The economy of China is facing a challenging scenario as rising interest rates and inflation dampen demand in the United States and Europe, while the country battles a significant decline in prices. The producer price index (PPI) fell at the fastest pace in seven years in May, indicating a slowing manufacturing sector and raising concerns about deflationary risks.
The Reserve Bank of India (RBI) is aiming to onboard one million users for its central bank-backed digital currency (CBDC) by the end of June, according to T Rabi Shankar, Deputy Governor of RBI. He made this announcement during a press conference following the monetary policy announcement on Thursday.
At the Worldwide Developers Conference 2023, Apple unveiled its highly anticipated mixed-reality headset, capturing the attention of tech enthusiasts worldwide. However, this was not the only exciting announcement from the American tech giant. Apple also provided a preview of upcoming features and tools that will be available on its platforms later this year. One such tool that caught the spotlight is the Game Porting Toolkit for Macs, set to accompany the release of macOS Sonoma.
According to government sources, oil marketing companies (OMCs) are expected to reduce prices of petrol and diesel. The companies have shown positive quarterly results and have almost recovered their losses, indicating a return to normalcy.
The expectation for lower fuel prices stems from the fact that OMCs no longer face under-recoveries in petrol and diesel. Additionally, an oil production cut by one of the members of the Organization of the Petroleum Exporting Countries (OPEC) is believed to have minimal impact due to emerging alternative markets.
In a recent statement, the Bank of Korea (BOK) expressed its preference for maintaining dollar liquidity rather than increasing its gold holdings for foreign exchange reserves. The BOK’s Reserve Management Group highlighted the need for a cautious approach in determining the gold-to-reserves ratio, citing various factors influencing their decision.
Embassy Office Parks REIT, India’s first listed Real Estate Investment Trust (REIT), recently announced its successful debt raise of Rs 1,050 crore through non-convertible debentures (NCDs). This campaign is being held in order to refinance bank loans whose interest rates are about to reset.
Investor sentiment regarding the euro zone economy took a downturn in June, largely driven by negative expectations for Germany, the largest economy in Europe, according to a survey conducted by economic analysis company Sentix.
The monthly survey, which assesses whether investors hold positive or negative views on growth prospects, revealed a drop in sentiment to -17 points for June, compared to -13.1 in May. This figure was even lower than the expected -15.1 predicted by analysts surveyed by Reuters.
Private sector economic activity in South Africa has contracted for the third month in a row, according to the latest survey from S&P Global. The South Africa Purchasing Managers’ Index (PMI) fell to 47.9 in May, marking its lowest level since July 2021. The PMI is an indicator of economic health, with readings above 50 indicating growth in activity.
China’s services sector experienced a pick-up in activity during May, according to a private-sector survey released on Monday. The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 57.1 in May, up from 56.4 in April. This expansion in the services sector supports China’s consumption-led economic recovery in the second quarter. The survey’s findings differ from the official PMI, which was made public last week and showed a slower rate of increase in the services sector.
Indian service Sector Purchasing Managers’ Index (PMI) recorded a figure of 61.2 in May, according to S&P Global. While slightly lower than April’s reading of 62, May’s figure marks the second-highest level since June 2010. This sustained expansionary trend is significant, as a PMI reading above 50 indicates growth in the services sector. In fact, India has been in the expansion zone for 23 consecutive months since August 2021. The latest PMI data reflects the resilience of demand, impressive output growth, and job creation in India’s dynamic service sector.
