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- Arvind's Newsletter-Weekend edition
1.Big 4 professional services firms (EY, Deloitte, PwC and KPMG) Get Bigger, Net $4 b in India Revenues, reports Economic Times
Traditionally, the Big 4 firms have primarily been associated with audit and tax services, while the MBB (McKinsey, BCG and Bain) were the undisputed leaders in strategy consulting. Over the past few years, however, the Big 4 have quickly transformed into high-demand advisory and technology services firms, with consulting and technology emerging as the most rapidly expanding revenue streams in the post-Covid era. As on date, more than half the revenue in the four firms comes from advisory services.
For these firms, auditing services now account for less than 15% of total revenue from a disproportionate majority only a decade and a half ago, with EY, Deloitte and PwC not actively trying to expand this service line due to associated risks. Another traditional service, taxation advisory, has been a steady money spinner for the firms. This service line doesn’t fluctuate as much as transactions or consulting businesses that mirror the economic cycle.
2.Israel told citizens to evacuate northern Gaza, home to 1.1 million Palestinians, within the next 24 hours “for their safety and protection.”
A later report in Financial Times mentioned that,”Frightened residents fled Gaza City after Israel told more than 1 mn people to leave the area in a move Palestinians denounced as a “forced displacement” and which the UN said would be “calamitous”.
The United Nations said the evacuation order would have “devastating humanitarian consequences,” but Israel said it wanted to minimize harm to civilians in its widely expected ground operation to root out Hamas.
The U.S., U.K., and France backed Israel but called for restraint: “Israel has the right to defend itself,” said French President Emmanuel Macron, “but preserving civilian populations is the duty of democracies.”
Reports from Asia illustrated the global cost: So far, 21 Thai nationals are known to have died in the violence. One wounded survivor who returned to Bangkok on Thursday told Nikkei that Hamas “kept firing into our car” as he tried to escape. Manila confirmed that 3 FIlipinos had died in the assault, including a nurse who stayed by her elderly patient’s side during the assault, while three Chinese nationals are confirmed dead and two remain missing.
3.Microsoft closes $75bn Activision deal after UK regulator’s approval
Microsoft completed its purchase of video game-maker Activision Blizzard for $69 billion on Friday, closing one of the most expensive tech acquisitions in history that could have repercussions across the video game industry.
The notice that the deal has gone through came seven hours after Microsoft got final approval from Britain’s competition watchdog, which reversed its earlier decision to block the merger, removing the last obstacle for the transaction.
Taking over the studios behind blockbuster games like Call of Duty, Diablo and Overwatch will be a boost for Microsoft’s Xbox gaming console, which ranks third in sales behind Sony’s PlayStation and Nintendo.
4.Woman's Experimental Bionic Hand Passes Major Test With Flying Colors
Scientists appear to have developed a hand prosthetic that provides much more control and comfort than those available today. In new research this week, they’ve detailed the case of a Swedish woman Karin who has successfully worn the advanced bionic limb for years with no major issues, while experiencing significantly less pain than before.
Karin’s prosthesis was created by the Italian company Presilia and is nicknamed Mia Hand. It’s outfitted with state-of-art technology, including AI. And to further improve its functionality, her surgeons performed osseointegration during the attachment procedure, a process that directly fuses bone to the implant, ideally creating a stronger mechanical connection. They also implanted electrodes in her arm muscles and nerves, as well as rewired some of her nerves in the remaining part of the arm. The result is a robotic limb that’s directly connected to Karin’s neuromusculoskeletal system.
Much like a real flesh-and-blood hand, it’s controlled by Karin’s nervous system and provides sensory feedback. Her new hand can purportedly perform around 80% of the typical daily tasks that a regular limb would be able to do. And it’s substantially reduced her phantom limb pain and the need for medication. The team’s findings on Mia Hand’s initial success are published in the journal Science Robotics.
5.Taiwanese chipmaker TSMC has plans to make more advanced semiconductors at a second plant in Japan.
The endeavor is reportedly a 2 trillion yen ($13.3 billion) investment that Japan is thinking of subsidising.
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