BUSINESS
India's G20 Presidency will boost global economy, open Internet: Sundar Pichai
Pichai, who received the Padma Bhushan, India's highest civilian honour, from India's Ambassador to the US, Taranjit Singh Sandhu, in San Francisco, said that it is incredibly meaningful to be honoured in this way "by the country that shaped me". "India is a part of me. I carry it with me wherever I go. I was fortunate to grow up in a family that cherished learning and knowledge.
Coal production for April-Nov period up 17% to touch 524mn tonnes
Coal India Ltd's (CIL) production was 412.63 million tonnes till November as compared to 353.41 million tonnes recorded during the corresponding period of last year, thus showing a growth of 16.76 per cent. To ensure faster transportation of coal, efforts are on to augment rail connectivity infrastructure for all major mines under PM-Gati Shakti, sources pointed out further.
Don't hike repo rate beyond 25-35 bps, ASSOCHAM urges RBI
ASSOCHAM has also requested the RBI to treat retail loans for purchase of electric vehicle (EV) as priority sector lending. According to ASSOCHAM, the interest rate hike should be moderate so that the rising cost of borrowing does not have an adverse and disproportionate impact on the nascent economic recovery post the pandemic.
ShareChat lays off less than 5% of its workforce, shuts fantasy sports app Jeet11
"As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganised some of our functions, which meant movement of this talent within teams and a few employee exits," a ShareChat spokesperson told IANS.
Fintech platform KreditBee raises $80 mn, aims to diversify portfolio
KreditBee said it will use the funds used to diversify its product portfolio and strengthen its tech stack to serve more than 400 million Indians on its platform. The current investment saw active participation from existing investors Azim Premji's Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.
Pakistan's inflation climbs to 23.8% in November
According to the PBS, the CPI in November has also witnessed ease year on year as compared to an increase of 26.6 percent in the previous month of October, reports Xinhua news agency. On a month-on-month basis, the CPI increased by 0.8 per cent in November as compared to an increase of 4.7 per cent in the previous month and 3 per cent in November 2021, the PBS figures showed.
Global banks to rake in solid profits in 2023: Moody's
"Banks will report solid profits in 2023," said Edoardo Calandro, VP-Senior Credit Officer at Moody's. "Rising interest margins will enable continued capital generation o n top of already strong capital, while liquidity and funding will remain robust, even as gloomy economic conditions across much of the world cause loan performance to deteriorate. Bank creditworthiness will remain broadly stable," Calandro added.
State Bank of Pakistan's forex reserves fall by $327mn
During the week ending on November 25, the total foreign exchange reserves of the Pakistani central bank fell to around $7.49 billion, the SBP said in a statement on Thursday evening. The decrease was "due to external debt repayment", Xinhua news agency quoted the statement as saying. Net foreign reserves held by commercial banks came at $5.87 billion, the central bank said.
Finance Ministry officials hold negotiations with G20 troika members
India has assumed presidency of G20 Thursday onwards. G20 Finance Track discusses global economic and financial issues through meetings of finance ministers and Central Bank Governors, their deputies and various working group level meetings.
Nearly 300 predatory loan apps circulating on Google, Apple stores: Report
Some victims have reported that their loans were accompanied by hidden fees, high-interest rates, and repayment terms that were not as favourable as advertised. Lookout also found evidence that data exfiltrated from devices were sometimes used to pressure borrowers for repayment, which is a common threat tactic to disclose a borrower's debt to their networks.
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