Page 20 - Economy
India unlikely to join G7 push to cap Russian oil prices to counter Putin
The move to cap prices of Russian oil comes amid efforts to reduce Russia's revenue to counter its advances in Ukraine war, with minimum impact on global energy crisis
 "India unlikely to join G7 push to cap Russian oil prices to counter Putin")
Centre will now define minimum work requirement under MGNREGA: Report
Earlier, state governments had the responsibility to define the minimum quantum of work required to earn a day's wages
 "Centre will now define minimum work requirement under MGNREGA: Report")
Union Budget 2023: Individual taxpayers can expect some relief
Experts caution that fiscal support alone may create artificial demand and jack up prices
 "Union Budget 2023: Individual taxpayers can expect some relief")
British consumers rein in luxury spending as energy bills rise by 48%
British consumers are reining in unnecessary purchases after a leap in energy prices ate into their discretionary spending, forcing people to cut back on new clothes, evenings out and lunches out
 "British consumers rein in luxury spending as energy bills rise by 48%")
Growth in renewables saved $11 bn for EU in gas imports since Ukraine war
Clean power covered 24% of the EU's energy needs between March and September this year, the highest ever for this six-month period, according to a study by think tanks E3G and Ember
 "Growth in renewables saved $11 bn for EU in gas imports since Ukraine war")
Mark Mobius warns Fed interest rates will hit 9% if inflation persists
If inflation is 8%, the playbook says you've got to raise rates higher than inflation, which means 9%, says the co-founder of Mobius Capital Partners
 "Mark Mobius warns Fed interest rates will hit 9% if inflation persists")
Byju's raises $250 mn from existing investors, valuation remains at $22 bn
Regardless of the adverse macroeconomic conditions, Byju's founder Byju Raveendran said 2022-23 is set to be the best year in terms of revenue, growth and profitability
 "Byju's raises $250 mn from existing investors, valuation remains at $22 bn")
PM Narendra Modi to release 12th installment under PM-KISAN scheme today
In what could be a Diwali bonanza for millions of farmers, the govt will release Rs 16,000 crore under the 12th installment of PM-KISAN scheme through, which is expected to benefit 10 crore farmers
 "PM Narendra Modi to release 12th installment under PM-KISAN scheme today")
Austria's central bank revises nation's inflation forecast to 8.5%
Austria's central bank OeNB revised upwards its inflation forecasts for 2022 through 2024, citing surging energy prices and wage costs
 "Austria's central bank revises nation's inflation forecast to 8.5%")
The challenge of getting India's 350-400 mn 2G users to upgrade to 4G or 5G
With India rolling out 5G services, can telcos get the sizeable 350-400 million 2G customers to upgrade to 4G, or even better - but very improbably - straight to 5G?
 "The challenge of getting India's 350-400 mn 2G users to upgrade to 4G or 5G")
Shriram Group likely to submit EoI for privatisation of IDBI Bank
Entry of Shriram Group as a bidder, could set the stage for at least a two-way contest for IDBI Bank with Prem Watsa's Fairfax Financial also believed to be a contender
 "Shriram Group likely to submit EoI for privatisation of IDBI Bank")
Asian govts spent $50 bn in Sept to defend currencies from strong US dollar
Dollar sales in the region over the first nine months of the year have reached approximately $89 billion including Japan, marking the most active period for foreign-exchange expenditures
 "Asian govts spent $50 bn in Sept to defend currencies from strong US dollar")
'Soft landing' is unlikely for US economy, says JP Morgan's Jamie Dimon
Jamie Dimon said the Federal Reserve probably can't cool the red-hot economy without bringing on a recession.
 "'Soft landing' is unlikely for US economy, says JP Morgan's Jamie Dimon")
India to become world's third-largest economy by FY28, says IMF
Projected to grow bigger than Japan at $5.36 trillion
 "India to become world's third-largest economy by FY28, says IMF")
India Inc's fundraising from overseas sinks to 76-qtr low in Q2: Data
Fund raise drops by 93.3% year-on-year to $210 mn in the quarter
 "India Inc's fundraising from overseas sinks to 76-qtr low in Q2: Data")
India's economy faces significant external headwinds, says IMF
Earlier this week, the Washington-based fund lowered India's growth forecast by 0.6 percentage points to 6.8% for the year ending March 2023 -- the biggest downgrade among major economies after the US
 "India's economy faces significant external headwinds, says IMF")
Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR
Vadilal Industries had appealed that the 8 varieties of parathas it makes should all draw the same rate as chapatis
 "Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR")
Bursting housing bubble of China will rock the economy for years to come
While many economists say China's crippling housing downturn won't get much worse and that the stimulus will kick in this year or next, the reality on the ground for sellers like Echo is much bleaker
 "Bursting housing bubble of China will rock the economy for years to come")
Govt may extend deadline for Cert-In cyber rules by 3 months to help MSMEs
According to Cert-In's guidelines, all enterprises, intermediaries, data centres and govt organisation are required to report any data breach to the government within six hours of becoming aware of it
 "Govt may extend deadline for Cert-In cyber rules by 3 months to help MSMEs")
Moody's downgrades 5 Pakistani banks' ratings; maintains negative outlook
Moody's Investors Service has downgraded the long-term deposit ratings to Caa1 from B3 of five Pakistani banks
 "Moody's downgrades 5 Pakistani banks' ratings; maintains negative outlook")
