BUSINESS
Pakistan's forex reserves barely enough to provide import cover for 18.5 days
Due to foreign debt payments, the central bank said its reserves fell $592 million to $3,086.2 million during the week ended January 27, the lowest since February 2014, and are barely enough to provide import cover for 18.5 days, Geo News reported. The reserves held by the commercial banks stand at $5,655.5 million, $2.6 billion higher than those of SBP, taking the total reserves of the country to $8,741.7 million, the central bank's statement mentioned.
After layoffs, Mark Zuckerberg now wants 2023 to be 'year of efficiency'
In his quarterly earnings call with analysts late on Wednesday, Zuckerberg said that "I just think we've entered somewhat of a phase change for the company". He said that global headcount steadily climbed for nearly two decades, making it "very hard to really crank on efficiency while you're growing that quickly".
Budget seeks to maintain balance between growth & deficit: Fitch Ratings
According to Zook, the Budget was largely in line with Fitch Ratings expectations and did not significantly change the sovereign credit profile. India's fiscal deficit and government debt ratio are high relative to peer medians, but the government's emphasis on reducing the deficit helps to stabilise the debt ratio over the medium term, Zook remarked.
1090 incidents of technical snag in flights during 2021, 2022
As per information from the Ministry of Civil Aviation, the leading carrier Indigo having highest market share recorded 394 instances of technical snags while the Spicejet airline witnessed 313 such instances during the last two years. It is worth noting that Indigo has a fleet size of 300 aircraft while Spicejet has nearly 100 aircraft in its fleet.
Delhi excise policy case: Government's loss of Rs 581 cr was diverted as profit to accused, says ED
This 12 per cent commission was given to them by not paying heed to the expert committee headed by IAS Ravi Dhawan, as per the chargesheet. The ED claimed that the loss was diverted to ostentatious profits to the wholesalers, including accused M/s Indo Spirits which was used to recoup the kickbacks paid in advance by the 'south group'.
Allocation for aid to foreign countries cut by 2.6% in Budget
Some of the countries whose allocation has been reduced under this head include Bhutan, Afghanistan and Mauritius. At the same time, budget allocation for Bangladesh, Nepal, crisis-hit Sri Lanka, Mongolia and that of Eurasian, African and Latin American countries, have been hiked.
Samsung Galaxy Book3 Series starts from Rs 1,09,990 in India
The Galaxy Book3 Series features -- Book3 Ultra, Book3 Pro 360, and Book3 Pro, which is available for pre-booking across online and offline retail stores in the country, starting February 2. The Galaxy Book3 series offers users a connected experience for seamless phone-to-PC connectivity across the operating system.
Max Healthcare's net profit jumps 7% to Rs 269 cr in Q3
Profit after tax (PAT) for the quarter stood at Rs 269 crore compared to Rs 252 crore in Q3 FY22 and Rs 267 crore in Q2 FY23, according to the company. The operating EBITDA was at its highest ever at Rs 419 crore, compared to Rs 364 crore in the corresponding quarter last year (Q3 FY22) and Rs 410 crore in the previous quarter (Q2 FY23).
Adani Group has not pledged shares of Ambuja Cements and ACC Ltd
"We would like to clarify that none of the shares of Ambuja or ACC have been pledged by Promoters," a statement from Adani Group filed by ACC said. "The Promoters have only provided non-disposal undertaking and accordingly, there is no requirement of providing any top-up of shares of Ambuja and ACC or cash top up under the acquisition financing raised last year," the statement added.
Government has tried to simplify taxation regime in budget: Revenue secretary
Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government's thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability. Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said that the government has tried to prevent leakage of revenue through appropriate changes.
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