Inflation data released in the US was higher than expected. the European Central Bank has cut interest rates across Europe for the 10th time. there was also fear among the traders that the sacrifice would be raised. moreover, due to the continuous increase in the price of crude oil,
What is this week’s business news today
There is concern among the traders that our domestic inflation will rise. in the United States, the interest rate raised due to this will continue for some time and there is a fear that it will not be reduced. To add to all this, our stock markets have been volatile since morning.
In India, Prime Minister Narendra Modi and US President Joe Biden discussed ‘numerous topics’ in Delhi, including Chandrayaan-3, UNSC permanent seat, climate change, and trade. India also announced its G20 presidency for 2023 and said it will reflect the voice of the Global South. Reliance and Tata Group also tied up with Nvidia for AI infrastructure.
Tata Steel to get $621 million from UK, 3,000 jobs could go.
The UK government has agreed to provide $621 million in funding to Tata Steel to help decarbonize its Port Talbot plant. The funding is part of a larger package of £1 billion ($1.15 billion) that the UK government is investing to help the steel industry transition to a lower-carbon future. However, the funding is also tied to Tata Steel reducing its workforce by 3,000 jobs.
Goods exports drop 7% to $34.5 billion in August.
India’s merchandise exports fell 7% year-on-year to $34.5 billion in August, the first decline in 18 months. The decline was attributed to a number of factors, including a slowdown in global demand, rising inflation, and the ongoing war in Ukraine.
Business insolvency in England and Wales jumps in August.
Business insolvencies in England and Wales jumped 28% in August compared to the same month last year, according to the Insolvency Service. The increase was driven by a rise in voluntary liquidations, which are when companies wind themselves up voluntarily. The Insolvency Service said that the increase in insolvencies was “not unexpected” given the current economic climate.
Infosys only Indian firm in TIME’s top 100 World’s Best Companies of 2023.
Infosys is the only Indian company to be featured in TIME magazine’s list of the 100 World’s Best Companies of 2023. The list is based on a number of factors, including financial performance, social responsibility, and employee satisfaction. Infosys was ranked 72nd on the list.
BEL gets orders worth Rs 2,118.6 crore.
Bharat Electronics Limited (BEL) has received orders worth Rs 2,118.6 crore from the Indian Ministry of Defence. The orders include supplies of various electronic systems and equipment for the Indian armed forces.
In addition to these top headlines,
There were a number of other notable business news stories this week, including,
Parliamentary panel pulls up DoT on internet shutdowns; asks to keep record, assess its impact.
A parliamentary panel has pulled up the Department of Telecommunications (DoT) for its use of internet shutdowns. The panel asked the DoT to keep a record of all internet shutdowns and to assess their impact on the economy and society.
Govt gets 33.44% stake in Vodafone Idea post equity allocation.
The Indian government has received a 33.44% stake in Vodafone Idea following the allocation of equity shares in lieu of interest on deferred spectrum payments. The government’s stake in Vodafone Idea is now the largest.
Reliance Jio launches 5G services in 50 more cities; total number hits 184.
Reliance Jio has launched its 5G services in 50 more cities, taking the total number of cities with Jio 5G to 184. Jio’s 5G services are currently available to customers on a beta trial basis.
No plans for entry into telecom sector: Adani group.
The Adani group has said that it has no plans to enter the telecom sector.
The group’s statement comes amid speculation that the Adani group may be interested in bidding for Vodafone Idea.
In the US, BuzzFeed slashed 12% of its workforce, citing ‘worsening macroeconomic conditions’. Walmart CEO said inflation on toys, clothing and sports equipment is easing. McDonald’s franchisee violated child labor laws, investigation found. Meta Platforms faced a class action lawsuit over medical privacy.
In the UK, the government announced a plan to ban new petrol and diesel cars by 2030. The Bank of England raised interest rates for the first time in three years to curb inflation. The UK and France agreed to cooperate on migrant crossings after a diplomatic row.
In other regions, China launched a new space station module⁵. Japan lifted its state of emergency after a sharp drop in Covid-19 cases. Australia and Indonesia signed a free trade deal after years of negotiations.
