BUSINESS
Airlines cut losses in 2022, will return to profit in 2023: IATA
In 2022, airlines' net losses are expected to be $6.9 billion (an improvement on the $9.7 billion loss for 2022 in IATA's June outlook). This is significantly better than the losses of $42.0 billion and $137.7 billion that were realised in 2021 and 2020, respectively, IATA said.
Monday's punishing selloff in US markets could be beginning of next leg lower for stocks
In a note to clients on Monday, Jonathan Krinsky, chief technical strategist at BTIG, said that US stocks were primed to tumble after the S&P 500 bounced off its latest resistance level, which coincided with the index's 200-day moving average, a key technical level for assets.
Pakistan concedes to China's demand for revolving bank account
It also allowed import of 580,000 tonnes of wheat at a price of $372 per tonne, excluding the incidental and transportation charges, which would cost the national exchequer a minimum of $216 million, Express Tribune reported. Wheat import will cost a total of $224 million after including the incidental charges.
Fitch Ratings retains India's growth outlook at 7% for current fiscal
The rating agency on Tuesday observed that India is likely to emerge as among the fastest growing emerging markets in the current fiscal. At the same time though, the agency has slashed the growth projections for the next two fiscals, observing that while the Indian economy is insulated from global shocks, it is not immune to global developments.
Pakistan in financial emergency
In a statement, PBF CEO Ahmad Jawad said: "Pakistan's economy continues to slump despite resumption of the much-awaited International Monetary Fund's (IMF) Programme. Finance Minister Ishaq Dar must announce a clear policy on the rupee to ease the pain of traders and to save the industries. "We still have foreign debt of $130 billion and $73 billion due in three years. Our deficit for next three years is a minimum of $20 to $30 billion. Additionally, super inflation is killing the poor. This is a financial emergency."
Rupee has done relatively well, says World Bank economist
In the last one year, the rupee has depreciated by around 10 per cent and though it may sound like a huge figure, compared to other emerging economies, India has not done badly, said Sharma on the occasion of the release of World Bank's India Development Update, which upgraded GDP growth to 6.9 per cent from the earlier 6.5 per cent.
Coal production rose to 75.87 mn tonnes in Nov
According to the coal ministry data, in November 2022, Coal India Ltd (CIL) registered a growth of 12.82 per cent, whereas Singareni Collieries Company Limited (SCCL) and other captive mines registered a growth of 7.84 per cent and 6.87 per cent respectively. Out of the top 37 mines in coal production as many as 24 mines produced more than 100 per cent and production of five mines stood between 80 and 100 per cent in terms of output.
'Composite insurance regime should have only composite insurance council'
Will there be another lobby body for composite insurers or one company will have to be a member of both the Councils paying handsome annual subscription fees? These were the questions a senior industry official posed citing the amendments proposed to the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999.
World Bank upgrades India's GDP growth to 6.9% for current fiscal
In its India Development Update, the global financial institution said that the revised update was mainly due to greater resilience shown by the Indian economy against global shocks and better September quarter figures. The World Bank has revised its GDP estimate downwards for 2023-2024 from 7 per cent to 6.6 per cent.
Slack CEO to quit Salesforce in Jan 2023
Cloud computing giant Salesforce acquired Slack for $27.7 billion in July last year, reports The Verge. Butterfield's departure was announced in a Slack channel, only a few days after Salesforce CEO Bret Taylor also revealed that he was leaving the company. "This has nothing to do with Bret's departure," Butterfield wrote in a Slack channel.
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