BUSINESS
World could lose $4 trillion in economic output between now and 2026: IMF
"We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year," said IMF managing director Kristalina Georgieva during a speech at Georgetown University. "And, even when growth is positive, it will feel like a recession because of shrinking real incomes and rising prices."
PMI Electro emerges as 2nd largest electric bus brand in India
PMI Electro made this announcement on the heels of its foray into Surat where it delivered 25 electric buses as part of a larger order to supply 150 electric buses to the Surat Municipal Corporation. "We are elated to emerge as the second largest electric bus manufacturer in India in just five years of commencing operations," Satish Jain, Chairman, PMI Electro Mobility, said in a statement.
Samsung's Q3 profit estimated to have declined 32%
The world's largest memory chip and mobile phone maker said its operating profit for the three months ending in September was predicted to come in at 10.8 trillion won ($7.7 billion), down 31.7 per cent from 15.82 trillion won from the year-ago period. The figure was the lowest third-quarter profit since 2019, when the corresponding tally was 7.78 trillion won.
Skyrocketing dollar: Resolution involves politics and not just economics says S&P Global Ratings
According to the report, the resolution of the issue is not just dependent on economics but also on politics. In a research report, S&P Global Ratings said there are no easy options to correct the US dollar's upward trajectory for advanced and emerging markets. The US dollar has risen 17 per cent on a trade-weighted basis and by over 20 per cent against some currencies.
Tesla to deliver first Semi Trucks to Pepsi by Dec 1: Musk
The electric-car-maker will deliver the first Semi Trucks to the soft drink major by December 1. "Excited to announce the start of production of the Tesla Semi Truck with deliveries to @Pepsi on Dec 1st!" posted Musk. "500 mile range and super fun to drive," he added.
Putin urges economic measures to cushion sanctions
"It is important to understand that the sanctions pressure on Russia will only increase," Putin said at a government meeting on Thursday via video link. "In this regard, it is necessary to plan flexible, effective actions for both short and medium terms and consistently implement them," Xinhua news agency quoted the President as saying.
Twitter-Musk trial now on hold till Oct 28, rules judge
Judge Kathaleen McCormick at the Delaware Chancery Court in the US said that the "action is stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction". "If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates," she ruled late on Thursday.
'Germany's economic industry shows clear signs of braking amid energy crisis'
Industrial orders in August declined 2.4 per cent month-on-month, BMWK cited the statistics of the Federal Statistical Office (Destatis) as saying on Thursday, Xinhua news agency reported. Among the industrial orders, domestic orders for Germany's industry in August fell by 3.4 per cent in September, while foreign orders went down by 1.7 per cent, according to the Ministry.
UK pension funds almost collapsed amid market meltdown: Bank of England
Explaining its emergency intervention to calm turmoil in financial markets last week, the central bank said pension funds with more than 1 trillion pounds invested in them came under severe strain with a "large number" in danger of going bust, The Guardian reported.
World Bank cuts India's GDP growth outlook
In June 2022, it had projected that Indian economy will grow at a rate of 7.5 per cent. In April also, the World Bank had cut India's GDP forecast from 8.7 per cent to 8 per cent. At the same time though, it noted that India's economic recovery is faster than the rest of the world.
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