BUSINESS
LG Electronics' Q1 profit down 23% on sluggish demand
The South Korean tech company estimated its first-quarter operating profit at 1.49 trillion won ($1.1 billion), down 22.9 per cent from a year earlier.
Sales decreased 2.6 per cent to 20.41 trillion won. The data for net income was not available.The operating profit, however, was 20.7 per cent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Consumer rights body asks Sitharaman to probe Rario biz which counts Sachin Tendulkar as strategic investor
Bejon Kumar Mishra, Managing Trustee, Consumer Online Foundation said in the letter to Sitharaman that as per its official website, Rario refers to itself as the world's first and largest licensed digital cricket collectible platform, dedicated to bringing the fans closer to the sport like never before. In reality, Rario is an NFT and Cryptocurrency platform, a fact which is not obvious to a visitor to their website.
Public Cloud services market in Asia-Pacific to reach $154 bn in 2026
IDC expects the Asia/Pacific excluding Japan (APeJ) Public Cloud market will grow at a year-over-year (YoY) rate in 2022 at 25.9 per cent in comparison to 36.3 per cent in 2021, as cloud migration continues to accelerate. However, the YoY growth rates will slow down, beginning from 2023 with a YoY growth of 24.1 per cent, to 21.4 per cent in 2026.
US-based firms sack over 2.7 lakh employees in Q1, up nearly 400%
In March alone, employers announced 89,703 cuts in March, up 15 per cent from the 77,770 announced in February, according to the report by global outplacement and business and executive coaching firm Challenger, Gray & Christmas. It is up 319 per cent from the 21,387 cuts announced in the same month in 2022. "March's total marks the third time this year when cuts were higher than the corresponding month a year earlier," the findings showed.
74% of Indians concerned about their personal financial situation: Report
According to the 2023 PwC Global Consumer Insights Pulse report, most Indian consumers expect to reduce their expenditure across all surveyed categories over the next six months, a significant decline in planned spend across all categories since the previous pulse survey in June 2022.
Coal production rises 12% to 107.84 million tonnes in March 2023
As per the provisional data released by coal ministry, during March 2023, Coal India Ltd (CIL), Singareni Collieries Company Limited (SCCL) and captive mines among others registered a growth of 4.06 per cent, 8.53 per cent and 81.35 per cent respectively.
27,000 ckm of power transmission lines to be added by 2024-25: Government
India has a robust National Grid grid which facilitates seamless power transfer from the resource rich areas to major load centres of the country with reliability & security. Power can be transferred from surplus regions/states to deficit regions/states.
Global economy heading for weakest period of growth since 1990: IMF chief
Kristalina Georgieva, the IMF's managing director, said that a sharp slowdown in the world economy last year after the aftershocks of the Covid pandemic and the Russian invasion of Ukraine would continue in 2023, and risked persisting for the next five years, The Guardian reported.
MPC pauses, is likely done: Monetary Policy Review April 2023
He notes the improvement in our external situation (current account deficit compressing and forex reserves built back to higher than USD 600 billion), the prospects of inflation falling ahead (RBI forecast for FY 24 10 bps lower at 5.2 per cent), and drag from the external sector on growth (though GDP forecast for FY 24 is a shade higher.
Air India concludes first phase of transformation plan
The phase called 'Taxi', was focussed on addressing legacy issues of the flag carrier at scale and laying the foundation for future growth. The conclusion marked the beginning of 'Take Off', the second phase of transformation which is focused on developing the platforms, processes and systems needed to build toward excellence.
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