leveraging its vision and voice functionalities. Another showcased the model’s prowess in real-time language translation.
Sci-Fi Reality
The demonstrations bordered on “science fiction”, the report added. It noted playful exchanges between ChatGPT and its human counterpart, where at one point, a researcher stated he was demonstrating “how useful and amazing you are”, to which the chatbot replied with: “Oh stop it! You’re making me blush!”
Mira Murati, OpenAI’s Chief Technology Officer, announced that the GPT-4o model would be provided free of charge, citing its superior cost-effectiveness compared to previous iterations. Paid users will enjoy expanded capacity limits, offering enhanced capabilities.
The GPT-4o model is slated for integration into ChatGPT in the coming weeks.
So, How Did The Internet React?
There was a range of reactions to the GPT-4o demo, from those who expressed excitement and welcomed the technology.
And those who shared potential use-case applications for the tool.
Others were excited by the “futuristic” and “sci-fi” aspect of the tech.
But excitement also gave way to some caution. Privacy and copyright — a long-time criticism of AI training models made its presence known.
There was also the usual wonder at the tech leap, but worry for the future of human jobs as AI advances.
Some even verged on warnings, calling into question the legality of AI training models.
And others picturing doomsday scenarios.
Besides all this, there was as usual, the memes that made an appearance.
How does a demat account contribute to financial inclusion? MintGenie explains
The Covid-19 pandemic highlighted the importance of financial inclusion globally, emphasising the need for economic equality. Demat accounts play a crucial role in advancing financial inclusion by offering a digital platform for investing in securities.
In recent years, particularly following the outbreak of the Covid-19 pandemic, there has been a noticeable surge in the emphasis placed on financial inclusion within societies globally. The pandemic underscored existing disparities in access to financial services and highlighted the critical need for economic equality and opportunity for all individuals, regardless of their socioeconomic status.
At the core of the financial inclusion movement is the principle of democratising financial services. This principle advocates for ensuring that people from diverse backgrounds, including those who have been historically underserved or marginalised, have access to essential tools for managing their finances and participating fully in the formal economy.
Also Read: Demat Account: How to create long-term wealth? Follow these 6 key steps
One key tool that has emerged as a catalyst for advancing financial inclusion is the demat account. In this article, we delve into how a demat account contributes to fostering financial inclusion.
What is financial inclusion?
Financial inclusion is when everyone can access financial services that can help them build wealth, including savings, credit, loans, equity, and insurance.
Access to financial services plays a crucial role in daily life, enabling individuals and businesses to navigate both anticipated and unforeseen circumstances effectively. By having access to accounts, individuals are more inclined to utilise a range of financial services, including credit and insurance.
This accessibility empowers them to establish and grow businesses, invest in education and healthcare, mitigate risks, and withstand financial uncertainties, thereby enhancing their overall well-being.
In 2020, the Reserve Bank of India (RBI) articulated a vision and set key objectives for financial inclusion policies in India. The aim was to expand and sustain financial inclusion at the national level through comprehensive collaboration among all stakeholders in the financial sector.
Also Read: How to open a joint demat account? Here’s a step-by-step guide
The objectives have yielded significant results thus far, with a majority of individuals now holding bank accounts. This widespread banking access has facilitated seamless fund transfers among people, as evidenced by the recent surge in UPI payments in India.
Moreover, citizens now have easier access to credit, with the process simplified, including the ability to apply for credit directly from mobile phones. Additionally, Indians are increasingly diversifying their investments across various asset classes, including stocks and mutual funds. Recent data indicates a notable rise in the number of demat and folio accounts, reaching new heights each month.
Also Read: Demat Account: What is Basic Services Demat Account and what are its features?
The journey towards financial inclusion in India began over a decade ago, in 2014, with the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY). This initiative capitalised on the existing extensive banking network and technological advancements to ensure every household gained access to essential financial services.
Through PMJDY, the aim was to bridge the gap in banking facility coverage and empower individuals with basic financial tools. At the end of Q3 FY23, a total of 51.04 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts had been opened, with a deposit balance of Rs. 2,08,855 crore, as per the Ministry of Finance.
Also Read: Demat account: What is leverage trading and how does it work? MintGenie explains
Role of demat account in financial inclusion
A demat account, or dematerialised account, is an electronic account that holds securities such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs) in digital form.
By digitising the process of buying, selling, and holding securities, demat accounts have revolutionised the investment landscape, making it more accessible and convenient for individuals to invest in the financial markets.
Demat accounts offer several advantages that contribute to financial inclusion. First and foremost, they eliminated the need for physical share certificates, which were cumbersome to manage and posed logistical challenges, especially for individuals living in remote areas or with limited resources.
Also Read: Can I use my demat account for day trading? Yes, but there are caveats. Here is what you should know
Additionally, demat accounts provide a secure and transparent platform for investors to buy and sell securities, thereby instilling confidence and trust in the financial system.
