BUSINESS
Markets likely to make new lifetime highs this week
Friday saw markets gain close to 1,180 points on BSESENSEX and 320 points on NIFTY. This not only wiped out the losses but also helped in the week closing with gains. BSESENSEX gained 844.68 points or 1.39 per cent to close at 61,795.04 points while NIFTY gained 232.45 points or 1.28 per cent to close at 18,349.70 points.
Global smartphone apps chip market hits all-time high of $8.9 billion
According to Strategy Analytics, Qualcomm maintained its lead in the smartphone AP market with a 40 per cent revenue share, followed by MediaTek with 26 per cent and Apple with 25.5 per cent.
'Unauthorised transactions' drained millions from FTX crypto exchange
FTX, which last week filed for bankruptcy in the US, did not reveal how much it lost in unauthorised transactions but reports claimed the amount could be as high as $600 million. "We are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian. As widely reported, unauthorised access to certain assets has occurred," Ryne Miller, the general counsel at FTX US, said in a tweet.
India's dependence on coal rises despite its green energy push
All these factors combined together have compelled India to continue to depend on coal-based thermal energy. Recently, Union Finance Minister Nirmala Sitharaman said that uncertainties in the energy sector are an area of concern for the government. She noted that like many other nations, India too will have to rely more on coal in the near future due to global uncertainties and supply chain disruptions.
Top ad agency Omnicom recommends clients to pause Twitter ads
According to an internal memo, obtained by The Verge, the agency has suggested its clients to "pause activity on Twitter in the short term," under a note titled "Twitter - Continued Brand Safety Concerns". The memo listed recent events that could have "potential serious implications" for businesses that run advertisements on the platform.
Disney set to reduce its workforce, freeze hiring amid revenue drop
According to an internal leaked memo from Disney CEO Bob Chapek, seen by CNBC, the company is "limiting headcount additions through a targeted hiring freeze".
Most EU countries set to slide into recession in Q4
In addition, inflation has continued to rise faster than expected. Accelerating and broadening price pressures in the first ten months of the year have moved the expected inflation peak to the fourth quarter of this year, and lifted the yearly inflation rate projection to 9.3 per cent in the EU and 8.5 per cent in the euro area.
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.
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