BUSINESS
RBI can argue its case for not curbing inflation
The RBI's Monetary Policy Committee (MPC) will meet on November 3 to discuss what it would tell the Centre as to why it was not able to restrain the inflation. The RBI may also sound out the Central government as to the course of inflation as well as the reasons as to why it may be at the elevated levels.
German inflation spikes to highest in 32 years
Energy prices in Europe's largest economy soared 43 per cent year-on-year and continued to have a "substantial impact on the inflation rate", Destatis said on Friday. Food prices also outgrew overall inflation levels and were up 20.3 per cent, Xinhua news agency reported citing the Office as saying.
French GDP growth slows down to 0.2% in Q3 2022
Following the stagnation of the first quarter of 2022 (Q1), the GDP recovered by 0.5 per cent in the second quarter (Q2), Xinhua news agency reported citing the Institute as saying on Friday. According to INSEE, the country's final domestic demand contributed positively to GDP growth in Q3 by 0.4 points, while net foreign trade contributed negatively by 0.5 points. "Imports were more sustained than in the second quarter, in particular for goods, while exports continued to slow down due to the decline in services exports," it explained.
Forex reserves fall to 2-year low of $524 billion
This is the lowest level at which foreign exchange reserves have fallen since July 2020. The slide has occurred mainly due to a fall in RBI's foreign currency assets, which fell to $465.08 billion in the week ended October 21. Foreign exchange reserves have fell by more than $100 billion since Russia invaded Ukraine in February this year.
Consumer complaints need to be resolved quickly, says RBI Governor
Adressing the Annual Conference of RBI Ombudsmen in Jodhpur, he said that the RBI ombudsmen and regulated entities (REs) must identify the root causes of persisting customer complaints and take necessary systemic measures to correct them. The central bank governor said he was concerned about rising customer grievances, despite the RBI's efforts to resolve them.
Flipkart losses widens to Rs 4,362 cr in FY22, up 51%
The e-commerce platform reported Rs 10,659 crore as revenues in FY22, an increase of 31 per cent (-on-year), according to data accessed by business intelligence platform Tofler. The company's total expenses for FY22 were Rs 15,020 crore. Flipkart recently achieved more than 1 billion customer visits on its platform during the The Big Billion Days (TBBD) festive sales.
Kanpur-born CEO to invest $100 bn, create 50,000 jobs in New York
"I was humbled to meet with President Biden, introduce him to some of the Micron team, and showcase Micron's plans for our future megafab in Clay, New York. This $100 billion investment over the next two decades will create the largest semiconductor fabrication facility in the history of the US," the Kanpur-born CEO said in the post shared on Friday.
Maruti Suzuki's small car sales to go down, to launch CNG models and SUVs
He also said the small car segment which was at about 70 per cent for the company will go down to about 65 per cent which is also a substantial size. Speaking to reporters, he noted that there has been a degrowth in the small car hatchback segment while SUV segment logged major growth.
Xiaomi shuts Mi Financial Services in India to focus on core biz services
The company launched Mi Pay in the country in 2019 which garnered more than 20 million users in the country. The company also launched Mi Credit later. In a statement to IANS, Xiaomi India said the move is "to enhance focus on our core business services".
Maruti Suzuki Q2 net at Rs 2,061 crore
In a regulatory filing on Friday, the company said it earned total operational revenue of Rs 29,930.8 crore and a net profit of Rs 2,061.5 crore for the quarter ended on September 30. For the previous year's corresponding period, Maruti Suzuki's total operational revenue stood at Rs 20,538.9 crore and a net profit of Rs 475.3 crore.
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