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Business / The New Indian Express

Private sector hiring sees sharp slowdown in US

Large establishments drove the slowdown, losing 83,000 jobs and wiping out gains they made in August, according to the ADP report. WASHINGTON: Hiring in the US private sector slowed sharply in September, hitting its lowest rate of growth since early 2021 according to payroll firm ADP on Wednesday. Employment in the private sector rose by 89,000 jobs, well below the 150,000 figure analysts expected and significantly lower than August's number as well, ADP data showed. The US jobs market has shown

4 Oct 2023 7:03 pm
BIMTECH's Insurance India report urges governments to climate-proof finances

The report emphasised that Governments must climate-proof their public finances to avoid an ever-worsening spiral of climate vulnerability and unsustainable debt burdens. Birla Institute of Management Technology (BIMTECH) on its 36th foundation day on October 02, released the Insurance India Report - Series II which highlighted the need for developing insurance markets for climate risk financing. In the chapter on this issue, authored by Arup Chatterjee, Principal Financial Sector Specialist, Fi

4 Oct 2023 4:23 pm
Amazon used asecret algorithm to raise prices: Report

If the competing retailers maintained the lower price, the algorithm would automatically revert Amazons to its normal price, the report mentioned. SAN FRANCISCO:E-commerce giant Amazon reportedly deployed a secret algorithm to gauge how much it could raise prices on its platform which allegedly helped the company increase its profits. The Wall Street Journal reported late on Tuesday, citing redacted portions of the Federal Trade Commission (FTC) monopoly lawsuit against the e-commerce major, tha

4 Oct 2023 2:51 pm
US jobseekers face tougher search despite robust market

The number of applications per job posting surged by around 40 per cent from a year ago on the employment platform ZipRecruiter in the second quarter, said the company's chief economist Julia Pollak. WASHINGTON:For the past year, Taylor Simpson has been searching for a stable job while working part-time, but she is struggling to find a position she likes even though companies are hiring. As hiring in the United States cools, jobseekers like 24-year-old Simpson have a harder time finding suit

4 Oct 2023 1:06 pm
Meta plans to charge Europeans for ad-free Facebook and Instagram: source

The proposal has been put to EU regulators and is another example of big tech companies having to adapt long-held practices to meet oncoming EU rules. WASHINGTON:Meta is proposing to offer European users a subscription-based version of Instagram and Facebook if they would rather not be tracked for ads, a source said on Tuesday. The idea, first reported by the Wall Street Journal, comes as the social media giant seeks to comply with a growing list of EU regulations designed to curb the power of U

4 Oct 2023 12:54 pm
TikTok Shop Indonesia stops to comply with the country's ban of e-commerce on social media platforms

The Indonesian government announced the new regulation, which prohibits social media companies from facilitating sales of products on their platforms. JAKARTA: TikTok said it will halt its online retail operation in Indonesia on Wednesday to comply with the countrys decision to ban e-commerce transactions on social media platforms a big blow to the video platform's fastest-growing market. The Indonesian government announced the new regulation, which prohibits social media companies from facilit

4 Oct 2023 12:49 pm
Markets fall in early trade on weak global trends, unabated foreign fund outflows

The 30-share BSE Sensex plunged 533.13 points to 64,978.97. The Nifty declined 153.35 points to 19,375.40. MUMBAI: Equity benchmark indices declined in early trade on Wednesday, extending their previous day's fall, in line with weak global market trends and unabated foreign fund outflows. The 30-share BSE Sensex plunged 533.13 points to 64,978.97. The Nifty declined 153.35 points to 19,375.40. Among the Sensex firms, NTPC, Axis Bank, IndusInd Bank, Maruti, UltraTech Cement, ICICI Bank, Tata Stee

4 Oct 2023 12:31 pm
Land-for-job scam case: Delhi court grants bail to Lalu Prasad, Rabri Devi, Tejashwi Yadav

The case pertains to Group-D appointments made in the Central Zone of railways based in Jabalpur, Madhya Pradesh during Lalu Prasad's tenure as the railway minister in return for land parcels. NEW DELHI: A Delhi court on Wednesday granted bail to RJD chief Lalu Prasad, his wife Rabri Devi and their son and Bihar Deputy Chief Minister Tejashwi Yadav in the alleged land-for-job scam in the railways. Special Judge Geetanjali Goel granted relief to the accused after they appeared before the cour

