Author: Apurva More

The King Charles III banknotes’ design was presented today by the Bank of England. All four bank notes (the £5, £10, £20, and £50) will include the King’s portrait, with no additional alterations to the current designs. The notes will be put into use by the middle of 2024 and will progressively replace the ones that have been in circulation since 1960, featuring Charles’s late mother, Queen Elizabeth II. The bank notes, which are composed of polymer plastic, will have the image of the King on the front and also in the transparent security window. People are said to continue…

According to reports, Alibaba Group Holding Ltd., a major player in Chinese e-commerce, plans to invest more than $1 billion in a data center close to Ankara and a logistics hub at Istanbul Airport. At Istanbul Airport, Alibaba has a significant investment strategy. In an interview with a local newspaper that was published on Sunday, Alibaba President Evans said, “From here, we can assess e-export plans to Europe, the Middle East, and the Far East. According to Evans, Alibaba is aiming to expand into Turkey because to the country’s robust manufacturing sector, which could support e-commerce and join the company’s…

With a plan to lay off approximately 3,200 positions this week, Goldman Sachs Group Inc. is starting one of its largest waves of layoffs ever, with the bank’s leadership going further than competitors. A report claims that the Wall Street bank would reportedly begin the layoff procedure in the middle of the week and that a maximum of 3,200 workers will be affected. The report also said that the figure is lower than prior management-level proposals that may have terminated roughly 4,000 jobs. Following the end of 2018, Goldman Sachs’ staff has climbed 34% under CEO David Solomon. Approximately 49,100…

For the 60.72% stake in IDBI Bank, the Center received numerous expressions of interest (EoIs) on Saturday, that will go to the winning bidder along with management control. These EoIs came from both domestic and foreign investors. Currently, 94.72 percent of IDBI Bank is owned by the government of India and the Life Insurance Corporation (LIC). Along with the state-owned Life Insurance Corp of India (LIC), that will also divest a 30.24% portion of its 49.24% ownership in the bank, the government, which holds 45.48% of IDBI Bank, is aiming to sell off a 30.48% share in the lender. The…

The chief privacy authority for the European Union fined Meta Platforms Inc. €390 million ($414 million) for using user data for personalized adverts on its Facebook and Instagram businesses and issued a deadline for the company to put its services into compliance with EU law. The ruling, which adds a new commercial challenge for the dominant social media company, is one of the most significant decisions made under the historic data privacy law of the European Union. On Wednesday, the Data Protection Commission of Ireland imposed two separate fines for a combined €210 million for Facebook’s infringement of the EU’s…

Due to inflationary pressures, rural demand, which previously grew faster than urban demand, has seen degrowth during the past few quarters. While sales of Fast-Moving Consumer Goods (FMCG) increased by 1.4% month over month in December, they decreased by 4.7% year over year. Bizom reports that although urban areas had an increase of 12.4%, rural areas saw a 12.5% decline in FMCG growth. Rural demand had continued to decline month over month and year over for the initial 20 days of the month. During the first 20 days of December, demand was lower than it was in the same period…

According to the International Monetary Fund’s (IMF) chief, this year will see a third of the world’s economy in a recession.The driving forces of global economy, the US, Europe, and China, will all face weaker activity in 2024, making it a ‘tougher year’, said Kristalina Georgieva. She also added that IMF anticipates that a third of the global economy will be in decline. It would feel like a recession to hundreds of millions of people, even in nations that are not experiencing one. The global economy is currently being weighed down by the conflict in Ukraine, rising costs, higher interest…

Over the last 13 months, Elon Musk’s net worth has plunged by more than $200 billion, one of the largest drops in wealth in recent times. After Jeff Bezos, Elon Musk was the second individual to ever build a personal net worth of over $200 billion. He did it in January 2021. Between November 2021 and December of this year, the technological tycoon ended up losing more than half of his wealth. Greece’s GDP is almost equal to the $208 billion that was stripped from Elon Musk’s net worth. Additionally, the amount lost exceeds Bernard Arnault’s net worth, the richest…

In the second quarter of 2022–23, India’s current account deficit (CAD) increased to a record high of 4.4% of GDP due to a huge merchandise trade imbalance of $83.5 billion. The quarterly CAD exceeded the economists’ $35 billion expectation and is the greatest in value in more than ten years. In the previous April-June quarter, the CAD totaled $18.2 billion, or 2.2% of GDP, whereas the deficit in the corresponding quarter a year prior had been $9.7 billion, or 1.3% of GDP. Even so, the third-largest economy in Asia will be able to weather the external imbalances, according to the…

The Domino’s Pizza brand is managed by DP Eurasia, which revealed on Wednesday that it was looking at all of its options for the Russian business, along with a divestment, after 7 years of service since it’s entry in Italian market in 2015 The chain’s existence is being “evaluated” by DP Eurasia, which also holds the franchises in Turkey, Georgia, and Azerbaijan. Sanctions’ effect on the London-listed company’s operations is being studied. After Russia’s war against Ukraine began on February 24, many Western businesses left the country, while DP Eurasia announced in April that it would remain but would restrict…