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<ul class="summary-list"><li>Coca-Cola reported a decline in revenues in its third-quarter earnings on Wednesday.</li><li>Despite the slide, revenue was higher than analysts' expectations.</li></ul>Coca-Cola posted its first quarterly decline in revenue this year in its third-quarter earnings on Wednesday.Net revenues fell by 1% to $11.9 billion for the three months to September 30. The results beat analysts' predictions, which had forecast revenues of $11.65 billion for the beverage giant.Earnings per share declined 7% to $0.66, lower than the analyst consensus of $0.74.Shares dipped more than 2% in premarket trading, but the stock is up 16% this year.Coca-Cola said its slightly better-than-expected revenue performance had been driven by a 10% jump in price/mix, the amount the company adjusts prices, versus a 2% decline in concentrate sales.The results were boosted by an 11% jump in sales of Coca-Cola Zero Sugar across all markets."Our business continues to demonstrate resilience in the face of a dynamic external environment," said CEO James Quincey."We are encouraged by our year-to-date performance and our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities."The soda giant also signaled that there was growing potential in the non-carbonated drink market, pointing to its success as an <a target="_blank" class="" href="https://www.businessinsider.com/inside-coca-cola-company-2024-olympics-marketing-strategy-powerade-athletes-2024-7">official sponsor</a> of the 2024 Paris Olympics."During the opening and closing ceremonies in Paris, a special-edition smartwater gold bottle for athletes quickly garnered 42 million impressions and contributed to smartwater gaining both volume and value share during the quarter," the company said.Powerade, Fuze Tea, and Topo Chico were also highlighted as regional leaders in its plans to evolve a "total beverage portfolio."In recent quarters, strong international sales have helped boost Coca-Cola's results, offsetting weaker consumer demand in the US. However, in its third quarter, unit case volume declined in Europe, Middle East &amp; Africa and Asia Pacific, and remained even in Latin America.Investors will look to the soft drink maker's earnings for insight into consumer spending behavior heading into the year-end.US consumers are thought to have spent excess savings from the pandemic and are now grappling with accumulated price increases driven by global inflation.In September, core retail sales in the US grew by 2.4%. However, many <a target="_blank" class="" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">retailers have taken creative approaches</a> to incentivizing spending, including loyalty programs and <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">exciting product offerings</a>.Retailers, including Costco, PepsiCo, and Walmart, have been <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-offer-fewer-deals-under-new-ceo-2024-10">cutting prices</a> amid a pattern of more cautious consumer spending this year.The results come after Coca-Cola's rival PepsiCo posted weaker-than-expected sales for the second quarter in a row. PepsiCo lowered its full-year organic sales outlook, saying it now expects a low-single-digit rise, down from the previously forecast 4% growth.PepsiCo executives said the "cumulative effects of inflationary pressures continue to impact budgets and spending patterns."

