Financial Express Mumbai - March 15, 2023
Financial Express Mumbai - March 15, 2023
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In this issue
March 15, 2023
Meta to cut 10,000 jobs in second round of layoffs
FACEBOOK PARENT META Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
1 min
Smartphone Firms To Be Hit: Crackdown On Pre-Installed Apps Coming
Major operating system updates to be screened too
2 mins
Rollback of tax on high-value insurance policies unlikely
THE FINANCE MINISTRY is unlikely to review the Budget proposal to tax income from aggregate insurance premium above ₹5 lakh in a year.
2 mins
Indian startups withdraw up to $300 mn from SVB
WITH THE US allowing depositors to withdraw their cash in full from crisis-hit Silicon Valley Bank (SVB), Indian startups have been able to process fund transfers worth $250300 million in the past 24 hours, industry sources told FE. On an average, early-stage startups had cash balances of up to $2-3 million in US bank accounts, while larger startups had cash of around $20-25 million lying in SVB accounts, several founders and VCs said.
2 mins
No New Unicorn In Six Months As Funding Winter Bites
VC Firms ask founders to chase profitability instead of revenue growth
2 mins
WPI eases to 2-year low in Feb
WHOLESALE PRICE INFLATION fell to a 25-month low of 3.85% in February thanks to a reduction in input costs as commodity prices fell and a favourable base effect, according to an official data released on Tuesday. This was the ninth straight month of cooling in wholesale price inflation after it hit a multi-decadal high of 16.63% in May 2022.
3 mins
Centre has no plan to revert to old pension scheme
THE CENTRE HAS no plans to revert to the non-contributory old pension scheme (OPS) for its staff that joined service from 2004, minister of state for finance Bhagwat Karad told Rajya Sabha on Tuesday.
1 min
Non-tax receipts in sync with revised estimates, says FM
AMID CONCERNS THAT tax collections may fall short of the target, finance minister Nirmala Sitharaman on Tuesday said non-tax revenue receipts so far in the current financial year have been broadly in line with the targets set in the revised estimates (RE).
1 min
Madhya Pradesh to procure 7 MT wheat this season
MADHYA PRADESH, THE second-biggest contributor to the central pool grain stock after Punjab, will commence wheat procurement for the 2023-24 marketing season from March 25.
1 min
Govt to declare first semiconductor fab project in a few weeks
THE COUNTRY'S FIRST semiconductor fabrication development project will be declared in the next few weeks, communications and IT minister Ashwini Vaishnaw said on Tuesday. The statement from the Union minister assumes significance as the government is currently assessing the proposals for chip manufacturing in the country.
1 min
SVB collapse: Startups seek deposit-backed credit lines
GOVERNMENT ASSURES FULL SUPPORT
2 mins
PM, Nokia CEO discuss 5G rollout, digital infra growth
PRIME MINISTER NARENDRA MODI and Nokia CEO Pekka Lundmark on Monday discussed India's digital infrastructure growth and the ongoing 5G rollout in the country.
1 min
Tips to select the right personal cyber cover
Rely on more than just the premium while buying a policy
2 mins
US, allies present nuke submarine plan for Australia to counter China
THE UNITED STATES, Australia and Britain unveiled details of a plan to provide Australia with nuclear-powered attack submarines from the early 2030s to counter China's ambitions in the Indo-Pacific.
1 min
Keep fighting even if I'm killed: Imran to supporters
PAKISTAN'S OUSTED PRIME minister Imran Khan Tuesday asked his supporters to stand up for their rights and continue the struggle even if he is killed or arrested, hours after clashes erupted between the police and his party workers who gathered outside his residence here to foil his arrest in the Toshakhana case.
1 min
China to fully reopen borders to foreigners
To resume issuance of all type of visas today
1 min
ACHIEVING CONSENSUS ON FRAMEWORK DIFFICULT: Fintechs cautiously optimistic about self-regulatory entity
FINTECH COMPANIES ARE onboard with the Reserve Bank of India's (RBI) call for creation of a self-regulatory organisation (SRO) for the sector. However, the success of an SRO model for fintechs will depend on multiple factors, including prevention of conflicts of interest, industry members say.
2 mins
As Feb CPI softens, some economists see central bank pausing rate hike cycle
AS RETAIL INFLATION, measured by the consumer price index (CPI), softened to 6.44% in February from 6.52% in January, some economists believe the Reserve Bank to India (RBI) will likely pause its rate hike cycle which started in May 2022.
2 mins
Oil prices extend drop amid banking fallout
OIL EXTENDED LOSSES as the biggest US bank collapse since 2008 continued rippling through financial markets, while stubborn inflation complicated the US Federal Reserve's scope to deal with the crisis.
1 min
RBI expresses reservations on setting up of family offices
THE RESERVE BANK of India (RBI), in a call with authorised dealer banks on Monday, said the intent for allowing overseas direct investment in financial services is not to have wealthy individuals set up family offices overseas, said a person familiar with the matter.
1 min
Financial Express Mumbai Newspaper Description:
Publisher: The Indian Express Ltd.
Category: Newspaper
Language: English
Frequency: Daily
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