BUSINESS
Number of cases under IBC gone up by 24% in Q4FY23: CARE Ratings
According to the credit rating agency, the distribution of cases across sectors continues to remain broadly similar, compared to earlier periods given the extended resolution timelines. In a report, CARE Ratings said the overall recovery rate till Q4FY23 was 31.82 per cent implying a haircut of approximately 68 per cent.
EU urged to crackdown on imports of Indian fuels made with Russian oil
Josep Borrell, the EU's high representative for foreign policy, told The Financial Times that Brussels was aware that Indian refiners were buying large volumes of Russian crude oil before processing it into fuels for sale in Europe, saying for the first time the EU should act to stop it.
Robust Indian banking system amidst looming global banking crisis
The failure of the Signature Bank has been largely attributed to the contagion effect of the collapse of SVB, leading to an environment of fear and distrust. At the same time as the SVB debacle, another crypto-based Silvergate Bank collapsed due to a drastic fall in customer confidence.
Musk loses appeal, must consult lawyers to post certain Tesla-related tweets
The 2nd US Circuit Court of Appeals in Manhattan rejected Musk's argument that the consent decree reached in 2018 is a "prior restraint" on his speech. "Each tweet plausibly violated the terms of the consent decree," the Court of Appeals for the Second Circuit in New York City wrote in its ruling, reports The Verge.
India to contribute 16% of global GDP: Morgan Stanley
According to Morgan Stanley, India is benefitting from a combination of cyclical and structural tailwinds and is expected to contribute 16 per cent of the global gross domestic product (GDP) over 2023-24. "In recent months, a wide variety of indicators suggest that India's recovery is strong and broad-based, and is well-placed to sustain growth rates of above 6 per cent," the report said.
Amazon India lays off 400-500 employees as part of global restructuring
The downsizing in the country is part of the 9,000 layoffs announcement in March by Amazon CEO Andy Jassy, according to sources. Amazon in March announced to lay off 9,000 employees in Amazon Web Services (AWS), Twitch, advertising and HR.
Vice Media files for bankruptcy, lenders to purchase it for just $225 mn
In 2017, Vice Media had raised $450 million, valuing the media company at around $5.7 billion. To facilitate the sale, Vice filed voluntary petitions for reorganisation under Chapter 11 in the US Bankruptcy Court for the Southern District of New York.
Yellen reiterates US could default on debt by early June
The Department of Treasury will likely no longer be able to satisfy all of the governments' obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1, Yellen said in the letter sent on Monday.
With resilient growth in India and China's recovery, Asia-Pacific remains dynamic region: IMF
Krishna Srinivasan, Director of Asia and Pacific Department, IMF who represented the visiting IMF team in Colombo analyzed the global and regional outlook and stated that 2023 looks to be a challenging year for the global economy. Global growth is expected to decelerate and bottom out in 2023, as rising interest rates.
ED attaches assets worth Rs 457 crore in PMLA case
The ED said that the premises where searches were carried out include the registered office of Future Gaming Solutions India Private Limited at Coimbatore, which is the master distributor of Sikkim Lotteries, the residential premises of Santiago Martin at Coimbatore and the residential premises as well as the business premises of his family members in Chennai.
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