Coke Zero sales jump, helping Coca-Cola beat forecasts despite revenue dip

In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

With the one year anniversary of <keyword id="10591" type="General" weightage="20" keywordseo="samsung" source="Orion">Samsung</keyword>'s release of its mid- to long-term environmental management strategy nearing, the South Korean tech giant has said it was on the path toward achieving net zero companywide by 2050. In September last year, Samsung unveiled the New Environmental Strategy, detailing its road map to achieve net zero at the Device eXperience (DX) division, covering its mobile and home appliances business, by 2030 and at the company level, including its chip Device Solutions (DS) division, by 2050. Samsung has made some progress on the sustainability front to keep its word, its recent report showed. The company's use of renewable energy rose 65 percent last year to reach 8,704 gigawatt hours, according to Samsung's 2023 sustainability report in June, reports Yonhap news agency. The DX division reported the highest transition rate of 93 per cent, while the rate stood at 23 per cent at the DS division and at 31 percent companywide. In 2020, Samsung completed its transition to 100 per cent renewable energy in the United States, Europe and China. Last year, the company did so at all of DX division's business sites in South Korea, and manufacturing sites in Vietnam, India and Brazil, according to the report. Samsung, one of the world's biggest manufacturers of electronic devices and semiconductors, also said it had reduced 10.16 million tons of carbon dioxide compared with business-as-usual, up 59 percent from the previous year. Use of recycled and recyclable materials had increased, with 98,826 tons of plastic with recycled resin being used last year at a utilization rate of 14 percent and collecting 600,502 tons of electronic waste. Samsung planned to expand the use of renewable resins in all its plastic products by 50 per cent by 2030 and 100 per cent by 2050. Last year, Samsung joined the RE100, a global corporate initiative aimed at shifting to 100 percent renewable electricity. It vowed to increase the energy efficiency of its seven biggest-selling products, ranging from smartphones and washers to air conditioners, by 30 percent. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/one-cable-to-charge-them-all-what-apples-jump-to-usb-c-means-for-customers/articleshow/103629666.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/one-cable-to-charge-them-all-what-apples-jump-to-usb-c-means-for-customers/articleshow/103629666.cms" target="_blank">One cable to charge them all – What Apple’s jump to USB-C means for customers</a><a href="https://www.businessinsider.in/tech/webstories/how-apple-is-going-green-with-its-material-energy-and-transport/slidelist/103629096.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/webstories/how-apple-is-going-green-with-its-material-energy-and-transport/slidelist/103629096.cms" target="_blank">Recycled watch straps to restoring mangroves – How Apple is pushing for a greener tomorrow</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms" target="_blank">iPhone 15 Pro, Pro Max can record 3D videos that can be viewed on Vision Pro in a ‘magical way’</a>

