BUSINESS
'India will buy oil from wherever it wants': Hardeep Singh Puri
On the 2-million barrel a day production cut announced by OPEC+ countries (which include most of India's top sellers), the Minister on Friday added that he would wait for effective the cut to assess the impact on India; the real reduction is by 900,000 barrels a day, according to oil analysts. But, he said generally, global supply falling short of the demand would fuel recession.
Gautam Adani announces investments worth Rs 60,000 crore in Rajasthan
Both CM Gehlot and Gautam Adani arrived for the media interaction in the same e-vehicle. While Gehlot sat next to the e-rickshaw driver, Adani, Torrent Group Chairman Sudhir Mehta and Speaker C.P. Joshi sat came in the rear seat.After Adani and Mehta, Rajasthan Cricket Association President Vaibhav Gehlot interacted with the media. Gehlot himself did not say anything.
Rupee plunges to all-time low of 82.33 against dollar
Rupee had closed at 81.89 on Thursday.It was trading at 82.30 against the dollar in the morning after opening at 82.19 a dollar. Later, it touched an all-time low of 82.33 against the dollar. The all-time low plunge in the rupee has come a day after the World Bank had on Thursday cut India's growth forecast for this financial year by a full percentage point amid rising inflation and adverse geo-political conditions.
Karnataka HC asks Xiaomi to furnish bank guarantee to operate seized accounts
Taking up the petition by Xiaomi against the authorities, Justice N.S. Sanjay Gowda on Thursday stated that an interim order could only be given if the company gives bank guarantees for Rs 5,551.27 crore seized amount. The company had challenged the order passed by the competent authority under FEMA confirming the seizure order of the said amount. The seizure order was issued by the Enforcement Directorate (ED) on April 29.
5G-ready car sales cross 500K first time ever globally
5G-ready car sales surpassed half a million, though 4G accounted for 90 per cent of connected car sales. According to Counterpoint Research, the US overtook China to lead the global connected car market and the top five automakers were Volkswagen, Toyota, GM, Stellantis and Hyundai.
Will give befitting reply to Moody's if downgrade not reversed: Pakistan Finance Minister
On Thursday, Moody's cut Pakistan's sovereign credit rating by one notch to Caa1 from B3, citing increased government liquidity and external vulnerability risks, following the devastating floods that hit the country earlier this year.
LG Electronics' Q3 profit estimated to have risen 25% on-year
The tech company said its profit for the July-September period was predicted to come in at 746.6 billion won ($529 million), up 25.1 percent from 540.7 billion won from the year-ago period. But LG's quarterly profit, in fact, declined on-year after taking into consideration a recall provision of 480 billion won for General Motors Co.'s Bolt electric vehicles during the year-ago quarter, reports Yonhap news agency.
World could lose $4 trillion in economic output between now and 2026: IMF
"We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year," said IMF managing director Kristalina Georgieva during a speech at Georgetown University. "And, even when growth is positive, it will feel like a recession because of shrinking real incomes and rising prices."
PMI Electro emerges as 2nd largest electric bus brand in India
PMI Electro made this announcement on the heels of its foray into Surat where it delivered 25 electric buses as part of a larger order to supply 150 electric buses to the Surat Municipal Corporation. "We are elated to emerge as the second largest electric bus manufacturer in India in just five years of commencing operations," Satish Jain, Chairman, PMI Electro Mobility, said in a statement.
Samsung's Q3 profit estimated to have declined 32%
The world's largest memory chip and mobile phone maker said its operating profit for the three months ending in September was predicted to come in at 10.8 trillion won ($7.7 billion), down 31.7 per cent from 15.82 trillion won from the year-ago period. The figure was the lowest third-quarter profit since 2019, when the corresponding tally was 7.78 trillion won.
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