BUSINESS
World Bank cuts India's 2022-23 growth to 7.5%, but will keep top spot
The Bank's Global Prospects Report reduced India's growth by 0.5 per cent from the 8 per cent forecast made in April when the impact of the Ukraine conflict was just beginning to be felt, and 1.2 per cent from the 8.7 per cent forecast in January. It estimated India's growth in the last fiscal year at 8.7 per cent.
Tesla's job cut may save up to $1 bn yearly operational costs: Report
Recently, Musk had noted that his electric vehicle company would be reducing its salaried headcount by 10 per cent as the company has become overstaffed in some areas. This initiative, at least according to Goldman Sachs analyst Mark Delaney, could translate into $0.225-$1 billion in annual OPEX savings, reports Teslarati.
Real estate investor pool in Dubai shifting to a Russian-speaking set
The report further showed the share of real estate investments in Dubai by Russian and CIS individuals is 10 per cent to date this year. Most investors are looking for ready units and waterfront properties, Al Arabiya reported. Tamara Getigezheva, CEO & Partner, Mira Estate, said: "The real estate investor pool in Dubai is shifting to a Russian-speaking set.
Google contractors flag concerns over being underpaid by recruiting agency
Guy Mylius, who was doing work for Google at Artech � a subcontractor hired via Google contractor Accenture, found he was underpaid four months into his job. At the behest of his co-workers, he checked his pay stub against the contractor's work order and found that he was contracted for 50 per cent more money than was making.
Centrum Broking gives 'buy' call for Interglobe Aviation
It has pegged the target price of Rs 2,284, as against its current market price of Rs 1,818. India's domestic air traffic has nearly reached its pre-Covid levels and international traffic is fast scaling up after the resumption of scheduled international travel in March 2022. "Fares meanwhile have strengthened from the lows of February 2022 and have offset the incremental burden of higher fuel costs," the brokerage said in a note.
Next emerging trend in fintech sector is Neobanking: Easebuzz CTO
Software-enabled payments collection and payouts platform Easebuzz aims to speed up payment collection and reduce credit periods with a smooth end-user experience, Amit Kumar, CTO, said on Tuesday. According to Kumar, the company helps small businesses to digitise payments without worrying about setting up new tech systems and business processes.
Fundamentals for crude oil weaken, witness 1st surplus since June 2020: Goldman Sachs
The surplus, which the report termed as "politically created surplus", is already ending, driven by the ongoing recovery in the Chinese demand. "Chinese demand is recovering, yet we remain conservative on its further normalisation. The government's push for achieving robust growth this year, therefore leaves risk to our downgraded Chinese demand expectation as skewed to the upside
Indices extends losses, settle low, MPC outcome in focus
Sensex closed the day at 55,107 points, down 1 per cent, whereas Nifty at 16,416 points, was down 0.9 per cent. The RBI's stance on the economy and the actual amount of rise in key lending rates would dictate further course of action in the capital markets. The central bank's Monetary Policy Committee (MPC) review meeting, which is currently underway, will reveal its decision on Wednesday morning.
Edtech startup PhysicsWallah raises $100 mn, becomes new unicorn
PhysicsWallah said it will utilise these funds raised for business expansion, branding, opening more learning centres, and introducing more course offerings. "We are delighted to join the unicorn bandwagon with this latest funding. This development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers," said Alakh Pandey, Founder, and CEO, in a statement.
Investors lose Rs 1.2 lakh cr as LIC shares tumble 20% below issue price
The government had offloaded 3.5 per cent of its stake through the IPO route. The IPO valued LIC at Rs 6 lakh crore. At the time of writing this report, the company's market capitalisation was at around Rs 4.8 lakh crore, which essentially means the investors have lost worth Rs 1.2 lakh crore recently.
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