Samsung says on track to achieve net zero by 2050

<ul class="summary-list"><li>The aviation industry says it's committed to achieving net-zero emissions by 2050. </li><li>But there are different ways to get there, such as the "carrot-and-stick" approach.</li><li>Airbus' chief sustainability officer told BI why it's betting on hydrogen and fleet renewal.</li></ul>In late November, <a target="_blank" href="https://www.businessinsider.com/transatlantic-flight-green-fuels-takes-off-campaigners-say-gimmick-2023-11">Virgin Atlantic</a> operated the world's first transatlantic flight on a commercial airliner powered by sustainable aviation fuel, or SAF.The Boeing 787 Dreamliner touched down at JFK Airport in New York City about seven hours after leaving London's Heathrow Airport, marking the latest development toward reaching the aviation industry's goal of net-zero emissions by 2050.The International Air Transport Association, or IATA, estimated that <a target="_blank" href="https://www.iata.org/en/programs/environment/sustainable-aviation-fuels/">SAF can reduce CO2 emissions</a> by up to 80%.According to the International Energy Agency, aviation accounts for about <a target="_blank" href="https://www.iea.org/energy-system/transport/aviation">2% of global CO2 emissions</a>. The Guardian reported that a flight from <a target="_blank" href="https://www.theguardian.com/environment/ng-interactive/2019/jul/19/carbon-calculator-how-taking-one-flight-emits-as-much-as-many-people-do-in-a-year">London to New York generates about 986 kilograms of CO2</a> per passenger. It would take the average American 27 days to emit that much CO2, according to data from the <a target="_blank" href="https://data.worldbank.org/indicator/EN.ATM.CO2E.PC?locations=US">World Bank</a>.With an average of <a target="_blank" href="https://www.faa.gov/air_traffic/by_the_numbers">45,000 daily flights</a> in the US alone, it's no wonder that almost every major airline and manufacturer has committed to reaching net-zero CO2 emissions by 2050.But debates are still ongoing as to how airlines can achieve this and which technologies will be most impactful.<h2>The carrot versus the stick in sustainable aviation</h2>SAF was a major topic of discussion when Business Insider visited the Dubai Airshow last month.One phrase that kept popping up in conversations was "carrots versus sticks" — whether fiscal incentives or legal mandates are better at promoting SAF.In Europe, there's a preference for mandates. The European Union is lobbying for an international tax on traditional jet fuels rather than SAF at COP 28 climate-crisis conference, the <a target="_blank" href="https://www.ft.com/content/9ed06437-fb5e-40f6-9123-4d39b6b15789">Financial Times</a> reported. But that money isn't guaranteed to be reinvested into sustainable aviation.And from 2025, the <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2389">RefuelEU Aviation</a> initiative mandates aircraft fuel suppliers to provide EU airports with a minimum share of 2% SAF, increasing to 75% by 2050. Airlines will also be prohibited from deliberately carrying excess fuel to avoid refueling with SAF.This ups demand, but doesn't necessarily advance SAF production. The EU's Aviation Safety Agency says the maximum potential <a target="_blank" href="https://www.easa.europa.eu/eco/eaer/topics/sustainable-aviation-fuels/current-landscape-future-saf-industry">SAF production</a> in the bloc is currently only 10% of what's needed to fulfill proposed mandates by 2030.According to the IATA, SAF is twice as expensive as conventional aviation fuel.The US prefers the incentive, or the carrot: This strategy can stimulate more growth by rewarding SAF producers but lacks longevity and could come crashing down with a change in administration.<div type="image" title="Flight100, Virgin Atlantic's world first 100% Sustainable Aviation Fuel (SAF) transatlantic flight by a commercial airline is fueled ahead of its take off from London Heathrow to New York JFK on Tuesday 28 November 2023." height="4480" width="6720" msid="105762692" hostid="261" sizebytes="749316"></div>Most airshow panelists strongly favored the carrot and loathed the stick.Some rare positivity about mandates came from Julie Kitcher, an executive vice president at Airbus who will take on the role of chief sustainability officer at the company starting January 1."I'm a big fan of both," she told Business Insider. "We're a big advocate of having mandates and incentives to be able to stimulate the supply and demand."She said "we've really got to break that vicious cycle" of the limited supply and high demand that leads to high prices.