BUSINESS
Elon Musk's job cut hits Twitter India, unaffected employees living in constant fear
In Twitter's Slack and group chat groups, employees earlier complained about the lack of internal communication from their senior executives, after Musk took over as the new CEO last week. "It is one of the most inhumane ways to get rid of us. After spending so many years at Twitter India, we were left without any communication since Musk took over," the affected workers told IANS.
Amazon freezes corporate hirings amid rough economic conditions
Beth Galetti, Amazon's senior vice president of people experience and technology, confirmed the move in a memo that the company had already begun pausing or slowing hiring in various corporate departments in "recent weeks".
Apple leads India premium smartphone segment with 40% share
Apple reached its highest ever share of 5 per cent in India's smartphone market during the quarter driven by a strong channel push ahead of the festive season. For the first time ever, an iPhone (iPhone 13) topped the overall India smartphone quarterly shipment rankings, according to Counterpoint Research.
Germany's largest gas importer posts $39billion net loss
This figure contains "10 billion euros of realized costs for replacement volumes, and roughly 31 billion euros of anticipated future losses from valuation effects on derivatives and provision built-ups related to the Russian gas curtailments as of September 30", the company said in a statement on Thursday.
Bank of England warns of longest recession in 100 years
A 0.75 per cent increase, the latest in a series of eight interest rate rises since last year, would not be enough to guarantee victory in the war against double-digit inflation, the Bank said, as it cautioned further action would be needed. The UK economy faces a "very challenging outlook", with a recession that began this summer now expected to last until the middle of 2024, the Guardian reported.
'Canada might enter mild recession'
The Department of Finance has developed a "downside scenario" that considers the impact of more persistent inflationary pressures and further tightening in monetary policy, leading to a "hard landing" in the economy, Xinhua news agency reported, citing the statement. In the downside scenario, CPI inflation stays above 3 per cent until the first quarter of 2024, about six months longer than in the September 2022 survey, before reaching 2 per cent by the end of 2024.
India smartphone market declines 11% to reach 45 mn units in Q3
According to the latest research from Counterpoint's 'Market Monitor service,' the decline, which is the first ever for a Q3, can be attributed to the high base last year due to the pent-up demand during Q3 2021, as well as lower consumer demand in the entry-tier and budget segments in Q3 2022.
RBI panel holds meeting to draft response to Centre on failure to check inflation
According to a statement issued by the central bank, the MPC's meeting was held "to discuss and draft the report to be sent to the Government by the RBI under the provisions of Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI MPC and Monetary Policy Process Regulations, 2016".
The US and its struggling economic universe
Treasury yields have been rising after the Fed's latest decision on rates, which rose another 0.75 percentage point. But more notably, Fed Chair Jerome Powell said it wasn't time to back off rate increases, though he conceded they may get smaller as the central bank soaks in economic data and studies how well its actions till now have done their job.
Greater investment needed in coal production projects: Nirmala Sitharaman
Launching the sixth round of coal mine auction of the Ministry of Coal here the finance minister Nirmala Sitharaman highlighted that India is at present the best investment destination in the world. The minister pointed out that due to policy consistency and transparent process of the present Government, coal imports for power sector has come down by 41 per cent.
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