4 Oct 2023 11:22 am
Corporate guarantee on GST panel agenda

The council may also deliberate upon making millets exempt from the GST net. NEW DELHI: The GST Council on October 7 is likely to take up the contentious issue of levying GST on the personal guarantees provided by the Directors of the company to the banks in return for obtaining financial assistance. In addition, the tax implication of corporate guarantee in favour of a subsidiary company will also be discussed in the meeting, as per sources. There is confusion about whether GST should be levied

4 Oct 2023 11:00 am
World Bank sees Indias GDP growth at 6.3%

The report pointed out that the moderation in the FY24 GDP growth estimate (from 7.2% in FY23) is owing to challenging external conditions and waning pent-up demand. NEW DELHI:The World Bank has maintained Indias FY24 GDP growth estimate at 6.3%.In its latest India development update, the World Bank has said that India continues to show resilience against the backdrop of a challenging global environment. The report pointed out that the moderation in the FY24 GDP growth estimate (from 7.2% in FY2

4 Oct 2023 10:55 am
Bajaj General Insurance getsR 1,010 crore GST notice

Last week, ICICI Lombard General Insurance Company also received a show cause notice from the DGGI over non-payment of GST to the tune of R1,728.80 crore. NEW DELHI:Bajaj Allianz General Insurance Company received a show cause and demand notice of R 1,010 crore from the Director General of GST Intelligence, Pune unit, on 29 September 2023.Bajaj Finserv, the holding company of the Bajaj Allianz General Insurance, said in an exchange filing. According to the exchange filing, the demand notice pert

4 Oct 2023 10:53 am
Vedanta to sell steel biz by March 2024

Last week, Vedanta announced the demerger of its commodities businesses into six listed companies to unlock value and attract big investment. NEW DELHI: Vedanta will sell its steel asset by March 2024, said Vedanta chairman Anil Agarwal on Tuesday. Agarwal, in an interview with a news channel, said that the proceeds from the sale of the steel and iron business will help the company to reduce its debt. The sale of the steel business will also help the company concentrate on its core mining busine

4 Oct 2023 10:52 am
JSW Infra closes with 32% gaindespite weak market sentiment

The scrip listed R143 per share on the BSE and the NSE, at a premium of 20.17%. The companys share price closed at R157.30 per share on the BSE and NSE, a 32.18% premium. NEW DELHI:JSW Infrastructure, Indias second-largest private port operator, made a strong debut on the bourses on Tuesday and ended its first trading session with a 32% gain. The scrip listed R143 per share on the BSE and the NSE, at a premium of 20.17%. The companys share price closed at R157.30 per share on the BSE and NSE, a

4 Oct 2023 10:50 am
Dunzo again defers salary payments

The start-up denied the exit of another co-founder Mukund Jha. In a statement, it said, he is not exiting Dunzo. BENGALURU: Cash-strapped Dunzo has once again deferred the payment of pending salaries to its employees. The hyperlocal delivery start-up will now clear June and July salaries only in January or February 2024. The start-up said that it is working towards ensuring all pending salaries are paid at the earliest. Meanwhile, the start-up denied the exit of another co-founder Mukund Jha.In

4 Oct 2023 10:44 am
Hyundai Motor India to offer sixairbags as standard across all variants

At present, most carmakers offer the 6 airbag feature on the top-end variants of their model while the base models are fitted with either two or four airbags. NEW DELHI: In an industry first, Hyundai Motor India on Tuesday said all the company models will now be fitted with 6 Airbags as standard, across all variants, including the base trim. At present, most carmakers offer the 6 airbag feature on the top-end variants of their model while the base models are fitted with either two or four airbag

4 Oct 2023 10:43 am
Metro Brands to focus on sales, not profit this year;offer more discounts

The company management told the analysts that this year it would focus more on driving sales than on improving its profit margins, and this could lead to an increase in discounted sales. HDFC Securities, which reitarted its 'sell' call Metro Brands on valuation concerns, said the footwear retailer is focused improving its market share this year, rather than protecting itsmargins, after interacting with the management. The broker, which has a price target of Rs 840 on the stock against the curren

3 Oct 2023 7:57 pm
Indias smart TV shipment declines by 5% Year-on-Year in the first half of 2023

According to the report, the Chinese tech giant Xiaomi maintained its leadership in the smart TV market during H1 2023 with a 10% share. NEW DELHI:India's smart TV shipments declined by 5% year-on-year in the first half of 2023, according to the latest research from Counterpoint's IoT Service. The decline was primarily attributed to the prevailing inflation and other macroeconomic headwinds in the country, which compelled people to limit their purchases to essential items. We estimate that India

