BUSINESS
Pakistani rupee drops to all-time low as IMF talks fail
Pakistan and the IMF have failed to reach a staff-level agreement for the revival of the $6 billion programme as the Fund emphasised the "urgency of concrete policy actions, including removing fuel and energy subsidies", Geo News reported.
Foreign banks stop trade credit for oil imports by Pakistan companies
They said politically-tense Pakistan is likely to face fuel shortages in days to come as international banks have refused to confirm letter of credits (LCs) for oil import orders citing "high country risk" alert, The News reported. They said politically-tense Pakistan is likely to face fuel shortages in days to come as international banks have refused to confirm letter of credits (LCs) for oil import orders citing "high country risk" alert, The News reported.
Meta to let you manage who sees your posts on Facebook
Now, when someone selects a default audience, that audience selection will apply to new posts created in Facebook that they share to their timeline unless they select a different audience for a particular post.
UK competition watchdog opens 2nd probe in Google's ad tech dominance
The Competition and Markets Authority (CMA) is investigating whether Google has broken the law by restricting competition in the digital advertising technology market. Advertising technology intermediation, also known as the 'ad tech stack', is a complex set of services which facilitate the sale of online advertising space between sellers (publishers, like online newspapers and other content providers) and buyers (advertisers).
Broadcom to acquire enterprise cloud services provider VMware for $61 bn
In addition, Broadcom will assume $8 billion of VMware's net debt. This is the second biggest tech deal of the year after Microsoft announced to acquire video game maker Activision Blizzard for $68.7 billion.
Moody's slashes India's economy growth projection to 8.8% for 2022
The rationale behind the cut was the prevailing high inflation. "Except for Russia, we do not currently expect a recession in any G-20 country in 2022 or 2023," said Madhavi Bokil, Senior Vice President/CSR at Moody's on the global perspective. "Still, there are multiple risks that could further undermine the economic outlook, including additional upward pressure on commodity prices, longer-lasting supply-chain disruptions, or a larger than expected slowdown in China."
Lenovo India logs $2.2 bn in sales with 38% YoY growth
The total revenue for all Lenovo businesses in India was $2.2 billion for the full fiscal year ending March 31, representing a year-on-year increase of 38 per cent. It was supported by nearly doubling the volume of manufactured PCs and smartphones in India while increasing locally manufactured tablets manifold, said the company.
Foreign investors trim Rs 2.5 lakh cr in 8 months, more than it invested in past several yrs
So far in 2022 itself, FPIs sold investments worth over Rs 1.7 lakh crore, as per data available with National Securities Depository Limited (NSDL) showed. With this recent slippage of investments out of India in these consecutive months in a row, FPIs have trimmed an amount over and above their entire portfolio created in the preceding 7-8 years. Overseas investors bought Rs 2.2 lakh crore equities between 2014 and 2020 in the domestic stock market, Moneycontrol reported, quoting NSDL data.
Snapping 3-day losses, equity indices chart into positive territory
Even though there were no firm fresh underlying fundamentals as such, the benchmark indices charted between gains and losses in highly volatile global market conditions during the day's trade. Sensex closed at 54,253 points, up 503 points or 0.9 per cent, whereas Nifty at 16,170 points, up 144 points or 0.9 per cent.
Amazon opens its first physical clothing store in US
Now open to the public, Amazon Style' offers customers a personalised and convenient shopping experience while creating local jobs, said the company. "Amazon is thrilled to welcome Los Angeles-area customers to shop at Amazon Style, our first-ever physical clothing store, and to introduce the local community to a few of the employees making it all happen," it said in a statement late on Wednesday.
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