BUSINESS
Lufthansa takes 'U-turn,' allows AigTags on flights
The airline on Twitter confirmed that "these devices are allowed on Lufthansa flights". "The German Aviation Authorities (Luftfahrtbundesamt) confirmed today, that they share our risk assessment, that tracking devices with very low battery and transmission power in checked luggage do not pose a safety risk. With that these devices are allowed on Lufthansa flights," the airline tweeted.
IMF urges policymakers to keep tight fiscal stance to help fight inflation
"Governments confront difficult trade-offs amid sharp increases in food and energy prices," Xinhua news agency quoted Vitor Gaspar, director of the IMF's fiscal affairs department, as saying in a statement on Wednesday. Policymakers must protect low-income families from large real income losses and ensure their access to food and energy, the blog noted.
India maintained post-pandemic growth momentum, says Nirmala Sitharaman
Nirmala Sitharaman said this on Wednesday while speaking in the first session of the 4th G20 Finance Ministers and Central Bank Governors meeting in Washington DC on the sidelines of the ongoing IMF-WB annual meetings 2022. She spoke on the global economy, focussing on India's economic development and policy responses, the Finance Ministry tweeted.
India-UK FTA may not meet Diwali deadline over immigration concerns
According to sources, UK's new Home Secretary Suella Braverman recently raised concerns over the deal, saying that she wouldn't support it if it leads to increased immigration from India to the UK. Braverman's comments came close on the heels of UK's new International Trade Secretary Kemi Badernoch also raising concerns over the deal. The UK Prime Minister Boris Johnson had set the Diwali (October 24) deadline for finalising the FTA.
Retail inflation up at 7.41%, IIP down by 0.8%
Price pressure on import of crude oil shall have a cascading impact on other items of the basket too. Additionally, factors such as transmission of input costs and pick-up in consumer demand supported by service sector recovery would further add to inflationary risk in the coming months, Rathi added.
Recession fears mount as UK GDP falls 0.3% in Aug
The 0.3 per cent GDP fall in August was below economists' previous forecast of zero growth, deepening the concerns that the UK economy is sliding into recession, Xinhua news agency reported. "The economy shrank in August with both production and services falling back, and with a small downward revision to July's growth the economy contracted in the last three months as a whole," ONS Chief Economist Grant Fitzner explained.
Wipro posts lower net profit in Q2
According to the company, it had earned revenue of Rs 22,539 crore for the quarter under review up from Rs 19,667 crore earned for the period ended September 30, 2021. Wipro had earned a net profit of Rs 2,659 crore for the period ended September 30, 2022, down from Rs 2,930 crore logged for the quarter ended September 30, 2021.
Bengal government hands over LoI for Tajpur Port to Adani Group
The LOI was handed over to Karan Adani, the CEO of Adani Port & SEZ Ltd and son of Adani Group's founder-Chairman, Gautam Adani by Chief Minister Mamata Banerjee, during a Vijaya Sanmilani gathering at New Town, a state government statement said.
Nirmala Sitharaman meets Japanese counterpart in Washington, discusses economic cooperation
Nirmala Sitharaman told Suzuki that this year is special for India-Japan bilateral relations as both nations are celebrating the 70th anniversary of establishment of diplomatic relations and India is celebrating 75 years of Independence. Sitharaman also said during the interaction that 2023 brings greater responsibilities for India and Japan on the world stage as both the countries take over Presidencies of the G20 and G7, respectively.
Avoid sectors having global exposure like IT, oil, gas: ICICI Securities
In a report, ICICI Securities said the year 2022 has been marked by volatility on account of a wide variety of global new flows ranging from geopolitical issues, higher inflation (mainly food and energy), and hawkish action of central banks. This has led to a decline in global equities, mainly in the US and Europe.
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