BUSINESS
EU, G7 impose price caps on Russian petroleum products
The price cap for "premium-to-crude" petroleum products, such as diesel, kerosene and gasoline, is set at $100 per barrel, while the cap for "discount-to-crude" petroleum products, such as fuel oil and naphtha, is set at $45 per barrel, the EC was quoted by Xinhua news agency as saying .
'Usage of scrap in primary steel production to grow to 50%'
Union Minister for Steel Jyotiraditya Scindia said that the Central government stands firm on its commitment to the material recycling industry, a sector that needs to be encouraged and pushed forward in today's world. The recycling industry contributes almost Rs 10,000 crore to India's GST and in the years to come, it is expected to go up by Rs 35,000 crore.
Meta's Reality Labs loses colossal $13.7 bn on VR-AR projects
Within the Reality Labs segment, Q4 revenue was $727 million, down 17 per cent due to lower Quest 2 sales. Reality Labs expenses were $5 billion, up 20 per cent primarily due to employee-related costs and restructuring-related expenses. Reality Labs operating loss was $4.3 billion in the holiday quarter of 2022.
BMC: For 1st time, civic body's budget shoots over Rs 50K cr - higher than many states
The budget estimates, presented on Saturday by BMC Commissioner I.S. Chahal came ahead of the civic elections which are likely to be announced soon and promised sustainable local economic development for the country's commercial capital. The budget estimates for the new fiscal is proposed at Rs 52,619.07 crore, an increase of 14.52 per cent over last year's Rs 45,949.21 crore (2022-2023) and the previous year's Rs. 39,083 crore (2021-2022).
Close to 1 lakh tech employees lost jobs in Jan alone globally
It means that more than 3,300 tech employees lost jobs daily on an average by more than 288 companies worldwide. Barring Apple, every other Big Tech firm has slashed jobs, led by Amazon with 18,000 job cuts, followed by Google with 12,000 and Microsoft 10,000 job cuts in January. Salesforce (7,000), IBM (3,900) and SAP (3,000) were other tech companies that announced layoffs .
Chennai-based Pharma company recalls eye drops from US market after 55 adverse cases
The US government agency Centre for Disease Control and Prevention said there were 55 adverse cases including eye infections, permanent loss of vision and one death due to a blood stream infection. Five people turned completely blind on using the eye drops.Global Health pharma's product lubricant eye drops distributed by Ezricare, LLC and Delsam Pharma in the US was being investigated by the Centre for Disease Control and Prevention. However, the eye drops are not sold in India.
EU sends formal warning to Microsoft over $69 bn Activision Blizzard deal
According to a report in Politico citing sources, the objections were sent to the tech giant this week. The report mentioned that in a "statement of objections,a EU officials "laid out the reasons why the deal could threaten fair competition on the video game market". A Microsoft spokesperson said that they are committed to solutions and finding a path forward for this deal.
Bank of Japan's unrealized loss on govt bonds widens to $68bn
During a parliamentary session, Kuroda said that the book value of BOJ's government bond holdings at the end of December 2022 reached 564.1 trillion yen, while their market value was 555.3 trillion yen, reports Xinhua news agency. The unrealized losses have increased roughly 10 times within three months compared to the end of September when it stood at 874.9 billion yen, as government bond yields jumped on expectations that the BOJ would tighten its monetary policy.
Pakistan's oil industry faces collapse amid liquidity crunch
To meet the International Monetary Fund's (IMF) demand, the government removed the dollar cap, resulting in the rupee falling to a historic low of 276.58 PKR in the interbank market, Geo News reported. In a letter to the Oil and Gas Regulatory Authority (OGRA) and Energy Ministry, the Oil Companies Advisory Council (OCAC) said that the "sudden depreciation" of the local rupee.
Pakistan set to bow to IMF's demands as forex reserves drop to a paltry $3.08 billion
Problems will surge for the common Pakistanis, who are already reeling under inflationary pressures with acute shortage of essential items. An analyst told India Narrative that faced with unparalleled economic stress, Islamabad could try to increase the size of the loan programme. However, he said that the loan programme may not put the economy back in order.
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