BUSINESS
Indian goods exports easier due to harmonisation of standards: BIS chief
To a query on key developments and results of efforts toward harmonisation of Indian standards, Pramod Kumar Tiwari said: "It is crucial in many areas of trade that international standards are followed, for example, containers are used to transport good across the world. A huge number of containers are being used by Indian entities also, but containers are not being manufactured in India.
Jindal Steel in nickel pig iron JV with Indonesia's New Yaking
According to JSL, as per the agreement, it will acquire 49 per cent stake for about $157 million in the new greenfield project under a new joint venture company. "The strategic collaboration offers benefits of backward integration as JSL would have stake in the business of NPI," JSL said.
Air India moves forward on integration of two low-cost subsidiary airlines
This system merger comes five months after AirAsia India was fully acquired and subsidiarised under Air India, and three months after both AirAsia India and Air India Express were placed under a single CEO. In the coming months, the airlines will continue integrating other internal systems and, eventually, their air operating permits and regulatory posts.
Alibaba to split into 6 business units, pursue IPOs
The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group, reports CNBC. Each business unit will be led by its own CEO and board of directors.
India expected to be one of the major beacons of economic growth: KPMG
This despite a sluggish growth of 4.4 per cent during the last quarter of calendar year 2022 as compared to 6.3 per cent in Q3 2022, the report said. "The efforts of the Union Budget 2023-24 to improve the disposable income of taxpayers in the country is expected to boost consumption via an increase in discretionary spending," it notes.
Ensure adequate competition and minimise vendor lock-in, says CAG report
"This may be done by devising appropriate procedures to ensure a more level-playing field between the prospective bidders and the existing system integrator (SI). Also, this tender may be initiated well in time so that in the event of receipt of only one bid, the department has sufficient time to retender, if felt necessary," said the audit report.
If layoffs accelerate in next few months, a recession 'will be underway'
A commentary in Fortune said that the world is witnessing the beginning of increasing unemployment in the financial sector and high-tech, which "benefitted from the US Federal Reserve's easy money policies since the Great Recession of 2008" In an effort to cool off the economy and get inflation to its target rate, the Federal Reserve began to increase the Fed funds rate rapidly throughout 2022.
India's tech SME sector revenue to reach $40 billion by FY30: Report
With growing tech demand, the tech SME sector is expected to contribute 7-9 per cent to the overall FY23E tech industry revenue at $15-$20 billion, higher than the pre-pandemic share of the tech industry at 4-6 per cent. In terms of headcount, the Indian tech SME sector is estimated to close FY23 with 740,000 employees, with hiring for digital skills growing 2 times faster than traditional tech talent in FY20, according to the report by Nasscom, in collaboration with ProHance.
Samsung likely to report losses in chip business amid global headwinds
Samsung's Device Solution (DS) division, which oversees its chip business, is forecast to make its first financial loss in 14 years, according to analysts' estimates, as surplus chip inventory has been growing significantly amid tapering global demand. The last time Samsung saw its backbone unit t trade at a deficit.
India to become largest civil aviation market in next decade: Jyotiraditya Scindia
He made the remark while addressing the CII's International conference on Advanced and Short-Haul Air Mobility for All (ASHA): Technologies for Ease of Transport. Scindia said that India has crossed the pre-Covid number of air travellers by 10 per cent to reach 455,000 passengers daily, with airlines now operating at 80-90 per cent load factor.
Don't Miss
Advertisement