BUSINESS
Snap's revenue increased 6% YoY to $1,128 mn in Q3
According to the company, revenue increased by 6 per cent to $1,128 million compared to the prior year. Net loss was $360 million, including restructuring charges of $155 million, compared to $72 million for the previous year. "This quarter, we took action to further focus our business on our three strategic priorities: Growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality," Evan Spiegel, CEO, said in a statement.
Musk plans to cut 75% of Twitter staff if he takes over: Report
Job cuts are expected in the coming months no matter who owns the company, according to the report, which cited interviews and documents, the Guardian reported citing a Washington Post report. The news of Musk's plans, should he ultimately take over the business, come at a difficult moment for Twitter, the report said.
Japan core consumer prices hit 8-year high in September
According to the Ministry of Internal Affairs and Communications, the nationwide core consumer price index, excluding volatile fresh food items, exceeded the Bank of Japan's 2 per cent target for the sixth straight month. This was due to the Japanese yen's drop to 32-year lows against the dollar, pushing up import costs in the reporting period, Xinhua news agency reported, citing the ministry's data.
Amid coal imports, government says production to touch 900 million tonnes this fiscal
All efforts are being made by Coal India Ltd (CIL) and its subsidiaries to achieve this goal, he said at a function here. The target is ambitious, considering the fact that CIL's production in 2021-22 was 622 million tonnes. However what is more significant is the fact that owing to a huge spike in demand, for the first time ever in its history, CIL - which is the largest producer of dry fuel in the country - has been forced to import the commodity.
ITC books PAT of Rs 4,466 crore for Q2
During the period under review, the company had earned an operational revenue of Rs 16,971.18 crore (Rs 13,356.15 crore in Q2FY22) and a net profit of Rs 4,466 crore (Rs 3,697.18 crore). Economic activity continued to gather momentum during the quarter along with improvement in business and consumer sentiments, the company said. However, input prices remained elevated even as some commodities witnessed softening in the course of the quarter.
Vast GST system needs trained tax professionals with practical skill
The scope of GST has widened over the years, however, a gap has been observed in skilled tax professionals to cater to the demand. In this context, E-learning platform Tax4Wealth has prepared various training courses related to GST with a special focus on imparting practical skill training in the line of Skill India Mission.
ED freezes Bitcoins worth Rs 7.12 crore in E-nuggets case
The agency recently carried out search operations at two premises in Kolkata, leading to seizure of Rs 1.65 crore in cash and freezing of 44.5 Bitcoin (equivalent to Rs 7.12 crore as per exchange rate) and other incriminating documents under the provisions of the Prevention of Money Laundering Act (PMLA).
CCI imposes Rs 1,337 cr fine on Google for anti-market practices
Google has been given 30 days' time to submit the requisite financial details and supporting documents. The antitrust watchdog, which began investigating Google several years ago after receiving complaints from homegrown companies, also ordered the company not to offer any incentives to smartphone makers to exclusively carry its search services.
CCI clears acquisition of 10% stake in Yes Bank by CA Basque Investments
CA Basque is a newly-formed special purpose vehicle (incorporated in the Mauritius), and is fully owned by CA Marans Investments (Mauritius), which is ultimately controlled by the funds managed by the affiliates of The Carlyle Group Inc. It is an investment holding entity and does not have any business activities in India.
Asian Paints plans Rs 2,650 crore backward integration, including white cement JV in UAE
While the VAE and VAM investment will be made within India the manufacturing of the white cement will be under a 60:40 joint venture in Fujairah, United Arab Emirates (UAE), with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, UAE, Associated Soap Stone Distributing Company Private Limited (ASD), India and others.
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