BUSINESS
US Treasury Secy dismisses idea of minting $1 tn coin to prevent debt default
Yellen dismissed the idea as a "gimmick" which the Federal Reserve was unlikely to follow through, thus dealing a blow to some ideas floated by advocates thinking it could be used as end run around Congress amid the debt limit crisis. As Republicans and Democrats and the White House locked horns over raising the debt ceiling limit in Congress with no solution in sight
India-born FedEx CEO to get 2023 Horatio Alger Award
Subramaniam, 54, joins 13 exceptional business, civic and cultural leaders from across North America who have been awarded for "remaining committed to education and charitable efforts in their communities despite facing adversities". "I strongly believe that through hard work and perseverance, one can overcome adversity to achieve success," he said in a statement.
$420 price for a Tesla share not a weed joke to please girlfriend: Musk
In the ongoing securities fraud trial, Musk was asked if his "$420-a-share price" was a weed joke to please his girlfriend, reports The Verge. "You rounded up to 420 because you thought that would be a joke that your girlfriend will enjoy, isn't that correct?" asked Nicholas Porritt, an attorney for a class of Tesla investors.
Government urges big companies to handhold MSMEs
Addressing the fourth Plenary Session of B20 India Inception Meeting on "Building Resilient Global Value Chains" in Gandhinagar, he noted that MSMEs flourish around a larger unit or anchor. Citing an example, he said that as Apple's manufacturing plant comes up, thousands of MSME units flourish in the ecosystem as mini value chain suppliers to Apple.
RBI extends deadline for locker agreements renewal till Dec 31
The extension was given by the central bank as it was noticed that till January 1, 2023, which was the original deadline for renewal of agreements, a large number of customers had not signed the revised agreement. Now the banks have been directed by the RBI to complete the process in a phased manner by December 31, 2023.
HRERA restrains Bank of Baroda from conducting e-auction of commercial project
The quorum of the Authority consisting of the Chairman and three members observed that the Bank's e-auction attempt is devoid of considering and settling the claims of individual allottees who are bonafide stakeholders in the project in question. The order said, "Bank of Baroda is restrained from the proceedings with the e-auction dated January 24, 2023 being done without considering and settling the claims of individual allottees."
Spotify lays off 600 employees globally, CEO takes full responsibility
The Swedish company's CEO Daniel Ek announced in a memo that he was too ambitious in investing ahead of their revenue growth. "And for this reason, today, we are reducing our employee base by about 6 per cent across the company. I take full accountability for the moves that got us here," he said.
Pakistan hikes interest rate to 17%, highest since Oct 1997
"If these remain unchecked, they could feed into higher inflation expectations over a longer than-anticipated period, therefore the Monetary Policy Committee (MPC) stressed that it is critical to anchor inflation expectations and achieve the objective of price stability to support sustainable growth in the future," SBP Governor added.
Rupee falls against dollar again
The rupee had closed at just over Rs 81 on Friday. On Monday, the Indian currency opened at Rs 80.92 at the interbank foreign exchange market and went down further to change hands at Rs 81.39 against a dollar. According to forex dealers, the Reserve Bank of India and public sector oil companies stepped in to stem the fall.
We must not lose Apple the way we lost Samsung to Vietnam: ICEA Chairman
In an interaction with IANS, Mohindroo said that Apple, which is the most valuable company in the world, is welcomed here to manufacture its entire product line and "it is in our great interest that we have their large manufacturing footprint". "I just hope that India Inc acts together so that we provide the right space for them (Apple), because we lost Samsung completely to Vietnam," he said.
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