BUSINESS
India's geopolitical position can give tailwinds for economic growth: S&P Global Ratings
According to S&P Global Ratings, the macro challenge for India in the upcoming decade is to turn traditionally uneven growth into a high and stable trend. Given structural differences with East Asian economies, India will need to follow its own unique path.
Top 25 tech giants gain $2 trillion market cap, defy economic headwinds
Overall, the top 25 tech companies gained a whopping $4.5 trillion in the first half (H1) of 2023, reveals GlobalData, a leading data and analytics company.Graphics chip major Nvidia gained over 50 per cent in market cap in Q2 and almost 200 per cent since January.
Sensex now down more than 500 points
Titan led the Sensex losses down more than 2 per cent. Morgan Stanley has upgraded India to overweight. India rises from number 6 to number 1 in our process, with relative valuations less extreme than in October, while MS macro, strategist and bottom-up analyst scores reflect MS' Blue Paper thesis on India's Decade.
Mark Zuckerberg takes 4,000 ‘unhealthy’ calories a day to offset activities
In a Threads post, he said that he eats 20 nuggets, large fries, Oreo McFlurry, apple pie and cheeseburgers. In a response to McDonald's post which asked users to reveal their daily orders, the Meta CEO said: “20 nuggets, a quarter pounder, large fries, Oreo McFlurry, apple pie, and maybe some side cheeseburgers for later?”
Centre restricts import of laptops, PCs & tablets
A notification issued by Directorate General of Foreign Trade (DGFT) on Thursday said that though import of these items will be allowed against a license, certain use cases have been exempted from the restrictions. These are, import of one laptop, tablet, personal computer, or ultra-small form factor computer through online portals, couriers, or post.
Economic activity appears to have remained weak in July
Economic activity weakened in Jun'23 also. Preliminary estimates indicate that the growth in India’s EAI for GVA decelerated to its eight-month low of 6.4 per cent YoY in Jun’23. The deterioration was led by the non-farm sector, as industrial sector growth slowed to 8.7 per cent YoY in Jun’23 and the growth in the services sector too moderated to its eight-month low of 6.0 per cent YoY in Jun’23.
28% GST levy on online gaming and casinos likely from Oct 1 onwards, review after 6 months: FM Nirmala Sitharaman
It was further decided that once the GST levy becomes applicable on October 1, it will be reviewed after six months, and if need arises, changes may be made in it. The decision was taken during the GST Council meeting, which was held virtually by finance minister Nirmala Sitharaman.
Gold gained on Fitch downgrade US credit rating
Be that as it may, a policy rate cut by the US Federal Reserve combined with higher-than-average inflation will result in a structural up move in gold prices, said Quantum Asset Management Company (AMC).
Dollar, gold can strengthen as investors shift assets towards safe havens
Fitch Rating downgraded its US debt rating to AA+ from AAA. The Rating downgrade reflects the expected fiscal deterioration over the next three years, a high and growing government debt burden, and erosion of governance. Treasury Secretary Janet Yellen quickly responded to the downgrade, calling it “arbitrary” and “outdated.”
Reliance Industries jumps 16 places in Fortune's Global 500; at number 88 maintains its numero uno position within India Inc
Reliance Industries improved its rank by 16 places to rank number 88 rank from its previous year's rank of 104. The company has gained a whopping 67 places in last two years from 155 of 2021. Thus, the company has gained 83 places in the Fortune Global 500 rankings in just two years.
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