BUSINESS
Videotex aims to reach Rs 500 cr in revenue by March 2024
Videotex, that currently manufactures over 1.4 million TVs in the country, registered Rs 350 crore in revenue in FY23. Its upcoming manufacturing facility in Noida will be operational soon, taking its total production capacity of 3.2 million TV units, said the company.
New Zealand slips into recession
Stats NZ said the GDP fell 0.1 per cent in the March 2023 quarter, following a 0.7 per cent fall in the December 2022 quarter, Xinhua news agency reported. The second consecutive quarter of negative economic growth signals the start of an economic recession. The Reserve Bank of New Zealand (RBNZ) has increased the cost of borrowing sharply since October 2021.
US Fed pauses interest rate hikes after 10 consecutive increases
"In determining the extent of additional policy firming that may be appropriate to return inflation to two per cent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," the Fed said on Wednesday in a statement after a two-day policy meeting of its top policymaking committee.
Vodafone, CK Hutchison approve UK mobile business merger
Current Vodafone UK CEO Ahmed Essam will become CEO of the joint business, and 3 UK CEO Darren Purkis will take on the CFO role. Vodafone Group Chief Executive Margherita Della Valle described the merger of Vodafone UK and Three UK as being "great for customers, great for the country and great for competition".
Growth in global oil demand to slow significantly
That's the verdict from the International Energy Agency (IEA), in a new 'medium-term report', The Guardian reported. It predicts that the use of oil for transport will go into decline after 2026, due to increased take-up of electric vehicles, the growth of biofuels and improving fuel economy reduce consumption, The Guardian reported.
Chances of Pakistan securing IMF bailout are 'dimming': Moody's
"There are increasing risks that Pakistan may be unable to complete the IMF programme that expires at the end of June," a sovereign analyst with the rating company in Singapore Grace Lim said. Lim said: "Without an IMF programme, Pakistan could default, given its very weak reserves."
Madhav Sheth bids goodbye to global tech brand realme
In a letter, Sheth said that "I am stepping down from my role at realme and I am ready to embark on new adventures". Sheth will continue to be a strategic advisor to realme for its development strategy, global product observations, market insights, and operating suggestions.
Zoho logs over 65% CAGR upmarket growth in India
The Chennai-headquartered firm announced investments across its entire portfolio to accelerate upmarket momentum, following an impressive three-year period. Notably, the mid-market and enterprise segment now accounts for more than 50 per cent of Zoho's ARR in India.
India seen as major beneficiary as supply chains migrate from China
"We see India, Mexico and Southeast Asia as best positioned for this transition. India and Mexico are two economies that stand to benefit from increasingly local supply chains," Morgan Stanley said in a report. Morgan Stanley economists have written extensively on the economic and industrial benefits that are beginning to accrue in economies where supply chains are migrating.
Everest Fleet raises $20 mn led by Uber, to boost ride sharing market
Mumbai-headquartered Everest fleet operates in the shared mobility space in the country and is an existing partner to Uber and Ola. The company said that fresh funds will enable it to expand its operations and grow the overall supply pool available for the ride-sharing industry, where demand continues to outstrip vehicle supply.
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