BUSINESS
Mass layoffs are 'last resort', says Tim Cook
The tech giant, however, is reducing costs and has slowed down the pace of hiring.Cook told CNBC that he views layoffs "as a last resort" and "mass layoffs is not something that we're talking about at this moment". He said that the company is "continuing to be extremely prudent on hiring".
Coal Ministry aims to complete 67 first mile projects by 2027
Out of the 67 FMC projects, Coal India Ltd (CIL) will take up 59, Singareni Collieries Company Ltd will undertake five while the remaining three will be taken up by Neyveli Lignite Company, the sources said. In order to eliminate road transportation of coal in mines, the ministry has developed a plan to improve the mechanised coal transportation and loading system under FMC projects.
Paytm logs Rs 7,990 cr revenue in FY23, becomes India's highest earning new-age firm
In Q4 FY23, the company's revenue surged by 51 per cent (year-on-year) to reach Rs 2,334 crore, while the full-year revenue increased by 61 per cent YoY to Rs 7,990 crore, making it the highest earning new-age company. In Q4, Paytm further grew its operating profit by Rs 234 crore. In Q4, Paytm's EBITDA before ESOP costs, excluding UPI incentives, rose to Rs 101 crore, a significant improvement from the previous fiscal's Q4 figure of (Rs 368 crore).
India's foreign exchange reserves rise to $588.78 billion
As per the data, India's foreign currency assets, the biggest component of the forex reserves, rose by $4.99 billion to $519.48 billion.
During the week ending April 21, the country's foreign exchange reserves had fallen by $2.164 billion to $584.248 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion.
US regional bank shares rally in pre-market trade
PacWest shares are up 9 per cent in pre-market, a small recovery after tumbling 46 per cent on Thursday, while Western Alliance have gained 12.7 per cent after a 38 per cent tumble and First Horizon, which lost 33 per cent, are up 7 per cent, The Guardian reported.
Indian art market makes turnover of $144.3 mn in FY 2023: Report
The 'State of the Indian Art Market Report FY23' by Grant Thornton Bharat and Indian Art Investor, shows there is a 9 per cent rise in turnover and a 6 per cent rise in the number of works sold from the previous year, making FY23 the most successful year for Indian art at auction. "Art has always been a lucrative investment among high-net-worth individuals (HNIs) for diversifying wealth and creating value. Today, the pool of investors looking to include fine art in their investment strategies is widening," said Pallavi Bhakru
iPhone sales set new March quarter record at $51.3 bn: Tim Cook
According to him, iPhone 14 Pro users continue to rave about the most powerful camera system ever in an iPhone. "This March, we were excited to expand emergency SOS via satellite to six new countries, bringing this important safety feature to even more users. We now offer this vital service in 12 countries, and I'm grateful for every note I've received from around the world about the life saving impact of our safety features," Cook told analysts during the company's Q2 2023 earnings call late on Thursday.
ICRA downgrades ratings of Shapoorji Pallonji
The downgrade in the ratings of Shapoorji Pallonji and Company Private Limited (SPCPL) factors in the delay in securing the requisite working capital limits, which has impacted the engineering, procurement and construction (EPC) operations in FY2023, resulting in modest profitability and muted debt coverage metrics compared to ICRA's earlier estimates.
Shakti Bhog Foods CMD arrested for fraud
According to sources, Kumar has been arrested by the Economic Offences Wing (EOW) of Delhi Police. "Kumar and other accused directors of the company had issued post-dated cheques of Rs 10 crore to the complainant in the case against the purchase of raw materials from him," said a senior police officer. As per the police, all the cheques bounced as they were issued by the company which was already under liquidation and its account was already frozen.
Govt asks edible oil industry to pass on benefits of reduced prices to consumers
In a meeting with stakeholders, Food Secretary Sanjeev Chopra said that consumers should get the benefit of reduced prices as fall in prices of edible oils in international markets is gradually being reflected in the domestic markets as well. The stakeholders were advised to take up the issue with their members immediately and ensure that the MRP of each oil brand be reduced in line with the decline in the international prices of edible oils with immediate effect.
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