BUSINESS
Petrol crisis to hit Pakistan by mid-February
"The situation will become extremely critical by mid-February if remedial measures are not taken immediately," local refineries warned Petroleum Minister Musadik Malik and the Governor of State Bank of Pakistan (SBP), Jameel Ahmed, in separate letters. The letters were jointly written by Pakistan Refinery Limited, National Refinery, Attock Refinery and Cnergyico Refinery, The News reported.
Moody's turn 'moody' on 4 Adani Group companies
The credit rating agency changed its outlook to 'negative' from 'stable' in the case of four Adani Group companies. According to Moody's, the eight companies are: Adani Ports and Special Economic Zone Limited (APSEZ) - Baa3 ratings affirmed; outlook remains stable, Adani International Container Terminal Private Ltd (AICTPL) - Baa3 ratings affirmed; outlook remains stable
Alarm bells in Pakistan as reserves drop below $3 bn
The country has $8.54 billion in reserves in total, including $5.62 billion held by commercial banks, The News reported. The country is struggling to service extremely high levels of external debt, and has barely enough dollars to cover less than three weeks worth of imports, the report said.
Mumbai ranks 7th among top 10 APAC cities in Investor Intentions survey
CBRE, the world's leading real estate consulting firm, on Friday announced the findings of its 2023 Asia Pacific Investor Intentions Survey. According to the survey, Mumbai ranks ahead of Shanghai (ranked #8), Hanoi (ranked #9) and Seoul (ranked #10)on the list. No other Indian city had featured in the list in the last two years.
India needs 30 mn digitally skilled professionals by 2026: Report
Currently, India has about 500 million people of working age, and industry data suggests that only 49 per cent of total youth (age group of 22-25 years) in the country is employable, according to employment services provider TeamLease. "Our own survey have indicated that 75 per cent of companies face a skill gap in the industry. Even among people.
Ford sells majority stake in EV startup Rivian
The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 per cent, or 10.5 million shares, reports TechCrunch. The report also said that the sell comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year. Rivian's stock has fallen almost 70 per cent since February 2022.
IMF bailout deal eludes Pakistan
A deepening economic crisis has all but emptied Pakistan's foreign exchange reserves, leaving it barely enough dollars to cover a month of imports and it is struggling to service sky-high levels of foreign debt, the BBC reported. The IMF team, which leaves Islamabad on Friday, said "considerable progress" had been made after 10 days of talks.
Chinese app TikTok sacks entire India staff: Report
According to a report in The Economic Times, the ByteDance-owned platform, banned in India in June 2020 over national security concerns, told its employees they would receive up to nine months of severance package. However, most of the staff will only get three-month severance. In June 2020, the government banned TikTok along with 59 other Chinese apps citing security concerns.
Electric 2-wheelers grew 300% in India in 2022: Report
By 2025, the share of E2Ws and connected 2-wheelers (C2W) will both cross 50 per cent. The share of C2Ws grew over 20 per cent YoY last year and the high-speed electric vehicles market grew 90 per cent, according to CyberMedia Research (CMR)'s 'India Electric 2 Wheelers (E2W) Report'. "In CY2022, there has been a growing momentum towards electric mobility.
Paytm launches G20-theme QR Code, celebrates India's presidency
The QR code was launched by Ashwini Vaishnaw, Union Minister for Railways and IT, during the 'Digital Payments Utsav' at the India Habitat Centre here. Paytm has played an important role in the mobile payments revolution in India, as the pioneer of QR code payments. The special commemorative QR Code features logos of MeitY's 'DigiDhan Mission', along with those of the G20 2023 and 75th year of India's independence.
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