3 Oct 2023 7:45 pm
Fintech unicorn slice receives RBI approval to merge with North East Small Finance Bank

Slice is backed by investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital, and it has cumulatively raised $290 million in its series A, B, and C rou BENGALURU: Fintech unicorn Slice is merging with North East Small Finance Bank (NESFB). Slice has received a nod from the Reserve Bank of India (RBI) and said the merger will help realise their goal of integrating technology offerings with grassroots financial inclusion efforts. Slice is backed by

3 Oct 2023 5:23 pm
Microsoft CEO says unfair practices by Google led to its dominance as a search engine

Nadella said Google's dominance was due to agreements that made it the default browser on smartphones and computers. WASHINGTON: Microsoft CEO Satya Nadella said Monday that unfair tactics used by Google led to its dominance as a search engine, tactics that in turn have thwarted his company's rival program, Bing. Nadella testified in a packed Washington, D.C., courtroom as part of the government's landmark antitrust trial against Google's parent company, Alphabet. The Justice Department alle

3 Oct 2023 12:17 pm
Mayawati demands caste survey in UP immediately after Bihar released its survey findings

BSP supremo's remarks come after the Bihar govt released findings of its caste survey which revealed that OBCs and EBCs constitute a whopping 63 per cent of the state's total population. LUCKNOW: Bahujan Samaj Party chief Mayawati on Tuesday demanded the state government start conducting the caste survey right away, saying though some parties are against it, this is the only way to justice for the OBCs. The news of the caste census data conducted by the Bihar government being made public

3 Oct 2023 11:59 am
Rupee falls 17 paise to 83.23 against US dollar

At the interbank foreign exchange, the domestic unit opened at 83.21, then touched 83.23, registering a decline of 17 paise over its last close. MUMBAI: The rupee depreciated 17 paise to 83.23 against the US dollar in early trade on Tuesday, as a strong dollar and sustained foreign fund outflows weighed on investor sentiments. Forex traders said a weak trend in domestic equities also dented investor sentiments. At the interbank foreign exchange, the domestic unit opened at 83.21, then touched 83

3 Oct 2023 11:25 am
5G effect: Indias internet speed up 3.59 times; ranking jumps

Prime Minister Narendra Modi formally launched the 5G network in the country on 1 October 2022 at the India Mobile Congress event. NEW DELHI:It has been one year since the roll-out of 5G in India, and the effect of it has started showing. Internet speed has significantly improved after the launch of 5G services in the country.India has improved its ranking in internet speed significantly after the launch of 5G services in the country. In terms of internet speed ranking, India is much ahead of co

3 Oct 2023 9:33 am
Crude oil imports fromRussia rebound in September

The data also noted that Indias crude oil imports from Iraq also increased, reaching 926,000 barrels per day, marking a 14.6% year-on-year increase and an 8.54% month-on-month rise. NEW DELHI:Indias crude import from Russia rebounded in September 2023 as the country imported around 36% of its total crude need from Russia. According to London-based market intelligence provider Vortexa, Indias total import of crude is 4.2 million barrels per day (mbd) in September out of which 1.58 mbd came from R

3 Oct 2023 9:26 am
TVS, Hero MotoCorp & RoyalEnfield report growth in September sales

For the first six months of FY24, Heros total sales stood at 27.69 lakh units, a drop from 28.18 lakh units sold in the same period last financial year. NEW DELHI:Ahead of the peak festive season, three of Indias top two-wheeler brands, Hero MotoCorp, TVS Motor and Royal Enfield, reported decent growth in monthly dispatches for the month of September. Hero MotoCorp sold 536,499 units in the month of September 2023. The company registered a growth of more than 3% over the corresponding month of t

3 Oct 2023 9:23 am
Dunzo co-founder Dalvir Suri exits; start-up toundergo restructuring

Everyone who has ever been at Dunzo, has been touched by Dalvirs - Lets do it attitude. We will miss him at Dunzo, Biswas said. BENGALURU:Reliance-backed delivery firm Dunzos co-founderDalvir Suri has quit the start-up at a time when the firm is facing a liquidity crisis and struggling to raise funds. Dunzo is also planning to undergo an organisation-wide restructuring starting this quarter. Dunzo CEO and Founder Kabeer Biswas informed employees on Monday about Suris exit. Suri has spent over si

