India Budget 2023: Pharma industry urges govt to focus on schemes for innovation, provide tax incentives on R&D

The budget should outline supportive policies, simplified regulations, and simple GST (goods and services tax) norms to aid in the development of the pharmaceutical industry.
#India #News #Business #Economy


1 weeks ago

Impending UK recession could be twice as bad as anticipated, say analysts

Economists predict a 0.3% contraction in gross domestic product (GDP) this year, followed by 2.4% growth next year and a 2.3% rise in 2025. But in an updated forecast released on Monday, it said GDP would drop 0.7% this year followed by growth of 1.9% and 2.2% over the next two years.
#TheGuardian #News #Business #Economy


2 weeks ago

Brazil and Argentina eye a common currency similar to the euro, with Latin American nations invited to join

The two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region. The latest negotiations were initiated by Buenos Aires, according to a official.
#LatinAmerican #Brazil #News #Business #Economy


2 weeks ago

ECB’s Klaas Knot wants 50 bps rate hikes in February, March meetings - The Economic Times

The time to slow the pace of hikes is “still far away,” says Governing Council member Klaas Knot. The hawkish central bank chief already made the case for continued ECB tightening last week, arguing that underlying inflation is still rising.
#KlaasKnot #ECB #News #Business #Economy


2 weeks ago

Adani Group to spin off hydrogen businesses by 2028: CFO - The Economic Times

The group is looking to raise Rs 20,000 crore in a follow-on share sale. It is the business incubator for the group. The group plans to invest USD 50 billion over the next 10 years.
#AdaniGroup #News #Business #Economy


2 weeks ago

Genesis' Crypto Lending Businesses Files for Bankruptcy Protection

Genesis and digital assets manager Grayscale share same parent company in DCG. Repercussions of the Genesis bankruptcy could somehow lead to the liquidation of GBTC's holdings of 600,000+ bitcoin.
#Genesis #News #Business #Economy


2 weeks ago

Layoffs In Tech Industry Reaching Pandemic Levels; Over 50,000 Job Cuts In November 2022

In November, the tech industry announced 52,771 cuts, for a total of 80,978 over the course of the year. The layoffs in November 2022 were the highest monthly total for the tech sector since challenger, Gray & Christmas started compiling data in 2020. In the recent financial results, Alphabet, Meta, Microsoft and others missed estimates.
#Gray&Christmas #News #Business #Economy


2 weeks ago

Wall street today: US stocks open lower amid recession worries - The Economic Times

Shares of& Gamble fell as it warned of cost pressures. The Dow Jones Industrial Average opened lower by 17.02 points, or 0.43%, at 3,911.84.
#&Gamble #DowJonesIndustrialAverage #News #Business #Economy


2 weeks ago

India 'strongly supports' Sri Lanka debt restructuring plan, it tells IMF

The island nation seeks a $2.9 billion loan from the global lender. The loan is essential to help the country emerge from its worst financial crisis in seven decades. A source familiar with the matter told Reuters earlier this week.
#IMF #India #News #Business #Economy


2 weeks ago

Bank of America CEO says capitalism needs cleaning up with new global ESG rules

Bank of America chief executive said current efforts to produce a set of official global standards on ESG issues were vital to align capitalism with what society wants from it. He said he was converted to the idea after seeing hundreds of companies sign up to the U.N.'S Sustainable Development Goals in 2017.
#BankofAmerica #SustainableDevelopmentGoals #News #Business #Economy


2 weeks ago

India's exports drop 12.2% in December, trade deficit inches up

India’s exports drop 12.2% in December due to a downturn in demand from important markets following aggressive rate hikes by major central banks and an unfavourable base. In October, exports of goods had decreased by 16.65% on a yearly basis.
#India #News #Business #Economy


2 weeks ago

From Microsoft to Amazon, layoffs dominate tech world in 2023

Microsoft Corp plans to cut thousands of jobs in human resources and engineering divisions. No specific number of layoffs at Microsoft this year has been revealed. Amazon.cOm Inc, too, is poised to kick off a new round of deep job cuts.
#Microsoft #News #Business #Economy


