BUSINESS
Homegrown boAt logs Rs 4,000 cr in net sales in FY23
In FY23, around 15 million products were made in India by the company. The company said that this milestone has been achieved on the back of its sustained presence in the audio category, establishing a leadership position in the hyper-growth wearables category.
India's export, import fell in May, trade deficit rises to 5-month high
Imports also slid 6.6 per cent to $57.1 billion against $61.13 billion during the corresponding period of last year. As a result, the trade deficit rose to a five-month high of $22.1 billion. India has been consistently witnessing trade deficit for many years now. It occurs mainly due to high demand for crude oil, gold and electronic goods, which form a main chunk of India's import basket.
Government slashes import duty on soyabean, sunflower oils
Basic import duty on refined soyabean oil and refined sunflower Oil reduced from 17.5 per cent to 12.5 per cent. The move will augment earlier measures taken by the government to reduce the prices of edible oils in the domestic market. The basic import duty is an important factor which impacts the landed cost of edible oils which in turn affects the domestic prices.
Videotex aims to reach Rs 500 cr in revenue by March 2024
Videotex, that currently manufactures over 1.4 million TVs in the country, registered Rs 350 crore in revenue in FY23. Its upcoming manufacturing facility in Noida will be operational soon, taking its total production capacity of 3.2 million TV units, said the company.
New Zealand slips into recession
Stats NZ said the GDP fell 0.1 per cent in the March 2023 quarter, following a 0.7 per cent fall in the December 2022 quarter, Xinhua news agency reported. The second consecutive quarter of negative economic growth signals the start of an economic recession. The Reserve Bank of New Zealand (RBNZ) has increased the cost of borrowing sharply since October 2021.
US Fed pauses interest rate hikes after 10 consecutive increases
"In determining the extent of additional policy firming that may be appropriate to return inflation to two per cent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," the Fed said on Wednesday in a statement after a two-day policy meeting of its top policymaking committee.
Vodafone, CK Hutchison approve UK mobile business merger
Current Vodafone UK CEO Ahmed Essam will become CEO of the joint business, and 3 UK CEO Darren Purkis will take on the CFO role. Vodafone Group Chief Executive Margherita Della Valle described the merger of Vodafone UK and Three UK as being "great for customers, great for the country and great for competition".
Growth in global oil demand to slow significantly
That's the verdict from the International Energy Agency (IEA), in a new 'medium-term report', The Guardian reported. It predicts that the use of oil for transport will go into decline after 2026, due to increased take-up of electric vehicles, the growth of biofuels and improving fuel economy reduce consumption, The Guardian reported.
Chances of Pakistan securing IMF bailout are 'dimming': Moody's
"There are increasing risks that Pakistan may be unable to complete the IMF programme that expires at the end of June," a sovereign analyst with the rating company in Singapore Grace Lim said. Lim said: "Without an IMF programme, Pakistan could default, given its very weak reserves."
Madhav Sheth bids goodbye to global tech brand realme
In a letter, Sheth said that "I am stepping down from my role at realme and I am ready to embark on new adventures". Sheth will continue to be a strategic advisor to realme for its development strategy, global product observations, market insights, and operating suggestions.
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