BUSINESS
With gloomy economic outlook, Moody's lowers India's growth forecast
The global credit rating agency has also lowered the economic growth expectations of several other countries -- advanced and emerging economies. "We have lowered our 2022 real GDP growth projections for India to 7.0 per cent from 7.7 per cent. We expect growth to decelerate to 4.8 per cent in 2023 and then to rise to around 6.4 per cent in 2024," Moody's said.
'Debt distress, climate action to be main challenges for India as G20 President'
"In three weeks, India will assume the helm of the G20 at an uncertain time for the global economy. We look forward to supporting India's G20 presidency. A successful Indian presidency is indispensable to our global economic recovery and sustained progress on our deepest problems," Yellen said after visiting the Microsoft campus in Noida, soon after her arrival in the national capital.
Ukraine's GDP falls 39% year-on-year in Oct
Yulia Svyrydenko, the first deputy prime minister and economy minister, told reporters on Thursday that Russia's continued attacks on Ukraine's critical infrastructure were behind the accelerated economic slowdown, reports Xinhua news agency. The government estimated that the January-September period, Ukraine's GDP dropped 30 per cent, Svyrydenko said.
Crypto exchange Coinbase to lay off more employees amid FTX saga
The layoffs were announced internally and the company is likely to sack around 60 employees in its recruiting and institutional onboarding teams, reports The Information.
Visiting India at a pivotal moment for global economy: US Treasury Secy
Speaking after visiting the Microsoft campus in Noida, Yellen said: "We are dealing with a confluence of headwinds. The lingering effects of the pandemic, spillovers from Putin's barbaric war in Ukraine, and macroeconomic tightening as many countries grapple with inflation.
Director's arrest not connected with operations, says Aurobindo Pharma
"Further to the disclosure of even date, company further learnt that the arrest of Mr. P. Sarath Chandra Reddy, Whole Time Director/Promoter Group of the Company is not in any way connected with the operations of Aurobindo Pharma Ltd or its subsidiaries," reads the brief statement released by Aurobindo Pharma, a major player in the generic drugs market globally.
Markets opened on a positive note
The Sensex of the BSE opened at 61,311.02 points and touched a high of 61,574.40. The Sensex touched a low of 61,311.02 points. The Sensex had previously closed at 60,613.70 points. The Sensex is trading at 61,591.10.64 points up by 977.4 points or 1.61 per cent. On the other hand, the broader 50-scrip Nifty at National Stock Exchange opened at 18,272.35 points after closing at 18,028.20 points.
Musk puts Twitter at risk of 'billions in fines' as more top execs quit
In a note posted to Twitter's Slack and seen by The Verge, an attorney on the company's privacy team said that Musk has shown that his only priority with Twitter users is how to monetise them. "I do not believe he cares about the human rights activists. the dissidents, our users in un-monetisable regions, and all the other users who have made Twitter the global town square you have all spent so long building, and we all love," the lawyer wrote.
UN expert calls for early lifting of sanctions on Syria
The sanctions are contributing to the destruction and trauma suffered by the Syrian people, said Alena Douhan, UN Special Rapporteur on unilateral coercive measures and human rights, on Thursday. Following a 12-day visit to Syria, Douhan added that she was struck by the humanitarian impact of the measures imposed on Syria, a country attempting to rebuild in the wake of a decade-long war, Xinhua news agency reported.
US Treasury Secretary Janet Yellen visiting India to bolster ties
During the India-US EFP meeting, both sides will discuss issues of mutual interest including climate finance, multilateral issues, India-US cooperation at G20 under India's Presidency, taxation, supply chain resilience, global economy and macroeconomic outlook, the Finance Ministry informed through a series of tweets.
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