<h2>Different perspectives at Airbus and Boeing</h2>"We have to have SAF to get us to net zero, but there's questions about what else," Jim Hileman, the vice president and chief engineer for sustainability at Boeing, said during a panel. "Are there other things that we should be pursuing?"One major project at Airbus is ZEROe. It's focused on developing <a target="_blank" href="https://www.businessinsider.com/airbus-new-zero-emission-aircraft-history-of-sustainable-planes-2020-9">hydrogen-powered aircraft</a> that the company hopes to put to market by 2035.Hydrogen doesn't emit carbon like fossil fuels do, but it also relies on new infrastructure. Kitcher told BI that such airplanes will require airports to store liquid hydrogen for fueling, which needs to be kept at -400 degrees Fahrenheit.<a target="_blank" href="https://fortune.com/2023/01/26/boeings-chief-sustainability-officer-we-cant-count-on-hydrogen-powered-commercial-flights-before-2050/">Boeing isn't focusing much on hydrogen</a> and seems skeptical of Airbus' hopes.While onstage at the Dubai Airshow, Hileman posited a host of questions about hydrogen-powered aircraft: "Can you safely operate the aircraft? What does the infrastructure look like? By the way, there better be a value proposition at the end."<div type="image" title="A scaled model of an Airbus Blended-Wing Body (BWB) zero emission concept aircraft, on display at the Farnborough Airshow, on 22nd July 2022, at Farnborough, England." height="3543" width="5315" msid="105762693" hostid="261" sizebytes="534058"></div>It sounds like a lot of hurdles to overcome. But Kitcher told BI that Airbus sees it as a "lot of opportunities to develop technology."She acknowledged that "we're not going to fly transatlantic on hydrogen anytime soon." But said the project will show "technological readiness" that can scale in the future.Boeing's sustainable-aircraft innovations include <a target="_blank" href="https://www.businessinsider.com/boeing-backed-wisk-aero-be-first-to-market-with-its-air-taxi-see-inside-2022-10">Wisk Aero</a>, an eVTOL, or electric vertical-takeoff-and-landing, company; and the <a target="_blank" href="https://www.nasa.gov/news-release/next-generation-experimental-aircraft-becomes-nasas-newest-x-plane/">X-66A</a>, a plane it's working on in collaboration with NASA that's only expected to reduce fuel consumption by up to 30%.<h2>Newer airplanes are more fuel-efficient</h2>Kitcher told BI that as well as working on new technologies and transitioning to new energy sources, fleet renewal can have a big impact on climate goals.When a plane reaches the end of its lifespan, the airline replaces it with a newer, more fuel-efficient model — typically from Boeing or Airbus.<div type="image" title="An Airbus A321XLR plane takes off for its first flight from the Airbus plant in Hamburg, northern Germany, on June 15, 2022" height="2774" width="4675" msid="105762694" hostid="261" sizebytes="279834"></div>The <a target="_blank" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">Airbus A321XLR</a> — set to enter service in 2024 — is a narrow-body jet capable of flying up to 11 hours nonstop, opening up new routes that would be uneconomical if carriers used wide-body jets.According to Kitcher, replacing a Boeing 737 with an Airbus A321XLR would reduce CO2 emissions by 25%."So it's a pretty impressive lever, particularly when you consider that today only 25% of the world's fleet is flying on latest-generation technology," she told BI.Boeing says that its newer <a target="_blank" href="https://www.boeing.com/commercial/737max/">737 MAX</a> models can reduce CO2 emissions by 20% compared to predecessors.There are several different routes and myriad technologies companies are using to achieve net-zero emissions by 2050. Which bets are the most impactful may not be obvious for another few years.

