BUSINESS
China spent $240 bn on 20 countries in rescue lending
In total, more than 20 debtor countries have received $240 billion in Chinese rescue lending since 2000. The scale of China's global bailout lending programme is also growing fast. More than $185 billion was extended in the past five years alone (2016-2021), as per a report by researchers from the World Bank, Harvard Kennedy School, AidData, and the Kiel Institute for the World Economy.
Indian goods and services exports set to cross $760 bn in 2022-23: Piyush Goyal
Addressing the industry body Assocham's annual session, Goyal said that in 2021-22, the country's goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion. "There's obviously much faster growth in services, but growth in both (merchandise and services exports) is good. Probably we will end the year with about $760 billion (in exports), if not more," Goyal said.
Realme bumps up India hiring, Madhav to still look after India strategy
Realme told IANS that Madhav's international background and global vision will definitely provide forward-looking strategic guidance for realme's development in the global market. "The Indian market is strategically important for realme and Madhav will still look after India. Madhav will live in India and travel abroad according to the work arrangements," said a company spokesperson.
Indian goods exports easier due to harmonisation of standards: BIS chief
To a query on key developments and results of efforts toward harmonisation of Indian standards, Pramod Kumar Tiwari said: "It is crucial in many areas of trade that international standards are followed, for example, containers are used to transport good across the world. A huge number of containers are being used by Indian entities also, but containers are not being manufactured in India.
Jindal Steel in nickel pig iron JV with Indonesia's New Yaking
According to JSL, as per the agreement, it will acquire 49 per cent stake for about $157 million in the new greenfield project under a new joint venture company. "The strategic collaboration offers benefits of backward integration as JSL would have stake in the business of NPI," JSL said.
Air India moves forward on integration of two low-cost subsidiary airlines
This system merger comes five months after AirAsia India was fully acquired and subsidiarised under Air India, and three months after both AirAsia India and Air India Express were placed under a single CEO. In the coming months, the airlines will continue integrating other internal systems and, eventually, their air operating permits and regulatory posts.
Alibaba to split into 6 business units, pursue IPOs
The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group, reports CNBC. Each business unit will be led by its own CEO and board of directors.
India expected to be one of the major beacons of economic growth: KPMG
This despite a sluggish growth of 4.4 per cent during the last quarter of calendar year 2022 as compared to 6.3 per cent in Q3 2022, the report said. "The efforts of the Union Budget 2023-24 to improve the disposable income of taxpayers in the country is expected to boost consumption via an increase in discretionary spending," it notes.
Ensure adequate competition and minimise vendor lock-in, says CAG report
"This may be done by devising appropriate procedures to ensure a more level-playing field between the prospective bidders and the existing system integrator (SI). Also, this tender may be initiated well in time so that in the event of receipt of only one bid, the department has sufficient time to retender, if felt necessary," said the audit report.
If layoffs accelerate in next few months, a recession 'will be underway'
A commentary in Fortune said that the world is witnessing the beginning of increasing unemployment in the financial sector and high-tech, which "benefitted from the US Federal Reserve's easy money policies since the Great Recession of 2008" In an effort to cool off the economy and get inflation to its target rate, the Federal Reserve began to increase the Fed funds rate rapidly throughout 2022.
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