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Relativity Acquisition Corp Signs Letter of Intent for $500 Million Merger with Mazaii Corp Ltd.

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Relativity Acquisition Corp., a special purpose acquisition company (“Relativity”), announced that it has entered a letter of intent (“LOI”) for a proposed business combination that will result in Relativity acquiring 100% of the outstanding equity and equity equivalents of Mazaii Corp Ltd. (“Mazaii” or the “Company”). The Transaction values the Company at an initial enterprise value of U.S. $500 million. Mazaii Corp Ltd. Mazaii Corp Ltd. is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia. Tarek Tabsh, Chief Executive Officer and Chairman of Relativity Acquisition Corp., commented, “The iGaming industry is experiencing rapid growth, with increasing acceptance and legalization in various regions. Growing consumer demand, driven by the increasing penetration of smartphones and internet access, further fuels this expansion. The Mazaii international platform provides a significant opportunity for scalability and revenue growth. This transaction will enhance Mazaii’s competitive advantage and market positioning.” Eli Baazov, Mazaii’s Chief Executive Officer, stated, “We are thrilled to share the transformative journey of Mazaii in revolutionizing the online gambling arena. We have fortified our position, expanded our market reach, and enhanced our innovative service offerings. With our in-house intellectual property and continuous organic growth, we are confident in our ability to disrupt the gaming landscape and achieve highly favorable results for our shareholders beyond 2024. This is just the beginning of our journey, and we are excited to shape the gaming industry’s future.” The completion of the transaction is contingent upon several factors, including due diligence, negotiation of a definitive agreement, regulatory approvals, and approval by the board and stockholders of both companies. Additional details will be disclosed upon reaching a definitive agreement. The transaction is anticipated to be finalized in the second half of this year, subject to unforeseen circumstances. About Relativity Acquisition Corp. Relativity Acquisition Corp. is a blank check company sponsored by Relativity Acquisition Sponsor LLC, a Delaware limited liability company, formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. About Mazaii Corp Ltd. Mazaii Corp Ltd. is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia. Forward-Looking Statements This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations, financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release, are forward-looking statements. These statements are based on management’s beliefs and assumptions and information currently available to them. Actual results could differ materially from those contemplated by the forward-looking statements due to certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update these statements after the date of this release, except as required by law.

Relativity Acquisition Corp Signs Letter of Intent for $500 Million Merger with Mazaii Corp Ltd. Read More »

Hazaribag School Centre Faces Retest for CUET-UG Amid Paper Leak Allegations

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The Hazaribag school centre, under scrutiny for an alleged NEET-UG paper leak, is back in the news. Out of 1,000 CUET-UG aspirants for whom the National Testing Agency (NTA) is conducting a retest on July 19, 250 candidates are from Oasis Public School in Hazaribag. According to NTA sources, the retest is necessary due to the distribution of question papers in a language not chosen by the candidates and issues with “missing data” for some aspirants. The agency announced the retest schedule on Sunday but did not address the delay in the results, which are already over two weeks late. The final answer key has also not been released. The official notification on Sunday stated that grievances submitted by candidates up to June 30, and complaints sent to rescuetug@nta.ac.in between July 7-9 (before 05.00pm) have been reviewed. The re-examination will be conducted for the affected candidates on July 19 in computer-based test mode. The public notice did not specify the number of candidates or the nature of the grievances. However, sources indicate multiple issues, including “missing data” for some aspirants. According to NTA sources, the “1,000 candidates are spread across six states, and some grievances include time lost due to the distribution of the wrong question paper.” The distribution of incorrect question papers also occurred during the NEET-UG exam on May 5, leading NTA to grant grace marks for the lost time. However, following opposition and pleas in Supreme Court against the inflation of marks, NTA withdrew the results and announced a retest for 1,563 candidates, 813 of whom attended the exam on June 23. Sources also mentioned that NTA has not been able to retrieve data for some candidates. “Some data are missing, so these candidates will have to take the test again on July 19,” said the source, without revealing how the data was misplaced. This raises questions about how long NTA will take to release the results. Initially scheduled for June 30, the results were delayed due to the paper leak allegations involving NEET-UG and UGC-NET. On July 7, the agency released the provisional answer key for CUET-UG 2024, indicating a retest for candidates if grievances were validated. “Initially, it was decided to announce the results for the remaining candidates before the retest, and subsequently for the rest. However, a final decision is yet to be made,” said the source, indicating further uncertainty. Delhi University has already indicated that a three-week delay in results would delay the university’s academic calendar by two weeks. It now appears the delay will extend to nearly four weeks, further affecting the academic calendar for the first-year undergraduate students for the 262 participating universities.

