BUSINESS
China smartphone market shows recovery after worst 2022 sales
In four out of five weeks, the sales stayed above 6 million, a level seldom reached in 2022 when the pandemic haunted China's cities from time to time. The Chinese New Year season also started earlier than usual this year, helping the weekly sales walk out of the trough at the beginning of 2023, reports Counterpoint Research.
CBDT notifies ITR forms for assessment year 2023-24
The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year. In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms.
India now has nearly 27K active tech startups, adds 1,300 last year
India continues to be the third largest tech startup ecosystem globally (after the US and China). The country also added the second highest number of unicorns in the world, with over 23 added in the CY2022. Simultaneously, the potential pipeline of unicorns expanded to over 170, growing at a pace equivalent to 2021, according to the report by the National Association of Software and Services Companies (Nasscom), in collaboration with Zinnov.
Sri Lanka gives green light to import eggs from India
The government stated that Cabinet's nod was given to import eggs from India on the condition that they do not bring bird flu. A temporary permission had been granted to import eggs for a period of two months, a minister stated. However, the imported eggs would be directly released to the industries that use eggs on a mass scale. Eggs would not be released to local markets.
Sacking 7K employees in 2-hour call was bad idea: Salesforce CEO
The enterprise software company Salesforce in January laid off 10 per cent of its workforce, impacting about 7,000 employees, amid the ongoing global macroeconomic conditions. In an interview with The New York Times, Benioff said the call wasn't the best idea. "We were trying to explain the unexplainable. It's hard to have a call like that with such a large group and have it be effective, and we paid a price," he was quoted as saying.
Global sandwich chain Subway explores sale of business
The firm has been growing rapidly for years, but is now facing tough soaring costs and increased competition. A sale of the company could value it at more than $10bn, according to the Wall Street Journal, which first reported the story. Investment banking giant JP Morgan is advising Subway on the potential sale, BBC reported. Subway said that it does not plan to give any further updates on the process until it is completed and did not give any indication of how long it could take.
Cement demand set to rise, but not unusual profitability for Indian companies: Moody's
According to Moody's, India's cement production will climb by around 6-8 per cent over fiscal years 2023 and 2024, following a 21 per cent jump for the fiscal year ended March 2022. However the industry is unlikely to enjoy unusually high profits as it did in fiscal 2022, Moody's added. The housing sector will remain the major demand driver as the segment accounts for 60-65 per cent of India's cement consumption, Moody's said.
Ford halts production, shipments of electric truck due to battery issue
The company issued a nationwide "stop shipment" order to hold F-150 Lightnings while a potential battery issue is investigated, reports Electrek. "As part of our pre-delivery quality inspections, a vehicle displayed a potential battery issue and we are holding vehicles while we investigate," the company said in a statement.
US crude oil inventories up: API
Analysts expected a hike of 0.321 million barrels for this week. The API reported a drop of 2.184 million barrels in the previous week. Oil prices fell on Tuesday after the United States said it would release more crude from its Strategic Petroleum Reserve, Xinhua reported.
Air India to acquire modern fleet, orders 470 aircraft from Airbus and Boeing
The order comprises 40 Airbus A350s, 20 Boeing 787s and 10 Boeing 777-9s widebody aircraft, as well as 210 Airbus A320/321 Neos and 190 Boeing 737 MAX single-aisle aircraft. The A350 aircraft will be powered by Rolls-Royce engines, and the B777/787s by engines from GE Aerospace. All single-aisle aircraft will be powered by engines from CFM International.
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