NEWS

Apple Layoffs: 600+ Job Cuts After Car and Smartwatch Project Cancellations

According to documents submitted to the California Employment Development Department, Apple is terminating 614 employees in California.

The company began winding down both programs, the Car and Smartwatch Projects, in February due to their perceived complexity and challenges.

The company has been working on their automobile idea since 2014.

According to reports, 371 employees were laid off from Apple's major car-related workplace in Santa Clara, California, with numerous others at other satellite locations also affected by the layoffs.

Apple is now moving its focus to initiatives utilizing generative AI.

Apple created its own artificial intelligence (AI) section after acquiring DarwinAI, an AI firm, and hiring several of its own staff members to work on this.

NEWS

FY 2024-25: Key Changes Effective from April 1st You Must Know

April 1st marks the beginning of the next fiscal year (FY 2024–25). Whatever the Ministry of Finance announces will take effect on April 1st. The following list includes the top modifications made by the Indian government.

New EPFO rule

Previously, individuals had to manually request the transfer of their PF account when changing jobs. But now, in the current financial year (FY 2024-25), switching jobs is easier for your finances. The Employees' Provident Fund Organisation (EPFO) has introduced an automatic transfer system for your provident fund balance, making the process smoother.

Improved security measures for NPS

The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a new security layer for NPS. Starting April 1, 2024, all password-based users of the CRA system will be required to adopt two-factor Aadhaar authentication.

New Tax Regime

The New Tax Regime will become the default tax regime on April 1. Your taxes will be computed automatically in accordance with the new regulations unless you specifically want to use the old tax system.

New FasTag Rules

Updating your FASTag KYC becomes required as of April 1. To prevent payment problems, make sure your FASTag KYC is finished by March 31st. If not, there will be double costs for cash transactions.

No reward points in SBI credit card

Starting April 1, 2024, SBI Card will stop earning reward points on rent payment transactions for certain credit cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.

INDIA

China Is Suffering!

NEW DELHI: Indian Government is going to cut subsidies on food and fertiliser to 3.7 trillion rupees ($44.6 billion) in the financial year from April, down 26% from this year, two government officials said, to control financial shortage that ballooned during the Covid-19 pandemic.

The housing industry constitutes 25% of Chinese GDP.

Evergrande Group, China's second-largest housing firm, has failed to meet its offshore debt obligations, triggering a housing crisis.

The failure led to developers abandoning half-finished buildings, founders selling their stakes, and homebuyers defaulting on mortgage payments.

Housing loan defaults pose a significant risk of causing a banking crisis, as banks have lent $7.5 trillion, accounting for one-quarter of all bank loans, to the housing sector.

The housing market collapse is worsening ahead of the Chinese Communist Party's 20th congress, where President Xi Jinping is expected to secure a third term as party leader.

Property represents over two-thirds of urban household wealth, and the housing industry contributes to one-fifth of GDP.

The housing market collapse is having a negative impact on the overall economy and has resulted in minor outbreaks of social unrest.