BUSINESS
Americans to be in worse mood by November due to surging inflation
On June 30, the US Bureau of Economic Analysis will release the May personal savings rate numbers, which have steadily declined this year -- from 6 per cent in January to 5 per cent in March to 4.4 per cent in April, said the media on Tuesday. Seventy per cent of Americans are using their savings to cover rising prices, it said, citing a recent Forbes Advisor survey of 2,000 US adults, Xinhua news agency reported.
Dramatic slowdown ahead for Sweden's economy: Report
According to the government agency's latest prognosis on Tuesday, economic growth is projected to slow to 1.9 per cent this year and 1.2 per cent in 2023. This is considerably below the 3.3 per cent and 2.1 per cent gross domestic product growth figures the same agency forecast this March. Back then, the agency still expected an economic boom, albeit moderate, to start towards the end of the year, Xinhua news agency reported.
Amazon names Herrington as CEO of Worldwide Amazon Stores
Harrington has been at Amazon for 17 years. He joined the company in 2005 to build out the Consumables business, launched AmazonFresh in 2007, and in 2015, he took on leading all of Amazon's North American Consumer business. Jassy emphasised that Harrington will do great things for customers and employees alike.
RBI extends timeline for compliance of some card business directions
The Reserve Bank of India (RBI) on Tuesday extended the timeline for implementation of certain directions relating to credit and debit card business. The RBI, in a notification, said on receipt of representations from the industry stakeholders, the timeline for adherence to certain directions has been extended to October 1. It had issued the directions on April 21, and these were to come into effect from July 1.
'Market must count all costs in Russian oil flow upheaval'
Russian oil supply makes up some 13 per cent of total oil exports. The EU alone was importing about 2.3 million b/d of Russian crude before the war in Ukraine, which started on February 24. Europe is now weaning itself off Russian Urals and buying more crude from across the Atlantic and via the Middle East.
PwC India to acquire Venerate Solutions to boost advisory business
Venerate and its team of consultants and developers will integrate with PwC India's Salesforce practice post the acquisition, as PwC invests in the area of digital transformation and strategic alliances. "Venerate will augment our Salesforce consulting practice with significant end-to-end capabilities in the areas of platform engineering, and cloud and managed services, thereby bolstering our ambitions as a community of problem solvers," said Sanjeev Krishan, Chairman, PwC in India.
Neobanking platform Stashfin raises $270 mn to expand global footprint
The new round values Stashfin between $700-$800 million. The platform said it will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products. "The fundraise is a key milestone in this challenging macro environment.
Few 'unresolved matters' still remain with Twitter: Elon Musk
Addressing the Qatar Economic Forum organised by Bloomberg, the world's richest man said that he is still waiting to know the presence of the actual number of bots on the platform. "There is the question of, will the debt portion of the round come together and then will the shareholders vote in favour," he said. "I'd like to get like 80 per cent of North America and half the world on Twitter, which means the service needs to be appealing to people.
Musk says Tesla will cut salaried workforce by 10% over 3 months
Addressing the Qatar Economic Forum organised by Bloomberg, the world's richest man said that the electric car-maker will cut salaries by 10 per cent over the next three months, as the company navigates the global macro-economic conditions. This would result in reducing Tesla's total headcount by roughly 3.5 per cent.
Crypto, blockchain, NFT jobs witness 804% rise in India post Covid: Report
The report by global job portal Indeed also revealed an acceleration in the market's demand. In 2022, the increase was 315 per cent. Job postings in April 2022 were 15 times more than in 2019, highlighting the role of the pandemic in this sustained growth.
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