BUSINESS
Samsung logs sharp drop in profits, reaffirms no production cut
The world's largest memory chip and mobile phone maker said in a regulatory filing its third-quarter net profit declined 23.6 per cent from a year earlier to 9.38 trillion won ($6.6 billion), reports Yonhap news agency. Its operating profit for the July-September period fell 31.4 per cent on-year to 10.85 trillion won. Revenue increased 3.8 per cent to 76.78 trillion won, a record for a third quarter.
IRDAI allows foreign reinsurance branches, Lloyds India to repatriate excess capital
The Indian insurance regulator has allowed repatriation of excess capital by FRBs and Lloyd's India with prior permission and subject to the following provisions. The request to repatriate the assigned capital shall be submitted by the foreign reinsurer, who is engaged in reinsurance business through a branch established in India, justifying the reasons for such request.
CBDT extends deadline for filing returns till Nov 7
The extension was given as extra time of up to October 7 was granted for filing various audit reports in the case of these entities, a circular issued by the CBDT said. The extension is applicable to those entities and persons as well as partners of firms whose books of accounts need to be audited.
Finance Minister says India's growth resilient despite exogenous threats
She made these observations while attending the 7th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), via video conferencing. Nirmala Sitharaman appreciated the AIIB for its continued commitment and dedication to assist members and for providing high-quality development finance.
Ethereum's dominance in crypto market up 20% after the 'Merge'
The historic upgrade of Ethereum, known as the 'Merge', last month will create a more energy-efficient network based on the second largest cryptocurrency with a promise to save the environment. According to niche news publisher BanklessTimes.com, the Ethereum merge created a lot of Buzz, with every crypto lover patiently awaiting its arrival.
Walmart reportedly raising up to $3 bn for Flipkart to expand India biz
With new funds, Flipkart's valuation is set to soar to more than $40 billion, giving a fillip to the Indian funding scene which is going through a harsh winter. Flipkart Group in July last year raised $3.6 billion to grow and advance the digital commerce ecosystem in India. The investment valued the group at $37.6 billion post the money then.
Government receives dividends worth Rs 361 crore from PSUs
As per the latest research by real estate consultancy firm Anarock, total sales in the top seven cities can exceed 3.6 lakh units in 2022. In the previous peak year of 2014, the cities saw the sale of 3.43 lakh units. The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 with nearly 2.73 lakh units sold in nine months of 2022 and new launches at 2.65 lakh units. 2019 saw over 2.61 lakh units sold in the entire year, while new supply stood at 2.34 lakh units.
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.
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