The aviation industry wants to reach net zero by 2050, but major players disagree on how to get there

<ul><li><keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> is planning the establishment of a fully-integrated, automated, gigawatt-scale electrolyser manufacturing facility to facilitate extensive green hydrogen production. </li><li>The primary focus is directed towards establishing an all-encompassing solar PV manufacturing ecosystem which will effectively convert sand into solar PV modules. </li><li>The company is making substantial headway in the utilisation of its committed capital to establish a new energy manufacturing ecosystem. </li></ul>Reliance has been betting big on its new energy business. The company, a week back in its annual report, doubled its investment plan from ₹75,000 crore in 2020 to further scale up the manufacturing ecosystem. In the 46th AGM of <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited (RIL) on Monday, <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, chairman of RIL, reiterated that the conglomerate's energy business will be net carbon zero by 2035 and spelt out some key plans regarding solar and green hydrogen initiatives. In the last AGM, Ambani had said that the focus was on finalising two essential elements crucial to delivering competitively priced green hydrogen and its derivatives: the cost of generating renewable power, and the installed expenses of electrolysers for giga-scale deployment. “Our solar and wind energy storage integrated manufacturing ecosystem will deliver the most cost-efficient renewable power. I can also confidently say now that we have a roadmap towards achieving our targeted cost of electrolysers, and in turn, green hydrogen,” said Ambani. <cmsannotation type="cmsannotation" annotationid="Gigawatt scale electrolyser manufacturing facility to facilitate green hydrogen production" comment="subhead" text="Gigawatt scale electrolyser manufacturing facility to facilitate green hydrogen production">Gigawatt scale electrolyser manufacturing facility to facilitate green hydrogen production</cmsannotation> Ambani said that the company is planning the establishment of a fully-integrated, automated, gigawatt-scale electrolyzer manufacturing facility. This strategic move will facilitate extensive green hydrogen production at Jamnagar, allowing for a gradual shift in their captive needs. He also said that the company is making substantial headway in the utilisation of its committed capital to establish a new energy manufacturing ecosystem. This strategic move will facilitate the acceleration of large-scale production for continuous power supply and the substantial manufacturing of green hydrogen to support eco-friendly chemical production as well as environmentally conscious mobility solutions. <cmsannotation type="cmsannotation" annotationid="Setting up world’s largest and technologically advanced solar giga factory" comment="subhead" text="Setting up world’s largest and technologically advanced solar giga factory">Setting up world’s largest and technologically advanced solar giga factory</cmsannotation> Ambani further said that the company maintains its commitment to the rapid implementation of the Dhirubhai Ambani <keyword id="60895" type="General" weightage="20" keywordseo="green-energy" source="Orion">Green Energy</keyword> Giga Manufacturing Complex in Jamnagar. The primary focus is directed towards establishing an all-encompassing Solar PV manufacturing ecosystem as the foremost objective which will give rise to one of the world's largest, technologically advanced, versatile, and economically competitive solar giga factories, effectively converting sand into solar PV modules. The solar giga factory will encompass the manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass, all consolidated at a single Jamnagar location. The target is to progressively operationalise the factory in phases, with the final phase anticipated to conclude by the end of 2025. The incorporation of cutting-edge Heterojunction technology is slated for the manufacturing process, resulting in the creation of highly efficient solar PV cells and modules. Ambani further said that the vital integration of energy storage with both wind and solar power generation will play a crucial role in ensuring continuous, grid-connected electricity supply around the clock.

