BUSINESS
Skyrocketing dollar: Resolution involves politics and not just economics says S&P Global Ratings
According to the report, the resolution of the issue is not just dependent on economics but also on politics. In a research report, S&P Global Ratings said there are no easy options to correct the US dollar's upward trajectory for advanced and emerging markets. The US dollar has risen 17 per cent on a trade-weighted basis and by over 20 per cent against some currencies.
Tesla to deliver first Semi Trucks to Pepsi by Dec 1: Musk
The electric-car-maker will deliver the first Semi Trucks to the soft drink major by December 1. "Excited to announce the start of production of the Tesla Semi Truck with deliveries to @Pepsi on Dec 1st!" posted Musk. "500 mile range and super fun to drive," he added.
Putin urges economic measures to cushion sanctions
"It is important to understand that the sanctions pressure on Russia will only increase," Putin said at a government meeting on Thursday via video link. "In this regard, it is necessary to plan flexible, effective actions for both short and medium terms and consistently implement them," Xinhua news agency quoted the President as saying.
Twitter-Musk trial now on hold till Oct 28, rules judge
Judge Kathaleen McCormick at the Delaware Chancery Court in the US said that the "action is stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction". "If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates," she ruled late on Thursday.
'Germany's economic industry shows clear signs of braking amid energy crisis'
Industrial orders in August declined 2.4 per cent month-on-month, BMWK cited the statistics of the Federal Statistical Office (Destatis) as saying on Thursday, Xinhua news agency reported. Among the industrial orders, domestic orders for Germany's industry in August fell by 3.4 per cent in September, while foreign orders went down by 1.7 per cent, according to the Ministry.
UK pension funds almost collapsed amid market meltdown: Bank of England
Explaining its emergency intervention to calm turmoil in financial markets last week, the central bank said pension funds with more than 1 trillion pounds invested in them came under severe strain with a "large number" in danger of going bust, The Guardian reported.
World Bank cuts India's GDP growth outlook
In June 2022, it had projected that Indian economy will grow at a rate of 7.5 per cent. In April also, the World Bank had cut India's GDP forecast from 8.7 per cent to 8 per cent. At the same time though, it noted that India's economic recovery is faster than the rest of the world.
RBI directs credit information companies to appoint internal ombudsman
The RBI, in its Statement of Developmental and Regulatory Policies, on August 5, 2022, had called for bringing credit information companies under the internal ombudsman framework to strengthen and improve the efficiency of the internal grievance redressal mechanisms.
Rupee slips down against dollar on oil price increase
The rupee opened at Rs 81.52 on Thursday at the interbank forex market and then went down to Rs 81.94. Experts said demand for dollars from oil importers resulted in a fall in rupee. The oil prices are expected to climb up as the producing nations have announced their plans to cut production.
No plan to cut chip production despite slowing demand: Samsung
"There is no internal discussion (about a cut in memory chip production) at the moment," Han Jin-man, executive vice president and head of the memory global sales and marketing at Samsung Electronics, said at the annual Samsung Tech Day in San Jose, California on Wednesday.
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