BUSINESS
Spicejet reports net loss of Rs 789 crore in Q1FY2023
The airline's total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 3,267 crore as against Rs 1,995 crore. On an EBITDA basis, loss was Rs 379 crore for the reported quarter as against a loss of Rs 244 crore for the quarter last year.
Moody's cuts G-20 nations' GDP growth to 2.5% in 2022
"Global monetary and financial conditions will remain fairly restrictive through 2023," said Madhavi Bokil, Senior Vice President at Moody's. "Central banks will require decisive proof that high inflation no longer poses a threat to their policy objectives before letting up on their tight monetary stance. The challenging global economic environment of today will be resolved with a sharp and disinflationary slowdown in economic growth," Bokil added.
Centre proposes amendment in export policy for certain types of drones
UAV systems including drones, remotely piloted air vehicles and autonomous programmable vehicles, not specified under SCOMET Categories/sub-categories 3D013, 5B(a) & (b), 6A010, 8A912, and capable of range equal to or less than 5 km and delivering a payload of not more than 5 kg (excluding the software and technology of these items), will not be covered for the purposes of SCOMET Category 5B, subject to the General Licensing procedure under GAED policy to be notified in the Public Notice, said the DGFT.
Virgin Atlantic, IndiGo announce new codeshare agreement
The codeshare partnership will mean customers booking a Virgin Atlantic ticket will be able to fly on the airline's flights from London's Heathrow to Delhi and Mumbai and connect to and fro to seven additional cities in India. Later this year the agreement will be expanded to cover a total of 16 destinations throughout India, as well as connections onto Virgin Atlantic's extensive US network operated via London Heathrow. The agreement will allow Virgin Atlantic to sell seats to passengers connecting onto IndiGo flights.
Gautam Adani becomes 3rd richest person in world, first Asian in top 3 | Here's Top 10 list
With a $137 billion fortune, Indian billionaire Adani is the first-ever Asian man to make entry into top three spots in the world's richest person's list. With the new rankings, he is behind Tesla CEO Elon Musk (worth $251 billion) and Amazon founder Jeff Bezos (worth $153 billion). Gautam Adani, has added $60.9 billion to his fortune so far this year. Previously, he surpassed Bill Gates on the rich list in July after Gates announced he would be giving $20 billion to the Bill & Melinda Gates Foundation.
India's GDP records double digit growth of 13.5% in Q1 2022-23
This is the first double digit growth in GDP figures in a year, as the last double digit growth was 20.1 per cent recorded in first quarter of 2021-22. "Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22," a statement issued by National Statistical Office (NSO) said.
Udaan, Jiomart led India's B2B e-com market to reach $100 bn by 2030
It is further projected that the B2B general trade opportunity in India will reach $1.2 trillion by 2030, with eB2B coming up as a promising digital procurement solution, according to a report by Redseer Strategy Consultants. At 84 per cent, India holds the largest share in general trade when compared to developed nations, including the US and the UK.
Policy support, competitiveness to fuel growth of renewable energy in Emerging Asia: Moody's
However, key challenges remain for certain countries, including inconsistent policy implementation and high leverage to fund renewables' capacity expansion. "Government policies, such as priority in dispatch and mandatory renewable energy consumption targets, will further support the sector's development in EM Asia.
Warren Buffett sells $47 mn worth stake in Chinese EV firm BYD
Berkshire sold 1.33 million shares in the automaker (under 1 per cent of its holding) in BYD for around $47 million, according to a filing with the Hong Kong Stock Exchange, reports Nikkei Asia. There is widespread speculation that Buffett will soon sell out his entire stake in BYD. The sale came as BYD this week reported better-than-expected results for the first half of the year, registering $21.7 billion in revenue that was nearly 66 per cent up from the same period last year.
Zero import of Chinese Ganesh idols this year
With this festival, the Confederation of All India Traders (CAIT) has once again re-continue its boycott of Chinese goods campaign. CAIT' National President B.C. Bhartia and Secretary General Praveen Khandelwal said that according to an estimate, more than 20 crore Ganesh idols are purchased in the country every year, which generates an estimated business of more than Rs 300 crore.
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