BUSINESS
SK hynix reports 60% drop in Q3 profit, cuts 2023 investment by half
The chipmaker's third-quarter net income was 1.1 trillion won ($769.4 million), down 66.7 percent from a year earlier, according to a regulatory filing. Operating profit for the three months ending in September came to 1.65 trillion won, compared with 4.17 trillion won a year ago. Sales fell 7 percent to 10.98 trillion won.
Australian inflation hits 32-yr high
The Australian Bureau of Statistics on Wednesday reported the consumer price index (CPI) rose by 1.8 per cent in the three months to September 30 and by 7.3 per cent over the last 12 months, reports Xinhua news agency. It marks the highest annual figure since 1990.
Apple gives Meta another jolt, puts 30% tax on 'post boosting' on App Store
The move will affect Facebook and Instagram which let people pay to boost the reach of their posts, reports The Verge. It is also the first time that Apple has directly taxed advertising in iOS apps. "Apple continues to evolve its policies to grow their own business while undercutting others in the digital economy," a Meta spokesperson was quoted as saying in the report late on Tuesday.
Microsoft Cloud exceeds $25 bn in sales, GitHub at $1 bn ARR: Nadella
In the September quarter, Microsoft Cloud again exceeded $25 billion in revenue, up 24 per cent year-over-year. "We're also seeing more customers turn to us to build and innovate with infrastructure they already have. We now have more than 8,500 Azure Arc customers, more than double the number a year ago," Nadella said during the company's quarterly earnings call late on Tuesday.
International investors concerned about Pakistan's ability to meet bond obligations
On October 24, Pakistan's benchmark five-year credit default swap (CDS) increased by 3,071 basis points day-on-day to 52.8 per cent -- the highest level since November 2009, The News reported citing data from the Arif Habib Limited. The yields on Pakistan's dollar-denominated bonds continued to rise.
Google logs highest selling week ever for Pixel smartphones: Pichai
Earlier this month, Google introduced the Pixel 7, the Pixel 7 Pro and the very first Pixel Watch. "We've also previewed more detail about the Pixel Tablet, which is coming in 2023. Pixel combines our foundational technologies, AI, Android and our Google Tensor G2 processor to bring state-of-the-art AI directly to the device," Pichai said during the quarterly earnings call on Tuesday.
Sequoia India may invest $50 mn in homegrown edtech startup
According to a TechCrunch report on Tuesday, K12 Techno Services which has raised more than $75 million in previous rounds and also engaged with TPG and Accel decided to go with existing backer Sequoia India. "The terms of the investment might change because the round has not yet concluded. It is unknown if any other investors, outside Sequoia, are participating in the round," the report said, citing sources.
Totalitarianism finally hurting China's economic prospects
A violation of that rule would lead to forced disappearance and/or execution. There is no official record on death penalties in China as the single-party regime treats such information as "state secrets". However, unofficial evidence suggests that the country delivers maximum capital punishments of over 1,000 a year, followed by Iran, Egypt, Iraq, Saudi Arabia etc.
CCI slaps Rs 935 crore fine on Google, 2nd penalty in 1 week
Last week, the market watchdog had imposed a penalty of Rs 1,337.76 crore on Google for abusing its dominant position in multiple markets in the Android mobile device ecosystem. In its fresh ruling, the regulator found Google to be dominant in the markets for licensable OS for smart mobile devices and market for app stores for Android smart mobile OS, in India.
Unilever recalls Dove, other aerosol dry shampoo brands
Benzene can cause cancer. As per reports, some other brands which have been recalled include Nexxus, Suave, Tresemme and Tigi, which makes Rockaholic and Bed Head dry shampoos, according to a notice posted on the Food and Drug Administration's website.
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