BUSINESS
US Fed needs to cut interest rates immediately as recession looms: Elon Musk
Reacting to Vincent Yu, Founder of Tesmanian.com who said he is expecting a real economic recession in 2023, Elon Musk replied: "Trend is concerning. The Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession".
Investment opportunities in space cooling to be $1.5 trillion by 2040 in India: World Bank report
India is experiencing higher temperatures every year. By 2030 over 160-200 million people across the country could be exposed to lethal heat waves annually, the report said in its finding. Around 34 million people in India will face job losses due to heat stress related productivity decline.
NDTV scrip hits upper limit after change of guard at promoter company
At the BSE, the NDTV scrip opened at Rs 447.70 (upper limit) after closing at Rs 426.40 on Tuesday. With the Adani group acquiring 99.5 per cent stake in RRPR Holding, the latter's original promoters Prannoy Roy and Radhika Roy resigned as Directors, the NDTV said on Tuesday. The company also said it was informed by the promoter group vehicle RRPR Holding that the latter's board approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors with immediate effect.
Canada's economy rises 0.7% in Q3
Statistics Canada said that growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending, reports Xinhua news agency. Final domestic demand, composed of expenditures on final consumption and capital investment, edged down 0.2 per cent, following a 0.6 per cent increase in the second quarter.
Jack Ma hiding in Tokyo amid China's crackdown on tech firms: Report
Ma, the founder of the e-commerce giant Alibaba who until the tech clampdown was China's richest person, has rarely been seen in public since criticising the attitude of Chinese regulators towards tech companies at a summit in Shanghai two years ago, said the Guardian report. Aside from a 48-second online appearance early last year, described by one analyst as akin to a "hostage video", a brief trip to the Netherlands and Ma's 88-metre superyacht Zen being spotted last summer docking off the Spanish island of Mallorca.
Indian agrifood startups get record $4.6 billion investment in FY22
Farmtech startups raised $1.5 billion across 140 deals, a 185 per cent year-over-year increase, according to the report by VC firms AgFunder and Omnivore. Restaurant marketplaces and e-grocery startups secured close to $3 billion, around 66 per cent, of the total investment. Deal activity also increased to 234 in FY2022 compared to 189 deals in FY2021. Downstream startups raised $3.8 billion, a 115 per cent increase from $1.77 billion in FY2021.
Cognizant acquires US-based management consulting firm AustinCSI
Based in Dallas, Texas, AustinCSI provides consulting services for Fortune 500 clients across industries. The privately-held company has more than 175 consultants who design and deliver cloud and automation solutions. "AustinCSI has built a stellar reputation by improving business outcomes for some of the world's most recognisable brands, particularly in the telecommunications, media, technology and automotive sectors, markets where Cognizant is also strong," said Michael Valocchi, SVP, Head of Cognizant Consulting and Americas Strategy.
German inflation slips back to 10% in Nov
After rising for three months in a row, the rate peaked at 10.4 per cent in October, the highest level since the country's reunification in 1990, reports Xinhua news agency citing the Destatis data. In November, food prices still increased by an above-average rate of 21 per cent year-on-year. Although energy prices eased slightly, German consumers were still paying 38.4 perc ent more for energy products, including household energy and motor fuels, than a year ago.
Apple iPhone 14 Pro shipments may drop by 20 mn in Q4
According to Apple analyst Ming-Chi Kuo, the shipments of iPhone 14 Pro and iPhone 14 Pro Max models will be between 15 million and 20 million units lower than expected, reports AppleInsider. As there have been numerous problems at the iPhone supplier Foxconn's factory in Zhengzhou, China, including lockdown restrictions and employee riots, the Apple-focused analyst has reduced their shipping estimate by 20 per cent.
Elon Musk delays paid verification launch to avoid Apple's 30% cut
Twitter employees have been informed of additional changes coming to Blue, such as a 1 cent price hike from $7.99 to $8 and the need for a phone number verification, reports The Verge. When Twitter's new Blue subscription arrives on iOS, it might not be offered as an in-app purchase to avoid Apple's 30 per cent cut of App Store purchases.
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