BUSINESS
Nokia to lay off 10K employees, plans investment in 5G, Cloud
Nokia has announced it will lay off 10,000 employees in the next two years as part of its restructuring plans, reset its cost bases and invest in R&D and future capabilities including 5G, cloud and digital infrastructure.
Venture capital investments reached $10 billion in 2020
India maintained its robust position among the top five startup ecosystems globally, with 7,000 new startups founded in 2020 along with the emergence of 12 new unicorns to take India's unicorn tribe to 37. The top three sectors -- consumer tech, SaaS, and fintech accounted for nearly 75 per cent of all VC investments by value, with consumer tech attracting the maximum funding.
US overtakes Saudi Arabia to become India's second biggest oil supplier in February
America has steadily improved its exports post sanctions and has now become second biggest oil supplier to India, the worlds third largest oil consumer. As per trade data, US supplied almost 2.2 million tonne (mt) of oil to India in February, higher than even Saudi Arabia, which had traditionally been among the biggest exporters of oil to India.
Cement demand expected to grow at 13-14% in FY22: Ind-Ra
The growth in cement demand in conjunction with robust profitability is likely to keep credit profiles of manufacturers strong. "As a result, Ind-Ra has also maintained a 'Stable rating Outlook' on its rated cement portfolio for FY22," Ind-Ra said.
India to get dedicated infra lender, Union Cabinet clears proposal
To give a push to infrastructure creation a Development Financial Institution (DFI) will be set up accordingly. The DFI is expected to give a massive lending push worth around Rs 3 lakh crore in the next few years. The DFI was proposed in the Union Budget 2021-22 by Finance Minister Nirmala Sitharaman.
Steelmakers to slash Rs 35K cr debt through this and next fiscals
Domestic demand recovered strongly in the second half of this fiscal, growing 10 per cent between October and January versus a 30% on-year fall in the first half. Consequently, demand contraction will be less than 10 per cent for the whole of this fiscal, Crisil said.
Hackers hit 32 Indian firms via Microsoft email servers
The country most attacked was the US (21 per cent of all exploit attempts), followed by The Netherlands (12 per cent) and Turkey (12 per cent), along with India. Most targeted industry sector has been government/military (27 per cent of all exploit attempts), followed by manufacturing (22 per cent), and then software vendors (9 per cent), the researchers noted.
Adani Ports bolsters global footprint with Colombo container terminal
The company has received a Letter of Intent from Sri Lanka's Ministry of Ports and Shipping and the Sri Lanka Ports Authority (SLPA) for setting up the container terminal on a Build, Operate and Transfer basis for a period of 35 years on a public-private partnership basis.
Rebound: India's merchandise exports, imports rise in Feb
The country's merchandise exports during the month under review rose to $27.93 billion from $27.45 billion in January and $27.74 billion in February 2020. In terms of imports, India's inbound shipments in February 2021 increased by 6.96 per cent to $40.54 billion from $37.90 billion during the corresponding period of 2020.
Inflationary risk: India's WPI rises to 27-month high in Feb
"The rate of inflation, based on monthly WPI, stood at (4.17 per cent) (provisional) for the month of February, 2021 (over February, 2020, as compared to 2.26 per cent) during the corresponding month of the previous year," a Ministry of Commerce and Industry statement on WPI said.
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