BUSINESS
Third of global economy will be in recession this year: IMF
"We expect one third of the world economy to be in recession," the BBC quoted Georgieva as saying to CBS News on Sunday. "Even countries that are not in recession, it would feel like recession for hundreds of millions of people," she added. The IMF chief further warned that China, the world's second largest economy, will face a difficult start to 2023.
Market: 2023 begins on a cautious note
Coming to the week gone by, we saw markets rally and close the last week on a positive note. On the last day however, they gained at open but closed on selling pressure at the end and ended with losses. BSESENSEX gained 995.45 points or 1.66 per cent to close at 60,840.74 points while NIFTY gained 298.50 points or 1.68 per cent to close at 18,105.30 points.
Dining out to be costlier in New Year as commercial LPG cylinder price hiked by Rs 25
The new rates come into effect from this day. Rates of domestic LPG cylinders have been kept unchanged. With the hike in commercial LPG cylinder prices, it will cost Rs 1,768 per cylinder in New Delhi. In Mumbai, a commercial LPG cylinder would cost Rs 1,721 per cylinder, while in Kolkata and Chennai it will cost Rs 1,870 and Rs 1,917 per cylinder respectively.
Dec 2022 GST collections stand at Rs 1,49,507 crore: Govt
However, on year-on-year basis, GST revenue collected for December 2022 was 15 per cent higher than collections of December 2021, which was Rs 1,29,780 crore. Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row, the figures mentioned. The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).
Consolidation of public sector banks leads to 4,837 branches being shut down
These bank branches have either been completely shut down or have been merged with another bank branch. Chandrashekhar Gaur, a Right to Information (RTI) activist from Madhya Pradesh's Neemuch district, had sought information from the Reserve Bank of India (RBI) as to how many public banks had been closed in the last two financial years of 2020-21 and 2021-22. The details given by the RBI, while replying to to Gaur are surprising. It stated that 4,837 bank branches were either merged or closed in the last two financial years.
Tesla told workers not to discuss pay, working conditions: US labour board
In a complaint, the National Labor Relations Board (NLRB) claimed that the electric car-maker "told employees not to complain to higher level managers about their pay or other conditions of employment" and said "not to discuss their pay with other persons". The company also allegedly told employees not to discuss the hiring, suspension, or termination of employees with others. These incidents occurred from December 2021 to January 2022, the complaint alleged. A judge will hear the arguments laid out by the complaint during a hearing in February.
Alibaba Founder Jack Ma resurfaces, cites 'difficult' year to rural teachers
The billionaire was last spotted in Tokyo, living a quiet and peaceful life amid the big tech crackdown in his home country. "Teachers have had a difficult year. You had to teach while protecting children," he told about 100 teachers from China's rural areas in an annual live video speech under his 'Rural Teachers Initiative', reports South China Morning Post.
Food delivery platform Grubhub to pay $3.5 mn for misleading customers
Grubhub will pay $800,000 to Washington, DC as a civil penalty while the remaining $2.7 million "will be paid back to the affected customers." Those with active Grubhub accounts will receive a refundable credit and if the credit is not used within 90 days the money will be sent to customers in the form of a check.
Former FTX CEO Sam Bankman-Fried to enter 'not guilty' plea
Bankman-Fried, charged by the US Attorney for the Southern District with eight counts including securities fraud and money laundering, is set to appear before US District Judge Lewis Kaplan in Manhattan, New York. Bankman-Fried was released on a $250 million bond, "the largest-ever pretrial bond", in December amid his trial for committing fraud and other criminal charges.
UPI payments failed on NY Eve, shoppers hassled
People using UPI-based services faced trouble with sending and receiving payments on New Year Eve. Taking to the micro-blogging platform Twitter, several users reported the issue. While one user asked, "Is it only me facing UPI payment errors?", another said, "UPI payments down....last 1hour not working.According to downdetector.com, a website that monitors online outages, 53 per cent of people reported the issue with their UPI application, 37 per cent complained of issue during payments and 11 per cent reported that they faced trouble with funds transfer.
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