3 Oct 2023 9:20 am
CIL production up 11% in first half of FY24

CILs supplies to the power sector rose to 294.8 million tonnes (MTs) ending the first half of FY24. NEW DELHI:Coal India Ltd (CIL) produced 333 million tonnes (MTs) of coal in the first half of the financial year, which is nearly 34 MTs, or 11.3%, higher compared to the same period last year.Output in September 2023 was 51.4 MTs, a 5.8 MTs jump or a growth of 12.6%. CIL produced 45.7 MTs during the same month last year. We were given a supply target of 610 MTs to the power sector for the entire

3 Oct 2023 9:13 am
Future Retail lenders reject Space Mantra's R550-cr offer

It further said that since the resolution plan has not been approved by the CoC, the next steps would be taken in accordance with the Insolvency & Bankruptcy Code 2016. NEW DELHI: Future Retail stares at liquidation after the committee of creditors (CoC) has rejected the only resolution plan submitted by Space Mantra. In an exchange filing, the erstwhile Kishore Biyani-promoted company said: The resolution plan submitted by Space Mantra Private Limited was put to vote for the consideration of th

3 Oct 2023 9:07 am
RBI likely to maintain status quo

For the fourth consecutive time, the apex bank might keep the repo rate unchanged at 6.5% The Reserve Bank of India (RBI) is expected to keep the benchmark repo rate unchanged at 6.5% for the fourth consecutive time this week. In its bi-monthly policy review during October 4-6, the 6-member Monetary Policy Committee (MPC) is also unlikely to change the policy stance from withdrawal of accommodation factoring the domestic and external economic challenges. With global crude oil prices on the rise,

3 Oct 2023 9:01 am
Ubisoft banks on a reset with latest 'Assassin's Creed'

The latest entry in the wildly popular Assassin franchise is released Thursday, to be followed in December by a game based on the hit Avatar films. PARIS: After years of turbulence that saw several top executives out the door, Ubisoft is betting aggressively on Assassin's Creed Mirage to level up profits for the French publisher, with a steadier line-up of new releases. The latest entry in the wildly popular Assassin franchise is released Thursday, to be followed in December by a game based on t

2 Oct 2023 11:34 am
How non-salaried professionals can navigate GST regime

Freelancers are required to pay 18% GST if their annual income exceeds R20 lakh, and need to follow GST compliance formalities NEW DELHI: If you are a freelancer, or a professional offering your services for a fee, your income might be liable to an 18% GST if your annual income exceeds R20 lakh. Professionals with an annual threshold above R20 lakh per annum like education consultants, architects, management consultants, and CAs need to charge GST on their services, and then deposit the same to

2 Oct 2023 9:52 am
Manage your finances wisely this festive season

The festive season is also an occasion to start something new. You can talk to your family about creating new financial goals. It is that time of the year when you either look to give gifts or collect them. Festival season every year brings together your family, friends and everyone who matters to you. It can also strain your finances. When you are a giving soul, you do a lot of heavy lifting for others. You spend money on your loved ones without blinking an eyelid. It is only at the end of the

2 Oct 2023 9:50 am
Are BAFs investment mid-fielders?

Investing in many ways is no different and Balanced Advantage Funds (BAFs) offered by mutual funds are the investment equivalents of mid-fielders. Be it football or investing, the lessons learnt on either field, are often similar. Just as a football team comprises forwards who are the attacking option and defenders who are the defensive line, in between them, there are also mid-fielders who are all rounders, that is they move forward to attack as well as fall back to defend. Investing in many wa

2 Oct 2023 9:46 am
Byjus targets profitability by next year; FY22 results in second week of October

The tech company will also lay off about 4,000 employees over the coming weeks, as a part of the restructuring exercise under the new CEO Arjun Mohan. BENGALURU: Edtech firm Byjus, which will be announcing its FY22 results in the second week of October, is targeting to achieve profitability by the middle of next year. The company had previously targeted profitability by March 2023. A few months ago, the firms founder Byju Raveendran said that the company is close to achieving profitability at th

2 Oct 2023 9:44 am
Festive demand steers auto sales in September

There has been growth in monthly dispatches from original equipment manufacturers (OEMs) as they are stacking up inventory in dealer showrooms in anticipation of a strong festive season. NEW DELHI: On the back of robust demand for sports utility vehicles (SUVs), carmakers such as Hyundai Motor India, Mahindra & Mahindra (M&M) and Toyota Kirloskar reported their highest-ever monthly sales in September 2023. Also, there has been growth in monthly dispatches from original equipment manufacturers (O

2 Oct 2023 9:41 am