BUSINESS
SCO meet: India calls for special working group on start-ups
The proposal was made by Minister of State for Commerce and Industry Anupriya Patel, in her intervention, at the 20th meeting of the SCO Ministers. Stressing on the need for effective cooperation between the member states for a balanced and equitable growth in trade and commerce, Patel proposed the creation of a new Special Working Group Start-ups and Innovation
Cement demand recovery continues post second wave: Report
Cement demand has picked up from June 2021 onwards, as the Covid impact started to recede. "We expect cement prices to rise during H2FY22, as cost inflation is firming up unabated and has impacted the whole industry. Good demand and increased consolidation should support the industry's cost pass through ability," the report said.
Apple regains 2nd spot in global smartphone market, Xiaomi slips to 3rd
Samsung was the leading smartphone player with 23 per cent share. Xiaomi took 14 per cent share for the third place, while vivo and OPPO completed the top five with 10 per cent share each, according to preliminary data provided by global market research firm Canalys.
India's forex reserves rise by over $2 bn
The Reserve Bank of India's (RBI) forex reserves rose to $639.516 billion from $637.477 billion reported for the week ended October 1. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Qualcomm to lead $4.3 bn smartphone wi-fi chip market in 2021
"Qualcomm will continue to gain share in Wi-Fi in smartphones this year even as competition increases from MediaTek and others. Qualcomm leverages its market-leading Snapdragon platform to win share in smartphone Wi-Fi chips," said Christopher Taylor, author of the report.
Joe Biden signs short-term bill to raise debt limit
The Senate cleared the short-term debt limit extension last week. The temporary measure would raise the federal government's debt limit by $480 billion, allowing the Treasury Department to meet obligations through December 3 and giving lawmakers a few more weeks to find a way to address the issue.
Court order to affect working capital of companies filing GST appeals
Recently, the Division Bench of the Orissa High Court held that pre-deposit at the time of filing an appeal under section 107(6) of the Central Goods and Services Tax Act, 2017 (CGST Act) cannot be made by debiting the Electronic Credit Ledger (ECRL).
FM attends Plenary Meeting of International Monetary & Financial Committee
The meeting on Thursday was attended by Governors/Alternate Governors representing 190-member countries of the IMF. The discussions at the meeting centred on "vaccinate, calibrate and accelerate" which is the theme of the Managing Director's Global Policy Agenda. The members of the IMFC elaborated the actions and measures taken by member countries to combat Covid-19 and facilitate economic recovery.
IEA revises up oil demand forecasts for 2021, 2022
The ongoing energy crisis has prompted a switch to oil, and therefore global oil demand is set to rise by 5.5 million barrels per day (mb/d) in 2021 and 3.3 mb/d in 2022, IEA said in its monthly Oil Market Report published on Thursday. Global oil demand is expected to reach 96.3 mb/d in 2021 and 99.6 mb/d in 2022, IEA's revised estimate shows.
India's September exports, imports rise over 22% YoY
Exports rose to $33.79 billion from $27.56 billion reported for September 2020. The data furnished by the Ministry of Commerce and Industry showed that in comparison to September 2019, last month's exports rose by 29.86 per cent. On a sequential basis, exports for last month, inched up from $33.28 billion worth of merchandise exports reported for August 2021.
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