BUSINESS
Fitch Ratings retains India's growth outlook at 7% for current fiscal
The rating agency on Tuesday observed that India is likely to emerge as among the fastest growing emerging markets in the current fiscal. At the same time though, the agency has slashed the growth projections for the next two fiscals, observing that while the Indian economy is insulated from global shocks, it is not immune to global developments.
Pakistan in financial emergency
In a statement, PBF CEO Ahmad Jawad said: "Pakistan's economy continues to slump despite resumption of the much-awaited International Monetary Fund's (IMF) Programme. Finance Minister Ishaq Dar must announce a clear policy on the rupee to ease the pain of traders and to save the industries. "We still have foreign debt of $130 billion and $73 billion due in three years. Our deficit for next three years is a minimum of $20 to $30 billion. Additionally, super inflation is killing the poor. This is a financial emergency."
Rupee has done relatively well, says World Bank economist
In the last one year, the rupee has depreciated by around 10 per cent and though it may sound like a huge figure, compared to other emerging economies, India has not done badly, said Sharma on the occasion of the release of World Bank's India Development Update, which upgraded GDP growth to 6.9 per cent from the earlier 6.5 per cent.
Coal production rose to 75.87 mn tonnes in Nov
According to the coal ministry data, in November 2022, Coal India Ltd (CIL) registered a growth of 12.82 per cent, whereas Singareni Collieries Company Limited (SCCL) and other captive mines registered a growth of 7.84 per cent and 6.87 per cent respectively. Out of the top 37 mines in coal production as many as 24 mines produced more than 100 per cent and production of five mines stood between 80 and 100 per cent in terms of output.
'Composite insurance regime should have only composite insurance council'
Will there be another lobby body for composite insurers or one company will have to be a member of both the Councils paying handsome annual subscription fees? These were the questions a senior industry official posed citing the amendments proposed to the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999.
World Bank upgrades India's GDP growth to 6.9% for current fiscal
In its India Development Update, the global financial institution said that the revised update was mainly due to greater resilience shown by the Indian economy against global shocks and better September quarter figures. The World Bank has revised its GDP estimate downwards for 2023-2024 from 7 per cent to 6.6 per cent.
Slack CEO to quit Salesforce in Jan 2023
Cloud computing giant Salesforce acquired Slack for $27.7 billion in July last year, reports The Verge. Butterfield's departure was announced in a Slack channel, only a few days after Salesforce CEO Bret Taylor also revealed that he was leaving the company. "This has nothing to do with Bret's departure," Butterfield wrote in a Slack channel.
Pluckk becomes India's 1st certified 'Plastic Neutral Brand' in FnV space
Pluckk which is one of the fastest growing D2C brands in the Fruits & Vegetables (FnV) category, will now recycle more plastic than it consumes thereby becoming the first Indian company in FnV space to receive this certification.
Cement makers plan to hike price by Rs 10-15/bag in Dec
According to a report by the company, in November the prices went up by about Rs 6-7/bag. While the prices remained flat in Western and Central parts of the country, the rates hardened in Northern, Eastern and Southern regions, Emkay Global said. According to the report, the cement companies are attempting further price hikes of Rs 10-15/bag across the country this month.
Denmark saw record number of bankruptcies in Nov
SMVdanmark, which represents 18,000 small and medium-sized enterprises in the country, said in the report published on Monday that since the summer "businesses have been hit hard by high inflation, soaring energy bills and, not least, fears about the future of the economy, which have sent consumers' appetite for buying into a tailspin", reports Xinhua news agency.
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