BUSINESS
Pakistan forex reserves fall below $7 bn for first time since Jan 2019
Data released by the central bank showed that the foreign currency reserves held by the SBP were recorded at $6,714.9 million as on December 2, down $784 million compared to $7,825.7 on November 25, The News reported The foreign exchange reserves have fallen below the $7 billion level for the first time since January 2019, the report said.
Apple supplier Foxconn invests another $500 mn in India
TechCrunch first reported, quoting a company stock exchange filing in Taiwan, that Foxconn's Singapore subsidiary is $500 million in Hon Hai Technology India Mega Development Pvt Ltd. The move comes as Apple is fast forwarding its manufacturing plans for both iPhones and iPads in India and Vietnam in the wake of China unrest over zero-Covid policy which has severely disrupted its supply chain, leading to an acute shortage of new iPhone 14 Pro models.
Reliance General Insurance urgently seeks Rs 600cr capital infusion from RCAP
In a letter to the Reliance Capital Administrator, RGIC has sought Rs 600 crore capital support from the RCAP by December 31, 2022. The Committee of Creditors (COC) is expected to consider and discuss RGIC's request for capital infusion in December 9 meeting.
India's growth to depend on fiscal management, says Uday Kotak
Speaking at CII's Global Economic Policy Summit 2022, Kotak said that India is the fifth largest economy in the world and can rise further upwards. However, it's growth would depend on economic performance in terms of absolute GDP and absolute per capita income and doing well on current account and fiscal management, he said.
Reliance Industries Ltd, 2 Adani group companies fastest wealth creators: Motilal Oswal
According to the study, Adani Enterprises and Adani Transmission are also the top all-round wealth creators. During 2017-22, the top 100 wealth creators of India Inc created wealth amounting to Rs 92.2 lakh crore, the highest ever so far, Motilal Oswal said. The Motilal Oswal 27th Annual Wealth Creation Study 2022 analysed the top 100 wealth creating companies between 2017 and 2022.
Indian startups see huge 35% drop in funding, edtech among worst performers
The significant drop in funding is attributed to a decline in late-stage investments, which fell by 45 per cent from $29.3 billion in January-November 2021 to $16.1 billion for the same period this year, according to data provided by Tracxn, a leading global market intelligence platform. Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year.
Delhi High Court issues notice to Ashneer Grover on BharatPe's plea
The application also seeks direction to defendants to delete/remove within a period of five days all statements, tweets, social media posts, books, re-tweets, hashtags, videos, press conferences, interviews, comments, etc., made against the company and orders granting liberty to BharatPe to approach all social media platforms, media organisations, publications, websites, blogs, etc., to seek deletion/removal of all such material.
Air India commits over $400 million to fully refurbish existing widebody aircraft cabin interiors
This refurbishment will see a complete overhaul of existing cabin interiors, including the addition of latest generation seats and best in-class inflight entertainment across all classes. In addition, the refurbishment will see the introduction of a Premium Economy cabin on both fleets. The First Class cabin will also be retained on the 777s.
Twitter considering $11 for Blue service with verification for iPhone users
According to a report in The Information, the micro-blogging platform has informed some employees that it plans to change the pricing of its Twitter Blue subscription service. The company executives are considering charging $7 for Blue service for Twitter on the web and $11 via iOS app on iPhones, the report said, quoting sources.
BharatPe sues Ashneer and wife, asks them to repay over Rs 88 crore for swindling firm
"BharatPe has initiated civil and criminal action against erstwhile Co-Founder and Managing Director, Ashneer Grover, former Head of Controls, Madhuri Jain Grover, and other connected parties of their family for various claims, including misappropriation of company funds," a company spokesperson told IANS.
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