BUSINESS
India's gaming market reaches $2.6 billion with 507 million gamers
The country now has about 120 million paid gaming users with at least $20 revenue per user, according to the report by Lumikai, a gaming and interactive media venture capital fund. With 15 billion downloads, India was the world's largest consumer of mobile games in FY22.
Phone sales will drop much more than expected in 2022: Qualcomm
Announcing the fiscal fourth quarter results, Cristiano Amon, President and CEO of Qualcomm, said that "while our financial outlook is being temporarily impacted by elevated channel inventory, our diversification strategy and long-term opportunities remain unchanged".
Samsung appoints ex-trade minister as one of its 2 new outside directors
Samsung said its shareholders approved the appointment of Yoo Myung-hee -- a former trade minister and deputy minister in charge of negotiations for free trade agreements -- as its new outside director.
Rosneft responds to BP's comment on not being formally notified of dividend payments
Dividends due to BP in the amount of $700 million for the second half of 2021 were paid in full. In compliance with the procedure for interacting with foreign contractors established by Presidential Decree No. 95 dated March 5, 2022, the funds have been transferred to a special C-type account established by Rosneft.
Cognizant closes Q3 with $4.7 billion revenue
According to Cognizant, the revenue for the Q3 went up to about $4.9 billion up from about $4.7 billion of Q3 2021. The company follows the calendar year as its accounting year. The earnings per share stood at $1.17 ($1.06 Q32021). "Revenue and bookings were below our expectations as company specific fulfillment challenges were compounded by the impact of an uncertain macroeconomic backdrop," said Brian Humphries, Chief Executive Officer.
Imperilled US focuses on inflation and economy
The Fed raised interest rates for the sixth time this year. The hike will make it more expensive for consumers and businesses to borrow money. The central bank is boosting rates to curb inflation, which hovers near a 40-year high. But the higher rates risk pushing the economy into a recession. At a news conference, Fed Chair Jerome Powell said the Fed could slow the pace of hikes as soon as next month.
Agricultural products exports rise 25% in April-September 2022-23
According to the provisional data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S) on Wednesday, the overall export of Agricultural and Processed Food Export Development Authority (APEDA) products increased to $13,771 million in April-September 2022 from $11,056 million over the same period of the last fiscal.
Air India signs agreements to acquire AirAsia India, will merge with Air India Express
An operational review process is underway with a view to ultimately integrating AAI fully with Air India Express (AIXL). Consolidation of these two airlines, both of which operate as low-cost carriers, will be undertaken as part of the restructuring roadmap that is being envisioned for the Tata Group's airline business and is expected to bring customer, revenue, cost and operational benefits through broader adoption of each airlines' best practices, systems and routes, and the combined entity's greater scale.
US Federal Reserve hikes interest rates by 75 basis points, Indian markets and rupee to be hit
The Fed Chairman, Jerome Powell was quoted as saying by reports that the bank is firmly committed to lowering inflation. The aggressive rate hike by the Federal Reserve will put further pressure on the stock markets globally, especially on rising economies like India. Every rate hike by the US Federal Reserve forces American investors to pull out funds from emerging markets.
FM Nirmala Sitharaman to launch 6th round of commercial coal mines auction on Nov 3
According to a statement issued by Coal Ministry, the coal mines to be auctioned are fully-explored and partially-explored coking and non-coking mines. Coal Minister Pralhad Joshi will also be present on the occasion."Details of the mines, auction terms, timelines etc. can be accessed on MSTC auction platform," the statement added.
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