BUSINESS
FPIs sold for 11 consecutive days to the tune of Rs 14,300 cr
the money taken out is being invested in the underperformers of last year like China and Europe, which are doing well now. Clearly, FII money is chasing lower valuations by selling in overvalued markets like India," he added. This is the important trend in near term FPI activity. If this trend continues it might weaken the Indian market further. However, the selling will not be indiscriminate.
Air India issues show cause notices, de-rosters 4 cabin crew, 1 pilot
In a statement, Campbell Wilson, the CEO and Managing Director of Air India, said: "Air India is deeply concerned about the in-flight instances where customers have suffered due to the condemnable acts of their co-passengers on our aircraft. We regret and are pained about these experiences
Economic recovery continues to elude Sri Lanka; so does IMF bailout
What started with street fights and long queues for fuel and cooking gas in March, the tiny Indian Ocean island witnessed three Prime Ministers changing in a span of less than four months. Gotabaya Rajapaksa, the most powerful President elected with a landslide 5/6 majority in 2019, was forced to flee from the very people who chose him to be their leader.
For Indian techies, is it the end of the great American dream?
Amazon, Salesforce, Meta, Twitter, Uber and other tech companies have laid off employees as well as put a total freeze on new hirings. In some cheer for those who have lost jobs in the ongoing funding winter and global macro-economic conditions
'Revenge spending' by Chinese tourists could boost global economy
That largesse fell precipitously over the past three years as the country essentially closed its borders. But, as China prepares to reopen on Sunday, millions of tourists are poised to return to the world stage, raising hopes of a rebound for the global hospitality industry, CNN reported. Although international travel may not return immediately to pre-pandemic levels
McDonald's CEO says layoffs coming by April to reduce costs
Kempczinski told The Wall Street Journal that "some jobs that are existing today are either going to get moved or those jobs may go away." McDonald's plans to communicate its decision around layoffs by April 3. McDonald's last reported nearly 200,000 corporate staff and workers at the company-owned restaurants.
Experts predict India's emergence as 'third pole', despite GDP growth worries
"In my view, 2023 will be remembered for India's emergence as the third pole of the world," wrote Shigesaburo Okumura, Editor-in-Chief of Nikkei Asia, in a recent article. Another important factor not to be neglected is India. According to the UN, China's population last year was 1.426 billion while India's was 1.417 billion.
Jack Ma relinquishes control of Ant Group to put its IPO back on track
According to the South China Morning Post, Ma will end an "acting-in-concert pact" with Ant's chairman Eric Jing, former chief executive Simon Hu and Alibaba Group Holding veteran Jiang Fang. The pact had given Ma 53.46 per cent of the voting power in the fintech company, according to a company statement.
New Year heralds record tech layoffs, all eyes now on quarterly results
To put this in perspective, tech companies globally sacked 28,096 workers in the January 1-January 5 period, according to layoff tracking website Layoffs.fyi. In December last year, over 17,000 tech employees were shown the door (holiday season may be one of the reasons for lower numbers). This shows 2023 may become the worst year in the history of the tech world.
IMF bullish on Indian economy despite global downturn signals
On November 28, the executive board of the IMF concluded the Article IV consultation with India, where it noted that the "Indian economy has rebounded from the deep pandemic-related downturn." It said: "Real GDP grew by 8.7 per cent in 2021-22, bringing total output above pre-pandemic levels.
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