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Supreme Court affirms Centre's 2016 decision to demonetise currency notes of Rs 1000, Rs 500
A five-judge constitution bench headed by Justice S.A. Nazeer and comprising Justices B.R. Gavai, A.S. Bopanna, V. Ramasubramanian, and B.V. Nagarathna pronounced the judgment on a clutch of petitions challenging the Centre's 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500 denominations.
Elon Musk 1st person in world to lose $200 bn in net worth: Report
According to a Bloomberg report, Musk has now seen his wealth drop to $137 billion following a recent drop in Tesla shares. The shares of his electric car company are down nearly 65 per cent. In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. Musk saw his fortune peak in November 2021, hitting $340 billion, before a massive drop. Last month, he was replaced by Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, as the world's richest man.
India's internet industry to reach $5 trillion valuation by 2030
Home to 780 million internet users, India is home to the second largest internet user base in the world. "As digital will continue to play a significant role, India's internet GMV (not valuation) will grow to about $1 trillion by 2030, equivalent to $5 trillion in public and private market cap,a according to data by market intelligence firm Redseer Strategy Consultants. An average Indian spends around 7.3 hours per day on their smartphone, one of the highest in the world. "The time spent is across online messaging, social media, YouTube streaming, OTT content and short-form video.
PE-VC investments in India fell by 29% in 2022
India minted a total of 21 unicorn companies (VC-funded startups valued at $1 billion or more) in 2022, 18 of them during the first six months of 2022 and less than half the 44 Unicorns minted in 2021. In fact, the final quarter of 2022 did not see any new unicorns being created. SaaS companies accounted for 29 per cent of all the new unicorns in 2022, followed by Fintech companies with 19 per cent. Overall, unicorn startups in India attracted $9.8 billion worth of investments in 2022, down by 61 per cent compared to the previous year (which saw $25 billion invested in unicorn startups).
Third of global economy will be in recession this year: IMF
"We expect one third of the world economy to be in recession," the BBC quoted Georgieva as saying to CBS News on Sunday. "Even countries that are not in recession, it would feel like recession for hundreds of millions of people," she added. The IMF chief further warned that China, the world's second largest economy, will face a difficult start to 2023.
Market: 2023 begins on a cautious note
Coming to the week gone by, we saw markets rally and close the last week on a positive note. On the last day however, they gained at open but closed on selling pressure at the end and ended with losses. BSESENSEX gained 995.45 points or 1.66 per cent to close at 60,840.74 points while NIFTY gained 298.50 points or 1.68 per cent to close at 18,105.30 points.
Dining out to be costlier in New Year as commercial LPG cylinder price hiked by Rs 25
The new rates come into effect from this day. Rates of domestic LPG cylinders have been kept unchanged. With the hike in commercial LPG cylinder prices, it will cost Rs 1,768 per cylinder in New Delhi. In Mumbai, a commercial LPG cylinder would cost Rs 1,721 per cylinder, while in Kolkata and Chennai it will cost Rs 1,870 and Rs 1,917 per cylinder respectively.
Dec 2022 GST collections stand at Rs 1,49,507 crore: Govt
However, on year-on-year basis, GST revenue collected for December 2022 was 15 per cent higher than collections of December 2021, which was Rs 1,29,780 crore. Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row, the figures mentioned. The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).
Consolidation of public sector banks leads to 4,837 branches being shut down
These bank branches have either been completely shut down or have been merged with another bank branch. Chandrashekhar Gaur, a Right to Information (RTI) activist from Madhya Pradesh's Neemuch district, had sought information from the Reserve Bank of India (RBI) as to how many public banks had been closed in the last two financial years of 2020-21 and 2021-22. The details given by the RBI, while replying to to Gaur are surprising. It stated that 4,837 bank branches were either merged or closed in the last two financial years.
Tesla told workers not to discuss pay, working conditions: US labour board
In a complaint, the National Labor Relations Board (NLRB) claimed that the electric car-maker "told employees not to complain to higher level managers about their pay or other conditions of employment" and said "not to discuss their pay with other persons". The company also allegedly told employees not to discuss the hiring, suspension, or termination of employees with others. These incidents occurred from December 2021 to January 2022, the complaint alleged. A judge will hear the arguments laid out by the complaint during a hearing in February.
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