Furthermore, demat accounts promote financial literacy and education by empowering investors to make informed decisions about their investments.
FAQs
What is a ‘Basic Services Demat Account’ (BSDA)?
A BSDA is a specialised demat account designed exclusively for individual investors.
What are the necessary accounts required for trading in the securities market?
Demat Account: This account, opened with a SEBI-registered depository participant, holds and facilitates the transfer of securities.
Trading Account: Established by a SEBI-registered stockbroker, this account enables investors to trade securities.
Bank Account: Linked to the investor, this account is utilised for funds related to trading in the securities market.
Can I access my demat account from overseas?
Yes, typically, you can access your demat account from any location worldwide, provided you have an internet connection and the necessary login credentials.
What will happen to my demat account if I don’t open it regularly?
In the event of prolonged inactivity, your depository participant may freeze your demat account. To reactivate it, you’ll need to complete the e-KYC process again.
Do I need to maintain a minimum balance in my demat account?
No, there is no requirement for a minimum balance in your demat account as mandated by the depositories (NSDL and CDSL). You can maintain a zero balance in your demat account.
BackUnder this partnership, Tata Play will make offer Prime Lite subscription packages through its DTH as well as Binge packs. These subscriptions will allow users to access Prime Video’s library, along with benefits like free same-day and next-day delivery on Amazon purchases.
“While on the one hand, Tata Play’s robust content distribution network will help in expanding Amazon Prime’s outreach to newer audience segments, on the other, the addition of Prime Lite Membership with Tata Play will make Binge a more compelling proposition,” said Harit Nagpal, managing director and chief executive, Tata Play.
Read This: Why Harit Nagpal of Tata Play loves field visits
Gaurav Gandhi, vice president of Prime Video for APAC & MENA, highlighted the mutual benefits of the collaboration.
“At Prime Video, our mission is to super-serve our customers with the best of entertainment,” Gandhi said. “The collaboration with Tata Play provides its DTH and digital customers seamless access to Prime Video’s full selection of content, as well as Prime Lite benefits like unlimited free shopping & shipping of ‘Same-day/Next-Day’ delivery, Prime exclusive deals, and much more.”
DTH packages start at ₹199 per month. In a fresh approach, Tata Play is now offering Binge subscribers the option to choose either six OTT services from its portfolio for ₹199 per month or all 33 services for ₹349 monthly.
Discussing the choice of bundling six apps, Nagpal noted, “We feel six is the right number, where you can get the right mix of national and international as well as regional content. Currently, we are gearing towards 1 million subscribers on Binge, and I think the new bundling and access to most of the popular apps, will accelerate the new signings.”
In addition to the new plans, DTH customers can subscribe to the annual subscription of Amazon Prime through Tata Play DTH at an attractive limited-time introductory offer, gaining access to Prime Video, free shipping/ shopping benefits, Amazon Music, Prime Reading, Prime Gaming, and more, accessible through 5 devices.
Last year, Tata Play Binge became the first Indian aggregator to integrate Apple TV+ with its offering.
More Here: Apple TV+ to be now available on Tata Play Binge
Other OTT apps available on the platform include Disney+Hotstar, Zee5, MX Player, DocyBay, Lionsgate Play, Fancode and others.
Recently, Amazon Prime started testing Prime Lite, an affordable version of its Prime subscription service, in India at ₹799 per year. The new subscription tier offers limited Prime benefits, including access to Prime Video content with advertisements and free shipping.
Also Read: Amazon set to introduce Prime Lite in India at ₹799 per year
Walmart is cutting hundreds of corporate jobs and asking most remote workers to move to offices, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Meanwhile, workers at the US retail giant’s smaller offices in Dallas, Atlanta and Toronto are being asked to move to other central hubs such as Walmart’s corporate headquarters in Bentonville as well as Hoboken or Southern c, the report added.
Walmart will still let staff work remotely part-time, as long as they are in offices a majority of the time, the report said.
Walmart employed approximately 2.1 million associates as of Jan. 31, 2024, according to regulatory filings.
The company has been making moves to shrink its workforce over the past year and had said in April last year that it expects about 65% of its stores to be serviced by automation by the end of its fiscal year 2026.
In February 2023, it shut three of its US technology hubs and asked hundreds of workers to relocate to keep their jobs, pushing for more employees to report to work from office.
Walmart didn’t immediately respond to a Reuters request for comment.
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Q4 Results Today: Airtel, Siemens, BASF India, Apollo Tyres, PVR Inox among 97 companies to post earnings on May 14
Q4 FY2024 Results Today: Bharti Airtel, Siemens, Colgate-Palmolive (India), BASF India, Apollo Tyres, and PVR Inox are among the 97 companies set to announce their financial results for the fourth quarter, which ended on March 31, 2024.