2 weeks ago

Most Chinese provinces set growth targets of above 5% in 2023

China's two biggest provinces aim to achieve more than 5% and around 5% gross domestic product growth (GDP) in 2023 respectively, their government work reports showed. The capital and its neighbouring municipality of Tianjin aimed for lower growths of more than 4.5% and about 4% respectively.
#Reuters #Chinese #China #News #Business #Economy


2 weeks ago

U.S

Investors awaited the next round of earnings reports and a clutch of data, including retail sales. On Tuesday, the Dow Jones Industrial Average DJIA fell 392 points, or 1.14%, to 33911. The S&P 500 SPX declined 8 points or 0.2%, to 3991.
#BoJ #News #Business #Economy


2 weeks ago

Indians working for tech and gaming companies to get highest salary hike in Asia in 2023 - India Today

The survey covered 818 organisations and more than 800,000 employees. Indian corporate employees will see an average pay hike of 9.8 per cent in 2023. Top talent in any organisation will get a much higher salary hike this year.
#IndiaToday #Indians #Indian #Asia #News #Business #Economy


2 weeks ago

UK inflation eases for a second month in December, falling to 10.5% | Business Standard News

Prices rose 10.5 per cent in the year through December, down from 10.7 per cent the previous month. Inflation is still running at levels last seen in the early 1980s. Inflation slowed to 6.5% last month in the us and 9.2% in the 20 countries that use euro.
#BusinessStandardNews #News #Business #Economy


2 weeks ago

Our middle class bears too heavy a tax burden

The current government’s promise of lifting the basic exemption limit to 5 lakh in annual income for all taxpayers has remained unfulfilled. Finance minister Nirmala Sitharaman pitched the Centre as empathetic to middle-class concerns for not having levied any new tax.
#NirmalaSitharaman #Mint #News #Business #Economy


3 weeks ago

India's Russian oil binge drags down OPEC's share to lowest in 2022

OPEC's share in india's crude imports dropped to 64.5% in 2022. A fifth of India's imports led to a drop in 61.5%, according to Reuters.
#OPEC #Russian #India #News #Business #Economy


3 weeks ago

India backs Sri Lanka's debt restructuring plan, writes to IMF: Report

Sri Lanka is facing its worst economic crisis since independence from Britain in 1948. The island nation is facing a $2.9 billion bailout from the global lender. India has written to the IMF to support Sri Lanka's debt restructuring plan, source says. The country of 22 million people is facing problems including a shortage of dollars, runaway inflation and a steep recession.
#IMF #India #News #Business #Economy


3 weeks ago

Mint Explainer: What China's shrinking population means for its global might

In a historic demographic shift, China’s population has declined for the first time in 60 years. Experts believe that China is now on an irreversible path to rapid ageing and population decline. By 2035, a third of the population will be above the age of 60.
#China #News #Business #Economy


3 weeks ago

World shares mostly higher ahead of China GDP data

Shares were mostly higher in Europe and Asia on Monday ahead of china's release of economic growth figures. The future for the S&P 500 lost 0.5% while that for the Dow Jones Industrial Average slid 0.3%. China was due to release a slew of economic data on Tuesday, including its GDP.
#TaiwanNews #China #News #Business #Economy


3 weeks ago

Business Standard Editorials

Just 5 per cent of the Indians own more than 60% of the country's wealth. The bottom 50 per cent share just 3 per cent.
#BusinessStandard #Indians #News #Business #Economy


3 weeks ago

Analysis: Europe boosts Russian diesel buying ahead of ban set to rock market

The ban is likely to create a diesel supply shortfall that Europe hopes to fill with Chinese fuel. China has raised its first batch of 2023 export quotas for refined oil products by nearly half.
#Europe #News #Business #Economy


3 weeks ago

Davos 2023: The World Economic Forum explained

The world economic forum returns to its snowy winter residency in the Swiss Alps this week with a record attendance of business and government leaders. The event is a nod to the tectonic shift in global markets and political relationships that has occurred since the pandemic.
#WorldEconomicForum #Davos #News #Business #Economy


3 weeks ago

Russian Oil: Europe rushes to stock up on diesel ahead of Russian ban, Energy News, ET EnergyWorld

The european union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5 in a move aimed at depriving Moscow of revenue. The move is already causing massive shifts in global diesel trading.
#EnergyNews #Russian #Europe #News #Business #Economy