Sri Lanka’s economy, which had been grappling with severe financial challenges, has exhibited tentative signs of improvement, according to a top official from the International Monetary Fund (IMF). The official
The Indian government aims to generate revenue through disinvestment in the current financial year. While plans for stake sales in IDBI Bank and Concor are underway, the government may resort
Veteran industrialist Karumuttu T Kannan, aged 70, passed away on Tuesday morning in Madurai, leaving behind a legacy of remarkable achievements. Renowned as a prominent board member of TVS Motor
Shadowfax, a last-mile logistics enterprise supported by Flipkart, intends to employ an additional 10,000 riders and delivery associates to seize the opportunities presented by India’s state-sponsored Open Network for Digital
The Indian Ministry of Corporate Affairs proposes revisions to the IBC (Insolvency and Bankruptcy Code) which would allow partial sales of stressed companies under the law if a rescue plan
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) recently informed the National Company Law Tribunal (NCLT) about an order passed by the Securities and Exchange Board of India
India Woos Global Tech Companies with Incentive Schemes and Micron Technology Investment. Communications Minister Ashwini Vaishnaw is scheduled to meet top executives of tech and semiconductor companies in the US,
The Reserve Bank of India (RBI) is poised to amass significant gains from its foreign exchange dealings and loans to domestic financial institutions, which will translate to a substantial boon
A relatively obscure culinary delivery alternative in India, the Open Network for Digital Commerce (ONDC), has surfaced with its cost-effective food transportation facilities. Nevertheless, ONDC extends beyond the confines of
Several Indian start-up founders have spoken out against the Internet and Mobile Association of India (IAMAI), accusing the industry body of promoting “pro-foreign” Big Tech views on government regulations and
The Securities and Exchange Board of India (SEBI) has put forward a directive to disallow stockbrokers and clearing members from employing their clients’ funds to construct bank guarantees (BGs). SEBI
Analysts expect Bajaj Auto, the two-wheeler auto major, to report a decline in revenues of up to 11% quarter-on-quarter (QoQ) to Rs 8,312 crore in the January-March quarter (Q4FY23), due
High attrition rates continue to be a problem for two of India’s three major information technology (IT) firms, TCS and Infosys, according to their Q4 financial results. However, experts predict
Apple is developing an app for its iPhone which will permit users to monitor their physical and mental well-being. The application will enable users to log their everyday actions and
India’s economy showed resilience in March despite weakening exports and an increase in unemployment, according to Bloomberg’s Animal Spirits barometer. The overall activity tracker, which comprises eight high-frequency indicators, remained
India’s Centre for Development of Telematics (C-DOT) CEO, Rajkumar Upadhyay, said that India’s push for domestic design and telecom equipment manufacturing of would help India compete with global majors. Upadhyay
Financial technology (fintech) firms are seeking to strengthen their legal teams as governments around the world increase regulations and compliance requirements. According to a report in The Economic Times (ET),
Indian fintech unicorn Razorpay has established an advisory board of industry leaders from various fields to set the highest standards in customer experience, corporate governance, and risk and compliance in
The Indian Federation of App-Based Transport Workers (IFAT) has called on Blinkit, a quick-commerce unicorn owned by Zomato, to reconsider its recent pay cuts for delivery drivers. The national general
Indian state refiners have reported an 8.4% increase in sales of gasoil during the first half of April compared to the previous month. According to preliminary sales data, this rise
Foxconn Technology Group, a Taiwanese multinational electronics contract manufacturing company, is set to begin construction of its largest manufacturing unit in India. The mobile manufacturing plant, worth Rs 8,000 crore,
Former Chief Executive Officer (CEO) of Twitter, Parag Agrawal, along with two other former executives, are taking legal action against Elon Musk-owned Twitter over the non-payment of personal legal expenses
The Pradhan Mantri Mudra Yojana (PMMY) has played a crucial role in funding micro-entrepreneurs in India, according to Prime Minister Narendra Modi. The scheme, which was launched eight years ago,
Samsung Electronics and chip-maker AMD have announced that they have signed a multi-year agreement extension to bring multiple generations of high-performance, ultra-low-power AMD Radeon graphics solutions to an expanded portfolio
CRISIL Report Forecasts Deceleration, India’s Information Technology (IT), companies are anticipated to encounter a deceleration of 7-9% in revenue growth in 2023 in contrast to this year, as a consequence
On Tuesday, Finance Minister Nirmala Sitharaman will introduce the Competition (Amendment) Bill, 2022 in the Lok Sabha for consideration and passing. The proposed legislation seeks to amend the Competition Act,
Pegatron Corporation, a Taiwan-based company, specializes in the development, manufacturing, and design of computers, computer hardware, portable devices, and associated peripheral devices. The company was founded on January 1, 2008.
