BUSINESS
Pakistani rupee continues stability against USD
The US dollar closed at 221.66 PKR on Monday, and on the second working day of the week the local currency appreciated by 0.01 PKR, or about 0.00 per cent, against the US dollar, the SBP said on Tuesday. The PKR recorded a gain of 0.26 PKR or 0.12 per cent appreciation on Monday in the inter-bank market.
EU economy reaches turning point: Official
European Commission Executive Vice-President Valdis Dombrovskis said on Tuesday that the first half of the year saw surprisingly strong growth, but "the outlook for economic growth now looks significantly weaker than in the Commission's summer forecast, while inflation will stay higher for longer", reports Xinhua news agency.
Musk sells additional Tesla shares worth $3.4 bn towards Twitter deal
With this, he has offloaded almost $20 billion in Tesla shares this year. The world's richest man sold $8.4 billion in Tesla shares in April and another $6.9 billion in August. The tech billionaire earlier said on social media that he had "no further Tesla sales planned" after April 28. For the Twitter deal, Musk pledged to provide $46.5 billion in equity and debt financing, which covered the $44 billion deal and closing costs.
Fund crisis at HEC: 3400 officers, workers not paid for a year
The officers of the company have not received salary for an entire year and employees for eight-nine months. HEC has requested the Ministry of Heavy Industries several times to provide working capital of Rs 1000 crore, but the Ministry has already made it clear that the Central government cannot help the factory in any way. The company management has to stand on its own feet.
Crypto major Binance acquires rival FTX, digital coins surge
Binance founder and CEO Changpeng Zhao (CZ) said in a tweet thread that FTX asked for their help. "There is a significant liquidity crunch. To protect users, we signed a non-binding LOI (letter of intent), intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days," Zhao posted.
No new Rs 2,000 notes printed from 2019-2022, says RTI reply
The RTI application filed by IANS disclosed that the Bharatiya Reserve Bank Note Mudran (P) Ltd printed 3,542.991 million pieces of Rs 2,000 notes in the financial year 2016-17, which drastically came down to 111.507 million notes in 2017-18 and was further reduced to 46.690 million notes in 2018-19.
KKR invests $400 million in Serentica Renewables
Serentica enables transition to renewable energy round-the-clock by signing long-term power purchase agreements (PPA) with companies.Currently, Serentica has entered into three long-term PPAs and is in the process of developing about 1,500 MW of solar and wind power projects across various states, including Karnataka, Rajasthan and Maharashtra.
'Tyres with a muscle', MRF posts lower net
The 'tyres with muscle' is one of the popular taglines of MRF tyres. The Board of Directors of MRF at their meeting on Tuesday declared an interim dividend of Rs 3/share for FY23 and also approved the enhancement in the issue of Non-Convertible Debentures through private placement from Rs 100 crore to Rs 150 crore.
India saw 6% decline in hiring in Oct amid funding winter: Report
Month-on-month job postings also saw a 5 per cent decline in the country. However, with companies ramping up internal initiatives to facilitate growth and government interventions in promising sectors.
Snap to pay sound creators up to $50K a month in India
Snap has partnered with DistroKid, an independent digital music distribution service, to facilitate and distribute payments for up to 20 artists per month at $2,500. Snap in India launched the 'Snapchat Sounds Creator Fund' -- a new grant programme designed to recognise emerging artists in the country in driving video creations and defining cultural moments on Snapchat and Spotlight alike.
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