3 weeks ago

Russian gas will eventually return to Europe as nations 'forgive and forget,' Qatari energy minister says

Gazprom said it would not resume its supply of natural gas to Germany through the key Nord Stream 1 pipeline, blaming a malfunctioning turbine. The europeans today are saying there's no way we're going back to buying Russian gas, the energy minister said. It's clear that if you are not looking at that, a lot of people are going to suffer.
#Gazprom #Russian #Qatari #Europe #News #Business #Economy


3 weeks ago

China’s growth seen as its lowest in 40 years - Mon, January 16 2023 - The Jakarta Post

Analysts predict an average 2.7 percent year-on-year rise in GDP for the world's second-largest economy. It could also be China's slowest pace since a 1.6 contraction in 1976, the year Mao Zedong died, and excluding 2020, after the COVID-19 virus emerged in Wuhan in late 2019.
#MaoZedong #TheJakartaPost #COVID19 #China #News #Business #Economy


3 weeks ago

Indian startups need to reserve cash, listen to customers to stay afloat

Experts said they need to reserve cash, create a long-term goal and adopt a culture of customer feedback to survive in 2023. The founders must continuously monitor the trends which are happening in the world.fIred more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty.
#BusinessStandardNews #Indian #News #Business #Economy


3 weeks ago

Davos 2023: World Economic Forum to begin today

The 53rd annual meeting will be joined by more than 2,700 leaders from 130 countries including 52 heads of state/government. The meeting is based on the theme 'Cooperation in a Fragmented World'
#WorldEconomicForum #Davos #News #Business #Economy


3 weeks ago

Boj: Yen tests seven-month high ahead of BOJ policy decision; dollar wobbles - The Economic Times

The yen was last 0.1% lower at 128.01 per dollar, having surged to 127.46 per dollar on Friday, its highest since may last year. Traders have been pressing for the BOJ to shift away from its ultra-easy monetary policy, which on Friday caused the yield on Japan's benchmark 10-year government bonds to breach the central bank's new ceiling.
#BOJ #Japan #News #Business #Economy


3 weeks ago

This isn't your mom and dad's recession: BofA's Savita Subramanian

We think the will close around 4,000, the S&P 500, which is really limited upside from here. We think there are going to be a lot of great opportunities within the market. Today, corporates and consumers actually look pretty well-capitalised — at least for the time being.
#SavitaSubramanian #BofA #News #Business #Economy


3 weeks ago

Remittances sent by Pakistanis fall to 31-month low of $2 bn in Dec 2022

The inflows from the single largest workers' remittances market for Pakistan, i.e., the UAE, have dropped by a significant 13 per cent to USD 329 million in December compared with USD 378 million in November. The drop may impact revival of the stalled international Monetary Fund (IMF) loan programme and other channels of creditors for dollar-strapped Pakistan.
#ryFund #Pakistani #Pakistan #News #Business #Economy


3 weeks ago

China's exports slump 9.9% in December as global demand continues to drop

Exports fell 9.9% in December from a year earlier, the general administration of customs said. That beat economists’ estimate for a 11.1% drop, compared with a decrease of 8.7% in the previous month. For the full year, exports rose 7% to a record $3.6 trillion.
#BusinessStandardNews #China #News #Business #Economy


3 weeks ago

China: China's trade surplus swells to $877.6B as exports grow - The Economic Times

Retail inflation eased more than expected to a 12-month low in December. Industrial growth swung to five-month high in November from a contraction in the preceding month.
#TheEconomicTimes #China #News #Business #Economy


3 weeks ago

China's trade surplus swells to $877.6 billion as exports grow

Exports increased to USD 3.95 trillion, decelerating from 2021's explosive 29.9% gain, customs data showed. Imports edged up 1.1 per cent to 2.7 trillion, cooling from the previous year's 30.1 per cent rise.
#USD #China #News #Business #Economy


3 weeks ago

China’s exports slump less than expected in December

The milder slump meant trade still grew for all of 2022. China's exports fell by 9.9% in December from a year ago in U.S.-Dollar terms.
#China #News #Business #Economy


3 weeks ago

Global Investors’ Summit: Investor-friendly MP to make capital investment of Rs 48k crore

