BUSINESS
Russia's nuclear fuel company busy 'breeding' new fuels
TVE Fuel is part of Russia's integrated nuclear power company. "All the six 1,000 MW units at Kudankulam in India will be powered by TVS 2M fuel. The fuel has been introduced in Unit 1," Alexander Ugryumov, Senior Vice-President for Research and Development said. The earlier fuel that was used in Unit 1 was called UTVS.
Bira 91 raises $70 mn from Japanese beer company Kirin Holdings
The funds will be deployed to expand Bira 91's production capacity by commissioning new breweries and expanding its existing facilities. The capital will also be utilised to increase the company's distribution footprint across the country and internationally, and further bolster Bira 91's product development and innovation capabilities, the company said in a statement.
Twitter is done with layoffs, ready to hire again: Musk
At a meeting with employees, Musk also claimed that Twitter is now actively hiring for positions in engineering and sales, reports The Verge. He also asked the staffers to recommend potential candidates. The micro-blogging platform does not currently have any open positions advertised on its website, and Musk did not name the specific engineering or sales posts for which the company was seeking.
CII suggests slashing income tax rates in forthcoming budget
The industry body gave this suggestion to Finance Minister Nirmala Sitharaman on Monday, during the pre-budget meeting, which she held with industry chambers. CII further suggested reducing the highest 28 per cent GST slab on consumer durables. Further the industry body also suggested to the Finance Minister that GST should be decriminalised.
Coronavirus hospitalisations surge in Italy
The Gimbe Foundation, a health monitoring entity, said on Monday that the number of patients in intensive care units rose by nearly 22 per cent during the week ending November 17, Xinhua news agency reported. The increase in intensive care unit admissions was faster than that for overall coronavirus-related hospital admissions, which increased by nearly 10 per cent over the same period.
'India's forex reserves dropping below $500 bn would force RBI to hike more aggressively'
In other words, the Reserve Bank of India (RBI) could start to accumulate reserves again should the USD start to weaken. This would keep the rupee underperforming, the report said. The RBI has used close to $100 billion of FX reserves since late 2021 to defend the currency. Such action makes sense as it had been accumulating FX reserves before that and it wants INR stability in order not to import inflation, the report added.
Government unveils framework to prevent fake reviews of products
These have been finalised by the Bureau of Indian Standards (BIS) and came into being after the Department of Consumer Affairs received a slew of complaints on fake review of products being posted by several e-commerce companies on the social media and on web portals. BIS will also develop a conformity assessment scheme for the standard within 15 days to assess compliance.
Economy doing well, can reach $5 trillion target by 2025-26: Officials
Economic affairs secretary Ajay Seth, Niti Aayog CEO Parameswaran Iyer and Chief Economic Adviser V. Ananth Nageswaran are learnt to have made presentations before the committee, where the projections on the economic growth and the roadmap towards becoming a $5 trillion economy were given, sources informed further. Finance Secretary T.V. Somanathan, who was also summoned by the panel, could not attend the meeting.
Govt keen to increase demand for steel by enhancing capital infra: Jyotiraditya Scindia
The government had withdrawn the export duty on iron ores lumps and fines below 58 per cent Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite / PCI coal, coking coal, coke and semi coke and ferronickel were also withdrawn.
iPhone: Made in India to become a regular feature
It is considered that this is the tech giant's strategy to diversify manufacturing and relocating its plant outside of China amid mounting geopolitical tensions and the global supply chain "de-risking" which is underway because of China's "zero-Covid" policy, but India is the desired destination shows a significant milestone in the history of the company and India's preparedness, past performance especially its remarkable resilience during and after the second wave of Covid-19 and competency as well.
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