BUSINESS
Germany's largest gas importer posts $39billion net loss
This figure contains "10 billion euros of realized costs for replacement volumes, and roughly 31 billion euros of anticipated future losses from valuation effects on derivatives and provision built-ups related to the Russian gas curtailments as of September 30", the company said in a statement on Thursday.
Bank of England warns of longest recession in 100 years
A 0.75 per cent increase, the latest in a series of eight interest rate rises since last year, would not be enough to guarantee victory in the war against double-digit inflation, the Bank said, as it cautioned further action would be needed. The UK economy faces a "very challenging outlook", with a recession that began this summer now expected to last until the middle of 2024, the Guardian reported.
'Canada might enter mild recession'
The Department of Finance has developed a "downside scenario" that considers the impact of more persistent inflationary pressures and further tightening in monetary policy, leading to a "hard landing" in the economy, Xinhua news agency reported, citing the statement. In the downside scenario, CPI inflation stays above 3 per cent until the first quarter of 2024, about six months longer than in the September 2022 survey, before reaching 2 per cent by the end of 2024.
India smartphone market declines 11% to reach 45 mn units in Q3
According to the latest research from Counterpoint's 'Market Monitor service,' the decline, which is the first ever for a Q3, can be attributed to the high base last year due to the pent-up demand during Q3 2021, as well as lower consumer demand in the entry-tier and budget segments in Q3 2022.
RBI panel holds meeting to draft response to Centre on failure to check inflation
According to a statement issued by the central bank, the MPC's meeting was held "to discuss and draft the report to be sent to the Government by the RBI under the provisions of Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI MPC and Monetary Policy Process Regulations, 2016".
The US and its struggling economic universe
Treasury yields have been rising after the Fed's latest decision on rates, which rose another 0.75 percentage point. But more notably, Fed Chair Jerome Powell said it wasn't time to back off rate increases, though he conceded they may get smaller as the central bank soaks in economic data and studies how well its actions till now have done their job.
Greater investment needed in coal production projects: Nirmala Sitharaman
Launching the sixth round of coal mine auction of the Ministry of Coal here the finance minister Nirmala Sitharaman highlighted that India is at present the best investment destination in the world. The minister pointed out that due to policy consistency and transparent process of the present Government, coal imports for power sector has come down by 41 per cent.
India needs to become a quality conscious nation: Piyush Goyal
Addressing a seminar on Bureau of Indian Standards (BIS) - emerging global trends in laboratories of Atmanirbhar Bharat, Commerce Minister Piyush Goyal said that until India becomes a leader in quality, it will not be able to become a developed economy.
Meta India head Ajit Mohan moves on
"Over the last four years, he played an important role in shaping and scaling our India operations so they can serve many millions of Indian businesses, partners and people," Nicola Mendelsohn, Vice President, Global Business Group, Meta, said in a statement to IANS.
HDFC logs Rs 4,454 crore net in Q2
In a regulatory filing, HDFC said it had logged an operational revenue of Rs 15,027.21 crore (Rs 12,215.95 crore Q2FY22) and a net profit of Rs 4,454.24 crore (Rs 3,780.50 crore) for the period ended September 30. For the first half of FY23 HDFC registered an operational revenue of Rs 28,27.52 crore (Rs 23,873.42 crore) and a net profit of Rs 8,123.06 crore (Rs 6,781.17 crore).
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