BUSINESS
Global IT, business services market to grow 5.6% in 2022
The market will continue to expand throughout the next few years at a rate of 4-5 per cent, representing an overall increase of 40 to 80 basis points each year, pushing the market's long-term growth rate to 4.6 per cent. Asia-Pacific's growth outlook improved by 0.9 percentage points in 2022, largely due to China and other developed Asian markets like Australia, Japan, Singapore and South Korea.
Twitter board must be concerned about other bidders not me: Musk
He was reacting to a follower who said that the Twitter board has threatened to dilute their shareholder's stake in the company which is a sort of criminal negligence. The Musk follower commented: "The Twitter Board, excluding Jack Dorsey, only owns 0.12% of Twitter. They have not only, behind closed doors, rejected @elonmusk's offer to purchase the company 20% above market value.They have threatened to dilute their shareholder's stake in the company. Criminal negligence?"
Swamped by smuggled goods, Mizoram traders seek access to Myanmar
Traders on both sides of the border are keen to resume the India-Myanmar trade through the Moreh and Zokhawthar trading points to curb the rampant illegal trade in various items, especially highly addictive drugs. Moreh in Manipur and and Zokhawthar in Mizoram are the two important international trading points along the 1,643-km long India-Myanmar unfenced border.
Propping Growth: Low macro lending rates to keep rupee under pressure
Accordingly, the low macro-lending rates have pushed bond yields higher and stroked further inflationary fears, thereby, hurting rupee's prospects. "Rupee is expected to weaken a bit further as the central bank (RBI) has chosen to support growth and kept rates unchanged," said Sajal Gupta, Head Fx & Rates at Edelweiss.
HDFC Bank's Q4FY22 net profit up 22.8% YoY
The bank's net profit increased to Rs 10,055.2 crore during the period under review over the quarter ended March 31, 2021. Besides, the bank's net interest income (income earned less interest expended) for the quarter under review grew by 10.2 per cent to Rs 18,872.7 crore from Rs 17,120.2 crore earned during the corresponding period of FY21.
Byju's-owned WhiteHat Jr logs huge Rs 1,690 cr loss in FY21
The company's balance sheet in its annual financial statements filed with the Registrars of Companies (ROC) shows that operating revenues were Rs 483.9 crore in the financial year 21, compared to Rs 19 crore in FY20.
Egypt approves India as a wheat supplier
"Indian farmers are feeding the world," tweeted the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles. "Egypt approves India as a wheat supplier. Modi Govt. steps in as world looks for reliable alternate sources for steady food supply. Our farmers have ensured our granaries overflow & we are ready to serve the world," said Goyal.
Bike taxi platform Rapido raises $180 mn led by Swiggy, TVS Motor
The Series D round also saw investment from TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures. "We look forward to learning from Swiggy's experience to scale up throughout the country and enhance our captains/customers' experience, who are the backbone of our business. TVS Motor will help us in further expansion," said Aravind Sanka, Co-founder, Rapido.
Twitter adopts "poison pill" after Musk's acquisition intent
The Rights Plan, often called the "poison pill", will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the board sufficient time to make informed judgments and take actions that are in the best interests of shareholders, according to the announcement made on Friday.
The long road to Sri Lanka's $52 billion debt default
Sri Lanka began its Sinhala and Tamil New Year celebrations on a sombre note. In his new year message on Thursday, President Gotabaya Rajapaksa said: "The current economic and global crises have become the biggest challenge faced by us Sri Lankans in our recent history. We should overcome this challenge with unity and better understanding".
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