BUSINESS
Cement sector's capacity utilisation to drop to 65%: Fitch Ratings
The rating agency expects India's cement demand to rise by mid-to-high single digits over the medium term after an estimated mid-teen rebound in the financial year ended March 2022 (FY22). Nonetheless, industrywide utilisation will drop towards 65 per cent from the close to 70 per cent we estimated in FY22 as faster new capacity additions will outpace demand growth.
Coinbase lays off 18% of its workforce
Brian Armstrong, CEO and co-founder said that while the company tried its best to get this just right, in this case, it is now clear that it is over-hired. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Armstrong said.
Air India fined Rs 10 lakh for denying boarding despite valid tickets
After going through the airline's submissions, as part of enforcement action, the DGCA has levied the penalty, and has advised the airline to immediately put systems in order to resolve the issue. The action by the regulator comes after multiple reports of flyers being denied boarding by airlines despite being in possession of valid tickets and reporting at the airport on time.
88% drop in Google searches for 'buying NFTs' as crypto market crashes
The term "buy NFT" has dropped down to a score of 12 on a scale of 100 at the beginning of June, representing an 88 per cent drop from its peak score of 100 that was recorded in January, reports niche news publisher Bankless Times. Similarly, the term "sell NFT" saw a 86 per cent decline in its search interest score from 52 which was recorded at the start of 2022, to a score of 7 in June, the report noted.
NSEL Case: SAT notes serious charges against brokers, asks SEBI to probe afresh in 6 months
In its recent order, the SAT noted serious allegations against five brokers - Motilal Oswal Commodities Broker Pvt Ltd, Anand Rathi Commodities Ltd, IIFL Commodities Ltd, Philip Commodities India Pvt Ltd, and Geofin Comtrade Ltd - of indulging in illegal activities such as funding of clients by way of PAN lending, name lending through their NBFC, and other related entities, and that funding was totally disproportionate to the net-worth and income level of these clients.
Bengaluru now 5th on global tech VC investment map
According to the latest 'Global Startup Ecosystem' report from innovation policy advisory and research firm Startup Genome, tech firms in Bengaluru have raised $7.5 billion in tech venture capital investment so far in 2022 -- more than any other year previously. San Francisco Bay Area tops the list, followed by New York, London, Greater Boston, and Bengaluru.
Google Maps rolls out estimated toll charges for your journey in India
According to the company, the feature is available for "nearly 2000" toll roads in the US, India, Japan and Indonesia for its iOS and Android apps, and it plans to add support in more countries "soon." Google in April announced to roll out toll prices on Maps in India, the US, Japan and Indonesia that will help users make the choice between toll roads and regular roads.
India's fuel demand up 22% YoY in May: S&P Global Commodity Insights
The demand for May was some 80,000 barrel higher than its growth forecast, partly due to stronger-than-expected demand for transportation and the government's announcement of a cut in excise duty on patrol by Rs 8 per litre and Rs 6 per litre on diesel, which provided some support for demand. On a year-on-year basis, demand growth was driven by diesel, petrol and other minor products, which were up 416,000 barrels per day, 282,000 barrels per day and 161,000 barrels per day, respectively.
Essar Power strengthens commitment towards health, environment, safety
The company has achieved a remarkable feat of 6,948 Lost Time Accident (LTA) free days in FY22. It has also taken several initiatives across all its plants to reduce its carbon footprint and transition the existing businesses towards greener and cleaner alternatives. A Lost Time Accident is essentially an incident that has resulted in an employee needing to miss work due to sustaining an injury while working.
Automaker Geely acquires ailing Chinese smartphone brand Meizu
Meizu's market share has since fallen to just 0.1 per cent in China. "Mobile phones and devices have quickly evolved into mobile terminals and application platforms, which not only allow users to enjoy the fruits of innovation in the quickest manner possible, they also act as a pathway to greater automotive applications," Geely said in a statement.
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