Aircraft engine maker Pratt & Whitney inaugurates India Engineering Centre
More than 50 employees are now based in the state-of-the-art facility, with an additional 450 jobs to be filled over the next four years, the company said. The facility is co-located with Pratt & Whitney's India Capabilities Centre (ICC), which opened in 2022 to provide integrated global supply chain support, and the recently inaugurated Collins Aerospace engineering and global operations centres.
Steel industry seeks anti-predatory measures against imports from finance ministry in budget
Amid this scenario, Indian steel makers have sought suo moto safeguard in terms of import duty of up to 25 per cent on ad-valorem basis, in the forthcoming union budget. In a representation to the finance ministry, the domestic steel makers have also sought reinstatement of anti-dumping measures on HR coil, sheets and plates as well as colour coated and wire rods.
Fintech startups in India raised $5.65 bn in 2022, a 47% drop from 2021
This drop in funding can be attributed to the decline in late-stage funding from $8.3 billion in 2021 to $3.7 billion in 2022, a drop of 56 per cent, according to data provided by global software-as-a-service (SaaS)-based market intelligence platform Tracxn. Fintech startups recorded 13 funding rounds of $100 million+ in value. This is a massive drop of 50 per cent, from 26 rounds in 2021.
Maruti Suzuki begins shipping out Grand Vitara
The company aims to export Grand Vitara to more than 60 countries across Latin America, Africa, Middle East, ASEAN and neighbouring regions. The first shipment of Grand Vitara, manufactured by Toyota Kirloskar for Maruti Suzuki, sailed to Latin America from the Kamarajar Port here.
No country reflects arising pragmatism better than India: S&P Global Market Intelligence
"A world ordered by decades of globalization and geo-economics has of late become a world oriented around geopolitics. To meet the crosscutting challenges defining the years ahead, a new pragmatism will emerge. Perhaps no country reflects that arising pragmatism better than India," the report said.
Shifting to old pension scheme may lead to liability add-up in future: Raghuram Rajan
He also cautioned banks on tilting too much towards retail lending. In an interview to an online portal on the sidelines of the World Economic Forum (WEF) at Davos, Rajan said that the reason why the new pension scheme was adopted because in the old scheme, huge liabilities had built up.
Amazon faces over $60K penalty for unsafe warehouse work conditions
The investigators found Amazon warehouse workers at high risk for lower back injuries and other musculoskeletal disorders related to the high frequency with which workers are required to lift packages and other items; the heavy weight of the items; awkward postures, such as twisting, bending and long reaches while lifting; and long hours required to complete assigned tasks.
Asset quality of Indian banks will be stable in 2023: Moody's
Indian banks will benefit from a stable operating environment and significant improvements in their solvency metrics, the report notes. According to Moody's, the rising interest rates amid high inflation will lead to gradual increases in margins, supporting banks' revenue.
Elon Musk stands to lose billions over 2018 Tesla tweets in US trial
The plaintiffs argued that Musk's tweets about taking Tesla private, in which he said he had "funding secured", led them to lose millions of dollars. In a class-action lawsuit, Tesla shareholders who traded the company's stock in the days after Musk's tweet sued him "for billions of dollars in damages", reports The Verge.
Japan logged record trade deficit in 2022 amid soaring energy prices, weak yen
According to the Finance Ministry, the country logged a 19.97 trillion yen ($155 billion) deficit for 2022 -- the largest amount for a year since comparable data became available in 1979, reports Xinhua news agency. Imports in the recording period leaped 39.2 per cent to a record 118.16 trillion yen, while exports were up a record 8.2 per cent to 98.19 trillion yen, the Ministry's preliminary reports showed.