BUSINESS
EV-maker PMI to have 900 electric buses running by December in India
"But at PMI, our aim is not to just win tenders but also to ensure timely deliveries. We are one of the leaders when it comes to delivering electric vehicles and emerged as the second best brand in delivering electric buses in India between April and June 2022," Jain added. Currently, the electric commercial vehicle manufacturer has close to 603 electric buses operating in India.
World faces increasing risk of recession in next 12 months, IMF says
The commodity price shock from the war in Ukraine had exacerbated the cost-of-living crisis for hundreds of millions of people, Kristalina Georgieva said and it was "only getting worse". Inflation was also higher than expected, she said in a blogpost that came on the same day as the latest figures showed that prices in the US rose at a 40-year high of 9.1 per cent in June.
Intel set to hike chip prices amid supply chain crisis: Report
According to Nikkei Asia, the company informed customers that it "will raise prices on a majority of its microprocessors and peripheral chip products later this year, citing rising costs". The company is yet to finalise price hikes which could take Intel's flagship products such as central processing units for servers and computers into account, according to the report.
Maha cuts petrol rate by Rs 5/litre, diesel Rs 3/litre
This would entail a burden of Rs 6,000 crore on the state exchequer but will lead to reducing the inflation, Shinde said, after a cabinet meeting. Deputy Chief Minister Devendra Fadnavis said the move to cut petrol-diesel rates was in tune with the new government's commitment to public welfare and would directly benefit the masses.
Samsung logs 20% growth in India biz, targets $1 billion from Galaxy M series
Samsung has sold more than 42 million 'M' series smartphones in India since its launch in 2019. According to Aditya Babbar, Senior Director and Head, Mobile Marketing, Samsung India, the growth in the first half happened on account of three very important factors. "First was the extremely successful launch of 'S' series. Two, extremely successful A series and third, the M series -- Galaxy M33 and M53 -- have performed well,".
Amazon-backed Tonal cuts 35% of its workforce
The company employs about 750 people, compared with a little more than 110 before the Covid-19 pandemic, Chief Executive Officer Aly Orady said in an interview. Orady also emphasised the need to be profitable, particularly as the company eyes an initial public offering. As per the CEO, Tonal has not been profitable in the past. But the job cuts will put the company on track to make money in a matter of months.
Inflation in Asia Pacific economies to subside early: Moody's Analytics
A combination of factors like the extreme weather, the Covid-19 pandemic and lockdowns in China, Russian invasion of Ukraine resulted in distorting global supply chain and inflation, Moody's Analytics said in a commentary.
Now crypto lending platform Celsius Network files for bankruptcy
The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders.
US inflation hits 40-year-high, at 9.1 per cent in June
The inflation rate rise was the largest 12-month increase since the period ending November 1981. The US Bureau of Labour Statistics said: "Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment." "The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 per cent in June on a seasonally adjusted basis after rising 1.0 per cent in May," it said.
Front-running scandal may lead to increased scrutiny of bank accounts, tax returns of fund managers, dealers
Axis Asset Management Co., which is India's seventh largest mutual fund manager and partly owned by Schroders, had in May sacked two employees, including its chief dealer, amid an ongoing internal probe. The fund in early July submitted its findings to the regulators and said that it had evidence to believe that the terminated executives had violated securities law.
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