BUSINESS
Britain sliding towards recession
Hunt suggested he is engaged in a damage limitation exercise after a 0.2 per cent fall in GDP between July and September, saying his Autumn Statement aims to make any recession "quicker and shallower", Daily Mail reported. The figure was not as bad as feared, after the Bank of England and analysts pencilled in a 0.5 per cent contraction for UK plc in the three months under review. However, it suggests that the UK might already be in a downturn, technically defined as two consecutive quarters of decline, Daily Mail reported.
Pakistani rupee suffers decline after upward trend
On Friday, the greenback was traded at 221.64 PKR in the interbank market, Xinhua news agency quoted the State Bank of Pakistan (SBP) as saying. The US dollar closed at 221.42 PKR on Thursday, and at the end of the week the local currency depreciated by 0.22 PKR, or about 0.10 per cent, against the US dollar, the official figures showed.
Accounting policy change boosts LIC, net up by Rs 14,271 cr to Rs 15,952 cr
According to LIC, for the period under review (July to September), the company earned a net premium of Rs 132,104.13 crore, as compared to the corresponding period the previous year, which stoot at 104,331.53 crore, and a net profit of Rs 15,952.49 crore, as compared to Rs 1,433.71 crore in the year-ago period. According to LIC, the net profit increased by Rs 14,271.80 crore owing to change in accounting policy.
Direct tax collections rise 31% to Rs 10.54 lakh crore
Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 2022-23
IIP up 3.1% in Sep, experts say growth higher than expectations
The growth in the industrial index was aided by all major sectors like mining, which rose 4.6 per cent to 99.5 in September, manufacturing sector, which grew 1.8 per cent to 134.3, and the electricity sector, which soared 11.6 per cent to 187.4, according to the official data.
Crypto exchange FTX files for bankruptcy, CEO Sam Bankman-Fried resigns
John J Ray III has been appointed the new CEO and nearly 130 additional affiliated companies -- including FTX US and Alameda Research -- have also begun the bankruptcy process, the company said in a statement. The move is "in order to begin an orderly process to review and monetise assets for the benefit of all global stakeholders," said FTX.
US removes India from currency monitoring list
The development came on a day when US Treasury Secretary Janet Yellen was in India. Apart from India, countries like Italy, Mexico, Thailand and Vietnam have also been removed from the currency monitoring list. The information was provided in the Treasury Department's bi-annual report to the Congress.
Direct tax collections rise 31% to Rs 10.54 lakh crore
Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 2022-23.
Now $8 Twitter Blue service disappears on iOS app, users flummoxed
App researcher Jane Manchun Wong said that Twitter seems to have unlaunched the new $7.99 Twitter Blue subscription. "Checked with Twitter's API and the in-app purchase for Twitter Blue Verified is no longer listed for production," she commented.
Elon Musk flip-flop continues, gray 'Official' badges back for some brands
The extra layer of "Official" verification has been brought back to counter such impersonification attempts. Brands such as Coca-Cola, Twitter, Wired, and Ars Technica now have the gray checks back, reports The Verge, as Musk said there are too many corrupt legacy Blue 'verification' check marks on the platform.
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