Top headlines: Shaktikanta Das gets second term; JioPhone Next price out

Business Standard brings you the top stories from today

The government reappointed RBI Governor Shaktikanta Das for another three-year term, keeping the former civil servant at the helm to help guide the economy’s recovery from the ravages of Covid-19. More on that headline and other stories in our evening wrap.

Shaktikanta Das gets second term at RBI

The government re-appointed central bank governor Shaktikanta Das for three more years or until further orders, in a move welcomed on Friday by markets and economists. Under Das, the Reserve Bank of India (RBI) has cut key interest rates to record lows and infused massive rupee liquidity into the banking system to shore up an economy hit by the coronavirus pandemic. Read more

Facebook parent to be called Meta, firm betting big on virtual experiences

Facebook Chief Executive Officer Mark Zuckerberg said on October 28 that the parent firm of the Facebook family of apps and its new endeavours will now be known as Meta.

The company is betting big on the "metaverse," or a social, 3-D virtual space, where people can share immersive experiences with each other, Chief Product Officer Chris Cox said at a press briefing early Friday morning. Read more

 

Ministry of Railways withdraws decision on IRCTC convenience fee

The Ministry of Railways on Friday decided to withdraw the direction under which half the revenue accruing to Indian Railway Catering and Tourism Corporation (IRCTC), through the convenience fee on train tickets, would have gone to the railway ministry.

“The step was taken as the move would have created a big uncertainty for investors of PSU stocks. This, at a time when the centre’s strong steps had created confidence in PSU stocks in the market. Hence, the decision is being reversed,” a government official said. Read more

DRL plans to start paediatric trials of Sputnik Light vaccine soon
 

Soon India may have another option in paediatric Covid-19 vaccines in Sputnik Light as Dr Reddy’s Laboratories (DRL) is firming up clinical trial protocols to begin testing in children. What’s more, DRL is in discussions with the Indian regulator on using Sputnik as a booster shot to be taken six months after any vaccine regimen.
 

The Hyderabad-based company, which is the Indian partner of Russian Direct Investment Fund (RDIF), is working actively on ‘life-cycle management’ of the Sputnik V vaccine. Read more

JioPhone Next price revealed, installment plan starts at Rs 1,999

Reliance Industries said on Friday the smartphone created by its Jio telecom business and Alphabet's Google will be available in stores from the festive season of Diwali for an upfront cost of Rs 6,499.

'JioPhone Next' can be purchased for Rs 1,999 and rest of paid in installments, said the company on Twitter. Read more