BUSINESS
Once a Wall Street darling, Netflix in choppy financial waters
Netflix is having a terrible year. In April, the company reported that it had lost subscribers in the first quarter of 2022 -- the first time that had happened in any quarter for more than a decade. Netflixs stock subsequently burst into flames, it's currently down about 70 per cent so far this year, wiping out billions of dollars in market value, and the company laid off hundreds of employees.
Mahindra's tweet on 'latest tech' to dry clothes leaves Twitterati in splits
Business tycoon Anand Mahindra has shared a picture of a 'latest technology to dry clothes on Twitter, and it has left Twitterati amused and in splits. On the microblogging site, Mahindra posted a cartoon of two women conversing by an ordinary rope with washed clothes drying over it suspended from both ends in a yard. "It dries the washing using the latest technology -- a combination of solar and wind power," a woman was seen telling another one.
Ola CEO shares plan on sports car, upcoming update for e-scooters
"We are going to build the sportiest car ever built in India!" the tech honcho wrote on the microblogging platform Twitter. Aggarwal also shared a video on the platform where he tested the Moods feature in the upcoming update MoveOS 3. In another tweet, the founder and CEO of the platform mentioned that the upcoming update is scheduled for Diwali.
Flour, pre-packed food to attract 5% GST
Exemptions have been withdrawn for pre-packed and pre-labelled food grains. Hotel accommodation up to Rs 1,000 per day will now be taxed at 12 per cent. Tax rates have been increased from 12 per cent to 18 per cent on products such as printing, writing or drawing ink, knives with cutting blades, spoons, forks, paper knives, pencil sharpeners, and LED lamps.
How ONDC is set to be India's UPI moment for e-commerce
With ONDC, a Unified Payments Interface (UPI)-type initiative of the Ministry of Commerce and Industry to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online. Currently, only 5-6 per cent of India's retail activity is digital.
Amazon sees $12 bn worth sales on Prime Day globally
It was the first Amazon Prime Day event under the new CEO Andy Jassy who took over from Jeff Bezos last year. According to an analysis by Digital Commerce 360, consumers worldwide spent more than $12 billion during the e-commerce giant's eighth annual Prime Day. That's up 8.1 per cent (year over year) from last years' Prime Day which ran from June 21-22. In 2021, Prime Day sales reached $11.19 billion and represented a 7.7 per cent increase over Amazon's 2020 event.
Uttar Pradesh is now 'Expressway Pradesh'
Today, the state has emerged as the expressway capital of the country with 13 expressways -- six expressways having been completed and seven under various stages of construction. Prime Minister Narendra Modi, on Sunday, inaugurated the sixth 296-km-long Bundelkhand Expressway that directly connects with Delhi. It will connect the backward districts of the region such as Chitrakoot, Banda, Mahoba, Hamirpur, Jalaun, Aurraiya and Etawah.
US rattled by 40-year-high inflation rate, Fed to get aggressive with interest hikes
Inflation, soaring gas prices, and rising groceries prices are all odds stacked against the Democrats as President Joe Biden's rating is constantly falling since September of last year till date. The worst was 33 per cent in September 2021, bad for any incumbent president in the first year of governance. But gun legislation, and the executive order on abortion rights seem to have tilted the balance slightly with ratings going over 44 per cent.
China's supply chain 'irreplaceable' despite India, Vietnam appearing on global map
DBG Technology Co is a contract manufacturer for major Chinese smartphone brands including Xiaomi, Honor and Huawei Technologies Co, reports South China Morning Post. Xu Yusheng, board secretary of DBG, said that the key incentive for setting up manufacturing capabilities in countries such as India and Vietnam is a reduction in tariffs. "'Made in Vietnam' is never a replacement for 'Made in China', but an extension of that," Xu was quoted as saying in the report.
HDFC Bank's Q1 profit up to Rs 9,196 crore
According to HDFC Bank, its net profit for the period under review grew to Rs 9,196 crore from about Rs 7,729 crore earned during the first quarter ended June 30, 2021. For the quarter ended June 30, 2022, the bank had earned a total income of Rs 41,560 crore, up from about Rs 36,771 crore earned during the corresponding period the previous year.
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