BUSINESS
Huawei reports $71.3bn revenue in first three quarters of 2021
"Overall performance was in line with expectations. While our B2C business has been significantly impacted, our B2B businesses remain stable," Xinhua news agency quoted Guo Ping, Huawei's rotating Chairman as saying. The smartphone maker also announced that more than 150 million devices are now on 'HarmonyOS', making it the fastest-growing OS in history.
IDFC First Bank's Q2FY22 YoY net profit up 50%
As per the bank, its net profit during the period under review rose to Rs 152 crore from Rs 101 crore in Q2FY21. Besides, the bank's net interest income grew by 27 per cent on a YoY basis to reach Rs 2,272 crore in Q2FY22. The net interest margin increased to 5.76 per cent in Q2FY22 as compared to 4.91 per cent in Q2FY21. Furthermore, the bank's GNPA and NNPA stood at 4.27 per cent and 2.09 per cent, respectively. GNPA and NNPA reduced sequentially by 35 bps and 23 bps, respectively
'Squid Game' crypto jumps over 60,000% in less than a week: Report
According to CoinMarketCap, SQUID was worth $0.01 cent on Tuesday and rose to $6.27 on Friday morning -- a 62,600 per cent increase. 'Squid Game's' popularity spread like wildfire since it aired on Netflix last month, reports USA Today. The show features contestants playing deadly versions of childhood games to win a huge cash prize at the end.
IOC's Q2FY22 YoY net profit up over 2%
Its net profit for the quarter under review rose to Rs 6,360 crore from Rs 6,227 crore in the corresponding quarter of FY21 due to higher refining margin during the quarter. Further, the company's revenue from operations increased to Rs 169,771 crore from Rs 115,754 crore earned during the corresponding quarter of FY21.
Microsoft buys Two Hat to collaborate on online safety, digital wellness solutions
The company said that globally, growing amounts of harmful content shared online have increased the need for effective and proactive content moderation. "For any online community to thrive, content moderation is a critical investment to ensure positive user experiences and maintain engagement over time," the company said in a statement.
ITC posts strong quarter on all fronts
Net cigarette revenue grew 10.3 per cent YoY as the recovery post the second Covid-19 wave has been rapid. Cigarette volumes were back to near pre-Covid levels towards the end of the quarter. Cigarette EBIT also grew 10.4 per cent YoY as margins were stable. FMCG business had a very high base due the surge in packaged foods in 2Q FY21, and thus revenue growth was muted at 3 per cent YoY.
Gold prices expected to reach Rs 52-53k mark in next 12 months: MOFS
In 2021, prices of the precious metal have been trading between Rs 47,000 and 49,000 mark per 10 grams.According to Motilal Oswal Financial Services note, bullion have been in a consolidation mode from last Diwali to this Diwali, and in the past few months have witnessed some choppiness amidst volatility in US Dollar and bond yields.
India Inc's business confidence recovered in Q3CY21: GECs
This is the largest regular economic survey of accountants and finance professionals around the world jointly carried out quarterly by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). According to the survey report, outlook for the South Asian region has risen mainly due to better prospects in India.
Afghans' purchasing power shrinks with freezing of assets by US
"Freezing Afghanistan's assets in America has led to price hike in the local market as the price of one sack flour (50 kg) was 1,200 afghani ($13) but today it costs 2,300 afghani," Kabul resident Noorzada told Xinhua news agency. Accusing the US of exacerbating the economic woes in Afghanistan, Noorzada said Washington's antipathy to the Taliban government in Kabul has virtually deprived ordinary Afghans of their daily income.
'US debt default most likely to happen between mid-Dec & mid-Feb'
Friday's projection by the Bipartisan Policy Center (BPC) came after Congress earlier this month approved a bill to temporarily raise the federal government's debt limit by $480 billion to avert a looming debt default, reports Xinhua news agency. The Treasury Department reached its new borrowing limit of $28.9 trillion on October 22, and is now once again financing the federal government through "extraordinary measures" to prevent a default, according to the BPC.
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