BUSINESS
China probes US chip maker in apparent retaliation
The Cyberspace Administration of China (CAC) will review products sold by Micron in the country, CNN quoted a statement issued by the watchdog as saying. The move is aimed at "ensuring the security of key information infrastructure supply chains, , preventing cybersecurity risks caused by hidden product problems.
SpiceJet completes SpiceXpress hive off, results in one-time gain of Rs 2,555.77 cr
The consideration for the slump sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet. The hive off is effective from April 1, 2023.
Oil prices surge after surprise cuts in production
The price of Brent crude oil was trading above $84 a barrel in Asia after jumping by more than $4, or 5 per cent, the BBC reported. The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day. Oil prices soared when Russia invaded Ukraine in February 2022.
McDonald's temporarily shuts US offices, plans major layoffs
According to Wall Street Journal, the Chicago-based burger major told US employees, and some international staff, "that they should work from home from Monday through Wednesday so it can deliver staffing decisions virtually".
Iraq to cut oil output by 211,000 bpd from May to year-end
The move is a "precautionary measure" taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.
Google faces $4.2 billion advertising lawsuit
According to the claim, made by ex-Guardian technology editor Charles Arthur, Google illegally used its dominant position in online advertising to reduce publishers' profits, the BBC reported. Google stated that it would vigorously oppose the "speculative and opportunistic" action.
Feel bad that I invited my mother to visit Infosys only when she was dying: Narayana Murthy
He said this after launching a biography on the life and times of Madan Mohanka, an entrepreneur and Indian Institute of Management Ahmedabad (IIM-A) alumni. The book, titled: "I Did What I Had To Do", was authored by Anjana Dutt, an advertising professional, and details Mohanka's rise to success and the belief systems that paved the way for his meteoric journey. The event took place in Ahmedabad.
Sentiment and momentum favour the bulls in a truncated week
What one saw on Friday was a combination of the first day of the new financial year, a renewed push by bulls to dominate, a large part of NAV supported by mutual funds and above all, hope that the new financial year would be a better one. To support all of this, Dow had a great week as well. The markets gained on three of the four trading sessions and were sideways on the fourth session. Friday was a special day with markets registering huge gains.
Tech layoffs, economic slowdown hamper office space demand in India
Leasing by flex space operators in Q1 2023 inched closer to that of technology companies for the first time ever, according to the report by Colliers India. Flex space occupiers leased 2.1 million square feet of space, accounting for 20 per cent, a little behind the technology sector's share at 22 per cent.
World Bank President concerned about China's loans to Africa
David Malpass says the terms and conditions need to be "more transparent", BBC reported. It comes amid worries that countries including Ghana and Zambia are struggling to repay their debts to Beijing, BBC reported. China says that any such lending is done within international rules.
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