Reliance's energy business will be net carbon zero by 2035: Ambani

India Infrastructure Finance Company Ltd (IIFCL) on Wednesday reported a 44 per cent jump in standalone <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,552 crore for the fiscal ended March 2024 aided by an increase in <keyword id="20107418" type="General" weightage="20" keywordseo="lending" source="keywords">lending</keyword> and moderation in <keyword id="19936329" type="General" weightage="20" keywordseo="bad-loans" source="keywords">bad loans</keyword>. The state-owned infrastructure finance company had earned a net profit of Rs 1,076 crore in the previous fiscal. The company recorded the <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> profit, recovery, sanction and disbursement furthering turnaround performance that began three years ago, IIFCL managing director PR Jaishankar said while announcing annual financial numbers. He said, for the first time, the profit before tax has crossed Rs 2,000 crore. During the year, profit before tax has increased to Rs 2,029 crore as against Rs 1,076 crore in the previous year. The company continued to add value as its net worth increased 11 per cent to Rs 14,266 crore in 2023-24 from Rs 12,878 crore in the preceding fiscal. During the year, he said, the company posted record performance with the highest-ever sanctions and disbursements at Rs 42,309 crore and Rs 22,356 crore, respectively. The cumulative sanctions and disbursements stood at Rs 2.5 lakh crore and Rs 1.28 lakh crore, respectively, as of March 31, 2024. Going forward, he said, the company has significant scope to further improve loan growth and expects to grow at 16-18 per cent. To fund business growth, he said the company plans to raise over Rs 30,000 crore during the current financial year. With regard to asset quality, IIFCL has brought down gross Non-Performing Assets (NPAs) to 1.61 per cent from 4.76 per cent a year ago. The net NPA of the company too declined to 0.46 per cent from 1.41 per cent in the year-ago period. During the current year, he said, the net NPA would be either zero or nearly zero. The Provision Coverage Ratio (PCR) in the last fiscal increased to 71.51 per cent from 70.48 per cent, Jaishankar said. IIFCL has funded close to 760 infra projects worth Rs 14 lakh crore till March 2024. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a><a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank">Qualcomm Snapdragon 8s Gen 3 chipset to debut in India with the Poco F6</a>

