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Economy Current Affairs April 3rd Week 2021

Microsoft acquires Nuance, an AI speech technology company:

After LinkedIn, Microsoft has made its second-largest acquisition. Nuance, an AI speech technology firm, has been offered $19.7 billion by the tech giant. The move will aid Microsoft`s voice emphasis and provide it with a boost in the health-care industry. Nuance is known for its Dragon app, which uses deep learning to transcribe expression. Microsoft paid $26 billion for LinkedIn in 2016.
♦ The acquisition will bring together options and expertise to deliver new cloud and AI technologies to healthcare and other sectors, and will mark the next phase in Microsoft`s industry-specific cloud strategy.
♦ Nuance is a leader in the real-world software of employer AI, presenting the AI layer at the healthcare point of shipping.
♦ Nuance`s offerings include a few clinical speech awareness software as a service (SaaS) options built on Microsoft Azure. The company`s products integrate with existing healthcare systems and are currently used in 77 percent of U.S. hospitals.
♦ Microsoft`s CEO is Satya Nadella, and the company`s headquarters are in Redmond, Washington, United States. Mark D. Benjamin is the CEO of Nuance. The headquarters of Nuance are in Massachusetts, USA. In 1992, the United States was the epicentre of nuance.

NASA Awards Contract to Space X:

The National Aeronautics and Space Administration (NASA) of the United States has selected Elon Musk`s SpaceX to build the first commercial lander and send the next two US astronauts to the moon as part of its Artemis programme. This contract is worth $2.89 billion in total.
Under this contract:
♦ By 2024, SpaceX will develop the ‘SpaceX Starship,` a spacecraft that will land alongside two US astronauts, one of whom will be a woman, at the south pole of the country.
♦ NASA additionally goals to carry the first person of colour to the moon’s floor as step of the Artemis programme.
♦ The United States sent 12 astronauts to the moon between 1969 and 1972.

RBI to Cancel Licence of Sambandh Finserve:

Before cancelling the licence of Sambandh Finserve Pvt Ltd., which has been hit hard by fraud, the Reserve Bank of India (RBI) has given an advance notice. 
♦ The company`s net assets have dropped below regulatory minimums, and its financial condition has worsened in recent months. This item cannot be redeemed. Sambandh has been designated as a non-bank financial institution (NBFC-MFI).
♦ The Economic Crime Department in Chennai has arrested Deepak Kindo, Sambandh`s managing director and CEO, who is reportedly the key perpetrator of the scam. 
♦ The Reserve Bank of India requires the NBFC to maintain a minimum level of capital, including Tier 1 and Tier 2 capital, of not less than 15% of its total risk-weighted assets, according to Reserve Bank of India regulations.
♦ Sambandh Finserve Private Limited is a company based in Odisha that was established in 1992.

Economy Current Affairs April 3rd Week 2021

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