BUSINESS
Nirmala Sitharaman seeks greater investment from Japan
She said that enhancement in India's digital infrastructure has helped in reducing pilferage significantly and inducing transparency and accountability. Sitharaman further apprised investors and business leaders of India's specific focus on Artificial Intelligence with proposed Centres of Excellence which will benefit not just the present but the future generations as well.
SpiceJet refutes insolvency rumours despite NCLT notice, prioritises fleet recovery and capital generation
"We want to scotch any speculation that may have arisen due to the filing by another airline. The airline is firmly focussed on its business and remains in active talks with investors to raise funds," the airline said in a statement issued on Thursday while announcing that it has also initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.
India accounts for over 75% of Truecaller's net sales in Q1
The average number of active users (MAU) increased by 34.3 million to approximately 350 million monthly active users, out of which 249 million monthly active users are in India alone. Revenue from Truecaller for Business amounted to $3.3 million.
India tablet market fell 30% in Q1 2023: Report
"While the overall tablet market declined on an annual basis, we still foresee pockets of growth for the tablet market. There has been a particular focus on tablets with 4G and 5G connectivity options. Additionally, consumers continue to seek tablets as companion devices for work, entertainment, and education," said Menka Kumari, Analyst-Industry Intelligence Group (IIG), CyberMedia Research (CMR).
Pakistan rupee plunges to record low of 299 against US dollar
The local unit fell Pak Rs 8.78, or 3.02 per cent, against the dollar on Thursday and was trading at 299 in the interbank market, Geo News reported. The dollar bonds due 2031 fell to the lowest since November on Thursday and were indicated at 33.10 cents on the dollar.
Key Apple supplier Foxconn logs 56% profit loss in Q1, outlook flat
Hon Hai Chairman and CEO Young Liu said in a statement that the outlook for full year 2023 overall remains flattish, "with low visibility, particularly as monetary tightening around the world, coupled with geopolitical tensions, inflation and other uncertain factors impact the economic outlook".
Hyundai Motor India to invest Rs 20,000 cr in Tamil Nadu
The Hyundai Motor India and the Tamil Nadu government's Guidance Bureau on Thursday signed a Memorandum of Understanding (MoU) for this purpose. Speaking at the function, Chief Minister M.K.Stalin said the investment will speeded up the government's target of growing the state economy to one trillion dollars by 2030.
SoftBank Vision Fund loses massive $32 bn as tech startups bleed
As tech startups valuations continue to dip, the Vision Fund vertical posted a 4.3 trillion Japanese yen (about $32 billion) loss for its fiscal year."The fair value of a wide range of private portfolio companies also decreased, reflecting markdowns of weaker-performing companies and share price declines among market comparable companies," the company said in its earnings report on Thursday.
Multiple factors gives nuke power major push in APAC region: Moody's
"Decarbonisation and fuel diversification will drive the nuclear power sector's share of the energy mix in Asia Pacific," said Ada Li, a Moody's Vice President, and Senior Credit Officer. "Recent disruptions, such as a spike in fuel fossil prices because of the Russia-Ukraine war, and less stable solar and wind performance due to climate conditions, also underpin a greater role for nuclear power in the region's long-term carbon transition plans," added Li.
Delhi Police file FIR against BharatPe ex-MD Ashneer Grover
The FIR, which was registered on the basis of a complaint filed by the company BharatPe, also mentions the name of his wife Madhuri Jain Grover, and three relatives -- Deepak Gupta, Suresh Jain and Shwetank Jain.
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