BUSINESS
Chip export curbs not aimed at hurting businesses: US official
Thea Kendler, US assistant secretary of commerce for export administration, made the remarks, as Washington's new set of export restrictions have sparked concerns they will deal a serious blow to South Korean chipmaking companies, primarily Samsung Electronics and SK hynix.
India, China converging to high income levels: Moody's
"The remainder have been in the same income category for decades and are either converging at a relatively slow pace or diverging from high-income levels," Moody's said.
For every rupee depreciation, software exports increase by $250 mn: SBI Chief Economic Advisor
In a research report Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, said for every rupee depreciation, software exports increase by $250 million.
India-US ties driven by common interest of promoting sustainability: Piyush Goyal
The Union Minister made the remarks while virtually addressing the India-US CEO Forum which was chaired jointly by Goyal and US Secretary of Commerce Gina Raimondo. Goyal said that the forum continues to be an effective platform for dialogue across key sectoral themes and also highlighted the significant growth of the India-US economic relations at the forum.
Musk will let Twitter users make digital payments, earn more
In a live-streamed meeting with advertisers, Musk detailed his vision for Twitter to enter the digital payments market, reports TechCrunch. According to him, users would be able to send money, "extract their funds to authenticated bank accounts and, later, perhaps, be offered a high-yield money market account to encourage them to move their cash to Twitter".
Binance backs out of deal to buy FTX, cryptos at record low
Binance on Tuesday signed a non-binding, letter of intent to purchase FTX for an undisclosed sum. In a tweet, the company said that as a result of corporate due diligence, "as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX".
Government okays final green bonds framework
The proceeds generated from issuance of such bonds will be deployed in public sector projects which help in reducing carbon intensity of the economy. Finance Minister Nirmala Sitharaman had announced in her budget speech on February 1 this year that sovereign green bonds will be issued for mobilising resources for green projects.
Adani Ports acquires 49.38% stake in Indian Oiltanking Ltd for Rs 1,050 crore
This agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL. Over the last 26 years, IOTL has built a network of six terminals across five states with a total capacity of 2.4 Mn KL (owned capacity of 0.5 Mn KL and BOOT capacity of 1.9 Mn KL) for storage of crude and finished petroleum products.
Massive global Meta layoffs hit India teams
In one of the worst lay-offs ever in the tech industry after Twitter - which saw 90 per cent of India team being sacked - Meta Founder and CEO Mark Zuckerberg fired about 13 per cent of the global workforce and extended hiring freeze through Q1 2023.
5G smartphone shipments grow 30% in Q3: Report
"On the back of the recent 5G auctions, shipments of 5G smartphones continued to gain momentum during the quarter. Driven by the festive season sales, consumer appetite for 5G, value for money and premium smartphones saw strong growth," said Menka Kumari, Analyst - Industry Intelligence Group, CyberMedia Research (CMR).
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