BUSINESS
BSNL's total net loss Rs 57,671 crore since inception
As per the Ministry of Communication, the reasons for losses of the BSNL and the MTNL are high employee cost over the years, debt burden, stiff competition in the market, and lack of 4G services (except on a limited basis in certain areas). On October 23, 2019, the government approved the revival plan for BSNL and MTNL.
Ashneer takes on BharatPe Co-founder Nakrani amid Rs 88 cr fraud case
In a tweet, Ashneer Grover said: "Doglapan: Shashvat (Co-Founder) to me. Bhai degree poori karni hai. Ek saal office bunk kar ke IIT poora kar leta hoon. Secondary kara dena aur salary bhi mat rokna - investor ko mat batana (Shashvat told me he has to complete an IIT degree so he wants to bunk office for 1 year to complete it. He asked me not to stop my salary and not inform investors either)."
Ashneer Grover takes a dig at media as BharatPe sues him, family for Rs 88.6 cr fraud
"Come on Press: Ek story kitni baar bechoge! Saal ke shuru mein bhi same - end mein bhi same. Even I am bored with this (How many times are you going to do the same story? It was the same at the beginning of the year, and same now)," Ashneer Grover tweeted in a frustrated tone late on Thursday.
NDB to scale up infrastructure & development finance in India
The $500 million Madhya Pradesh Major District Road Project (MPMDRP), funded $350 million by the NDB and $150 million by the state government, aimed at upgradation of major district roads in the state to improve connectivity in the interior areas of the state with the national and state highway networks, with the wider aim of promoting economic and social transformation.
Indian-origin Sushmita Shukla named First VP of Federal Reserve Bank of New York
As First Vice President, Shukla, 54, will be the institution's second ranking officer. Her appointment was approved by the Board of Governors of the Federal Reserve System, the New York Fed said in a statement on Thursday. "I am honored to have the opportunity to work for a mission-driven organisation like the New York Fed," Shukla said in a statement.
Pakistan forex reserves fall below $7 bn for first time since Jan 2019
Data released by the central bank showed that the foreign currency reserves held by the SBP were recorded at $6,714.9 million as on December 2, down $784 million compared to $7,825.7 on November 25, The News reported The foreign exchange reserves have fallen below the $7 billion level for the first time since January 2019, the report said.
Apple supplier Foxconn invests another $500 mn in India
TechCrunch first reported, quoting a company stock exchange filing in Taiwan, that Foxconn's Singapore subsidiary is $500 million in Hon Hai Technology India Mega Development Pvt Ltd. The move comes as Apple is fast forwarding its manufacturing plans for both iPhones and iPads in India and Vietnam in the wake of China unrest over zero-Covid policy which has severely disrupted its supply chain, leading to an acute shortage of new iPhone 14 Pro models.
Reliance General Insurance urgently seeks Rs 600cr capital infusion from RCAP
In a letter to the Reliance Capital Administrator, RGIC has sought Rs 600 crore capital support from the RCAP by December 31, 2022. The Committee of Creditors (COC) is expected to consider and discuss RGIC's request for capital infusion in December 9 meeting.
India's growth to depend on fiscal management, says Uday Kotak
Speaking at CII's Global Economic Policy Summit 2022, Kotak said that India is the fifth largest economy in the world and can rise further upwards. However, it's growth would depend on economic performance in terms of absolute GDP and absolute per capita income and doing well on current account and fiscal management, he said.
Reliance Industries Ltd, 2 Adani group companies fastest wealth creators: Motilal Oswal
According to the study, Adani Enterprises and Adani Transmission are also the top all-round wealth creators. During 2017-22, the top 100 wealth creators of India Inc created wealth amounting to Rs 92.2 lakh crore, the highest ever so far, Motilal Oswal said. The Motilal Oswal 27th Annual Wealth Creation Study 2022 analysed the top 100 wealth creating companies between 2017 and 2022.
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