BUSINESS
RBI directs credit information companies to appoint internal ombudsman
The RBI, in its Statement of Developmental and Regulatory Policies, on August 5, 2022, had called for bringing credit information companies under the internal ombudsman framework to strengthen and improve the efficiency of the internal grievance redressal mechanisms.
Rupee slips down against dollar on oil price increase
The rupee opened at Rs 81.52 on Thursday at the interbank forex market and then went down to Rs 81.94. Experts said demand for dollars from oil importers resulted in a fall in rupee. The oil prices are expected to climb up as the producing nations have announced their plans to cut production.
No plan to cut chip production despite slowing demand: Samsung
"There is no internal discussion (about a cut in memory chip production) at the moment," Han Jin-man, executive vice president and head of the memory global sales and marketing at Samsung Electronics, said at the annual Samsung Tech Day in San Jose, California on Wednesday.
Govt receives Rs 604 crore dividend from SAIL
In addition to this, the government has also received Rs 81 crore and Rs 31 crore from IRCTC and Bhartiya Rail Bijlee Company Ltd respectively as dividend tranches, he said in a series of tweets. DIPAM deals with all matters relating to management of Central government investments in equity including disinvestment of equity in Central Public Sector Undertakings.
Sitharaman seeks greater presence of Competition Commission to ensure ease of doing business
In Nirmala Sitharaman address after virtually inaugurating the CCI's regional office (western) and releasing the advocacy booklets in Urdu and Punjabi, she said that challenges of digitisation can't be ignored and therefore, it is important for Indian competition authorities to benchmark themselves at par with global competition watchdogs.
India sees $5.7 bn worth online festive sales, 56k mobiles sold per hour
Mobile phones continue to lead the market with 41 per cent contribution in gross merchandise value (GMV) and nearly 56,000 mobile handsets were sold every hour, according to the report by market research firm Redseer Strategy Consultants. A whopping 75-80 million shoppers placed orders across all platforms in the first week of festive sales.
Ad spend on digital medium not at TV's cost: JM Financial
In a research report on the media and entertainment sector, JM Financial said: "Television has held on to its share of adspend while digital has gained at the expense of other media." TV's wider reach and India's low ad-spend to gross domestic product (GDP) ratio mean significant headroom for both TV and digital ad-spend to grow.
Google pays $85 mn to settle location tracking data lawsuit in US
The settlement is one of the largest ever paid by Google (per capita) in a consumer fraud lawsuit, reports The Verge. Arizona Attorney General Mark Brnovich had sued Google in May 2020, claiming that "dark patterns" were built into its software on Android smartphones and apps. According to the lawsuit, Google kept location tracking running in the background to collect advertising data, even after users had turned off location sharing.
51% of daily Bitcoin volume on crypto exchanges fake: Report
Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity.
Cook remembers Jobs, how 'great idea really can change the world'
In a tweet, Cook said: "Steve showed us all, again and again, that a great idea really can change the world. Remembering him today and always." Jobs was the co-founder, chief executive, and chair of Apple, CEO of Pixar and held a leading role at the Walt Disney Company.
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