BUSINESS
IOC's Q2FY22 YoY net profit up over 2%
Its net profit for the quarter under review rose to Rs 6,360 crore from Rs 6,227 crore in the corresponding quarter of FY21 due to higher refining margin during the quarter. Further, the company's revenue from operations increased to Rs 169,771 crore from Rs 115,754 crore earned during the corresponding quarter of FY21.
Microsoft buys Two Hat to collaborate on online safety, digital wellness solutions
The company said that globally, growing amounts of harmful content shared online have increased the need for effective and proactive content moderation. "For any online community to thrive, content moderation is a critical investment to ensure positive user experiences and maintain engagement over time," the company said in a statement.
ITC posts strong quarter on all fronts
Net cigarette revenue grew 10.3 per cent YoY as the recovery post the second Covid-19 wave has been rapid. Cigarette volumes were back to near pre-Covid levels towards the end of the quarter. Cigarette EBIT also grew 10.4 per cent YoY as margins were stable. FMCG business had a very high base due the surge in packaged foods in 2Q FY21, and thus revenue growth was muted at 3 per cent YoY.
Gold prices expected to reach Rs 52-53k mark in next 12 months: MOFS
In 2021, prices of the precious metal have been trading between Rs 47,000 and 49,000 mark per 10 grams.According to Motilal Oswal Financial Services note, bullion have been in a consolidation mode from last Diwali to this Diwali, and in the past few months have witnessed some choppiness amidst volatility in US Dollar and bond yields.
India Inc's business confidence recovered in Q3CY21: GECs
This is the largest regular economic survey of accountants and finance professionals around the world jointly carried out quarterly by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). According to the survey report, outlook for the South Asian region has risen mainly due to better prospects in India.
Afghans' purchasing power shrinks with freezing of assets by US
"Freezing Afghanistan's assets in America has led to price hike in the local market as the price of one sack flour (50 kg) was 1,200 afghani ($13) but today it costs 2,300 afghani," Kabul resident Noorzada told Xinhua news agency. Accusing the US of exacerbating the economic woes in Afghanistan, Noorzada said Washington's antipathy to the Taliban government in Kabul has virtually deprived ordinary Afghans of their daily income.
'US debt default most likely to happen between mid-Dec & mid-Feb'
Friday's projection by the Bipartisan Policy Center (BPC) came after Congress earlier this month approved a bill to temporarily raise the federal government's debt limit by $480 billion to avert a looming debt default, reports Xinhua news agency. The Treasury Department reached its new borrowing limit of $28.9 trillion on October 22, and is now once again financing the federal government through "extraordinary measures" to prevent a default, according to the BPC.
Eurozone inflation highest since 2008 as energy prices soar
Across the EU, the inflation rate rose to 4.1 per cent in the year through October, up from September's equivalent rate of 3.4 per cent, reports Xinhua news agency. The 4.1 per cent increase is more than double the European Central Bank's (ECB) target as energy prices jumped 23.5 per cent in September, the agency said.
Tesla recalls over 2,750 Model 3, Model Y vehicles over separating suspensions
The affected vehicles are 2019, 2020 and 2021 versions of the Model 3 and 2020 and 2021 editions of the Model Y, Engadget reported.Tesla has notified the National Highway Traffic Safety Administration of the recall and plans to mail notification letters to affected owners on December 24.
RBI tweaks current account opening rules for borrowers with exposure
In a notification, it said: "On a review and taking into account feedback received from Indian Banks' Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC) or overdraft (OD) from the banking system (with provisions)."
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