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Indian-Origin CEO Brahmbhatt Accused in BlackRock Fraud

Indian-origin businessman Bankim Brahmbhatt, founder of the Bankai Group, faces allegations of orchestrating a $500 million loan fraud that has rocked the global private-credit market.

The US court filings claim his firms, Bridgevoice Inc. and Broadband Telecom Inc., obtained loans from investors like BlackRock and BNP Paribas using fabricated invoices and fake client emails.

This alleged scam, which ran for four years, collapsed in mid-2025 after auditors detected irregularities. Brahmbhatt’s firms have filed for bankruptcy, his offices are shut, and his whereabouts remain unclear as investigators probe the widening financial scandal.

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Technology

Google, Reliance Announce Free AI Pro Access

Google and Reliance Jio have announced a major partnership to offer free access to Google’s premium AI Pro plan, worth ₹35,100, to millions of Jio users across India. The offer provides 18 months of complimentary access to Gemini 2.5 Pro, Google’s most advanced AI model, along with premium tools for image and video generation, Notebook LM, and 2 TB of cloud storage.

The rollout begins with Jio’s 18–25-year-old users on unlimited 5G plans, and will later expand to other customers. Eligible users can activate the offer directly through the MyJio app upon receiving a notification.

The partnership aims to accelerate digital empowerment and make artificial intelligence accessible to every Indian. Beyond consumer access, Reliance Intelligence Limited, which is Reliance’s AI arm, will work with Google to introduce Gemini Enterprise solutions and bring AI computing hardware like Tensor Processing Units (TPUs) to India.

Industry leaders see the collaboration as a pivotal move that could redefine India’s AI landscape by combining Google’s innovation with Jio’s massive reach, enabling millions to experience the next generation of intelligent tools without any cost.

Also Read: US signs 10-year defence pact with India

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Technology

Instagram Launches AI-Powered “Restyle” for Effortless Story Editing

Instagram has unveiled a new AI-powered editing tool called Restyle, designed to let users modify photos and videos in their Stories using simple text prompts. Powered by Meta’s artificial intelligence, the feature allows creators to make everything from subtle enhancements to dramatic visual transformations quickly and intuitively.

With Restyle, photo editing becomes as simple as describing the desired change. Users can select a photo for their Story, tap the paintbrush-like Restyle icon, and type prompts such as “remove the trash bin,” “make the sky a golden sunset,” or “turn this cityscape into a dreamy forest.” The AI interprets the instructions and automatically edits the image, eliminating the need for complex manual adjustments.

For videos, the feature works differently. Rather than freeform editing, users select from a set of presets that modify the overall tone, lighting, and style of the clip. This approach allows creators to quickly give their videos a cinematic or stylistic effect without requiring advanced editing skills.

Meta has also shared guidance on crafting effective prompts. Users are advised to include details about the subject, lighting, and mood, composition, and background to achieve more accurate results. The clearer the prompt, the closer the AI’s output matches the intended look.

Experts say Restyle represents a significant step in making AI-driven creativity accessible to everyday users. By lowering technical barriers, the tool encourages experimentation and helps creators produce visually engaging content faster. It also opens up new opportunities for storytelling, allowing users to match visuals to the mood and message they want to convey.

However, the output’s accuracy depends on how well prompts are written, and while photo editing allows for object-level modifications, video presets focus on overall style rather than detailed changes. Meta advises using the tool to enhance creativity rather than replace a creator’s original vision.

Instagram’s Restyle feature is gradually rolling out worldwide, marking a new era of AI-assisted content creation. By integrating intuitive AI tools into everyday social media, Instagram aims to redefine how users share and express their stories online.

Also Read: RIL Faces Margin Pressure Amid Fresh Russian Oil Sanctions

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Technology

Apple Slashes iPhone Air Output As Sales Stall

Apple is sharply scaling back production of its iPhone Air, following sluggish global demand for the ultra-thin smartphone. Industry reports suggest output will fall to less than 10% of initial targets, levels typically associated with discontinued models.

Launched in September 2025 as Apple’s slimmest iPhone at 5.6mm, the iPhone Air featured a 48MP rear camera, 6.5-inch OLED display, and 3149mAh battery.

However, analysts say its single-lens camera, shorter battery life, and premium pricing failed to resonate with buyers outside China. Surveys report “virtually no demand” for the model, with consumers showing minimal interest in foldable or thin-design phones.

By contrast, Apple’s iPhone 17 range, especially the base and Pro versions, continues to enjoy strong global sales. The company is now redirecting production resources toward these variants, maintaining overall iPhone 17 output at an estimated 85–95 million units in 2025.

