BUSINESS
US export controls shake China's semiconductor industry
The export controls limit China's ability to "purchase and manufacture certain high-end chips used in military applications", which the US claimed was necessary to "protect US national security and foreign policy interests", reports news.com.au. The restrictions ban the export of US semiconductor equipment that any foreign competitor cannot provide, the report said.
India's monthly trade deficit to moderate further: Acuite Ratings
In a research report on India's trade deficit for the month of September 2022, it said that the monthly trade deficit may moderate further in the coming months as impact of recent correction in commodity prices trickles down and global supply chain pressures ease. India's merchandise trade deficit moderated to $25.7 billion in September 2022 from its record high level of $28 billion in August 2022.
Meta surpasses $2 billion revenue mark in India
The social network posted a total profit of Rs 440 crore (after tax) in the country, growing at 116 per cent (YoY) in FY22. Profit after tax was Rs 297 crore, growing at 132 per cent.
UK reverses bulk of September tax-cutting package to calm markets
The basic rate of income tax is set to remain at 20 per cent until economic conditions allow for it to be cut, Chancellor of the Exchequer Jeremy Hunt said in a statement on Monday. The 1.25-percentage-point increase in dividends tax will remain and the VAT-free (value-added tax) shopping scheme for foreign visitors to the country will no longer be taken forward.
Rupee to trade in Rs 82.25-82.75 band against dollar: Bank of Baroda
"Even so, intervention by the RBI is likely to keep INR (Indian Rupee) in the range of 82.25-82.75/$ in the near-term. Fed minutes and US Q3CY22 GDP (gross domestic product) scheduled to be released later in the month will determine the course of the forex market," the report said.
Inflation set to ease, though stubbornly: RBI bulletin
These observations have been made in the central bank's monthly bulletin for the month of October. In the article on the state of economy published in the bulletin, the central bank said that "these factors will entrench India's prospects as one of the fastest growing economies of the world".
Nokia, Ericsson ink multi-year deal with Jio to deploy 5G in India
Nokia said that it has been selected as a major supplier by Reliance Jio to supply 5G Radio Access Network (RAN) equipment from its comprehensive AirScale portfolio countrywide in a multi-year deal. Meanwhile, Ericsson said it has entered into a long-term strategic 5G contract with Jio to roll out 5G Standalone (SA) in India.
20% allocation in gold ETF a better investment strategy: Quantum AMC
In a statement issued on Monday, Quantum AMC said the correction in the gold prices from the peak has made the metal affordable this festive season. "To make the most of the correction, we recommend investing in efficient products such as gold ETFs (exchange traded funds) to maximize the benefits," Quantum AMC said.
Supreme Court dismisses Kerala's plea against handing over operation of Thiruvananthapuram Airport to Adani
A bench comprising Chief Justice U.U. Lalit and justice Bela M. Trivedi said there is no need to interfere with the High Court decision at this stage, since a private entity has been managing the operations of the airport since October last year.
Australia's economic outlook to be downgraded: Treasurer
Ahead of delivering his first federal budget on Oct. 25, Chalmers said the global economy is on an "increasingly perilous path", reports Xinhua news agency. After returning from meeting with the International Monetary Fund (IMF) and G20 counterparts in Washington D.C., the Treasurer said Australia would not escape the downturn.
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