BUSINESS
Sept quarter GDP numbers in line with expectations, says Chief Economic Advisor
Commenting on price rise, the CEA said that retail inflation may have peaked and is likely to ease in the coming months. "Real GDP growth at 6.3 per cent in the second quarter of the current fiscal is in line with expectations. The Indian economy has continued on the recovery path from the pandemic. It is growing despite global monetary tightening," Nageswaran said.
Index of eight core industries rise by 0.1% in October
The production of fertilisers, steel, coal and electricity generation increased in October 2022 over the corresponding month of last year, according to a data released by the Commerce ministry said. Fertilisers production increased by 5.4 per cent in October, 2022 over October, 2021.
Reliance Capital COC rejects all bids, decides liquidation
The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately. According to sources, the decision to reject the bids had been taken as the lenders are of the opinion that the bid value offered by all the bidders is too low.
States' outstanding dues towards discoms fall to Rs 1,13,269 cr
Official sources said that the dues of states towards generation and transmission companies have come down with timely payment of just four EMIs. For payment of EMI of Rs 24,680 crore, five states have taken loan of Rs 16,812 crore from PFC and REC and eight states have opted to make their own arrangement, sources said.
GDP growth halved to 6.3% in September quarter of current fiscal
The GDP had expanded by 8.4 per cent in September quarter of 2021-22, according to data released by the National Statistical Office (NSO). The Reserve Bank of India bulletin had projected that GDP growth would be estimated at 6.1 to 6.3 per cent in the September quarter of the current fiscal.
US Fed needs to cut interest rates immediately as recession looms: Elon Musk
Reacting to Vincent Yu, Founder of Tesmanian.com who said he is expecting a real economic recession in 2023, Elon Musk replied: "Trend is concerning. The Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession".
Investment opportunities in space cooling to be $1.5 trillion by 2040 in India: World Bank report
India is experiencing higher temperatures every year. By 2030 over 160-200 million people across the country could be exposed to lethal heat waves annually, the report said in its finding. Around 34 million people in India will face job losses due to heat stress related productivity decline.
NDTV scrip hits upper limit after change of guard at promoter company
At the BSE, the NDTV scrip opened at Rs 447.70 (upper limit) after closing at Rs 426.40 on Tuesday. With the Adani group acquiring 99.5 per cent stake in RRPR Holding, the latter's original promoters Prannoy Roy and Radhika Roy resigned as Directors, the NDTV said on Tuesday. The company also said it was informed by the promoter group vehicle RRPR Holding that the latter's board approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors with immediate effect.
Canada's economy rises 0.7% in Q3
Statistics Canada said that growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending, reports Xinhua news agency. Final domestic demand, composed of expenditures on final consumption and capital investment, edged down 0.2 per cent, following a 0.6 per cent increase in the second quarter.
Jack Ma hiding in Tokyo amid China's crackdown on tech firms: Report
Ma, the founder of the e-commerce giant Alibaba who until the tech clampdown was China's richest person, has rarely been seen in public since criticising the attitude of Chinese regulators towards tech companies at a summit in Shanghai two years ago, said the Guardian report. Aside from a 48-second online appearance early last year, described by one analyst as akin to a "hostage video", a brief trip to the Netherlands and Ma's 88-metre superyacht Zen being spotted last summer docking off the Spanish island of Mallorca.
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