Analysts view the iPhone Air’s underperformance as evidence that Apple’s standard and Pro models already meet high-end user expectations, leaving little appetite for a thinner handset that sacrifices features. The production cut underscores Apple’s pragmatic response to shifting market trends.

Also Read: Blackstone Backs Federal Bank With Nearly ₹6,200 Crore Investment

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Corporate

Blackstone Backs Federal Bank With Nearly ₹6,200 Crore Investment

Federal Bank has announced a significant capital-raising decision, with global private equity firm Blackstone committing an investment of ₹6,196.51 crore that could give it close to a 10% stake in the bank. The board has approved issuing 272.97 million convertible warrants at ₹227 per share, forming part of a broader fundraising plan to strengthen the bank’s balance sheet and support future growth.

Blackstone will pay 25% of the warrant value upfront, with the remainder due at the time of conversion. The warrants can be exercised within 18 months in one or more tranches. Any unconverted warrants after this period will lapse, and the upfront payment will be forfeited.

As part of the agreement, Federal Bank will also offer Blackstone the right to nominate one non-executive director to the board, provided the investor holds at least 5% of the bank’s post-conversion equity.

The bank is also exploring additional capital-raising avenues, including a rights issue, preferential allotment and a qualified institutional placement, to enhance its financial flexibility.

An Extraordinary General Meeting is scheduled for 19 November to seek shareholder approval for the proposals. Shares of Federal Bank rose modestly in early trade following the announcement, reflecting positive investor sentiment around the infusion.

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Corporate

Tech Trouble Halts Alaska Airlines Operations Across US

Alaska Airlines, one of the largest US carriers based in Seattle, grounded all its flights nationwide on Thursday due to a major IT outage.

The disruption also affected its regional subsidiary, Horizon Air. Together with Hawaiian Airlines, the group serves 140 destinations worldwide, spanning 37 US states and 12 countries.

The Federal Aviation Administration (FAA) issued a temporary ground stop, leaving thousands of passengers stranded.

The outage, traced to a failure at Alaska Airlines’ main data center, affected booking systems, mobile apps, and other essential operational services. Over 140 departures were delayed at major hubs, including Seattle-Tacoma International Airport.

“This was an unexpected disruption, and we sincerely apologize to our passengers,” Alaska Airlines said on social media, urging travelers to check flight status before heading to airports. Hawaiian Airlines reported no impact and continued normal operations.

This is the second IT-related outage for Alaska Airlines this year because a similar incident in July grounded all flights for three hours. Flexible travel policies are now in effect as the airline works to restore full service.

Also Read: Starlink Begins Security Trials in India Ahead of Commercial Launch

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Technology

OpenAI Introduces ChatGPT Atlas for Intelligent Browsing

OpenAI has entered the web browsing arena with ChatGPT Atlas, an AI-powered browser designed to make online navigation smarter, faster, and more intuitive.

Initially available for macOS, the browser will soon reach Windows, iOS, and Android, bringing ChatGPT’s intelligence directly into your everyday internet experience.

Unlike conventional browsers, Atlas integrates ChatGPT at every step. Users can summarize articles, draft emails, compare products, or extract key insights without toggling between tabs or apps.

Its standout Agent Mode takes things further, letting the AI handle tasks on your behalf, starting from research and form-filling to online purchases, thus saving time and effort.

Atlas also remembers your preferences through a memory feature, offering personalized suggestions while letting you control what it stores, archives, or deletes.

Privacy remains a priority, with browsing data not used for AI training by default and options like incognito mode for secure sessions.

Onboarding is smooth, allowing users to import bookmarks, passwords, and browsing history for a seamless transition. The interface is designed to feel natural, making AI interactions feel like a helpful companion rather than just a tool.

With ChatGPT Atlas, OpenAI is redefining the web browser, not just a gateway to websites, but a smart, personalized assistant that could reshape how we explore the internet and even rival tech giants like Google.

Also Read: Apple Nears $4 Trillion Valuation Upon iPhone 17 Success

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Corporate

Apple Nears $4 Trillion Valuation Upon iPhone 17 Success

Apple Inc. (AAPL) hit an all-time high on Tuesday, bringing its market capitalization close to $3.9 trillion. The rally follows strong early sales of the iPhone 17 series, which have significantly outpaced expectations in major markets, including the U.S. and China.

Data from Counterpoint Research shows the iPhone 17 outsold its predecessor by 14% during the first ten days of launch. In China, sales of the base model nearly doubled compared with the iPhone 16’s launch period, highlighting robust consumer demand for the new lineup. Analysts attribute the surge to innovative features, strategic marketing, and growth in the global smartphone market.

