BUSINESS
Philippine inflation rate slowed to 7.6% in March
Philippine Statistics Authority (PSA) data showed the inflation rate in March 2022 was lower at 4 per cent, reports Xinhua news agency. The average inflation rate for the first quarter of this year stood at 8.3 per cent. In a news conference, PSA head Dennis Mapa said the heavily-weighted food and non-alcoholic beverages, which recorded a lower inflation rate at 9.3 per cent from 10.8 per cent in February.
Downfall of SVB, Credit Suisse undermined confidence: JP Morgan CEO
In an annual letter to JP Morgan's shareholders, Dimon said last month's failure of SVB and the Swiss government-brokered takeover of Credit Suisse by its rival UBS had undermined confidence in the banking system, the Guardian reported.
More than Rs 40,700 cr sanctioned under Stand-Up India scheme in last 7 years
"Stand-Up India scheme is an important milestone in promoting entrepreneurship among SC, ST and women," Finance Minister Nirmala Sitharaman said on the occasion of the scheme completing seven years on Wednesday.The Stand-Up India Scheme was launched on April 5, 2016 to promote entrepreneurship at grassroots level focusing on economic empowerment and job creation.
World Bank projects massive decline in Pakistan's GDP growth
While the Asian Development Bank (ADB), in a separate report, projects a significantly lower GDP growth rate of 0.6 per cent, ballooning inflation of up to 27.5 per cent and an ongoing foreign exchange crisis in Pakistan, The News reported.
Paytm boosts offline payments leadership with 6.8 mn devices, GMV grows 40%
The merchant gross merchandise value (GMV) for the quarter (for three months ended March 2023) grew 40 per cent YoY to Rs 3.62 lakh crore ($44 billion). Loan distribution, in partnership with lending partners, also witnessed accelerated growth with disbursements of Rs 4,468 crore (increased 206 per cent YoY) in March 2023, according to the company as it announced its business operating performance for Q4FY23.
Tesla remains EV market leader in US with over 50% share
EV sales increased to represent 7 per cent of all US passenger vehicle sales in 2022, according to Counterpoint Research, growing 54.5 per cent (on-year). "Tesla is dominating the US EV market while other automotive giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition," according to research analyst Abhik Mukherjee.
Richard Branson's rocket company Virgin Orbit files for bankruptcy
The low Earth orbit launch company, spun out of Branson's Virgin Galactic, filed for bankruptcy protection with the US Securities and Exchange Commission (SEC). "On April 4, 2023, Virgin Orbit and its domestic subsidiaries commenced voluntary proceedings under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware," said the company in its filing.
Pakistan increases policy rate by 100 basis points to 21%
The monetary policy committee (MPC) of the bank noted that inflation in March 2023 rose to 35.4 per cent, and is expected to remain high in the near term, the statement added on Tuesday."The MPC views today's decision as an important step towards anchoring inflation expectations around the medium-term target, which is critical for achieving the objective of price stability," said the SBP.
Apple's weather app for iPhone users down globally
On its support page, the tech giant states that ongoing issues are affecting the app. "Some users are affected. This service may be slow or unavailable" the company noted. Multiple users report that they aren't seeing any data when opening up the app. The app's widgets also don't seem to be working.
India now has third highest number of billionaires in the world
As per the list, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd (RIL) is the richest India with a net worth of $63.4 billion. Ambani is the 9th richest in the world as per the list. The Us still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion.
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