BUSINESS
World Bank projects massive decline in Pakistan's GDP growth
While the Asian Development Bank (ADB), in a separate report, projects a significantly lower GDP growth rate of 0.6 per cent, ballooning inflation of up to 27.5 per cent and an ongoing foreign exchange crisis in Pakistan, The News reported.
Paytm boosts offline payments leadership with 6.8 mn devices, GMV grows 40%
The merchant gross merchandise value (GMV) for the quarter (for three months ended March 2023) grew 40 per cent YoY to Rs 3.62 lakh crore ($44 billion). Loan distribution, in partnership with lending partners, also witnessed accelerated growth with disbursements of Rs 4,468 crore (increased 206 per cent YoY) in March 2023, according to the company as it announced its business operating performance for Q4FY23.
Tesla remains EV market leader in US with over 50% share
EV sales increased to represent 7 per cent of all US passenger vehicle sales in 2022, according to Counterpoint Research, growing 54.5 per cent (on-year). "Tesla is dominating the US EV market while other automotive giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition," according to research analyst Abhik Mukherjee.
Richard Branson's rocket company Virgin Orbit files for bankruptcy
The low Earth orbit launch company, spun out of Branson's Virgin Galactic, filed for bankruptcy protection with the US Securities and Exchange Commission (SEC). "On April 4, 2023, Virgin Orbit and its domestic subsidiaries commenced voluntary proceedings under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware," said the company in its filing.
Pakistan increases policy rate by 100 basis points to 21%
The monetary policy committee (MPC) of the bank noted that inflation in March 2023 rose to 35.4 per cent, and is expected to remain high in the near term, the statement added on Tuesday."The MPC views today's decision as an important step towards anchoring inflation expectations around the medium-term target, which is critical for achieving the objective of price stability," said the SBP.
Apple's weather app for iPhone users down globally
On its support page, the tech giant states that ongoing issues are affecting the app. "Some users are affected. This service may be slow or unavailable" the company noted. Multiple users report that they aren't seeing any data when opening up the app. The app's widgets also don't seem to be working.
India now has third highest number of billionaires in the world
As per the list, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd (RIL) is the richest India with a net worth of $63.4 billion. Ambani is the 9th richest in the world as per the list. The Us still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion.
Mukesh Ambani ranked 9th in Forbes World's Billionaires List 2023; richest in Asia
Ambani was ranked 10th in the prestigious list last year, with an estimated net worth of $90.7 billion. In the latest list this year, Ambani is ranked higher than the likes of Steve Ballmer of Microsoft, Larry Page and Sergey Brin of Google, Mark Zuckerberg of Facebook and Michael Dell of Dell Technologies.
Pakistani rupee hits all-time low amid high default risk
The currency slumped 1 per cent (or Rs 2.86) to Rs287.90 against the greenback at around 10.23 a.m. on Tuesday. A day earlier, the rupee had closed at Rs 285.04 per US dollar, the Express Tribune reported. Last month, the rupee had hit a record low, closing at Rs 285.09 per US dollar on February 3, it added.
Paytm UPI Lite crosses 4 million users with 10 million transactions to date
Currently, 10 banks support Paytm UPI Lite -- Paytm Payments Bank, Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank. Several other major banks are expected to go live with Paytm UPI Lite soon, the company said.
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