BUSINESS
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).
International trade settlements in Indian rupee allowed
Amendments in the foreign trade policy and handbook of procedures have been made to allow for international trade settlement in Indian rupees i.e. for invoicing, payment and settlement of exports and imports in Indian rupees. The allowance has been made to allow grant of exports benefits and incentives and fulfilment of export obligation under the foreign trade policy.
Tata Motors closes Q2 with Rs 898.35 cr loss
The company said for Q2FY23, it had earned an operational revenue of Rs 78,846.92 crore (last year Q2 Rs 60,435.92 crore) and a net loss of Rs 898.35 crore (Rs 4,415.54 crore). According to Tata Motors, the commercial vehicles (CV) business registered a 15 per cent growth in sales over Q2 FY22. For India business, domestic wholesales were at 93,651 vehicles (19 per cent yoy).
Ramco Cements to spend Rs 731 cr on capex in H2FY23, posts Rs 11 cr PAT
According to the company, the proposed line will have a capacity of 0.90 million tonne per annum (mtpa), and post commissioning the total capacity at the Haridaspur unit will be 1.80 mtpa. The company said production of cement at its Kolimigundla plant in Andhra Pradesh had commenced in September.
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