BUSINESS
Samsung likely to log $11 bn in profit on robust chip biz in Q2
The world's largest memory chip maker is forecast to log 14.5 trillion won ($11.1 billion) in operating profit in the April-June period, up 15.6 per cent from a year ago, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Samsung's Q2 sales are estimated to increase by 20.6 per cent to 76.8 trillion won, while net income is likely to jump 19.8 per cent to 11.5 trillion won, the survey showed.
Indian job mkt sees record 22% Y-O-Y growth in June'22: Report
The report Naukri JobSpeak Index showed that demand for entry-level talent continues to record the highest yearly growth (+30 per cent) in June'22. Demand for freshers surged specifically in Mumbai (+93 per cent) amongst metros apart from Kochi (+105 per cent) amongst tier-II cities.
NGT slaps Rs 153 cr on Ansal Properties & Infrastructure Ltd for green violations
"Environmental compensation of Rs 153,50,62,892 shall be paid by respondent 11 (APIL) and deposited with HSPCB within three months," the principal bench of the tribunal headed by its chairperson Justice Adarsh Kumar Goel said in the order dated Monday (July 4). The order was following a plea against alleged encroachment of APIL on land reserved for parks, roads, etc., in Sushant Lok, Phase I, Gurugram in violation of environmental laws.
85% intermediaries say new IT rules will negatively impact ease of doing biz
From the originator traceability to keeping a threshold of 5 million users to be designated as a significant social media intermediary in India, the industry stakeholders surveyed during the report expressed concerns over several portions of the Information Technology (Intermediary Guidelines & Digital Media Ethics Code) Rules, 2021, introduced by the IT Ministry in February last year.
Small-cap indices witness sharp correction from the highs of Oct'21
While the Nifty-50 declined 15 per cent from its October 2021 peak against a 20 per cent decline in midcaps and 28 per cent decline in smallcaps, the broader market has witnessed a much sharper sell-off. NSE Smallcap 100 index is down even vs December 2017 levels as per a report by Motilal Oswal Financial Services. India has outperformed key global markets in June'22 amid various challenges.
Hotels, restaurants can't ask for service charge in food bill: CCPA
The guidelines issued by the CCPA stipulate that hotels or restaurants shall not add service charge automatically or by default in the food bill. "No collection of service charge shall be done by any other name. No hotel or restaurant shall force a consumer to pay service charge and shall clearly inform the consumer that service charge is voluntary/optional and at the consumer's discretion.
Big Shanghai developer defaults, deals new blow to ailing Chinese real estate
Shanghai-based Shimao Group failed to pay the interest and principal on a $1 billion bond due Sunday, according to a company filing to the Hong Kong stock exchange, CNN reported. The bond had no grace period for the principal, according to its offering document. It is the first missed debt repayment on a dollar bond by Shimao, which has been grappling with mounting financial stress for months.
Balance in $800 mn round 'expected soon', Aakash payments closed: BYJU'S
In March, BYJU'S announced to raise $800 million from Sumeru Ventures, Vitruvian Partners and BlackRock. Byju Raveendran, Founder and CEO of BYJU'S, was also part of the funding round and made a personal investment of $400 million. Reacting to a report by The Morning Context, the company said that "its fundraising efforts are on track and majority of the $800 million has been already received".
Europe at risk of recession due to rising oil and gas prices
Europe's economy will be hit by a variety of factors including falling demand in the US � its biggest export market, the continued fallout from Russia's invasion of Ukraine and related increases in food and energy prices, according to Nomura, a Japanese investment bank with significant operations in London, The Guardian reported.
Chinese tech firms pledge to ban NFTs, cryptocurrency marketplaces
According to the South China Morning Post, Tencent and Ant Group joined a self-driven industry initiative to ban cryptocurrency and fight speculation. Platforms that sell digital collectibles "shall require real-name authentication of those who issue, sell and buy" the assets and "only support legal tender as the denomination and settlement currency", according to the document signed by China's biggest tech firms.
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