BUSINESS
Sri Lanka gives green light to import eggs from India
The government stated that Cabinet's nod was given to import eggs from India on the condition that they do not bring bird flu. A temporary permission had been granted to import eggs for a period of two months, a minister stated. However, the imported eggs would be directly released to the industries that use eggs on a mass scale. Eggs would not be released to local markets.
Sacking 7K employees in 2-hour call was bad idea: Salesforce CEO
The enterprise software company Salesforce in January laid off 10 per cent of its workforce, impacting about 7,000 employees, amid the ongoing global macroeconomic conditions. In an interview with The New York Times, Benioff said the call wasn't the best idea. "We were trying to explain the unexplainable. It's hard to have a call like that with such a large group and have it be effective, and we paid a price," he was quoted as saying.
Global sandwich chain Subway explores sale of business
The firm has been growing rapidly for years, but is now facing tough soaring costs and increased competition. A sale of the company could value it at more than $10bn, according to the Wall Street Journal, which first reported the story. Investment banking giant JP Morgan is advising Subway on the potential sale, BBC reported. Subway said that it does not plan to give any further updates on the process until it is completed and did not give any indication of how long it could take.
Cement demand set to rise, but not unusual profitability for Indian companies: Moody's
According to Moody's, India's cement production will climb by around 6-8 per cent over fiscal years 2023 and 2024, following a 21 per cent jump for the fiscal year ended March 2022. However the industry is unlikely to enjoy unusually high profits as it did in fiscal 2022, Moody's added. The housing sector will remain the major demand driver as the segment accounts for 60-65 per cent of India's cement consumption, Moody's said.
Ford halts production, shipments of electric truck due to battery issue
The company issued a nationwide "stop shipment" order to hold F-150 Lightnings while a potential battery issue is investigated, reports Electrek. "As part of our pre-delivery quality inspections, a vehicle displayed a potential battery issue and we are holding vehicles while we investigate," the company said in a statement.
US crude oil inventories up: API
Analysts expected a hike of 0.321 million barrels for this week. The API reported a drop of 2.184 million barrels in the previous week. Oil prices fell on Tuesday after the United States said it would release more crude from its Strategic Petroleum Reserve, Xinhua reported.
Air India to acquire modern fleet, orders 470 aircraft from Airbus and Boeing
The order comprises 40 Airbus A350s, 20 Boeing 787s and 10 Boeing 777-9s widebody aircraft, as well as 210 Airbus A320/321 Neos and 190 Boeing 737 MAX single-aisle aircraft. The A350 aircraft will be powered by Rolls-Royce engines, and the B777/787s by engines from GE Aerospace. All single-aisle aircraft will be powered by engines from CFM International.
Japan's GDP growth slows to 1.1 pct in 2022
According to preliminary data released by the Cabinet Office, Japan's real gross domestic product for the year 2022 came to about 546 trillion yen ($4.1 trillion dollars). For the full year, private demand was up 2.4 per cent from the previous year as household consumption grew 2.2 per cent. Corporate capital investment also increased 1.8 per cent, the data showed.
Biocon Q3FY23 revenue at Rs 3,020 crore, up 36%
Executive Chairperson, Biocon and Biocon Biologics Kiran Mazumdar-Shaw said: "Q3 FY23 has been an eventful quarter which saw the completion of the global acquisition of our partnered Biosimilars business from Viatris on Nov 29, 2022. "We are now implementing country-wise integration of the business to maximise the value of the combined entity to propel growth."
ONGC's December quarter profit rises 26% to Rs 11,045 crore
The Maharatna company's standalone revenue rose by 36 per cent to Rs 38,583 crore from Rs 28,473 crore registered in the year-ago period. The rise in ONGC's revenue and profit was mainly driven by surging APM gas prices, though they were impacted by a rather subdued growth in its oil and gas business volumes.
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