The stock rally has also propelled Apple past Microsoft, reclaiming its position as the world’s second-most-valuable company, behind only Nvidia. Investors have reacted positively, viewing the iPhone 17’s success as a sign of Apple’s enduring brand strength and market leadership.

Evercore ISI recently added Apple to its Tactical Outperform List, citing continued strong demand and optimistic earnings forecasts. Apple is scheduled to announce its quarterly results on October 30, a report expected to further influence the stock’s trajectory.

The iPhone 17 series, featuring upgraded camera systems, longer battery life, and advanced software tools, has resonated with consumers seeking premium smartphones. Analysts predict that continued demand for the iPhone 17, coupled with Apple’s broader product ecosystem, could sustain the company’s upward momentum in the coming quarters.

On Wednesday, Apple shares traded at $262.77, hitting intraday highs of $265.16 and lows of $260.77. The company’s price-to-earnings ratio stands at 30.28, with earnings per share (EPS) of 6.59, reflecting sustained investor confidence.

With strong sales and resilient stock performance, Apple reinforces its position as a global technology leader, demonstrating its ability to innovate, capture market share, and maintain investor trust in a competitive market.

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Beyond

Calcutta Stock Exchange Bids Farewell After 117 Years

For generations of traders, investors, and the city of Kolkata itself, the Calcutta Stock Exchange (CSE) has been more than just a marketplace—it has been a symbol of ambition, innovation, and the city’s financial heartbeat. This year, however, that chapter comes to a close. The CSE is celebrating its final Diwali and Kali Puja, marking the end of 117 years of trading.

Established in 1908, the CSE once rivaled the Bombay Stock Exchange, bustling with the energy of brokers shouting bids, deals being made over wooden desks, and Kolkata at the center of India’s financial narrative. Over time, however, the exchange faced challenges. Regulatory changes, modern trading platforms, and the rise of larger exchanges gradually slowed its activity.

Trading at the CSE was suspended in April 2013 by SEBI, and despite attempts to revive it, operations never fully resumed. In 2024, the board decided to voluntarily exit the stock exchange business, a decision approved by shareholders in April 2025. Today, while the CSE itself will close, its subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue broking activities on the NSE and BSE, ensuring that the legacy lives on in a different form.

The historic three-acre property of the exchange on EM Bypass is set to be sold to the Srijan Group for ₹253 crore, adding a tangible end to this long chapter of Kolkata’s financial history.

For those who walked its floors, the CSE was more than numbers as it was a community, a place of dreams, deals, and relationships that spanned generations. Its last Diwali is not just a financial milestone but a moment of nostalgia for a city that once watched fortunes rise and fall in its halls.

As Kolkata celebrated the festival of lights, the quieting of the CSE serves as a reminder that even institutions that shape history are not immune to the passage of time. Yet, in every trader’s memory and every story from its past, the Calcutta Stock Exchange will continue to shine.

Also Read: BSNL Offers Data And Calls for Re 1 This Diwali

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Technology

BSNL Offers Data And Calls for Re 1 This Diwali

BSNL wishes a special Diwali 2025 with a festive bonanza for new users. From October 15 to November 15, 2025, customers can activate a BSNL 4G connection for just Re 1 and enjoy unlimited voice calls along with 2GB of high-speed daily data for a month. The offer also includes a free SIM card upon completing KYC formalities.

The one-month validity plan gives users a chance to explore BSNL’s upgraded 4G network without committing to long-term prepaid or postpaid plans. Post the initial month, subscribers can switch to regular BSNL plans as per their needs.

To activate the offer, users can visit any BSNL Customer Service Centre or authorized retailer, complete the KYC process, and request the Diwali Bonanza SIM. Services are activated immediately upon completion. The offer is strictly valid during the festive period and must be activated before November 15. Customers can also seek assistance through BSNL’s helpline at 1800-180-1503 or its official website, bsnl.co.in.

This festive push comes as BSNL reports strong growth, adding 1.3 million new subscribers in August 2025. The operator posted consecutive quarterly net profits of ₹262 crore in Q2 FY25 and ₹280 crore in Q3 FY25. Communications Minister Jyotiraditya Scindia noted improvements in the state-run provider’s performance while emphasizing the ongoing need for enhanced customer satisfaction and eventual 5G rollout.

The Diwali Bonanza reflects BSNL’s effort to expand its 4G user base and attract new customers while showcasing its strengthened network during the festive season.

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