BUSINESS
India to chair Commonwealth working group on reform of financial architecture
The ministers agreed for India to be the chair and Nigeria to be the deputy chair of the Finance Ministers Working Group for a Commonwealth Call for Reform of the Global Financial Architecture. Their collective call for reform came at the Commonwealth Finance Ministers High-Level Working Group Meeting in Washington D.C.
HDFC Bank logs 19% growth in net profit, proposes Rs 19 dividend
The HDFC Bank said it had closed FY23 with a net profit of Rs 44,107.7 crore (previous year Rs 36,961.33 crore) on a total income of Rs 192,800.4 crore (Rs 157,263 crore). Net revenues (net interest income plus other income) for the year ended March 31, 2023 were Rs 118,057.1 crore, as against Rs 101,519.5 crore for the year ended March 31, 2022.
Amazon, Google CEOs 'hint' at more layoffs amid economic meltdown
In a letter to company shareholders, Amazon CEO Andy Jassy said that they reprioritised where to spend resources, which ultimately led to the hard decision to eliminate 27,000 corporate roles. "There are a number of other changes that we've made over the last several months to streamline our overall costs, and like most leadership teams, we'll continue to evaluate what we're seeing in our business and proceed adaptively," the Amazon CEO wrote.
Crypto Assets is an issue that requires immediate attention from G20: Sitharaman
Sitharaman made the remarks during a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 Finance Ministers and Central Bank Governors at the International Monetary Fund (IMF) headquarters in Washington D.C. on Friday. India currently holds the rotating annual presidency of G20 countries.Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector.
Japanese giant Sega to acquire Angry Birds creator for $1 bn: Report
According to The Wall Street Journal, Sega is close to buying Rovio and the deal may get closed by early next week. The original Angry Birds game was a super success in 2009, but the franchise has seemingly fallen off since its 2014 peak. The original was the first mobile game to reach 1 billion downloads, a record certified by Guinness World Records. 'The Angry Birds Movie' was a box-office success and is still the seventh highest grossing video game movie. Its 2019 sequel, 'The Angry Birds Movie 2', did not achieve the same level of success though.
India projected to grow at 7% in 2022-23, says Sitharaman at IMF meet
Finance Minister Nirmala Sitharaman on Friday said that with both the International Monetary Fund (IMF) and the World Bank having projected India as the fastest-growing major economy in 2023
Global oil demand on course for a record high
The International Energy Agency's predicted daily average for 2023 is 2m bpd higher than last year's figure. The price of a barrel of oil rose from $85.62 to $86.10 on Friday morning after the IEA's report was published, The Guardian reported. The agency warned that a recent decision by the world's biggest oil exporters to cut their ;production could drive oil prices higher, in a blow to efforts to reduce inflation and reset economic growth in developed countries, The Guardian reported.
India, Spain look forward to progress in India-EU FTA talks
Both the nations have also agreed to further extend cooperation in sectors like civil aviation, automation, surveillance, high speed railways and related segments. These aspects came under discussion during the 12th session of the India-Spain joint commission for economic cooperation (JCEC), which was held on April 13 here.
Hyundai Motor announces new SUV 'EXTER' in India
According to the company, this new SUV will be an extremely important part of HMI's strong lineup of SUVs that already include VENUE, VENUE N Line, CRETA, ALCAZAR, KONA Electric, TUCSON and IONIQ 5. "We are proud to announce the name of our new SUV -- Hyundai EXTER that exemplifies the pulse of Gen Z buyers while empowering them with a smart mobility solution to fuel their wanderlust," Tarun Garg, COO of Hyundai Motor India Ltd, said in a statement.
Late-stage deals plummet to 21-quarter low in US as VC funding halts
Fundraising's momentum has all but come to a halt, with only $11.7 billion closed across 99 funds, according to PitchBook-NVCA Venture Monitor. Nationwide, there were an estimated 3,888 deals valued at $37 billion, down from 5,243 deals valued at $82.4 billion a year ago, according to the figures.
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