BUSINESS
Markets awaiting FED hike
BSESENSEX lost 952.39 points or 1.59 per cent to close at 58,840.79 points while NIFTY lost 302.50 points or 1.70 per cent to close at 17,530.85 points. The broader markets saw BSE100, BSE200 and BSE500 lose 1.48 per cent, 1.44 per cent and 1.41 per cent respectively. BSEMIDCAP lost 1.46 per cent while BSESMALLCAP lost 1.12 per cent.
China's chip output shrinks as India, US ramp up local manufacturing
According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 per cent year on year to 24.7 billion units, marking the largest single-month decrease since 1997. This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units.
How private 5G, satellite internet services can cost dearly to companies
"However, due to high capital expenditures and user costs, the business model and pricing will be a challenge for scaling up networks as LEO connectivity cannot fully serve as a substitute for terrestrial networks for all use cases that rely on cost-efficiency, energy consumption, or overall performance," according to 'McKinsey Technology Trends Outlook 2022'.
Tesla produces 10K Model Y cars at new Texas Gigafactory
Elon Musk opened the Austin, Texas-based Gigafactory in April this year, as he aimed to take his electric car company to the next phase of growth with the production of Cybertruck. "10,000 Model Ys built at Giga Texas to date," Tesla said in a tweet. Along with Cybertruck, Tesla also displayed a new Roadster vehicle that is likely to go into production next year at the Texas facility.
Sparkling bright or a dark Diwali? Fireworks industry in suspense
With Diwali this year to be celebrated next month - and virtually without any curbs and the Covid pandemic wanes, the question gains more importance. Production of fireworks in Sivakasi in Tamil Nadu's Virudhunagar district, is yet to pick up even as there is just a month to go for the festival of lights, industry officials said.
Aiming decriminalisation of offences, CBDT issues revised guidelines for compounding
Some of the major changes made for the benefit of taxpayers include making the offence punishable under Section 276 of the Act as compoundable. Further, the scope of eligibility for compounding of cases has been relaxed whereby the case of an applicant who has been convicted with imprisonment for less than 2 years being previously non-compoundable, has now been made compoundable.
Logistics policy fulfills vow of India being a developed nation: PM Modi
"To ensure quick last mile delivery, end transport-related challenges, save time and money of the manufacturers, prevent wastage of the agro-products, concerted efforts were made and one of the manifestations of those efforts is today's National Logistics Policy," Prime Minister Narendra Modi said.
Chinese mobile firms plan to set up plants elsewhere amid India crackdown
The report, citing a Chinese executive based in India, claimed that companies will evaluate bilateral ties, market potential, preferential policies and labour costs to set up manufacturing plants elsewhere. OPPO is going to set up a $20 million mobile phone plant in Egypt.
Global artificial intelligence market to reach $450 bn in 2022
In 2021, the global revenues for the AI market, including software, hardware, and services for both AI centric and AI non-centric applications, reached $383.3 billion, an increase of 20.7 per cent over the prior year, according to the International Data Corporation (IDC).
'Make in India' smartphones share reach 16% with 44 mn units
The Indian government's push with multiple PLI schemes has been showing a positive impact and "we saw increased local manufacturing share in product segments like smartwatch, TWS, neckband and tablet", said Counterpoint Research.
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