BUSINESS
Join Sweden Summit to 'pioneer the possible'
The one-of-a-kind event will focus on exploring collaborative innovation to drive the digital and green transition. It will be conducted in hybrid mode, including face-to-face interactions as well as live broadcasts to a wider online audience, connecting hundreds of companies, think tanks and industry leaders from across the globe. The summit will receive around 150 foreign and 100 Swedish guests, whereas the digital broadcast is open for anyone who wants to learn more about the business landscape in the country.
Sony, Honda join hands for new EV company
The new company, which is named Sony Honda Mobility, will aim to bring together the expertise of Honda and Sony. "Based on our vision to 'make the mobility space an emotional one', Sony's initiatives in the mobility business are centred around the three areas of safety, entertainment and adaptability," Kenichiro Yoshida, Representative Corporate Executive Officer, Chairman, President and CEO, Sony Group Corporation, said in a statement.
Global markets plunge again as interest rate hikes fuel recession fears
Share prices fell in Asia on Friday at the beginning of what was likely to be another torrid day for investors spooked by the US Federal Reserve's decision this week to raise interest rates by the largest margin for almost 30 years, the Guardian reported. Other leading central banks such as the Bank of England and the Swiss National Bank have followed suit, the latter in its first hike for 15 years, sending economists scrambling to revise their forecast for growth downwards.
Pakistan seeks US help to revive IMF deal
Sources have said the government's economic team with US Ambassador Donald Blome and sought Washington's support and acknowledgment of the actions taken so far, The Express Tribune reported. Blome was apprised about measures that have been taken to revive the programme and bring stability in the economy, they added. Finance Minister Miftah Ismail and Minister of State for Finance Aisha Pasha met with the US envoy.
Sri Lanka could have avoided economic crisis: Central bank Guv
Speaking to the BBC, the Governor said on Thursday night: "If we had taken the decision to go to the IMF earlier, if we started the debt resettlement process one year before, we could have managed the situation without this kind of suffering in this country." Amidst the worst ever economic crisis, Sri Lanka says it needs $5 billion this year in support from the international community, including the IMF.
ShareChat closes $520 mn funding round at $5 bn valuation
In the funding round, ShareChat raised $255 million from Google, Times Group, and existing investors, adding to the $266 million it raised earlier in December 2021 from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient. ShareChat, which achieved unicorn status last year, has collectively raised $913 million in 2021, the highest funding among all companies that became unicorns during the year.
Bank of England hikes interest rates again
The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25 per cent despite fears that soaring prices are already squeezing households and weighing on economic growth, CNN reported. "Bank staff now expect GDP to fall by 0.3 per cent in the second quarter as a whole, weaker than anticipated at the time of the May Report," the Bank of England said in a statement.
Oil meals exports in May 2022 report 12% hike
Released on Thursday, according to the data compiled by the Solvent Extractors' Association (SEA) of India, there has been a jump in the rapeseed meal export by nearly 45 per cent. "First two months of the current year (2022-23), export of rapeseed meal has shown a sharp jump and reported at 3,98,355 tonne compared to 2,74,692 tonne i.e., up by 45 per cent," the data said.
India's biggest crypto ponzi scam may grow to Rs 1 tn, affecting 1 lakh people
With a total of 40 FIRs registered by victims (more than 13 FIRs in Maharashtra alone)and Punjab, a large number of people from other states may have also lost their hard-earned savings in the GainBitcoin scam. Amit Bhardwaj, the mastermind who died of cardiac arrest earlier this year, may have collected Bitcoins anywhere between 385,000 to 600,000, amounting to more than Rs 1 trillion.
Tesla once again hikes its electric car prices
According to the auto-tech website Electrek, after a year of increasing prices almost every month in 2021, Tesla slowed down the rapid rise in prices across its electric vehicles in early 2022. However, now the electric vehicle company has updated its online configurator overnight to again increase prices across its entire lineup.
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