IIFCL profit rises 44% to highest-ever of ₹1,552 crore in FY24

<ul class="summary-list"><li>Worldcoin scans irises to create a secure, encrypted network for identity verification.</li><li>About six million people use Worldcoin, with companies such as Reddit and Discord integrating it.</li></ul>In <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">Sam Altman's vision of the future</a>, everyone has a safety net in the form of universal basic income.And until he recently mentioned <a target="_blank" class="" href="https://www.businessinsider.com/openai-sam-altman-universal-basic-income-idea-compute-gpt-7-2024-5">"universal basic compute,"</a> his master plan was to use an identity verification startup called Worldcoin to distribute funds to people worldwide.The premise is simple, albeit a bit futuristic. Worldcoin is building a directory of every human by scanning their irises with a baseball-sized orb. From that scan, it creates a unique code users can use to log into other platforms. Eventually, it might also be how humans collect <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-ubi">universal basic income</a>.More than six million people worldwide use the technology. Companies including Reddit, Discord, and Okta are already working with Worldcoin to help users log into their platforms safely. However, it has also caught the attention of authorities in countries like Germany, France, and Kenya, who worry about how the company uses the data it collects.Worldcoin believes its technology — a private, encrypted network that preserves human identity — is critical, especially as the rapid developments in AI technology have made it harder to distinguish between humans and bots.As part of that mission, the platform announced new "Face Auth" technology on Thursday. It's a 1:1 face comparison that ensures only the person who verified their World ID can use it. The technology is similar to Apple's Face ID but mobile platform-agnostic, given that many Worldcoin users have Android devices.It's being overseen by Damien Kieran, chief privacy officer at Tools for Humanity, the company charged with building the technology behind Worldcoin.The tech industry veteran was previously general counsel at the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-bereal-app-how-does-it-work-2022-4">once-buzzy photo startup BeReal,</a> and former deputy general counsel at Twitter, where he reported directly to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.Kieran told Business Insider about how the company handles user data and how it'll play a role in the future.<h3 id="518c4ab4-e6f3-4c0e-a887-7a62e95aee41">Why are irises a good way to identify humans?</h3>They are very stable over time, and based on modern technology, they're "spoof-proof." So I can take a photo of your face, and, through complicated AI, I could fool Face ID, for example. An iris is more spoof-proof.Note: A spokesperson for Tools for Humanity also directed BI to a <a target="_blank" class="" href="https://worldcoin.org/blog/worldcoin/about-entropy-why-irises-beat-fingerprints-faces-proving-personhood">blog post</a> on irises. It notes that irises have a higher entropy — a degree of randomness or complexity — than fingerprints or faces. Since irises are protected by the eye, they're also less susceptible to change.<h3 id="ab97ba30-4108-4672-a7c0-4dd70a5f3bea">How does Worldcoin translate the complexity of an iris into a unique digital code?</h3>We take a photo of your face and we take a photo of your eyes with the orb.The orb does some checks, dependent on those checks, to check if you're a human and if you're alive, it then looks at the eye photo. What it does on the eye photo is create an iris code. It's not like some dystopian scanning thing — it's a very advanced camera.This is where it gets into the technical parts. An iris code is not something that we scientifically came up with, but it's basically a binary of ones and zeros: 1, 1, 0, 0, 0, 1, 1, 0, 0. So it's an abstraction, a numerical abstraction of the surface of your eye, and everybody's eye is different.The goal is one World ID per person. So we basically take the ones and zeros that represent someone's eye and check the backend. If this is not the first time that we're seeing them, we say, "No," you cannot continue because you already have an account.If it is the first time, the orb takes the iris code and cryptographically processes the iris code. We take the ones and zeros and run them through cryptography that tears them apart into two separate codes that do not look anything like the ones and zeros. So it could literally be 5, 6, 7, 8, and the other one could be 1, 2, 3, 4. Individually, neither of those new codes looks anything like the iris code, nor can they be brought back to the iris code on their own.<h3 id="9ca89e8b-66b7-433b-a275-0f9b370f9a65">Where are these codes stored?</h3>We take those two pieces of code, and we store them in two different data stores. They're owned by two legally distinct companies, and we're adding a third in the coming months. Our hope is in the coming months to add many more. So we will break the iris codes into 20, 30, 40, 50 pieces — as many as we can do.Our goal is that Tools for Humanity would not operate any of those databases. <h3 id="8212433a-2991-4ca0-bec8-39a064da68d7">What does this mean for users?</h3>What we do on the orb is we wrap up the photos, a copy of the iris code, and a secure key — a private key, it's all encrypted — and we pass it back to the user's device, and it remains on their device.This is basically to do a couple of different things. One, they should have a copy of their data. It's their data; it's not ours, and we don't want it. Two, the private key is how they actually communicate with the systems and other systems and services. That private key is their unique code for everything.<h3 id="9f840671-9d4f-4d26-b225-d5556f736f7f">Is there a way to access someone else's code?</h3>To get an iris code, you have to recombine all of those pieces. You have to know how to recombine them, and then the important part is you would have to have a photo of the original irises to be able to identify the code to the person.But we never get the photos. We never get a photo of your face. We never get a photo of your eyes. We give them to the user. The one person that can access that information is the owner of the world ID — the user. If the user were to delete their own key on their phone, which you can backup to the Google Cloud or <a target="_blank" class="" href="https://www.businessinsider.com/icloud-apple">Apple iCloud</a>, I couldn't even access the pieces of the code in the databases. So at that point, it's completely anonymized.<h3 id="fc7f41d9-167f-44b0-be93-f40cea11fb9e">How can I use my code right now?</h3>I will use Twitter as an example because it's near and dear to my heart. When you log into Twitter, you could use your username or password, but you could also use your Google email. Twitter, or any other service, could also enable login with World ID.So, if I want to log into my Twitter account and I want to associate my World ID with my Twitter account, I would press the login button. Twitter would send a request to my device that I'm trying to log into my World ID.My device would take my private key, wrap it up with the request from Twitter; it would encrypt it, would then get a piece of information from a public source, a public blockchain, which is the public key. It would then take that information, and it would make another request to our databases, these broken-up pieces of information, and the request that it's making is, "Is this a unique human?" The answer is yes. It sends a "yes" back to my device, my device packages it up, and sends that to Twitter.<h3 id="80b3b4e7-19f0-472b-8ba1-2374280b52ad">What is the goal of this technology?</h3>Maybe the way to think about what we're doing is the protocol, which is the term that you'll see in the papers, it's basically like a standard. If you have an <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/iphone-16-upgrade">iPhone</a>, it's got a USB-C charger. A bunch of tech companies get together, and agree on the standard so it's interoperable. We want the protocol to be the standard. <h3 id="9cfd3a83-efd9-4cc7-a97e-1d59efbd5c61">Why is this so critical in an AI age?</h3>For World ID, privacy is the product. This extends to the entire project — from vision to principles and more. We are committed to enhancing people's privacy in the age of AI by leveraging cutting-edge cryptographic technology and developing new technology like Face Auth to further that mission. As AI continues to advance and open up incredible new opportunities and challenges, we hope to set a new standard for security, transparency, and giving people full control and choice over their data.<h3 id="1a5e96fb-38d9-4c55-a404-bf81b20853c1">How might this technology be used for distributing universal basic income?</h3>Our goal is to build the largest trusted network. When you have a very large trusted network for online digital transactions — and again, I have to stress when I think about digital transactions — it's not just money; it's all the things — you'll be able to do other things with that large network.One of those things could eventually be UBI. Right now, what that looks like, I think, is too premature to tell.Even Alex, our CEO, and <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a> have said different things over the years. It's evolving because we're learning more about what that might look like. I think building an infrastructure layer that would allow that to happen is at least one of the things that we believe is possible.

