BUSINESS
Worker exodus, Covid lockdown hit Apple supply chain in China
The factory in the capital of Henan province employs around 300,000 workers. "Neither Foxconn, also known as Hon Hai Technology Group, nor the Zhengzhou government has disclosed how many workers are leaving or are in quarantine," the report mentioned.
Most Indian firms still face key challenges towards net-zero goals
While 24 per cent cite the complexity of the required transformation, 25 per cent point to the lack of talent with expertise implementing net-zero initiatives, and 23 per cent specify limited resources to support the net-zero initiatives, according to the report by Forrester Consulting on behalf of Amazon and non-profit The Climate Pledge.
RBI's measures controlled inflation: Economists
The RBI's Monetary Policy Committee (MPC) will meet on November 3 to discuss what it would tell the Centre as to why it was not able to restrain the inflation within four per cent + or - two per cent. The RBI may also sound out the Central government as to the course of inflation as well as the reasons as to why it may be at the elevated levels. In India, the retail inflation rose to 7.41 per cent in September.
C-295 aircraft facility big step to become truly 'Aatmanirbhar': N. Chandrasekaran
Speaking on the occasion, TATA Sons Chairman N. Chandrasekaran said, "With the setting up of the Final Assembly Line (FAL) in Vadodara, the Tata Group will now be able to take aluminum ingots at one end of the value stream and turn it into am Airbus C295 aircraft for the Indian Air Force. This is a historic moment not only for the Tata Group, but for the entire country, as it embraces the Prime Minister's vision of being truly 'Aatmanirbhar'."
Markets to continue with upward momentum
BSESNESEX gained 652.70 points or 1.10% to close at 59,959.85 points while NIFTY gained 210.50 points or 1.20 per cent to close at 17,786.80 points. The broader market saw BSE100, BSE200 and BSE500 gain 1.17 per cent, 1.12 per cent and 1.05 per cent respectively. BSEMIDCAP was up 0.98 per cent and BSESMALLCAP was up 0.43 per cent. The Indian Rupee gained 21 paisa or 0.25 per cent to close at Rs 82.47.
Sugar export ban extended till Oct 31, 2023
In May this year, the government had banned sugar exports with effect from June 1 till October 31, 2022 after the prices had surged exponentially. "Restriction on export of sugar (raw, refined, and white sugar) is extended beyond October 31, 2022 till October 31, 2023, or until further orders, whichever is earlier. Other conditions will remain unchanged," the Directorate General of Foreign Trade (DGFT) said in a notification dated October 28.
PM urges startups to take advantage of space sector opportunities
In his monthly radio broadcast "Mann Ki Baat", Modi said that Indian industries and startups are engaged in bringing new innovations and new technologies in this field. In particular, the collaboration of IN-SPACe is going to make a big difference in this area. In June 2020, the Government had opened up the space sector to enable the participation of Indian private sector in the entire gamut of space activities.
Google buys AI avatar startup 'Alter' for $100 mn
According to TechCrunch, Google buys the startup for about $100 million in an effort to improve its content game and compete with TikTok. The acquisition was completed about two months ago, but neither company made a public announcement. Some of the top executives of Alter have updated their LinkedIn profiles to reveal that they have joined Google without acknowledging the acquisition, according to the report.
Elon Musk reportedly orders massive layoffs at Twitter before Nov 1
According to The New York Times, the layoffs could occur before November 1, the same day when employees are supposed to get their stock grants, which "typically represent a significant portion" of their pay. According to the report, the new Twitter boss may not have to pay these grants if he lays off employees before November 1. Although Musk is supposed to pay the employees cash in place of their stock under the merger agreement.
Drastic erosion in Nykaa share prices and shareholders' wealth
In the process, the company's market capitalisation and shareholders - promoters as well as public - wealth went down to Rs 46,655.62 crore on Friday. The company promoters - Falguni Nayar along with family members and family trusts hold 52.38 per cent stake and the balance 47.62 per cent is held by public shareholders.
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