BUSINESS
Global recession can stay for up to 18 months: Elon Musk
World Bank chief David Malpass warned this week that Russia's ongoing invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump. "As we look at the global GDP, it's hard right now to see how we avoid a recession... The idea of energy prices doubling is enough to trigger a recession by itself," he was quoted as saying in media reports.
Indices surge in opening deals on global cues, Sensex up over 300 pts
Indian markets opened higher in line with Asian markets and sharply positive overnight US markets. At 9.58 a.m., Sensex was at 54,615.81 points, up 363.28 or 0.67 per cent, whereas Nifty at 16,293.55 points, up 123.40 or 0.76 per cent. Bajaj Finance, Bajaj Finserv, HDFC Life, HCL Technologies and Indusind Bank shares were the top five gainers among the Nifty 50 companies.
Gautam Adani says PM Modi's Aatmanirbhar Bharat best way forward in new global conditions
In his thoughts on the recent visit to the World Economic Forum in Davos, he said that it is clear, in this uncertain time, that there is little alternative to effective, confident self-reliance and that we are now onto this era of self-reliance.
Pakistani rupee drops to all-time low as IMF talks fail
Pakistan and the IMF have failed to reach a staff-level agreement for the revival of the $6 billion programme as the Fund emphasised the "urgency of concrete policy actions, including removing fuel and energy subsidies", Geo News reported.
Foreign banks stop trade credit for oil imports by Pakistan companies
They said politically-tense Pakistan is likely to face fuel shortages in days to come as international banks have refused to confirm letter of credits (LCs) for oil import orders citing "high country risk" alert, The News reported. They said politically-tense Pakistan is likely to face fuel shortages in days to come as international banks have refused to confirm letter of credits (LCs) for oil import orders citing "high country risk" alert, The News reported.
Meta to let you manage who sees your posts on Facebook
Now, when someone selects a default audience, that audience selection will apply to new posts created in Facebook that they share to their timeline unless they select a different audience for a particular post.
UK competition watchdog opens 2nd probe in Google's ad tech dominance
The Competition and Markets Authority (CMA) is investigating whether Google has broken the law by restricting competition in the digital advertising technology market. Advertising technology intermediation, also known as the 'ad tech stack', is a complex set of services which facilitate the sale of online advertising space between sellers (publishers, like online newspapers and other content providers) and buyers (advertisers).
Broadcom to acquire enterprise cloud services provider VMware for $61 bn
In addition, Broadcom will assume $8 billion of VMware's net debt. This is the second biggest tech deal of the year after Microsoft announced to acquire video game maker Activision Blizzard for $68.7 billion.
Moody's slashes India's economy growth projection to 8.8% for 2022
The rationale behind the cut was the prevailing high inflation. "Except for Russia, we do not currently expect a recession in any G-20 country in 2022 or 2023," said Madhavi Bokil, Senior Vice President/CSR at Moody's on the global perspective. "Still, there are multiple risks that could further undermine the economic outlook, including additional upward pressure on commodity prices, longer-lasting supply-chain disruptions, or a larger than expected slowdown in China."
Lenovo India logs $2.2 bn in sales with 38% YoY growth
The total revenue for all Lenovo businesses in India was $2.2 billion for the full fiscal year ending March 31, representing a year-on-year increase of 38 per cent. It was supported by nearly doubling the volume of manufactured PCs and smartphones in India while increasing locally manufactured tablets manifold, said the company.
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