Tuesday, December 06, 2022

Business

World Bank upgrades India's GDP growth to 6.9% for current fiscal

NEW DELHI: The World Bank on Tuesday expressed optimism that India's real GDP would grow at 6.9 per cent in the current fiscal, an improvement from its previous projection of 6.5 per cent.

Demand for moderate rate hike by RBI voiced

CHENNAI: With the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) expected to revise upwards the interest rate on Wednesday, industry players are voicing out for a moderation.

Coal production rose to 75.87 mn tonnes in Nov

NEW DELHI: India's total coal production went up by 11.66 per cent to 75.87 million tonnes in November 2022 from 67.94 million tonnes recorded during the corresponding period of last year.

Digital transformation spending in India to reach $85 bn by 2026

NEW DELHI: The digital transformation (DX) spending in India is likely to reach $85 billion by 2026 as firms in the country aim to reduce the costs by increasing efficiency, improving security/risk capabilities, and improving customer experience via tech-enabled digital transformation, a report said on Tuesday.

UPI transactions see 650% rise at semi-urban, rural stores: Report

NEW DELHI: The unified payments interface (UPI) transactions witnessed a meteoric 650 per cent rise at the semi-urban and rural stores in India this year, a report showed on Tuesday.

Uber Eats to pay millions for listing US restaurants without consent

SAN FRANCISCO: Ride-hailing major Uber will pay millions of dollars as settlement with the City of Chicago in the US for listing local restaurants in food delivery apps Uber Eats and Postmates food delivery apps without consent along with charging excess commission fees.

Send insurance amendment Bill to Parliamentary panel, says union

CHENNAI: With the government announcing its intention to almost rewrite the insurance laws by proposing far-reaching amendments, the amendment Bill should be first sent to the Standing Committee of Finance in Parliament, demands the General Insurance Employees' All India Association (GIEAIA).

Slack CEO to quit Salesforce in Jan 2023

SAN FRANCISCO: CEO and co-founder of enterprise messaging platform Slack, Stewart Butterfield announced that he is leaving Salesforce in January 2023.

After iPhones, Apple now plans to shift some iPad production to India

SAN FRANCISCO: As Apple plans to shift more iPhone production away from China to India, it is now reportedly looking to also move the production of some iPads to India to keep its supply chain healthy amid Covid-related disruptions.

EU passengers will soon be able to use 5G tech on planes

LONDON: Airline passengers in the European Union (EU) will soon be able to use 5G technology in their phones to full effect in the sky, the media reported.

Airtel, Meta to boost India's digital ecosystem

NEW DELHI: In a bid to support the growth of India's digital ecosystem, Bharti Airtel and Meta (formerly Facebook) on Monday announced a key collaboration.

Nick Read steps down as Vodafone Group head

NEW DELHI: Vodafone Group on Monday announced that its CEO Nick Read will step down by the end of the year after four years in the key role.

Morgan Stanley raises Asia, emerging markets index targets

NEW DELHI: Investment advisory firm Morgan Stanley has raised Asia and emerging market (EM) index targets in its latest report titled "Asia Emerging Markets Strategy: New Bill Run Market Continues", which was released on Monday.

Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions

MUMBAI: The Unified Payments Interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 billion transactions amounting Rs 38.3 lakh crore in the third quarter this year, a new report showed on Monday.

Razorpay allows merchants to accept credit card payments via UPI

BENGALURU: Fintech platform Razorpay on Monday announced an industry-first move to enable merchants to accept credit card transactions on unified payments interface (UPI), as the digital payments landscape witnesses a stupendous growth.

Will RBI get more teeth to regulate PSU banks?

NEW DELHI: This has obviously made things lopsided when it comes to governance of Indian banks. For instance the Reserve Bank of India (RBI) can issue guidelines to private banks or foreign banks, but not to the PSBs. This anomalous duality may well be under review now with a course correction on the anvil. Can the Standing Committee on Finance provide answers to this conundrum?

Insurance laws amendments: Delegation unlimited may invite despotism

CHENNAI: The proposal to shift the legislative powers and vest them with insurance regulator and several other amendments proposed to the two insurance laws have raised many an eyebrow in the insurance sector.

Air India leases 12 more aircraft to enhance operations

NEW DELHI: Air India on Monday announced the lease of six Airbus A320neo narrow body aircraft and six Boeing B777-300 ER widebody aircraft to further augment its existing fleet.

New PDP Bill to bolster India's narrative as a trusted global partner: Nasscom

NEW DELHI: The key industry stakeholders led by industry body Nasscom, during a meeting with IT Minister Ashwini Vaishnaw, have emphasised that the draft Digital Personal Data Protection Bill 2022 will bolster India's narrative as a trusted global partner for all invested in digital transformation.

Oil prices rise as cap set Russian crude

LONDON: Oil prices rose on Monday following an agreement by the G7 group of nations and its allies to cap the price of Russian oil at $60 a barrel, BBC reported.

HealthifyMe sacks about 150 employees amid lacklustre growth

NEW DELHI: Leading AI health and fitness platform HealthifyMe has sacked about 150 employees, or 7 per cent of its total workforce, as the company's growth did not "keep pace with expectations and hiring".