On Tuesday, Chief Minister Basavaraj Bommai inaugurated a convention for the beneficiaries of State and Union Government schemes in Ilkal, Hungund Assembly constituency. During the event, he highlighted the various
Info Edge (India) Ltd, a leading online classifieds company, has faced several challenges in their key segments, including recruitment, real estate, and matchmaking. Their Q3FY23 results caused a sharp drop
Chinese smartphone manufacturer Xiaomi Corp is rethinking its strategy in India after underestimating changing consumer preferences. Despite being the largest vendor in India’s smartphone market, Xiaomi has been surpassed by
India’s preeminent information technology corporation, Tata Consultancy Services (TCS), is allegedly nearing completion of a transaction worth a staggering $1 billion with the United Kingdom-based retail giant, Marks & Spencer
Paytm, a digital payments and financial services firm saw an increase in stake from Chinese investor Ant Financials and domestic mutual fund players following a recent buyback. According to a
Qualcomm, a semiconductor manufacturer, has revealed that its Snapdragon satellite technology will soon be available on a majority of Android smartphones. This development was confirmed by 9To5Google, which reported that
The Cellular Operators’ Association of India (COAI) has defended its position on the demand for reasonable “usage charges” from Over-The-Top (OTT) communication service providers, stating that it is a reasonable
According to TechCrunch, Microsoft is set to release a new hybrid cloud platform, the “Azure Operator Nexus,” specifically designed for communication service providers. The platform is intended to help these
In 2022, India’s True Wireless Stereo (TWS) earbuds shipments registered an impressive 85% year-on-year growth, with boAt leading the market for the third consecutive year. This was revealed in a
Bharat Electronics Limited (BEL), a defence Public Sector Undertaking, and Israel Aerospace Industries (IAI) have recently signed a Memorandum of Agreement (MoA) to establish a joint venture. The primary objective
According to sources familiar with the matter, Reliance’s JioMart has discontinued its JioMart Express quick grocery delivery service, which was introduced in March 2022. The Economic Times (ET) reported on
According to the Society of Indian Automobile Manufacturers (SIAM), the sales of domestic passenger vehicles (PVs) in January increased 17.23% compared to the same period last year, totaling 298,093 units.
The recently concluded UP Global Investors Summit saw a significant amount of investment proposals being directed towards renewable energy, electronics manufacturing and industrial parks. These sectors emerged as the top
The Union Minister, Jitendra Singh, announced on Thursday that India’s annual generation of nuclear power had reached 35,333 million units in the 2021-2022 fiscal year. This represents a significant increase
Meta, a company that provides monetization features for social media platforms, has announced plans to expand its “Gifts” feature, which focuses on monetizing Reels content on Instagram, to users across
The CEO and Whole-Time Director of Adani Ports and Special Economic Zone, Karan Adani, has stated that the company is aiming to achieve an EBITDA (Earnings Before Interest, Depreciation, Tax,
On Friday, Moody’s Investors Service, a global credit rating agency, stated that a part of Adani Group’s intended capital expenditures can be postponed. Additionally, Moody’s mentioned that the unfavorable events
Cognizant, a company listed on the NASDAQ stock exchange, announced its fourth-quarter financial results for the fiscal year 2022, revealing a net profit of $521 million, representing a 9.5% decrease
In the 2023 Budget, the government introduced a plan to support the growth of the economy through initiatives such as establishing Centers of Excellence for Artificial Intelligence. The goal is
According to a recent report, Apple has made a remarkable achievement by becoming the second largest smartphone player in China for the first time in a whole year, despite a
Murugappa group’s subsidiary, Tube Investments of India (TII), has acquired all shares of Cellestial E-Mobility Pvt Ltd, a startup located in Hyderabad that specializes in creating and producing electric tractors,
Fast-moving consumer goods company, Jyothy Labs Ltd, has reported an impressive increase in their consolidated net profit for the third quarter ending December 31, 2022. The net profit jumped by
The Indian government plans to issue its initial green bond, referred to as “greenium,” with yields lower than current market rates and has identified 400 billion rupees ($4.92 billion) worth
According to recent reports, Jeff Bezos, a billionaire American entrepreneur, is considering divesting from The Washington Post in order to acquire a professional American football team, specifically the Washington Commanders.
According to a report by The Economic Times, Apple has achieved a significant milestone by becoming the first company to export smartphones worth $1 billion in a single month from
Microsoft Chairman and CEO Satya Nadella is upbeat about India’s future, particularly in the technology sector, given the country’s growing base of software developers, the rise of artificial intelligence (AI)
June 9, 2023
June 9, 2023
June 8, 2023