Q4 Results Today: Bharti Airtel, Siemens, Colgate-Palmolive (India), BASF India, Apollo Tyres, and PVR Inox, among 97 companies expected to post their earnings on May 14 for the fourth quarter that ended on March 31, 2024.
On May 13, the benchmark indices continued their upward trajectory. The BSE Sensex increased by 112 points, closing at 72,776.13, while the Nifty 50 rose by 49 points to end at 22,104.05, having recovered 283 points from its intraday low.
List of companies to post Q4 FY2024 results today
Abhinav Capital Services, Apex Capital and Finance, Archean Chemical Industries, Andhra Cements, Adroit Infotech, Aerpace Industries, Abans Holdings, AIA Engineering, Andhra Paper, Anmol India, Apar Industries, Apollo Tyres, Aurionpro Solutions, Bajaj Electricals, Balu Forge Industries, BASF India, Bharti Airtel, Bharti Hexacom, Binny, BLS International Services, Butterfly Gandhimathi Appliances, Chowgule Steamships, Colgate-Palmolive (India), City Pulse Multiplex, Dalmia Bharat Sugar and Industries, Devyani International, Dynamic Cables, Eco Recycling, Edelweiss Financial Services, Emmbi Industries, Filmcity Media, Ganesh Housing Corporation, GTL Infrastructure, Gujarat Themis Biosyn, Hampton Sky Realty, Haryana Leather Chemicals, HP Adhesives, H.P. Cotton Textile Mills, Ideaforge Technology, Indag Rubber, Ind-Swift, Insilco, IOL Chemicals & Pharmaceuticals, Intrasoft Technologies, Jubilant Ingrevia, KDDL, Keltech Energies, Kiran Vyapar, Kirloskar Brothers, Leading Leasing Finance And Investment Company, Magadh Sugar & Energy, Man Infraconstruction, Matrimony.com, Minaxi Textiles, MIRC Electronics, Mipco Seamless Rings (Gujarat), Mukka Proteins, Nilkamal, Niyogin Fintech, Oberoi Realty, Omega Ag-Seeds (Punjab), OnMobile Global, Otco International, Patanjali Foods, PDS, Pune E – Stock Broking, Platinum Industries, Polychem, Promact Impex, PTL Enterprises, PVR Inox, Radico Khaitan, Ram Ratna Wires, RBZ Jewellers, Repco Home Finance, Resonance Specialties, Rose Merc, Safari Industries (India), Sagar Cements, SecMark Consultancy, Shree Cement, Shyam Metalics and Energy, Siemens, Speciality Restaurants, Sumedha Fiscal Services, Surya Roshni, Texmaco Infrastructure & Holdings, Themis Medicare, Thyrocare Technologies, Tamilnadu Petroproducts, Valiant Laboratories, Variman Global Enterprises, Venmax Drugs and Pharmaceuticals, Vippy Spinpro, V-Mart Retail and Warren Tea, Zydus Wellness to post their earnings on May 14.
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Kumar Mangalam Birla’s Novelis plans $1.2 billion worth US IPO as early as June, targets $18 billion valuation
Novelis Inc., owned by Hindalco Industries Ltd., plans to complete a US IPO in early June to raise $1.2 billion with a target valuation of $18 billion. The company filed publicly with the SEC and is working with Morgan Stanley, Bank of America, and Citigroup for the NYSE listing.
Novelis Inc., the aluminum products maker owned by billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd., is seeking to complete a planned US initial public offering as soon as early June, according to people familiar with the matter.
The company, owned by a unit of India’s Hindalco, could begin formally marketing the deal in about two weeks, they said, asking not to be identified as the information isn’t public. Novelis on Monday filed publicly with the US Securities and Exchange Commission for the listing.
Also Read | Novelis IPO: Kumar Mangalam Birla’s Hindalco Industries eyes $1.2 billion IPO for its US subsidiary
Hindalco is seeking to raise about $1.2 billion in the IPO for Atlanta-based Novelis and may target a valuation of about $18 billion, Bloomberg News has reported.
Details of the offering including timing could change, the people said. A representative for Novelis declined to comment.
Also Read | Hindalco takes its crown jewel to the public
Novelis is working with Morgan Stanley, Bank of America Corp. and Citigroup Inc. on the potential New York Stock Exchange listing, the filing shows. The stock will be offered by a Hindalco subsidiary and Novelis won’t receive any proceeds of the sale, the filing shows.
Novelis is the world’s biggest maker of flat-rolled aluminum products, used in an array of goods, from cars to soda cans. The company said in February it had filed confidentially for the listing with the US Securities and Exchange Commission.
Also Read | Novelis could be a good bet if valuations top $10 billion
Hindalco purchased Novelis in 2007 at about a $6 billion valuation including debt, a filing from the time shows. About 42% of Novelis’ global net sales come from North America, according to its IPO filing.
Disclaimer: This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