TN to increase salt production

CHENNAI: The Tamil Nadu Salt Corporation will increase its production and commence manufacturing in an area of 3,000 acres in Ramanathapuram district.

FTX CEO unlikely to testify at US House Committee hearing on Dec 13

SAN FRANCISCO: Sam Bankman-Fried (SBF), the CEO of now bankrupt crypto exchange FTX facing charges of swindling billions of dollars, said he is not prepared to testify before a US Congress committee hearing on December 13.

Industries & Commerce Department organises Awareness Programme

CHANDIGARH: The department of Industries & Commerce, Punjab in collaboration with SIDBI organized an Awareness Programme about SIDBI schemes for MSMSEs, TReDS Scheme and Solar power ,on 2nd December 2022 at Mohali Industries Association Bhawan. Principal Secretary, Department of Industries and Commerce, Punjab Dilip Kumar presided over the event as chief Guest.

Govt has 'modified' 62 coal mines to make them attractive for buyers

NEW DELHI: Out of the 141 coal blocks which the Centre has put up for commercial auction, 62 mines are old which had gone unsold during previous attempts. Therefore to make them more attractive to the bidders, these reserves have been modified.

E-commerce platform Carousell lays off 110 employees

NEW DELHI: Consumer-to-consumer (C2C) e-commerce platform Carousell has laid off about 110 employees, or 10 per cent of its total workforce, in an effort to reduce costs.

Amazon head of Prime Video, Twitch and gaming retires again

SAN FRANCISCO: Jeff Blackburn, head of Amazon's media and entertainment businesses, is retiring from the company for a second time, Amazon CEO Andy Jassy has announced.

India's G20 Presidency will boost global economy, open Internet: Sundar Pichai

NEW DELHI: India taking over the G20 Presidency will be an amazing opportunity to build consensus on strengthening the global economy by advancing an internet that is open, connected, secure and works for everyone, Alphabet and Google CEO Sundar Pichai has said.

Global banks to rake in solid profits in 2023: Moody's

CHENNAI: Global banks will rake in solid profits in 2023 shielded from an increase in delinquent loans, rising interest rates and solid reserves, said Moody's Investors Service on Friday.

 Is it less difficult to get an enterprise loan for women?

In case you are a woman industrialist looking for approaches to get a commercial enterprise mortgage, well, you're within the right area. Here are some extra diverse records regarding how to get an enterprise loan with no greater troubles for women. As women empowerment is taking the world the way, maximum girls are taking the business area as eagerly. 

Delhi Metro to procure 312 coaches for Phase IV corridors

NEW DELHI: The Delhi Metro Rail Corporation (DMRC) on Friday took a major step towards operationalising its Phase 4 corridors for passenger operations by signing the contract for procuring 312 Metro coaches (52 trains) for Phase IV priority corridors.

Centre receives dividend tranches from Power Grid, Oil India Limited

NEW DELHI: The Centre on Friday received Rs 1,791 crore and Rs 276 crore from the Power Grid and Oil India Limited (OIL) respectively as dividend tranches.

ShareChat lays off less than 5% of its workforce, shuts fantasy sports app Jeet11

NEW DELHI: Homegrown social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off less than 5 per cent of its employees after it shut down its fantasy sports platform called Jeet11, the company confirmed on Friday.

Fintech platform KreditBee raises $80 mn, aims to diversify portfolio

NEW DELHI: Leading fintech platform KreditBee on Friday said it has raised $80 million as part of its ongoing Series-D investment round, as it aims to cross asset under management (AUM) of more than $1 billion over the next 6-9 months.

Air India graduates its 1st batch of cabin crew trainees after privatisation

NEW DELHI: Air India on Friday announced that its maiden batch of cabin crew trainees and significant batch of new pilots since privatisation have graduated.

UP's 1st structural audit policy implemented in Noida

NOIDA: Uttar Pradesh's first structural audit policy has been implemented in Noida, under which builders would have to submit a structural audit report to obtain a partial or full Completion Certificate (CC).

Flipkart joins Polygon to launch metaverse use cases in e-commerce space

BENGALURU: Flipkart on Friday partnered Ethereum-based Blockchain platform Polygon to set up a centre of excellence (CoE) that will work on research and development of Web3 and metaverse commerce use-cases in India.

Elon Musk suspends Kanye West from Twitter for violating rules

NEW DELHI: Elon Musk on Friday said Twitter will again lock rapper Kanye West, who goes by Rapper Ye handle on the platform, for violating rules against incitement.

Homegrown smart TV brands capture record 22% market share in India

NEW DELHI: Indias smart TV shipments grew 38 per cent (on-year) in the third quarter (Q3) and the share of homegrown brands showed the fastest growth to register a record 22 per cent share of the overall shipments, a new report showed on Friday.

TN allocates Rs 2,339 cr as farm insurance subsidy

CHENNAI: The Tamil Nadu agriculture department has allocated Rs 2,399 crore for crop insurance subsidy to the farmers in case of a natural disaster and has requested the farmers to enroll in the scheme before December 31.

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