BUSINESS
'The worst is yet to come': IMF on global economy
"The worst is yet to come", the global financial institution's World Economic Outlook report said, Sky News reported. "For many people, 2023 will feel like a recession", it said. A downward revision of the global growth rate for 2023, from the amount the IMF said it expected in July, has been made in the report, Sky News reported.
Pakistan to seek debt rescheduling from creditors:
Pakistan Finance Minister Ishaq Dar has also stated that he will be putting forward the proposal of debt rescheduling, which, he said, will be coupled with timely payments to commercial and Paris Club lenders, to maintain a balance between growing financial needs and maintaining creditworthiness.
BYD launches EV Atto 3 SUV
"With proven and innovative technology, we are on track towards building a stronger ecosystem that facilitates EV adoption in our country. The launch of BYD-Atto 3 is a step towards this mission. We will constantly contribute to building a greener future," Sanjay Gopalakrishnan, Senior Vice President of Electric Passenger Vehicles of BYD India, said.
'Foreign companies are looking at India for satellite manufacturing'
With the trend of small satellite constellations, satellite manufacturing offers good scope for India, states a sectoral report titled 'Developing the space ecosystem in India: focusing on inclusive growth' was prepared by the Indian Space Association (ISpA) and EY.
Bank of England warns of risk to UK financial stability
Bonds are effectively IOU notes which are bought by investors, with pension funds especially reliant on buying them. The backdrop is last month's mini budget delivered by Chancellor Kwasi Kwarteng, which shook market confidence in the UK economy, BBC reported. The Bank of England made its latest intervention amid warnings of a fresh risk to UK financial stability.
ED summons India Ahead MD, others in Delhi excise policy scam case
Gautam Mootha and Andhra Prabha will be quizzed by the elite anti-money laundering agency, added the sources.As of now three persons have been arrested in the case -- two by the Central Bureau of Investigation and one by the ED. On September 27, the CBI had arrested Vijay Nair in the excise scam. A day later, the ED arrested Sameer Mahendru, one of the prime accused and a Jor Bagh-based businessman.
LimeChat develops conversational marketing ecosystem to help D2C brands improve retention
LimeChat, the world's first human-level chatbot startup that enables D2C brands to leverage conversational marketing, is developing a conversational marketing ecosystem to help D2C Brands improve retention.
Spice Money joins centre-backed ONDC to democratise e-commerce in India
The soft launch is said to be invite-only before it moves out of the beta phase and is made available to the public. It will facilitate Spice Money to help its Adhikaris access small merchant stores without being restricted to only their localities.
Govt gets Rs 307 crore as dividend from Oil India Ltd
This was tweeted by the Department of Investment and Public Asset Management (DIPAM). Last week, the government had received Rs 81 crore and Rs 31 crore from IRCTC and Bhartiya Rail Bijlee Co Ltd, respectively, as dividend tranches. It had also received Rs 604 crore, Rs 450 crore and Rs 37 crore from SAIL, HUDCO and IREL, respectively, as dividend tranches last week.
Shares of Asian computer chipmaker slump after US curbs on China
The US said it will ban American firms from selling certain chips used for supercomputers and artificial intelligence to Chinese firms, BBC reported. The rules, which were announced on October 7, also target sales from non-US companies that use American equipment. Technology firms are also seeing demand fall as the global economy slows.
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