Hazaribag School Centre Faces Retest for CUET-UG Amid Paper Leak Allegations Read More »

Rajasthan Education Dept Asks Students and Teachers to Plant Trees for Extra Marks

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The Education Department of Rajasthan has introduced a new initiative where students and teachers will be awarded five extra marks for planting trees. This scheme aims to help students who score low marks in exams and teachers who need performance improvement. The initiative will see every child in government schools across Rajasthan responsible for planting five trees on the school premises, with each tree tagged with the student’s name and details. The number of trees that survive until the end of the school session will determine the number of extra marks added to the student’s annual report card, with each tree worth one point. For teachers, if a tree they plant survives for a year, it will contribute to their total points for transfer considerations. This policy, called ‘Plant A Tree Get A Number,’ emphasizes the government’s focus on tree plantation. Additionally, the Panchayati Raj Department has mandated a statewide tree plantation drive on August 8, during which Rajasthan Chief Minister Bhajan Lal Sharma will inaugurate the Amrit Mahotsav of tree plantation. If more than 200 saplings are planted in a village, the government will provide a helper, and geotagging of saplings will be conducted. The BJP-led government in Rajasthan is committed to increasing the state’s green cover, planning to plant 7 crore trees in a massive plantation drive. An investment of Rs 4,000 crore over five years under Mission Hariyalo Rajasthan has been announced. Furthermore, to reduce pollution and carbon emissions, an electric-vehicle-based transport system will be introduced in tiger reserves like Ranthambore and Sariska for pilgrims visiting Trintetra Ganeshji and Pandupole.

Rajasthan Education Dept Asks Students and Teachers to Plant Trees for Extra Marks Read More »

Zee Entertainment Gains 7% as Board to Consider Fund Raising on July 16

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Shares of Zee Entertainment Enterprises Limited (ZEEL) surged by 7% to Rs 157.20 per share on the National Stock Exchange (NSE) during Friday’s intra-day trade, driven by heavy volumes. This uptick followed the company’s announcement that its board will convene on July 16 to deliberate on a fund-raising plan. In an exchange filing, ZEEL stated, “A meeting of the board of directors of the company is scheduled to be held on Tuesday, July 16, 2024, inter alia, to consider and approve the raising of funds through the issuance of appropriate instruments along with the terms and conditions of the appropriate instruments, subject to such regulatory/statutory approvals as may be required.” Last month, the board had given its in-principle approval for raising up to Rs 2,000 crore through the issue of securities via various modes, including private placement, qualified institutions placement (QIP), preferential issue, or other methods. By 11:15 AM, ZEEL emerged as the top gainer among the Nifty Midcap 100 index, rising by 6.2% to Rs 156.30. In contrast, the Nifty 50 and Nifty Midcap 100 index saw gains of 0.89% and 0.38%, respectively. A combined 26.16 million shares were traded on the NSE and BSE. Despite this recent surge, ZEEL has underperformed the market in 2024, declining by 45%, compared to a nearly 13% rally in the Nifty 50. The stock hit a 52-week low of Rs 125.50 on June 4, 2024. In its Q4FY24 earnings update, ZEEL mentioned significant ongoing efforts to implement margin improvement interventions across its business. The company anticipates that these efforts will enhance performance, with major costs incurred in Q1FY25 for implementing these interventions. This is expected to impact margins temporarily, with gradual improvement anticipated from Q2FY25. The company aims for industry-leading EBITDA margins of 18-20% by FY26. Emkay Global Financial Services noted that ZEEL’s Q1FY25 performance might be affected by a shift in advertisement spends, projecting marginal growth of 2% year-on-year for Q1 ad revenues. Subscription revenues are expected to grow steadily due to price hikes, while other sales and services should benefit from movie releases and syndication deals. ZEEL’s profitability may be impacted by one-time interventions as it strives to reach its medium-term targets.

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Assam Declares Special Leaves for Govt Employees to Spend Time with Parents, In-Laws

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The Assam government has announced two days of special casual leaves for state government employees to spend time with their parents or parents-in-law. The Chief Minister’s Office (CMO) declared these leaves on November 6 and 8 through a post on the social media platform ‘X’. However, the special leaves are not available for employees without living parents, and they cannot be used for personal leisure, as reported by PTI. The post emphasized, “This leave must be used solely for spending time with ageing parents or parents-in-law to honour, respect, and care for them, and not for personal enjoyment.” Government employees in essential services can avail the leave in a phased manner. The Assam Chief Minister’s post underscored the importance of parental blessings and the responsibility of ensuring the well-being of one’s parents. The CMO clarified that these leaves could be combined with other holidays such as Chhat Puja on November 7, the second Saturday holiday on November 9, and Sunday on November 10, providing an extended break for employees. Assam Chief Minister Himanta Biswa Sarma initially announced these special casual leaves for spending time with parents and parents-in-law during his first Independence Day speech after taking office in 2021. In addition, on Wednesday, the Assam government introduced a 180-day Child Adoption Leave policy for all women working in state government departments. This decision aligns with Rule 43-B of the Central Civil Services (Leave) Rules, 1972, as reported by HT.