The company behind Sam Altman's iris-scanning ID startup just revealed new tech. Its privacy chief explains how it works.

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

Adani Transmission Ltd (<keyword id="447291" type="General" weightage="80" keywordseo="atl" source="Orion">ATL</keyword>), India's largest private power distribution company and the transmission arm of the diversified <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>, has submitted its Green House Gases (GHG) emission reduction plans, focussing on Science Based Targets initiative (SBTi), an international drive for containing global warming. ATL has submitted its detailed plan and targets for GHG emission reduction to SBTi within one year towards its commitment to contribute to contain global warming. As a part of its continued focus on sustainable growth and its net zero journey, ATL committed for the SBTi in October 2021. ATL will act in alignment with the much-needed climate action and devise a strategy to restrict global warming to 1.5 degree Celsius. To meet these targets associated with the SBTi commitment, ATL has rolled out definite strategies. In a first-of-its-kind initiative in the country, ATL's subsidiary AEML (Adani Electricity Mumbai Ltd) has introduced green tariffs, which enables AEML consumers to opt for green energy and receive a Green Power Certificate every month. This initiative is popular with consumers who wish to reduce their carbon footprint. "We take seriously all initiatives focused on contributing to India's climate commitment through resolute climate action," said <keyword id="175186" type="General" weightage="50" keywordseo="anil-sardana" source="Orion">Anil Sardana</keyword>, MD &amp; CEO, Adani Transmission Ltd. "Submitting targets for the SBTi reiterates our commitment to devising sustainable ways of doing business. It also reinforces India's efforts to reduce climate risk through individual and collective action. A culmination of several smaller actions such as energy efficiency initiatives at sub-stations, de-linking of substations from the grid for auxiliary power while connecting them with solar energy, and introduction of efficient transmission lines aimed at reducing losses, combined with wider actions such as introduction of green tariff at AEML, will significantly contribute towards achieving positive climate action." Signing up for the SBTi is an important step in the context of India's commitments to the Paris Climate Agreement. ATL became a signatory of UN Energy Compact at COP26 held in Glasgow in 2021. Through SBTi, companies are setting science-based emissions reduction targets - across their entire value chain - that are consistent with keeping global warming at 1.5 degree Celsius above pre-industrial levels. SBTi committed companies get 24 months to submit their targets. ATL, after committing to SBTi in Oct 2021, is one of the few companies to submit the emission reduction targets within one year. SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (<keyword id="1044129" type="General" weightage="50" keywordseo="wri" source="Orion">WRI</keyword>) and the <keyword id="62483" type="General" weightage="50" keywordseo="world-wide-fund-for-nature" source="Orion">World Wide Fund for Nature</keyword> (<keyword id="18630" type="General" weightage="50" keywordseo="wwf" source="Orion">WWF</keyword>). It defines and promotes best practices in science-based target setting and independently assesses companies' targets. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rec-gets-maharatna-company-status/articleshow/94368132.cms">REC gets 'Maharatna' company status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-slumps-51-paise-to-all-time-low-of-80-47-against-us-dollar/articleshow/94367387.cms">Rupee slumps 51 paise to all-time low of 80.47 against US dollar</a>

Adani Transmission to become net-zero by 2050

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="Engineer walking on a wind farm at sunset" height="3733" width="5600" msid="90236826" hostid="261"></div><ul class="summary-list"><li>ESG is not just a moral obligation, but a financial commitment to hold companies accountable for sustainable progress.</li><li>Sustainable finance executives will discuss "Planet," the second of the four pillars of ESG reporting defined by the World Economic Forum.</li><li>On April 12, 2022, Insider is hosting "<keyword id="13301621" type="UNKNOWN" weightage="100" keywordseo="financing-a-sustainable-future" source="Orion">Financing a Sustainable Future</keyword>: Accelerate the Net-Zero Transition," a free virtual event at noon ET, featuring speakers from Bank of America, Walmart, Cognizant, and more.</li></ul>As part of the "Financing a Sustainable Future" series, Insider's virtual event "Financing a Sustainable Future: Accelerate the Net-Zero Transition," in partnership with Bank of America, takes place Tuesday, April 12, 2022, at noon ET, and includes live conversations with Insider editors, sustainable finance experts, business leaders, and ESG professionals. Panelists will discuss toolbox items such as <keyword id="13391959" type="UNKNOWN" weightage="60" keywordseo="green-bonds" source="Orion">green bonds</keyword>, <keyword id="11896309" type="UNKNOWN" weightage="60" keywordseo="sustainability" source="Orion">sustainability</keyword> bonds, public-private collaborations, metrics that track companies' dependencies and impacts on the natural environment. At a time when sustainable investments have been growing at a rapid pace, this virtual conversation will dive into the financial obligations behind the transition to a net-zero world. The event will take a closer look at the second of the four pillars of ESG reporting, as defined by the World Economy Forum: Planet. <h2>Speakers include:</h2><ul><li>Karen Fang, Managing Director, Global Head of Sustainable Finance, Bank of America</li><li>Kathleen McLaughlin, Executive Vice President and Chief Sustainability Officer, Walmart</li><li>Sophia Mendelsohn, Chief Sustainability Officer and Global Head of ESG, Cognizant</li><li>Moderator: Aaron Weinman, Finance Correspondent, Insider</li></ul><h2>A look at the series events:</h2><ul><li>Financing a Sustainable Future: Investing in People Transforms Economies on March 8, 2022</li><li>Financing a Sustainable Future: Creating Broad-based Economic Prosperity on May 10, 2022 </li><li>Financing a Sustainable Future: Advancing Effective Corporate Governance on June 14, 2022 </li></ul>We hope to see you there!

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