1.India’s service sector growth rises to a five-month high in August

India’s services sector growth surged to a five-month high in August due to a quicker upturn in activities and higher business growth, according to a business survey released on Wednesday.

Meanwhile, payroll numbers rose solidly as companies remained upbeat about the economic outlook amid a slowdown in output charge inflation, which was helped by cost pressures retreating to their lowest in four years, the survey noted.

The HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 60.9 in August, up from 60.3 in July, and from 60.5 in June. The index had reached a high of 61.8 in January.

2.Automobile major Toyota's net profit increases more than 3 times in FY24

Toyota Kirloskar Motor's (TKM) consolidated net profit surged to Rs 4,787 crore in 2023-24 (FY24), more than tripling year-on-year (Y-o-Y), driven by strong demand for its cars, especially hybrid vehicles and cross-badged cars from the Toyota-Suzuki alliance.

As TKM's volume sales jumped by 48 per cent Y-o-Y to 263,512 units in FY24, its sales revenue jumped by 65.6 per cent Y-o-Y to Rs 55,866 crore in the same period.

TKM sells four rebadged products from Maruti Suzuki India (MSIL)—Glanza from Baleno, Urban Cruiser Taisor from Fronx, Rumion from Ertiga, and Urban Cruiser Hyryder from Grand Vitara—and they comprise almost half of its total sales in the country, sources informed. The first cross-badged model from TKM to MSIL was introduced by the latter as Invicto (from Innova) in FY24.

3.Reliance wins bid for 10 GWh of battery manufacturing capacity under PLI scheme

Reliance Industries Ltd will receive ₹3,620 crore worth of benefits to set up 10 GWh (gigawatt-hours) of battery manufacturing capacity under the Union government's production-linked incentive scheme for advanced chemistry cells.

Reliance emerged as the winner from among seven bidders for the tender that was put out in January, the ministry of heavy industries said in a press release on Wednesday. Six companies had been shortlisted for financial evaluation of their bids.

Reliance’s 10 GWh of battery manufacturing capacity will add to the 5 GWh battery capacity that the energy giant won in 2022, when the government distributed 30 GWh of battery manufacturing capacity. Ola Electric Mobility was awarded 20 GWh capacity at that time and Reliance and Rajesh Exports received 5 GWh each.

4.Households set to rebuild financial assets as income rises: RBI's Patra

As incomes rise, Indians are altering their saving habits. Debabrata Patra, deputy governor of the RBI, told Business Standard that households are starting to rebuild their financial assets, with savings increasing from 10.6% (2011-2017) to 11.5% (2017-2023, excluding the pandemic).

Historically, household financial assets peaked at 15% of GDP in the early 2000s before the 2008 financial crisis. Now, domestic savings are crucial for financing the economy, though they have halved due to behavioural shifts, such as moving from savings to physical assets like housing.

5.Mobile phones don’t cause brain cancer

Cell phone use is not linked to brain cancer, a World Health Organization-commissioned global review found. Researchers reviewed 63 studies conducted between 1994 and 2022 and found no link between radiofrequency — used in phones, cell towers, and other wireless devices — and brain cancer. They also noted that while cell phone use has exploded in recent years, the rate of brain cancer has not followed the same trend. The analysis builds off older work with similar results; researchers said the new data should prompt the WHO to urgently reassess its classification of radiation from cell phones as “possibly carcinogenic,” despite having previously found no definitive evidence of a link. The WHO is due to reevaluate its classification in early 2025.

6.Londoners slower to return to office (compared other New York and Paris)

Fewer Londoners have returned to the office post-pandemic compared to workers in other global cities, partly due to high commuting costs. 

Full-time staff in the British capital spend an average of 2.7 days in the office each week (similar to Toronto and Sydney), but compared with 3.1 in New York and 3.5 in Paris, according to the Centre for Cities think tank. Many employees who live outside the city prefer to work from home to save on their daily commute.

More than a quarter of workers in London go into the office only once or twice a week, with just 62 per cent attending on at least three days — compared with 80 per cent of Parisians.

The think tank suggested that employers should subsidise travel, but that they could also impose tougher office mandates without employees quitting. However, economists are split on whether hybrid work has a big effect on productivity in either direction, the Financial Times reported.

7.‘Rush’ hour isn’t what it used to be. Working 10-to-4 is the new 9-to-5, commuting data shows

As more commuters settle into flexible working arrangements, fewer workers are making early morning or early evening trips compared to pre-pandemic traffic patterns

The traditional American 9-to-5 has shifted to 10-to-4, according to the 2023 Global Traffic Scorecard released in June by INRIX Inc., a traffic-data analysis firm.

Now, there is a “midday rush hour,” the INRIX report found, with almost as many trips to and from the office being made at noon as there are at 9 a.m. and 5 p.m. This is the new normal.

8.Ranked: Which Countries Gained the Most Wealth Since 2010?

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Ranked: Which Countries Gained the Most Wealth Since 2010?

In the graphic below, the Visual Capitalist ranked 34 countries by their percentage change in wealth from 2010 to 2023. Figures were sourced from the UBS Global Wealth Report 2024.

“Wealth” in this regard is defined as the value of financial assets (e.g. stocks) plus real assets (e.g. homes) owned by households within each country, minus their debts. This measurement is also known as “net worth”.

India is in the top 5 countries with wealth increase of 133%. Kazakhstan tops with 190% followed by China -185%, Qatar 157% and Israel 140%. Japan, Greece, Italy and Spain had a negative growth in wealth in the period.