BUSINESS
India's dependence on coal rises despite its green energy push
All these factors combined together have compelled India to continue to depend on coal-based thermal energy. Recently, Union Finance Minister Nirmala Sitharaman said that uncertainties in the energy sector are an area of concern for the government. She noted that like many other nations, India too will have to rely more on coal in the near future due to global uncertainties and supply chain disruptions.
Top ad agency Omnicom recommends clients to pause Twitter ads
According to an internal memo, obtained by The Verge, the agency has suggested its clients to "pause activity on Twitter in the short term," under a note titled "Twitter - Continued Brand Safety Concerns". The memo listed recent events that could have "potential serious implications" for businesses that run advertisements on the platform.
Disney set to reduce its workforce, freeze hiring amid revenue drop
According to an internal leaked memo from Disney CEO Bob Chapek, seen by CNBC, the company is "limiting headcount additions through a targeted hiring freeze".
Most EU countries set to slide into recession in Q4
In addition, inflation has continued to rise faster than expected. Accelerating and broadening price pressures in the first ten months of the year have moved the expected inflation peak to the fourth quarter of this year, and lifted the yearly inflation rate projection to 9.3 per cent in the EU and 8.5 per cent in the euro area.
Britain sliding towards recession
Hunt suggested he is engaged in a damage limitation exercise after a 0.2 per cent fall in GDP between July and September, saying his Autumn Statement aims to make any recession "quicker and shallower", Daily Mail reported. The figure was not as bad as feared, after the Bank of England and analysts pencilled in a 0.5 per cent contraction for UK plc in the three months under review. However, it suggests that the UK might already be in a downturn, technically defined as two consecutive quarters of decline, Daily Mail reported.
Pakistani rupee suffers decline after upward trend
On Friday, the greenback was traded at 221.64 PKR in the interbank market, Xinhua news agency quoted the State Bank of Pakistan (SBP) as saying. The US dollar closed at 221.42 PKR on Thursday, and at the end of the week the local currency depreciated by 0.22 PKR, or about 0.10 per cent, against the US dollar, the official figures showed.
Accounting policy change boosts LIC, net up by Rs 14,271 cr to Rs 15,952 cr
According to LIC, for the period under review (July to September), the company earned a net premium of Rs 132,104.13 crore, as compared to the corresponding period the previous year, which stoot at 104,331.53 crore, and a net profit of Rs 15,952.49 crore, as compared to Rs 1,433.71 crore in the year-ago period. According to LIC, the net profit increased by Rs 14,271.80 crore owing to change in accounting policy.
Direct tax collections rise 31% to Rs 10.54 lakh crore
Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 2022-23
IIP up 3.1% in Sep, experts say growth higher than expectations
The growth in the industrial index was aided by all major sectors like mining, which rose 4.6 per cent to 99.5 in September, manufacturing sector, which grew 1.8 per cent to 134.3, and the electricity sector, which soared 11.6 per cent to 187.4, according to the official data.
Crypto exchange FTX files for bankruptcy, CEO Sam Bankman-Fried resigns
John J Ray III has been appointed the new CEO and nearly 130 additional affiliated companies -- including FTX US and Alameda Research -- have also begun the bankruptcy process, the company said in a statement. The move is "in order to begin an orderly process to review and monetise assets for the benefit of all global stakeholders," said FTX.
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