BUSINESS
Sri Lanka's sovereign default process has begun, says rating agency
Fitch Ratings lowered its assessment of the South Asian nation, saying "a sovereign default process has begun". S&P Global Ratings made a similar announcement and said that a default is now a "virtual certainty". This week, Sri Lanka said it will temporarily default on its foreign debts as it faces its worst economic crisis in more than 70 years.
Tech billionaires earning more while paying less taxes: Report
The report, which scanned secret Internal Revenue Service (IRS) files, revealed the top US income-earners and how their tax rates vary more than their incomes.
High fuel prices to hit near-term demand, recovery seen in H2
Driven by a more broad-based pickup in economic activity as the country adapts to live with Covid-19 amid higher vaccination rates, India's oil demand in second half of calendar year 2022 is expected to be 275,000 barrel per day, said S&P Global Commodity Insights which was curated by analysts JY Lim and Kang Wu.
RIL weighing possible bid for Walgreens' Boots chain
Reliance is in the early stages of exploring the feasibility of an offer for the Boots chain, the people said, asking not to be identified discussing confidential information. Ambani, one of India's richest men, is in the midst of pivoting his traditionally refining-focused conglomerate toward businesses that will better help him tap India's billion-plus consumers. He's also been chasing deals in Europe, including in the telecoms sector, the report said.
Debt payment to exports ratio highest in Pakistan, Sri Lanka
The World Bank also improved Pakistan's GDP growth prospects up to 4.3 per cent from the earlier projection of 3.4 for the current fiscal year and 4 per cent for the next fiscal year 2022-23. "Indicators of ability to pay, such as the ratio of public external debt service to exports and remittances, is the highest in Pakistan and Sri Lanka.
Diesel set to rise above Rs 200/litre for the first time in Pak
In the second fortnight of current month starting April 16, the newly formed Pakistan government would be required to either jack up the price of diesel by Rs 60.54 per litre or enhance subsidy to maintain the existing price, officials said. If the leadership chooses to increase the price, the per-litre diesel cost will jump to Rs 204.69.
Video chat app Zoom unveils new products as its stock nosedives
The demand for Zoom soared in the two years of the pandemic as companies shut offices and employees had to work from home. Remote learning and telemedicine also gave a boost to Zoom Video's cloud-based services. Now, the growth of Zoom has slowed down as in-person meetings resume and schools/colleges reopen.
WhatsApp gets NPCI nod to extend payments service to 100 mn Indian users
With this approval, WhatsApp will now be able to expand the service to 100 million users out of more than 400 million in the country. In November last year, the NPCI approved increasing the user cap for WhatsApp's payment service from the current 20 million to 40 million users.
India may see less MSP procurement as wheat exports could increase: US report
The US Department of Agriculture's 'Grain and Feed Annual - 2022' report for India, released late on Tuesday night (India time) dwells on market possibilities, sowing area, and record productions. Pointing out that India is heading for a record wheat harvest this marketing year (MY), it said the Foreign Agricultural Service, New Delhi forecasts MY 2022/2023 wheat production at a record 110 from 30.9 million hectares, and up from last year's record 109.6 MMT from 31.1 million hectares.
Q4 Results: Infosys reports highest annual growth in last decade
An official communication stated on Wednesday that the growth was broad-based, supported by continued momentum in large deal wins with a TCV of $9.5 billion. Infosys had reported a profit of Rs 5,076 crore in the corresponding quarter of the previous year. The company delivered $16.3 billion in revenues with the highest annual growth in the last decade of 19.7 per cent in constant currency with a robust operating margin of 23 per cent.
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