BUSINESS
Chinese Internet firms log 1st revenue decline amid regulatory crackdown
According to the South China Morning POst, the combined revenue of Chinese Internet firms decreased 1.1 per cent to 1.46 trillion yuan ($217 billion) last year, marking a sharp contrast to double digit growth in the previous six years. The data by the Ministry of Industry and Information Technology showed that the internet services firms in ride-hailing, travel, financial and flat rental sectors were hit the hardest.
Twitter sued by advisory firm for not paying $1.9 mn as Musk deal fees
According to The New York Times, Innisfree M&A has filed the lawsuit in the New York State Supreme Court, seeking about $1.9 million in unpaid bills from Twitter. The firm advised the micro-blogging platform on its acquisition to Musk last year. "Twitter hired Innisfree last May to help it reach out to its shareholders about the $44 billion deal.
Twitter to charge $1,000 per month from businesses for their gold badges
The Elon Musk-run company, which is busy monetising its platform via various means, will also charge an extra $50 per month to add badges to each account affiliated with the brand, reports The Information. A screenshot posted by social media consultant Matt Navarra also suggested that Twitter is going to charge a massive $1,000 per month.
Budget doubles funds for Indian knowledge system; thrust on regional languages
An allocation of Rs 300.7 crore has been made in the budget for teaching, promoting and encouraging the youth in regional languages. It is 20 per cent higher than the previous year's allocation. On the other hand, for the IKS, the allocation has been increased by 100 per cent. According to the Union Education Ministry, the Central government has taken several steps to promote regional languages in educational institutions.
EU, G7 impose price caps on Russian petroleum products
The price cap for "premium-to-crude" petroleum products, such as diesel, kerosene and gasoline, is set at $100 per barrel, while the cap for "discount-to-crude" petroleum products, such as fuel oil and naphtha, is set at $45 per barrel, the EC was quoted by Xinhua news agency as saying .
'Usage of scrap in primary steel production to grow to 50%'
Union Minister for Steel Jyotiraditya Scindia said that the Central government stands firm on its commitment to the material recycling industry, a sector that needs to be encouraged and pushed forward in today's world. The recycling industry contributes almost Rs 10,000 crore to India's GST and in the years to come, it is expected to go up by Rs 35,000 crore.
Meta's Reality Labs loses colossal $13.7 bn on VR-AR projects
Within the Reality Labs segment, Q4 revenue was $727 million, down 17 per cent due to lower Quest 2 sales. Reality Labs expenses were $5 billion, up 20 per cent primarily due to employee-related costs and restructuring-related expenses. Reality Labs operating loss was $4.3 billion in the holiday quarter of 2022.
BMC: For 1st time, civic body's budget shoots over Rs 50K cr - higher than many states
The budget estimates, presented on Saturday by BMC Commissioner I.S. Chahal came ahead of the civic elections which are likely to be announced soon and promised sustainable local economic development for the country's commercial capital. The budget estimates for the new fiscal is proposed at Rs 52,619.07 crore, an increase of 14.52 per cent over last year's Rs 45,949.21 crore (2022-2023) and the previous year's Rs. 39,083 crore (2021-2022).
Close to 1 lakh tech employees lost jobs in Jan alone globally
It means that more than 3,300 tech employees lost jobs daily on an average by more than 288 companies worldwide. Barring Apple, every other Big Tech firm has slashed jobs, led by Amazon with 18,000 job cuts, followed by Google with 12,000 and Microsoft 10,000 job cuts in January. Salesforce (7,000), IBM (3,900) and SAP (3,000) were other tech companies that announced layoffs .
Chennai-based Pharma company recalls eye drops from US market after 55 adverse cases
The US government agency Centre for Disease Control and Prevention said there were 55 adverse cases including eye infections, permanent loss of vision and one death due to a blood stream infection. Five people turned completely blind on using the eye drops.Global Health pharma's product lubricant eye drops distributed by Ezricare, LLC and Delsam Pharma in the US was being investigated by the Centre for Disease Control and Prevention. However, the eye drops are not sold in India.
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