Economy news

• Samsung To Buy Back Stock Worth $7.16 Billion To Boost Shareholder Value

  15-11-2024 12:23 via zeenews.india.com
  
  In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until February 17.
  
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• 'Super appreciate': Elon Musk reacts to major advertisers returning to X

  15-11-2024 23:30 via timesofindia.indiatimes.com
  
  Elon Musk and CEO Linda Yaccarino are being lauded as major brands like IBM and Disney return to advertising on X after a nearly year-long hiatus.This follows reports of a significant drop in ad revenue attributed to concerns about brand safety under Musk's leadership.
  
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• Sebi issues Rs 26 crore demand notice to Reliance Big Entertainment

  15-11-2024 19:44 via timesofindia.indiatimes.com
  
  India's market regulator, Sebi, has ordered Big Entertainment to pay a Rs 26 crore fine for failing to settle previous penalties related to illegal fund diversion. The company has 15 days to comply or face asset seizure. This action follows a broader Sebi investigation into Reliance Home Finance Limited, which resulted in a five-year market ban for industrialist Anil Ambani and others.
  
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• Alibaba misses quarterly revenue estimates, weighted under consumer practices

  15-11-2024 19:42 via timesofindia.indiatimes.com
  
  Alibaba, the Chinese e-commerce giant, fell short of analysts' profit and revenue expectations for the second quarter. The company's performance was hampered by a decline in consumer spending in China and increased competition from discount retailers. Despite this, Alibaba witnessed growth in its cloud computing and international e-commerce businesses.
  
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• Samsung Electronics plans/ announces $7.2 billion buyback to boost shareholder gains

  15-11-2024 19:03 via timesofindia.indiatimes.com
  
  Samsung Electronics has announced a $7.17 billion share buyback program, its first since 2017. This move comes after the company's shares plummeted to a four-year low earlier this week. The buyback aims to bolster shareholder value following a disappointing quarterly profit, attributed to lagging AI chip supply to Nvidia.
  
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• Royalty payment by listed companies reaches Rs 10,779 cr in FY23: Sebi study

  15-11-2024 19:02 via timesofindia.indiatimes.com
  
  A new SEBI study has found that royalty payments made by listed Indian companies to related parties have more than doubled in the last decade, raising concerns about potential financial irregularities. The study analyzed 233 companies and found that in many cases, royalty payments exceeded dividends paid to shareholders, with limited transparency and justification for these payments.
  
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• Grasim Industries profit decreases to 45.6 % to Rs 1,100 crore in Q2

  15-11-2024 18:59 via timesofindia.indiatimes.com
  
  Grasim Industries Ltd. reported a 45.64% decrease in net profit for the September quarter, dropping to Rs 1,100.16 crore. This decline is attributed to reduced profitability in its cement business and investments in building materials and renewables. Despite this, revenue from operations rose by 11.05% to Rs 33,562.85 crore, driven by strong performance in financial services, fibre, and chemicals.
  
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• Boeing appoints former Vanguard CEO Tim Buckley as new board member

  15-11-2024 18:25 via timesofindia.indiatimes.com
  
  Boeing has appointed former Vanguard CEO Tim Buckley to its board, effective January 1st. Buckley, with over 30 years of experience at Vanguard, will join as the 12th director. This announcement coincides with Boeing's plan to lay off 17,000 employees by January as part of a company-wide restructuring effort to cut costs and streamline priorities.
  
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• Ant Group's profit surge 193% in post-crackdown recovery

  15-11-2024 17:32 via timesofindia.indiatimes.com
  
  Ant Group witnessed a remarkable 193% profit surge in the June quarter, rebounding from a previous decline attributed to regulatory constraints. The company's resurgence contributed significantly to Alibaba's profits, reaching an estimated 7.5 billion yuan. This turnaround follows strategic restructuring and global expansion efforts by Ant Group, including securing substantial loans and venturing into blockchain and AI technologies.
  
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• Bangladesh's October Foreign Reserves Fall Below 20 Billion USD

  15-11-2024 16:47 via zeenews.india.com
  
  The Central Bank, however, said gross reserves were 25.50 billion dollars by the end of October. 
  
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• Swiggy Instamart’s Most Ordered Item Revealed—CEO's Response Will Leave You Stunned

  15-11-2024 16:15 via zeenews.india.com
  
  Majety also revealed how the distinction between quick commerce and traditional e-commerce is gradually fading and how many e-commerce companies are embracing faster delivery models.
  
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• 'Horribly Wrong': What Is Hurting India's $5 Trillion Economy Dream? DLF Chairman Urges Modi Govt To Do THIS

  15-11-2024 16:11 via zeenews.india.com
  
  DLF Chairman KP Singh shared that the urban master planning should be for 100 years and not targeted at the short-term goals.
  
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• 'Indian economy in sweet spot': Moody's projects India's GDP to grow at 7.2% in 2024

  15-11-2024 15:26 via timesofindia.indiatimes.com
  
  Moody's Ratings projects India's economy to grow by 7.2% in 2024, fueled by recovering household spending and easing inflation.The agency highlights robust festival demand and increased rural expenditure as key drivers. While the RBI is expected to maintain a relatively tight monetary policy, potential risks to inflation remain from geopolitical tensions and weather events.
  
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• First 6-Coach Train For Metro's Phase-IV Operation Reaches Delhi: DMRC

  15-11-2024 15:18 via zeenews.india.com
  
  Delhi Metro's First 6-Coach Train: The first six-coach train for Delhi Metro's Phase-IV expansion arrived in Delhi on Friday, a statement said.
  
