BUSINESS
India PC market nosedives 11.7% as consumer demand slows down: Report
According to new data from the International Data Corporation (IDC), all segments declined except the government, which grew by 91.5 per cent YoY as government orders materialised, leading to strong growth for the third consecutive quarter. "With schools and colleges opening, the consumer segment is seeing tapering demand for the past few months as demand for remote learning has come to a standstill," said Bharath Shenoy, Senior Market Analyst, IDC India.
Indo-Canadian firm to raise C$400 mn by 2022 end
The Brampton-based equipment financing source, which provides loans and leasing options for a wide range of transportation, construction, industrial and commercial equipment, had raised C$250 million last year.
Centre hikes windfall tax on domestic crude oil
The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.The revision in windfall tax is done every fortnight.The government has also reduced the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre.
ECB warns of financial stability risks in euro area
The persistence of high inflation is currently the biggest threat to financial stability and growth, de Guindos said, adding that the ECB's monetary policy should be geared to achieving price stability. As it is becoming more difficult for companies and households to repay their debts in the deteriorating environment, banks could face higher loan defaults in the medium term, the ECB said in its report.
I don't want to be CEO of Twitter or any company: Elon Musk
Musk made the comment during a testimony at a trial in the US on Wednesday, challenging his controversial pay compensation package at Tesla. "I frankly don't want to be the CEO of any company," he said, reports The Verge. "At SpaceX, it's really that I'm responsible for the engineering of the rockets and Tesla for the technology in the car that makes it successful," he was quoted as saying.
SoftBank to sell $215 mn worth stake in Paytm as lock-in ends: Reports
CNBC-TV18 reported, citing sources, that the Japanese investor is offering to sell 29 million shares in the digital payments and financial services company at Rs 601.45 apiece. The move comes as Paytm's lock-in for pre-IPO investors ends later this week. At Rs 601, Paytm's shares are currently trading at least 70 per cent below its IPO price. According to reports, SoftBank invested some $1.6 billion in Paytm. It took out up to $250 million in the company's IPO in November last year.
Govt may seek more details on NRIs' foreign remittances
In addition to this, NRIs may also be directed to disclose their Indian business connections and could be further asked to elaborate on the nature and even the whereabouts of such businesses, reports quoting sources said. The Income Tax Department may also seek details in case of a person who received capital assets from the previous owner, and who was exempted from capital gains, the reports said.
Amazon confirms layoffs, employees say 'horrendous way to treat people'
The company did not reveal the exact number of employees being hit although earlier reports put the number at 10,000 employees or 3 per cent of its workforce. "As part of our annual operating planning review process, we always look at each of our businesses and what we believe we should change," a company spokesperson was quoted as saying TechCrunch late on Wednesday.
Demonetisation 'one of critical steps in series of transformational economic policy': Centre to Supreme Court
The Ministry of Finance, in an affidavit, said: "The withdrawal of legal tender character of a significant portion of total currency value was a well-considered decision. It was taken after extensive consultation with the RBI and advance preparations". It further added that demonetisation was also a part of larger strategy for combating the menace of fake money, terror financing, black money and tax evasion.
CIL chief stresses on augmenting mining sector's contribution in GDP
"The importance of the mining sector lies in the crucial sectors it is catering to. Hence the role of the sector in boosting the economic growth of the country cannot be undermined and hence the sector's contribution in GDP should be pushed to 2.5 per cent. For that the prime necessity is to reduce the high rate of imports in the sector," Pramod Agarwal stated.
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