BUSINESS
Goldman Sachs unveils plan to cut jobs amid global economy fears
Goldman chief executive, David Solomon, said the partnership was bracing for slower economic growth as central banks raise interest rates. Solomon said: "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January," The Guardian reported.
CBI books Cox and Kings in Rs 38.46 cr loan fraud case
Indian Bank alleged that the accused company in pursuance of criminal conspiracy hatched with unknown bank officials had approached the erstwhile Allahabad Bank (now merged with Indian bank) on May 27, 2019, with a request for subscription of the commercial paper of the company, which the bank subscribed for a face value amounting to Rs 50 crore.
Despite headwinds, Indian financial system resilient, says RBI report
"The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets," observed the RBI's Financial Stability Report."Buoyant demand for bank credit and early signs of a revival in investment cycle are benefiting from improved asset quality, return to profitability and strong capital and liquidity buffers of scheduled commercial banks (SCBs)," it said.
Current account deficit rose to 4.4% in Q2 from 2.2% in Q1: RBI data
The current account balance recorded a deficit of $36.4 billion (4.4 per cent of GDP) in the second quarter, up from $18.2 billion (2.2 per cent of GDP) in the first. Underlying the current account deficit in the second quarter was the widening of the merchandise trade deficit to $83.5 billion from $63 billion in the first quarter of 2022-23.
Alibaba rejigs top brass after major server outage, CEO to look after Cloud arm
Daniel Zhang, Chairman and CEO of Alibaba Group, will assume the role of acting President of Alibaba Cloud Intelligence and responsibility for the communication and collaboration platform DingTalk. In a separate move, Jeff Zhang will focus on his role as head of the Alibaba DAMO Academy and no longer serve as President of Alibaba Cloud Intelligence.
Pakistan's Finance Minister rubbishes reports of suspected default
Ishaq Dar emphasized that despite being in a tough financial position, Pakistan will not default and will also be successful in getting the next tranche of the International Monetary Fund (IMF) and remain in the IMF's Extended Funding Facility (EFF) program in the coming days.
India-Australia trade pact comes into force
Under it, Indian goods on all tariff lines will get access to Australian market with zero customs duty. Also additional 10 lakh jobs would be created in India under the ECTA, said Commerce and Industry Minister Piyush Goyal, while addressing a press conference in Mumbai. Indian yoga teachers and chefs would benefit from annual visa quota, he added.
iPhone supplier Foxconn aims to retain workers, offers $718 subsidy
Foxconn will provide a subsidy to workers who continue in essential roles at the Zhengzhou iPhone factory from January 1 to March 20, reports AppleInsider. Workers will need to be a valid employee as of that date to receive the subsidy. Moreover, the factory is extending the 'show up' bonus payments for workers.
Ambanis' son Anant engaged to Radhika Merchant in Rajasthan
The 'roka' (betrothal) ceremony was performed at the famed Shrinathji Temple at NathDwara in the desert state on Thursday. It was attended by the Ambani and Merchant families and friends, and priests of the temple blessed the excited young couple. Known to each other for a few years, Anant and his fiancee Radhika spent the day at the temple seeking Lord Shrinathji's blessings for their upcoming union. They also took part in the traditional Raj-bhog-shringaar ceremonies at the temple, and the two families shall celebrate the happy engagement occasion later in the day.
We are empowering Reliance with new leadership capital: Mukesh Ambani
Speaking at the Reliance Family Day event, Ambani said, "First, we are empowering Reliance with new Leadership Capital especially with Young Leadership. Second, we are enriching Reliance with new Talent Capital again, with Young Talent."
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