BUSINESS
Chinese firm to develop huge Bolivian lithium deposit
Bolivian President Luis Arce said the Catl-led consortium was launching the "historic" industrialisation of lithium in Bolivia. More than $1 billion will be invested in the project's first phase, he said. Australia and Chile are the world's biggest lithium producers, but Bolivia has huge reserves in the Potosi and Oruro salt flats. Technical hurdles and a lack of infrastructure have long delayed the extraction of lithium in Bolivia,
Petrol stocks may dry up in Pakistan
Like other sectors, the oil industry in Pakistan is facing hurdles to opening LCs owing to the US dollar shortage and restrictions put in place by the SBP, The Express Tribune reported. An oil cargo of Pakistan State Oil (PSO) has already been cancelled while LC for another cargo, scheduled for loading on January 23, has not yet been confirmed.
Foreign shipping lines may stop Pakistan operations
Apart from bordering countries, almost all the international logistics from Pakistan are catered by sea and any disruption could create serious issues for the country's international trade, Dawn news quoted chairman of Pakistan Ship's Agents Association (PSAA) Abdul Rauf warning Finance Minister Ishaq Dar in a letter.
How Google-CCI fight becomes India's digital opportunity
In the ruling earlier this week, a Supreme Court bench said the findings by the CCI cannot be said to be "without jurisdiction or with manifest error" and affirmed the NCLAT order, declining to grant interim relief to Google. The bench directed the NCLAT to dispose of Google's appeal by March 31, and granted Google seven days to deposit 10 per cent of the Rs 1,337.76 crore penalty imposed by the CCI.
Wipro lays off over 400 freshers for poor performance
The company has issued termination letters to all the affected employees and stated that despite adequate training, they have failed to perform. Sources explained the termination letter maintained that the employees were liable to pay Rs 75,000 of the training cost which company has spent on them. But, the amount is being waived off.
Export promotion capital goods scheme norms relaxed for Covid-affected sectors
The sectors that are eligible for this relief are the hotel, healthcare and educational sectors. For 2020-21 and 2021-22, these sectors will not be required to maintain average export obligation for EPCG authorisations issued to them. These sectors will also have the option to extend the export obligation period for a longer duration, without having to pay any additional fees.
India may be the primary bright spot among several large economies: Gautam Adani
In his remarks at the WEF event in Davos, Adani said: "Our multi-vector, non-partisan approach has ensured that we are well-respected and have become one of the leading voices batting for the emerging economies. The growing prominence was very visible during the forum, with widespread participation by Indian companies and government officials."
Retail business got a boost with more Indians choosing to shop at Reliance Retail stores: Mukesh Ambani
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said, "Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners."
Consumer business boosts Reliance Industries' consolidated revenues to Rs 2.40 lakh crore in Q3 FY23
Reliance posted quarterly consolidated EBITDA at Rs 38,460 crore ($4.6 billion), up 13.5 per cent YoY led by consumer businesses and upstream. Consolidated net profit for the quarter was Rs 17,806 crore ($2.2 billion), up 0.6 per cent YoY. RIL's capital expenditure for the quarter ended December 31, 2022 was Rs 37,599 crore ($4.5 billion).
Crypto lending platform Genesis files for bankruptcy
According to bankruptcy documents, the company listed over 1,00,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion, reports CNBC. Genesis is part of the US-based venture capital firm Digital Currency Group (DCG), which also owns cryptocurrency asset manager Greyscale and crypto-focused news outlet CoinDesk.
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