BUSINESS
Virgin Atlantic, IndiGo announce new codeshare agreement
The codeshare partnership will mean customers booking a Virgin Atlantic ticket will be able to fly on the airline's flights from London's Heathrow to Delhi and Mumbai and connect to and fro to seven additional cities in India. Later this year the agreement will be expanded to cover a total of 16 destinations throughout India, as well as connections onto Virgin Atlantic's extensive US network operated via London Heathrow. The agreement will allow Virgin Atlantic to sell seats to passengers connecting onto IndiGo flights.
Gautam Adani becomes 3rd richest person in world, first Asian in top 3 | Here's Top 10 list
With a $137 billion fortune, Indian billionaire Adani is the first-ever Asian man to make entry into top three spots in the world's richest person's list. With the new rankings, he is behind Tesla CEO Elon Musk (worth $251 billion) and Amazon founder Jeff Bezos (worth $153 billion). Gautam Adani, has added $60.9 billion to his fortune so far this year. Previously, he surpassed Bill Gates on the rich list in July after Gates announced he would be giving $20 billion to the Bill & Melinda Gates Foundation.
India's GDP records double digit growth of 13.5% in Q1 2022-23
This is the first double digit growth in GDP figures in a year, as the last double digit growth was 20.1 per cent recorded in first quarter of 2021-22. "Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22," a statement issued by National Statistical Office (NSO) said.
Udaan, Jiomart led India's B2B e-com market to reach $100 bn by 2030
It is further projected that the B2B general trade opportunity in India will reach $1.2 trillion by 2030, with eB2B coming up as a promising digital procurement solution, according to a report by Redseer Strategy Consultants. At 84 per cent, India holds the largest share in general trade when compared to developed nations, including the US and the UK.
Policy support, competitiveness to fuel growth of renewable energy in Emerging Asia: Moody's
However, key challenges remain for certain countries, including inconsistent policy implementation and high leverage to fund renewables' capacity expansion. "Government policies, such as priority in dispatch and mandatory renewable energy consumption targets, will further support the sector's development in EM Asia.
Warren Buffett sells $47 mn worth stake in Chinese EV firm BYD
Berkshire sold 1.33 million shares in the automaker (under 1 per cent of its holding) in BYD for around $47 million, according to a filing with the Hong Kong Stock Exchange, reports Nikkei Asia. There is widespread speculation that Buffett will soon sell out his entire stake in BYD. The sale came as BYD this week reported better-than-expected results for the first half of the year, registering $21.7 billion in revenue that was nearly 66 per cent up from the same period last year.
Zero import of Chinese Ganesh idols this year
With this festival, the Confederation of All India Traders (CAIT) has once again re-continue its boycott of Chinese goods campaign. CAIT' National President B.C. Bhartia and Secretary General Praveen Khandelwal said that according to an estimate, more than 20 crore Ganesh idols are purchased in the country every year, which generates an estimated business of more than Rs 300 crore.
India's NHPC to sell energy to PTC produced in Nepal
According to a statement, the MoU was signed by A.K. Singh, CMD, NHPC, and Rajib K. Mishra, CMD, PTC India Limited. The estimated cost of the two projects, according to the Investment Board, is $2.4 billion. Nepal has awarded the much-talked West Seti and Seti River projects to India through a negotiation window, nearly four years after China pulled out.
Snap laying off around 1,280 employees amid poor growth
According to a report in The Verge citing sources, the layoffs that started from Wednesday will hit some verticals harder than others. Snap currently has more than 6,400 employees, which means nearly 1,280 employees will be shown the door. The company declined to comment on the layoffs.
RIL announces plan to move into $100 billion FMCG market
Morgan Stanley said in a report that RIL has private label brands across F&B, HPC and BPC segments that are currently sold via its own retail channels. "We believe the company will have to invest in brand building and marketing to transform this business from private label to full-fledged FMCG operations. Growth in the FMCG category is a function of both volume and market share gains," Morgan Stanley said.
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