BUSINESS
India's forex reserves rise by over $2 bn
The Reserve Bank of India's (RBI) forex reserves rose to $639.516 billion from $637.477 billion reported for the week ended October 1. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Qualcomm to lead $4.3 bn smartphone wi-fi chip market in 2021
"Qualcomm will continue to gain share in Wi-Fi in smartphones this year even as competition increases from MediaTek and others. Qualcomm leverages its market-leading Snapdragon platform to win share in smartphone Wi-Fi chips," said Christopher Taylor, author of the report.
Joe Biden signs short-term bill to raise debt limit
The Senate cleared the short-term debt limit extension last week. The temporary measure would raise the federal government's debt limit by $480 billion, allowing the Treasury Department to meet obligations through December 3 and giving lawmakers a few more weeks to find a way to address the issue.
Court order to affect working capital of companies filing GST appeals
Recently, the Division Bench of the Orissa High Court held that pre-deposit at the time of filing an appeal under section 107(6) of the Central Goods and Services Tax Act, 2017 (CGST Act) cannot be made by debiting the Electronic Credit Ledger (ECRL).
FM attends Plenary Meeting of International Monetary & Financial Committee
The meeting on Thursday was attended by Governors/Alternate Governors representing 190-member countries of the IMF. The discussions at the meeting centred on "vaccinate, calibrate and accelerate" which is the theme of the Managing Director's Global Policy Agenda. The members of the IMFC elaborated the actions and measures taken by member countries to combat Covid-19 and facilitate economic recovery.
IEA revises up oil demand forecasts for 2021, 2022
The ongoing energy crisis has prompted a switch to oil, and therefore global oil demand is set to rise by 5.5 million barrels per day (mb/d) in 2021 and 3.3 mb/d in 2022, IEA said in its monthly Oil Market Report published on Thursday. Global oil demand is expected to reach 96.3 mb/d in 2021 and 99.6 mb/d in 2022, IEA's revised estimate shows.
India's September exports, imports rise over 22% YoY
Exports rose to $33.79 billion from $27.56 billion reported for September 2020. The data furnished by the Ministry of Commerce and Industry showed that in comparison to September 2019, last month's exports rose by 29.86 per cent. On a sequential basis, exports for last month, inched up from $33.28 billion worth of merchandise exports reported for August 2021.
India sets the ball rolling for large-scale Battery Energy Storage System
This is a joint effort of the Ministry of New and Renewable Energy and the Ministry of Power, which has been working on this to provide a roadmap for the installation of the energy storage system. In order to support the ambitious goal of achieving the 450 GW renewable energy target by 2030, it is important that it gets duly supported by the installation of energy storage systems.
Microsoft shutting down LinkedIn in China due to compliance requirements
The move comes after the career-networking site faced questions for blocking the profiles of some journalists. Microsoft will launch a jobs-only version of the site, called InJobs, later this year. But this will not include a social feed or the ability to share or post articles, the report said.
Bharti backed OneWeb launches 36 internet satellites in orbit
The satellites were launched into orbit atop a Russian-built Soyuz rocket from the Vostochny Cosmodrome in a mission operated by French company Arianespace. The Liftoff occurred at 5.40 a.m. EDT. OneWeb is also one of the founding members of the recently launched Indian Space Association. Rahul Vatts, OneWeb India is the Vice Chairman of the ISpA.
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