The state government will make a capital investment of Rs 48,000 crore in the coming year. Compliance of tax related matters has been completely digitalised in the state. The state is ready to welcome with attractive schemes, concessions, and easy tax compliance system.
#’Summit #News #Business #Economy


3 weeks ago

Indore: 'MP looking towards new areas to contribute to USD 5 trillion goal'

Finance minister credited the vision of the central government for a roadmap being preprared to achieve the goal. New areas like automobile, textile, garment, semiconductors, new and renewable energy and artificial intelligence are being given attention.
#USD #Indore #News #Business #Economy


3 weeks ago

Bangchak to buy ExxonMobil's Esso Thailand stake for about $603 mln

ExxonMobil has agreed to sell its two-thirds stake in Esso Thailand (ESSO.BK) to Thai energy firm Bangchak Corporation. The deal is valued at about $20.1 billion baht ($603 million)
#ExxonMobil #Thai #Thailand #News #Business #Economy


3 weeks ago

GIS 2023: Madhya Pradesh attracts intentions of Rs 15.42 trillion in investment

Chief minister said the state had received intentions of investment (IoI) worth over Rs 15.42 trillion during the two-day summit. He said his state would do everything possible, including appointing a dedicated officer if needed, to ensure that the commitments made during the summit were met.
#BusinessStandardNews #MadhyaPradesh #News #Business #Economy


3 weeks ago

China’s inflation rises modestly - Taipei Times

The consumer price index hit 1.8 percent year-on-year, up from 1.6 percent in November last year, the bureau of statistics said. Inflation for the whole of last year rose by an average of 2 percent, making China an outlier compared with other major economies.
#TaipeiTimes #China #News #Business #Economy


3 weeks ago

Retail inflation eases to one-year low of 5.72% in December

Retail inflation eased to one-year low of 5.72 per cent last month, down from 5.88 per cent in November. The fall is stated to be due to softening prices of food items.
#BusinessNews #News #Business #Economy


3 weeks ago

CPI inflation falls again in December, hits 1-year low of 5.72%

Inflation was seen little changed in December at 5.72 percent. It is also the second month in a row that it has come in lower than the upper bound of the Reserve Bank of India's 2-6 percent mandate. Food inflation in December was led by food items, with food inflation tumbling to 4.19 percent - also the lowest.
#ReserveBankofIndia #CPI #News #Business #Economy


3 weeks ago

Wall Street ends sharply higher on optimism before key inflation report

Consumer prices grew 6.5% year-on-year in December, moderating from a 7.1% rise in November. Real estate and consumer discretionary were the day's strongest performers. The benchmark index is up so far for 2023 after falling sharply last year. Investors are anticipating that we're closer to a pause than at any other point last year, says one analyst.
#WallStreet #News #Business #Economy


3 weeks ago

Global stocks advance ahead of U.S

Treasury yields fell a day before the release of CPI data. The data was viewed as a crucial signpost for investors looking to figure out the Fed's next steps in its rate hike cycle.
#Treasury #News #Business #Economy


3 weeks ago

Govt extends tenure of SBI MD Setty by 2 years

The government extends the term of office of state bank of india Managing Director Challa Sreenivasulu Setty for a period of two years with effect from January 2023. The funds will come in handy for credit growth, and SBI would not need to maintain any statutory liquidity ratio or cash reserve ratio for funds raised through such bonds.
#ChallaSreenivasuluSetty #SBI #dia #News #Business #Economy


3 weeks ago

Ogra okays up to 75.35pc increase in natural gas price - Business - DAWN.COM

The oil and gas Regulatory Authority (Ogra) allowed two gas companies to hike their prices by 74.42pc and 75.35pc respectively. The two companies had asked the regulator for a hike of Rs406.28/mmBtu and SSGCL to increase its average prescribed gas rates by Rs499.28.
#oilandgasRegulatoryAuthority #News #Business #Economy


4 weeks ago

Ogra okays up to 74.42pc increase in natural gas price - Business - DAWN.COM

The oil and gas Regulatory Authority (Ogra) allowed two gas companies to hike their prices by 74.42pc and 75.35pc respectively. The two companies had asked the regulator for a hike of Rs406.28/mmBtu and SSGCL to increase its average prescribed gas rates by Rs499.28.
#oilandgasRegulatoryAuthority #News #Business #Economy