Assam Declares Special Leaves for Govt Employees to Spend Time with Parents, In-Laws Read More »

Survey Reveals 66% of Audiences Are Unsatisfied With Disability and Mental Health Representation in Entertainment

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A recent survey conducted by the Inevitable Foundation has highlighted significant dissatisfaction among audiences regarding disability and mental health representation in the entertainment industry. The “Audiences Are Waiting for Hollywood to Greenlight Disability” report surveyed over 1,000 people and revealed that 66% of audiences are “unsatisfied with current representations of disability and mental health in film and TV.” The survey also found that 40% of audiences, both with and without disabilities, are “very likely” to recommend films or TV shows that authentically portray disability or mental health conditions to friends and family. This indicates a strong desire for more genuine representation in entertainment. Regarding viewing habits, the report noted that 35% of people with disabilities watch over 20 hours of television per week, compared to 25% of people without disabilities. Additionally, 20% of all audiences stated they would subscribe to new streaming services or attend more movies in theaters if these platforms included authentic representations of people with disabilities and mental health conditions. Saga Darnell, head of research and public affairs at the Inevitable Foundation, emphasized the clear dissatisfaction with current film and television options related to disability representation. “The findings from the Greenlight Disability Report are clear that all audiences—disabled and non-disabled people—are very unsatisfied with the film and television options available to them when it comes to disability representation,” Darnell said in a statement. The foundation stressed the potential benefits for entertainment industry leaders who invest in authentic disabled storytelling and ensure multi-dimensional portrayals of characters with disabilities and mental health conditions. Such investment could increase audience satisfaction, foster trust, and tap into an underutilized market segment. Inevitable Foundation is a non-profit organization dedicated to investing in writers and filmmakers with disabilities to destigmatize disability and mental health globally. Their research aims to bridge the data gap around disability in entertainment, exploring the experiences of the disabled population in the industry, on-screen narratives, and the impact of media portrayals on cultural stigma.

Survey Reveals 66% of Audiences Are Unsatisfied With Disability and Mental Health Representation in Entertainment Read More »

Karnataka Government Considering Six Locations for Second Airport for Bengaluru: Industries Minister M.B. Patil

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The Karnataka government is exploring six potential locations for a new international airport to be built within 60 kilometers of the existing Kempegowda International Airport (KIA) in Devanahalli. This new airport is aimed to be as large as KIA and capable of handling 100 million passengers per annum. The identified locations include Kanakpura Road, Mysore Road, Magadi, Doddaballapura, Dabaspete, and Tumakuru. Land Acquisition and Capacity Large and Medium Industries and Infrastructure Development Minister M.B. Patil stated that the government will need to acquire 3,000 to 5,000 acres of land for the new airport. The project aligns with the exclusivity clause availed by Bangalore International Airport Limited, which stipulates that no international airport should be allowed within a 150 km radius of KIA until 2035. The new airport is expected to be operational by 2035, by which time KIA’s passenger handling capacity is anticipated to be saturated. The cargo handling capacity at KIA is expected to reach its limit by 2040. Selection Criteria A special committee comprising aviation industry experts will soon meet to evaluate the proposed sites. The selection criteria include good road, rail, and metro connectivity, minimal population settlements, few water bodies, low green cover, and non-agricultural land without significant elevation or mountains. Minister’s Statement Minister M.B. Patil, responding to media queries at Vidhana Soudha in Bengaluru on July 10, mentioned that a plan for the new airport will be ready within the next three months. “Things will move in a few months. A plan will be ready in the next three months,” he said. Response to Tamil Nadu’s Plans Regarding Tamil Nadu Chief Minister M.K. Stalin’s announcement to set up an airport in Hosur, which is adjacent to Bengaluru, Minister Patil noted that Tamil Nadu’s decision came after Karnataka’s announcement of a second international airport. He assured that Tamil Nadu’s plans would not affect Karnataka’s project. Future Discussions Minister Patil also mentioned plans to meet with Union Industries Minister H.D. Kumaraswamy to discuss the state’s industrial development plans, further emphasizing the importance of the new airport for Karnataka’s infrastructure and economic growth.

