Author: Soumya.bisht

China’s biggest e-commerce platform, Alibaba, has announced that the empire worth $220 billion will be split into six groups, in one of the most significant overhauls of a leading Chinese tech firm to date. The action follows reports that Jack Ma, the founder of Alibaba, returned to China this week after an extended hiatus. Jack Ma hasn’t been seen in public much in the last three years. SOURCE- REUTERS BUSINESS DIVISIONS The six business units will concentrate on e-commerce, cloud computing, entertainment, logistics, and two other areas that provide services to multinational corporations. Cloud Intelligence Group: Daniel Zhang, the CEO…

Notwithstanding financial crises throughout the world, India’s exports of products and services are anticipated to reach a record high of $760 billion in the current fiscal year, according to Commerce Minister Piyush Goyal on Tuesday. In his speech to the Assocham annual session in 2024, Goyal said, “Given the fact that the entire world is in recession, inflation is at an all-time high for most developed countries, interest rates are shooting up, and there is a sense of doom and gloom in the rest of the world, India’s performance has filled us with pride.” SOURCE- ECONOMIC TIMES Goyal also referred…

Silicon Valley Bank (SVB) was acquired by First Citizens on monday. First Citizens BancShares Inc. a bank holding company based in Raleigh, North Carolina, is one of the largest banks of the US. Its primary subsidiary is First Citizens Bank. And on monday, the company bought the embattled Silicon Valley bank which was seized by the Us authorities earlier this month. According to a statement from the US Federal Deposit Insurance Corporation (FDIC), First Citizens BancShares entered into a loss-share transaction for all deposits and loans of the SVB. According to this agreement, the covered loans’ losses and future recovery…

Earlier this month, RCPL re-launched the iconic soft drinks brand Campa, entering into the turf of US Cola majors PepsiCo and Coca-Cola. The RIL company, owned by billionaire Mukesh Ambani, has entered the FMCG personal and home care category, selling items at a 30 to 35 percent lower price after igniting a price war in the soft drink segment with the relaunch of Campa. SOURCE- INDIA HISTORY Reliance Industries (RIL) announced the debut of its made-for-India consumer packaged goods brand “Independence” by establishing Reliance Consumer Products Ltd (RCPL), the FMCG division of Reliance Retail. The company is on a mission…

Finance Minister Nirmala Sitaraman urged the nation’s Public Sector Banks (PSBs) on Saturday to keep an eye on international developments and take the necessary precautions to safeguard themselves from any potential financial shocks in the midst of the collapse of banks in the US and Europe. The Union finance minister chaired a meeting to review the performance of Public Sector banks (PSBs) on various financial, efficiency, and health parameters and their pliability in the ongoing scenario of Global markets being rattled by a string of bank failures. According to PTI, she has advised the banks to conduct stress tests frequently…

With its foreign exchange reserves at their lowest in 10 years, Pakistan is struggling with its worst economic crisis in decades. Two weeks after asking for help, a cash-strapped Pakistan receives a $2 billion rollover deposit from China, its all-weather ally, to help the country get a much required bailout from the IMF to stabilize its economy. A country of 220 million people, is struggling to cope with the surge in living costs, triggered by the government’s devaluing currency and removing subsidies to pave the way for the latest tranche of an IMF bailout needed to stave off economic collapse.…

The recent collapses of two US banks- Silicon Valley Bank and Signature Bank have caused substantial turmoil in the financial markets. As an aftermath, The Federal Reserve raised its key short-term interest rate by a quarter percentage point Wednesday. This move by the US central bank sets the benchmark of the interest rate in the 4.75-5.00 percent range, with the updated projections showing 10 of 18 Fed policymakers still expecting rates to rise by another quarter of a percentage by the end of this year. Same endpoint can be seen through the December projections, despite the uncertainty on the currently…

Last year during September, the IMF had agreed to bailout Sri Lanka, approving a loan of $2.9 billion dollars. The island country is experiencing its worst economic crisis since independence in 1948. IMF says the Extended Fund Facility arrangement will support Sri Lanka’s program to restore macroeconomic stability and debt sustainability. SOURCE- IMF The International Monetary Fund said on Monday that it has approved a $2.9 billion loan. Sri Lanka has been veneering tremendous economic and social challenges. The loan which was agreed will not only aid in restoring the macroeconomic and debt sustainability of the island nation, it will…

Climate change is nothing new for a country like India. During summer, the rising heat breaks time-on-time records with the soaring temperatures while the downtime months drop every time.   There are warnings for India and the whole world against what this could mean. Yet another report, the rearmost Sixth Assessment Report, Working Group II by the Intergovernmental Panel on Climate Change (IPCC) warns that lack of immediate attempts to alleviate or acclimatize to climate change could lead to distressing issues, especially in India. Let’s get a better understanding. BHUPENDRA YADAV WELCOMES IPCC REPORT   On Monday, The IPCC released its…

The Hindenburg report seems to have had a prolonged effect on the Adani Group. Just recently the Adani group canceled a Rs 7,017 crore coal plant purchase and took aback its bid for a stake in power trader PTC India. Now according to a new PTI report, the Adani Group has suspended work on a Rs 34,900 crore petrochemical project in Mundra, Gujarat. The fresh report on the 1 million tonnes per annum Green PVC project, if true, would add to the group’s recent steps to downsize its debts. SOURCE- MSN The move, according to the Adani group, is taken…