4 weeks ago

Budget 2023: A list of expectations from salaried, crypto, corporate taxpayers

Despite the introduction of a new tax system, the majority of taxpayers have not adopted it since it is less viable than the previous system. However, the highest tax rate of 30% needs to be cut to 25% and the threshold for the highest rate need to be raised from Rs10 lakhs to 20 lakhs.
#Mint #News #Business #Economy


4 weeks ago

World's largest ship Ever Alot docks in Lanka, Malaysia, but not India

India is the world's largest boxship at 400 meters long. Many harbors along India's coast aren't deep enough to handle ships.
#EverAlot #India #News #Business #Economy


4 weeks ago

Fed Will Cut Interest Rates This Summer As Core PCE Inflation Cools: UBS

If you gave our forecast to the Fed, they would have a very different reaction function, he said. The difference between the Fed and us is that they think we end the year with a core PCE inflation rate of 3.5%.
#Fed #News #Business #Economy


4 weeks ago

Bharatiya Divas Convention: 'Use India made goods and services': FM Nirmala Sitharaman tells diaspora

The diaspora are the country's real ambassador. They must use Indian products and services for promotion and innovation. This will help India in having wholesome growth for the next 25 years, she said.
#NirmalaSitharaman #BusinessStandardNews #Indian #BharatiyaDivasConvention #India #News #Business #Economy


4 weeks ago

Budget 2023: Nominal GDP growth in FY24 could pose challenge for government - India Today

Nominal GDP growth could put pressure on the government to cut spending in the upcoming budget. Inflation slows and real GDP growth eases from an estimated 7% this year.
#IndiaToday #News #Business #Economy


4 weeks ago

Swiss National Bank posts record $143-B loss in 2022

The central bank plunged into the red as falling stock and fixed-income markets hit the value of its share and bond portfolio. The appreciation of the Swiss franc also had a negative impact. It is equivalent to slightly more than the annual GDP of Morocco.
#SwissNationalBank #Swiss #Morocco #News #Business #Economy


4 weeks ago

Nasdaq leads gains on Wall Street as interest rate worries ease

The Nasdaq rose more than 2% on Monday with big tech and growth stocks spearheading gains. The benchmark S&P 500 (.SPX) and the.IXIC closed the week higher on Friday after a moderation in wage increases and a decline in U.S. Services activity in December buoyed hopes of a soft landing for the u.s. Economy.
#IXIC #Nasdaq #500 #WallStreet #News #Business #Economy


4 weeks ago

Consumers see inflation and spending, cooling, New York Fed survey shows

The central bank district's monthly survey of consumer expectations for December showed that the one-year inflation outlook declined to 5%, down 0.2 percentage point from the previous month. Economists believe expectations are a key to inflation, as they influence the behavior of companies that will raise prices and workers who will demand higher wages if they think prices are going to keep rising.
#NewYorkFed #News #Business #Economy


4 weeks ago

Oil prices surge over 3% on demand optimism as China's borders reopen

The reopening of the world's biggest crude importer boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both equities and the dollar weakening.
#BusinessStandardNews #China #News #Business #Economy


4 weeks ago

Fed: Gold hits 8-month peak as dollar slips on Fed slowdown bets - The Economic Times

Gold prices jumped nearly 2% on Friday after data showed a moderation in u.s. Wage growth and a contraction in U.S. Services industries in December. The terminal rate expected just below 5% by June. Gold futures were up 0.7% at $1,882.40.
#Fed #News #Business #Economy


4 weeks ago

US stocks extend rally ahead of inflation data

Indices jumped more than two percent on Friday following mixed economic figures that included still-solid job growth, but a moderation in wage inflation. The US economy looks like it's going to have a soft landing and not a hard landing, says Adam Sarhan of 50 Park Investments.
#AdamSarhan #50ParkInvestments #News #Business #Economy


4 weeks ago

Goldman Sachs To Lay Off Nearly 3,200 Employees This Week, These Divisions To Be Impacted

More than a third of the job cuts that are likely to start Wednesday shall be in the core trading and banking units. Hundreds of employees are also likely to be impacted in Goldman Sachs' loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus. Headcount at the company has jumped 34 percent since the end of 2018.
#GoldmanSachs #News #Business #Economy


4 weeks ago