BUSINESS
Pakistan to take unpopular decisions to stabilise cash-strapped economy
The decision was taken during an important meeting of Sharif with his coalition partners, held at the Prime Minister House in Islamabad. As per details, Sharif briefed the heads of the coalition partners about the current economic situation, a crisis he said, caused by the previous Imran Khan government and his failed financial policies.
Twitter board wants $44 billion deal to go through amid Musk-Agrawal tussle
The Tesla CEO on Tuesday said that the $44 billion deal at $54.20 a share "cannot move forward" until the Twitter CEO Agrawal proves the actual bot numbers. While Twitter maintains it has less than 5 per cent fake/spammy accounts on its platform, Musk believes the number can be as high at 50 per cent, and wants Agrawal to come clean on this.
Netflix lays off 150 employees amid slow revenue growth
Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, have been asked to go, reports TechCrunch. "As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based," a Netflix spokesperson was quoted as saying in the report late on Tuesday.
Russia forecasts 7.8% GDP contraction in 2022
Investment in fixed assets could nosedive by 19.4 per cent and the retail trade turnover may plummet by 8.7 per cent this year, a representative of the Ministry told reporters. The Ministry expected the unemployment rate to rise to 6.7 per cent from 4.8 per cent last year and the real disposable income of Russians to drop by 6.8 per cent this year, reports Xinhua news agency.
Inflation top problem facing US: Survey
Nearly 70 per cent said inflation is "a very big problem" for the country, followed by nearly 55 per cent for healthcare affordability and violent crime, based on the poll of 5,074 US adults in April and May 2022, Xinhua news agency reported. However, responses varied by political affiliation, with 84 per cent of Republicans and right-leaning independents saying inflation is the top issue. By contrast, 57 per cent of Democrats and left-leaning independents were most concerned about rising prices.
Fashion supply chain marketplace Fashinza raises $100 mn
Fashinza, that provides a global supply chain for fashion brands and retailers, said it will utilise the funds (a combination of equity and debt) towards creating a sustainable supply chain for the global fashion industry and in expanding the company's presence globally.
Six applicants not found suitable for setting up banks in India
The RBI on Tuesday announced the decision on six applications received under the guidelines for �on tap' licensing of universal banks and small finance banks.
Bharti Airtel's revenues up 22% YoY, net profit 165% in Q4FY22
The sharp rise in revenues was backed by strong and consistent performance delivery across portfolios. The company's India business posted quarterly revenues of Rs 22,500 crore, up 22.7 per cent on year.
LIC's fall on exchange debut: Here's what analysts have to say
The Indian insurance major listed on the stock exchanges at a discount of over 8 per cent at Rs 867, as against its issue price of Rs 949. Here's what some of the analysts have to say about post the listing: Shivam Bajaj, Founder and CEO at Avener Capital
Equity indices close sharply high, Sensex up 1,345 pts, LIC falls on debut
Sensex closed at 54,318 points, up 1,345 points, whereas Nifty at 16,259 points, was up 417 points. S. Ranganathan, Head of Research at LKP securities, said: "On a day when WPI for April crossed 15 per cent, the 2.7 per cent rise in benchmark indices coupled with the breadth of the rally surprised many on the street despite the move coming after a relentless fall."
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