Karnataka Government Considering Six Locations for Second Airport for Bengaluru: Industries Minister M.B. Patil Read More »

Budget 2024: Healthcare Sector Urges Government to Boost Public Health Spending

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The healthcare sector in India is advocating for increased public health spending in the upcoming Budget 2024, urging the government to raise public health expenditure above 2.5 percent of the GDP. The industry is also calling for an Ayushman Bharat-like scheme specifically for the middle class to address healthcare needs more comprehensively. Key Recommendations: Increase Public Health Expenditure: The Healthcare Federation of India (NATHEALTH) has emphasized the need for the government to boost healthcare spending to over 2.5 percent of GDP. This increase is seen as crucial for enhancing infrastructure, addressing demand and supply challenges, and improving overall social insurance. Expand Healthcare Facilities: Abhay Soi, president of NATHEALTH and chairman of Max Healthcare Institute, highlighted the necessity for two billion square feet of advanced healthcare facilities. Expanding healthcare infrastructure in smaller cities and advancing digital healthcare services are also top priorities. Comparison with Other Countries: According to the Economic Survey 2022-23, healthcare expenditure by the Centre and state governments reached 2.1 percent of GDP in FY23. In comparison, OECD data shows that the US had the highest health expenditure to GDP ratio at 16.6 percent in 2022, while India’s was at 2.9 percent. Middle-Class Healthcare Scheme: Industry leaders, including PD Hinduja Hospital CEO Gautam Khanna, suggested implementing a healthcare scheme similar to PM-JAY for the middle class. This would require allocating 2.5-3.5 percent of GDP to healthcare to ensure broader coverage and affordability. Policy Reforms and Innovations: Suneeta Reddy, Managing Director of Apollo Hospitals, emphasized the need for the government to prioritize the healthcare sector to spur growth and productivity. The industry is also advocating for easing compliance burdens, promoting medtech innovation, rationalizing the goods and services tax (GST), and reviewing the health cess on medtech products. As the first Budget of Modi 3.0 approaches, the healthcare sector’s recommendations highlight the critical need for increased investment and policy support to enhance India’s healthcare infrastructure, improve access to quality healthcare, and ensure affordability for all citizens. Boosting public health spending is seen as a vital

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Gautam Gambhir Appointed Indian Cricket Team Head Coach, Will Replace Rahul Dravid

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Gautam Gambhir has been named the next head coach of the Indian cricket team, BCCI secretary Jay Shah confirmed on social media on Wednesday. The former India cricketer will replace Rahul Dravid, whose tenure came to an end after the T20 World Cup 2024. “It is with immense pleasure that I welcome Mr @GautamGambhir as the new Head Coach of the Indian Cricket Team. Modern-day cricket has evolved rapidly, and Gautam has witnessed this changing landscape up close. Having endured the grind and excelled in various roles throughout his career, I am confident that Gautam is the ideal person to steer Indian Cricket forward. His clear vision for #TeamIndia, coupled with his vast experience, positions him perfectly to take on this exciting and most sought-after coaching role. The @BCCI fully supports him as he embarks on this new journey,” Jay Shah posted from his official handle on X (formerly known as Twitter). Earlier, Jay Shah also posted a message for Rahul Dravid, who ended his time as the Indian cricket team head coach by winning the T20 World Cup 2024 during his final assignment. “I express my sincere thanks and gratitude to Mr Rahul Dravid whose highly successful tenure as the Head Coach draws to a close. Under his guidance, #TeamIndia emerged as a dominant force across formats, including being crowned ICC Men’s T20 World Cup champions!” India became the first team ever to win the T20 World Cup title without losing a single game. The Rohit Sharma-led side played some brilliant cricket and claimed the title by beating South Africa in the final.

Gautam Gambhir Appointed Indian Cricket Team Head Coach, Will Replace Rahul Dravid Read More »

Meghalaya Government to Include QR Codes in School Textbooks to Help Students

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The Meghalaya government is set to integrate QR codes into school textbooks, allowing students to access additional information using smartphones, according to Education Secretary A Marak. This initiative aims to enhance students’ time management skills and empower them with supplementary knowledge options. “We are adding quick response (QR) codes to school textbooks that will be embedded with additional information on a particular subject. The aim is to reinforce students’ ability to manage time well and gain further knowledge as per one’s choice,” Marak told the media. Benefits of QR Codes “By scanning QR codes with mobile devices, students can access educational apps featuring video lessons and solved question papers, thereby reducing the time spent searching for study materials and enabling greater focus on learning,” he said. Director of the Directorate of Educational Research and Training (DERT), R Manner, emphasized the benefits of QR codes embedded in specific textbooks, noting their potential to significantly aid students seeking self-improvement in particular subjects. Meghalaya Education Minister on QR Codes in Textbooks Education Minister Rakkam A Sangma praised the initiative, underscoring the government’s commitment to ensuring students in Meghalaya have access to comprehensive educational resources.

Meghalaya Government to Include QR Codes in School Textbooks to Help Students Read More »