BUSINESS
Crypto industry welcomes Rishi Sunak, a 'champion of fintech'
Under former Prime Minister Boris Johnson, he wanted to turn the country into a crypto hub, reports CoinDesk. He helped formulate the Financial Services and Markets Bill, which, if passed into law, could give local regulators sweeping power over the crypto industry. It is likely to begin with bringing asset-driven crypto, like stablecoins, into the scope of payments regulations.
Samvat 2078 of to a solid start
BSE Sensex opened at 59,804 points, a gain of about 500 points compared to the previous close. Nifty opened at 17,736 points, a gain of about 160 points. The highs of the day were 59,994 and 17,777 points respectively. Markets closed at 59,831.66 points, a gain of 524.51 points while Nifty closed at 17,738.45 points, a gain of 162 points.
Saudi Arabia draws India's Mundra port into a larger Gulf network
Mundra Port, India's top container gateway, will connect King Abdulaziz Port in Dammam. Every fortnight the vessel "Green Ace", with a carrying capacity of 1,740 TEUs will sail not only to Dammam in Saudi Arabia's Eastern Province, but also to other Gulf ports -- Jebel Ali (UAE), Khalifa Bin Salman (Bahrain), Hamad (Qatar).
Russian exports jump over 25% in Jan-Sept
Imports plummeted by 15.7 per cent in this period to $180 billion, First Deputy Head of Russia's Federal Customs Service Ruslan Davydov told a press conference. This led to "a record" trade surplus of $251 billion, almost doubling from the number in the first nine months of 2021, he was quoted as saying by Xinhua news agency. Russia's foreign trade turnover amounted to $611 billion in the first three quarters, up 9.6 per cent year on year, Davydov added.
Biocon founder Kiran Mazumdar-Shaw's husband John Shaw no more
According to sources, John Shaw, 70, was being treated for intestine cancer. The cremation will take place at the Wilson Garden Crematorium on Monday evening. According to the official website of Biocon, John Shaw served Biocon as the Vice Chairman and non executive director of the company.
Philips to cut 4K jobs as company faces multiple challenges: CEO
New Philips CEO Roy Jakobs said the move to improve productivity and agility "includes the difficult, but necessary decision to immediately reduce our workforce by around 4,000 roles globally, which we do not take lightly and will implement with respect towards impacted colleagues."
Hyundai Motor ups annual revenue guidance after weak Q3
"The company has raised the annual revenue growth outlook due to the friendly exchange rates and rising average selling prices driven by an improved product mix despite the downward revision for the annual vehicle sales target," Hyundai Senior Vice President Koo Za-yong said in a conference call on the quarterly results.
Over Rs 1.25 lakh cr sale for retail traders this festive season
On the call of CAIT this year, the traders celebrated the festival as "Apni Diwali - Bhartiya Diwali" with all emphasis on selling exclusively Indian products, which has led to robust sales for small scale industries, local businesses,craftsmen, artistes, artisans etc. did a splendid business for the products made by them.
5G service revenue to reach $315 billion globally in 2023
This represents growth of over 60 per cent in a single year for operator-billed 5G service revenue, according to Juniper Research.
"Despite the growth of the Internet of Things, revenue from consumer connections will continue to be the cornerstone of 5G operator revenue increase," said research co-author Olivia Williams.
Wheat exports shrink this year after imposition of curbs
According to Ministry of Food and Consumer Affairs data, the couuntry exported 24.08 lakh metric tonnes (LMT) of wheat between May 15 and September 30. This was 10.3 per cent more than 21.83 LMT of wheat which was exported between April 1, 2021 and May 14, 2021.
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