Top Headlines: Oil's impact on budget, Microsoft cuts 10,000 jobs, and more

Business Standard brings you the top headlines at this hour

Crude compulsions in Budget: Oil prices to put pressure on govt finances

The twin spectres of global recession and sticky inflation, which threaten to trip India’s growth prospects in 2023-24, may become a set of triplets amid oil and gas prices heading north. Finance Minister Nirmala Sitharaman must be cognisant of a potential uptick in oil and gas rates to make realistic assumptions in the upcoming Budget. More so after Budget estimates for fuel prices this fiscal missed actuals by a mile thanks to the Russia-Ukraine war. Read more...

IBC overhaul seeks to give adjudicating authority a power boost

The ministry of corporate affairs (MCA) has proposed sweeping changes to the Insolvency and Bankruptcy Code to bring more technology, transparency, and speediness to the corporate insolvency resolution process.The draft proposal gives more power to adjudicating authority, allows mandatory admission of insolvency applications filed by financial creditors (FCs), seeks specialised framework for real estate providing major relief to allottees, and looks at expanding the scope of pre-packaged insolvency scheme beyond MSMEs. Read more...

'Hard choices', says Satya Nadella as Microsoft cuts 10,000 jobs

Microsoft on Wednesday said it would reduce its workforce by 5 per cent, or 10,000 employees, by the end of the third quarter of financial year 2022-23 (FY23) as the firm braces for an economic downturn. The company’s financial year runs from July to June. The impact of the move on its Indian operations could not be ascertained. It has around 20,000 employees here across the sales and marketing, and research and development verticals. Read more...

T+1 transition's final leg litmus test for foreign investors' heavyweights

The transition to a shorter T+1 settlement cycle will enter its final and most crucial leg next week. The remaining 200-odd stocks — representing large-caps and high-volume scrips — will be settled on a next-day basis, beginning January 27. Experts say although the transition has remained smooth, the final leg will be the real litmus test as these stocks have a bulk of foreign portfolio investor (FPI) investments. Read more...

Voting for IBC resolution of twin Srei companies to begin on Thursday

Voting for the resolution of twin Srei companies-- Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd -- under the Insolvency and Bankruptcy Code (IBC) will begin on Thursday. SREI has received three compliant resolution plans, which will be voted on by lenders and debenture holders. Read more...