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• Delhi To Have 106 Additional Buses, 60 Extra Trips By Metro Trains To Combat Air Pollution

  15-11-2024 14:32 via zeenews.india.com
  
  Delhi Government: Delhi Environment Minister Gopal Rai on Friday said an additional 106 cluster buses would ply in the city while metro trains would make 60 extra trips in view of GRAP-3 measures imposed due to worsening air quality.
  
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• Nepal-Bangladesh Power Trade Via Indian Grid Begins With First Trilateral Transaction

  15-11-2024 13:57 via zeenews.india.com
  
  This historic occasion marks the first trilateral power transaction which has been carried out through the Indian grid.
  
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• Mumbai Airport's Total Passenger Traffic Rises 4% In October 2024

  15-11-2024 13:47 via zeenews.india.com
  
  Mumbai Airport: Mumbai Airport's total passenger traffic increased 4 per cent year-on-year to over 4.42 million in October 2024.
  
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• Happiest Minds Technologies Q2 net profit tanks 15% to Rs 49.52 crore

  15-11-2024 13:40 via timesofindia.indiatimes.com
  
  Happiest Minds Technologies reported a 15.2% drop in net profit for the September quarter, reaching Rs 49.52 crore. However, revenue grew by 28.2% to Rs 521.64 crore. Executive Chairman Ashok Soota highlighted the company's ongoing transformation, including acquisitions and new business units, as key drivers for future growth.
  
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• India's foreign exchange reserves drop by $6.4 Billion

  15-11-2024 13:10 via timesofindia.indiatimes.com
  
  India's foreign exchange reserves have dipped to $675.65 billion, a decrease of $6.4 billion, as announced by the Reserve Bank of India. Despite this recent decline, India maintains its position as the fourth largest holder of foreign exchange reserves globally, trailing behind China, Japan, and Switzerland.
  
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• ‘Will Take My Opinion To Grave’: Narayana Murthy's Shocking Response To Work-Life Balance Goes Viral

  15-11-2024 11:39 via zeenews.india.com
  
  At the CNBC-TV18 Global Leadership Summit, NR Narayana Murthy stated, “I don’t believe in work-life balance."
  
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• 'Buch Hai Toh Syndicate Safe Hai': Rahul Gandhi Intensifies Attack Against Sebi Chief Madhabi Puri Buch

  15-11-2024 10:58 via zeenews.india.com
  
  The video clip claims to uncover disturbing patterns in SEBI's leadership and certain unethical dealings that have served to protect privileged cronies.
  
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• Narayana Murthy Criticises 5-Day Workweek, Says ‘I Don’t Believe In Work-Life Balance’

  15-11-2024 10:25 via zeenews.india.com
  
  At the CNBC-TV18 Global Leadership Summit, NR Narayana Murthy stated, “I don’t believe in work-life balance."
  
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• Gold Prices Likely To Further Come Down With No Near-Term Positive Triggers

  15-11-2024 10:20 via zeenews.india.com
  
  In India, the gold prices have fallen from Rs 78,566 per 10 grams on November 6, when Donald Trump won the US Presidential election, down to Rs 73,740 per 10 grams on November 14 (Thursday), which is over 6 per cent drop, as per data from the India Bullion and Jewellers Association.
  
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• Japan's growth hit by 'megaquake' warnings amid PM Ishiba's efforts to revitalise economy

  15-11-2024 10:02 via timesofindia.indiatimes.com
  
  Japan's economic growth slowed to 0.2% in the third quarter, impacted by earthquake warnings and a powerful typhoon that disrupted activity. Despite this, Prime Minister Ishiba remains optimistic about revitalizing the economy through government support and stimulus measures.
  
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• Should You Buy Maruti Dzire Base Variant? Features Explained

  15-11-2024 09:59 via zeenews.india.com
  
  Maruti Dzire: The all-new 4th-generation Maruti Suzuki Dzire was launched on November 11, 2024, featuring significant updates in design, features, and engine configuration compared to the previous-generation model.
  
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• Can ChatGPT Help Reduce Hospital Carbon Emissions?

  15-11-2024 09:37 via zeenews.india.com
  
  The paper, published in the Internal Medicine Journal, showed that ChatGPT can easily process thousands of patient records daily and substantially reduce resource consumption. But their energy consumption may be huge.
  
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• India’s Total Exports Likely To Surpass $800 Billion In Coming Months: Industry

  15-11-2024 09:34 via zeenews.india.com
  
  India’s exports accelerated to over $73 billion in October from more than 61 billion in the same month last year, registering above 19 per cent growth.
  
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• Indian Economy To Touch $7 Trillion Mark By 2031: Report

  15-11-2024 09:25 via zeenews.india.com
  
  Inflation based on the Consumer Price Index (CPI) is likely to ease to 4.5 per cent on average in 2024-25 from 5.4 per cent in the previous year.
  
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• New BMW M340i Launched At Rs 74.90 Lakh: Check What Sets It Apart

  15-11-2024 07:48 via zeenews.india.com
  
  New BMW M340i: BMW has launched the new updated version of its popular performance sedan, the M340i, priced at Rs 74.90 lakh (ex-showroom).
  
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• Allegro MicroSystems of US opens new R&D facility in Hyderabad with plans to hire 500 techies

  15-11-2024 06:38 via timesofindia.indiatimes.com
  
  Allegro MicroSystems, a US-based semiconductor company, has launched an R&D center in Hyderabad, India.The facility will focus on developing technology for electric vehicles, automotive, and robotics.With plans to employ 500 people, the center reinforces India's commitment to building a self-reliant semiconductor industry.
  
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