Page 44 - Economy

Pak PM apologises to nation for inconvenience caused by power outage

Pakistan Prime Minister Shehbaz Sharif on Tuesday apologised to the nation for the inconvenience caused by the countrywide power outage that plunged millions of people into darkness and vowed to fix responsibility for the second major breakdown in nearly four months. Pakistan faced a major power breakdown on Monday due to a voltage fluctuation in the national grid, disrupting normal life and leaving major parts of the country, including capital Islamabad and financial hub Karachi, without electricity. Taking to Twitter, the premier wrote: "On behalf of my government, I would like to express my sincere regrets for the inconvenience our citizens suffered due to power outage yesterday." "On my orders an inquiry is underway to determine reasons of the power failure. Responsibility will be fixed," he tweeted. Power supply was mostly restored in Pakistan, though some parts of the country still experienced blackouts on Tuesday. Minister for Energy Khurram Dastgir said on Tuesday that ...

Centre's three new national cooperatives signal sector's growing clout

But, critics say the approach in forming should have been bottoms-up instead of top-down

Pakistan's State Bank raises key rate by 100 basis points as crisis mounts

State Bank of Pakistan raised the target rate to 17%, a move expected by 25 of 43 economists in a Bloomberg survey. The majority of the economists had forecast a hike ranging from 75-200 basis points

The gas paradox: Govt encouraging huge investment to push demand

But imposing policies that deter domestic exploration and production

Green buildings and infra will ensure environmental sustainability

Green infrastructure brings nature into work for human benefits ranging from economic, social, environmental and health benefits

As acute inequality grows, squeeze on Indian spenders is yet to lift

While India's rapid economic growth since the 1990s has undoubtedly expanded the spending capacity of its 1.4 billion people, acute and rising inequality makes for a budget-conscious median consumer

Global demand concerns likely to weigh on energy markets, says RIL

RIL's oil-to-chemicals (O2C) business, was mixed in terms of performance, reporting 10 per cent Y-o-Y growth in revenue in Q3, though there was a decline of 9.4 per cent sequentially

First B20 meet to focus on climate action, resilient global value chains

B20 was established 13 years ago and is among the key engagement groups of G20, representing the priorities of businesses globally

Global property market sitting on a $175 bn debt time bomb as slump spreads

As the toll from higher interest rates and the end of easy money mounts, many real estate markets are almost frozen with some lenders telling borrowers to sell assets or risk foreclosure

Infosys CEO Salil Parekh signals M&A ramp-up as economic outlook brightens

We are very much looking at what we can do to acquire much more actively. Valuations are in a range that make more sense," Parekh told Bloomberg News in an interview at the WEF in Davos

Belying slowdown fears, Indian economy's animal spirits move to the right

Prices of finished products rose as firms passed on higher input costs and business expenses

Tech companies, telecom operators against mandatory caller ID display

Just like the Truecaller app displays the names of people calling, the Centre through Telecom bill 2022 is seeking to establish this feature as a part of the telecommunications network

BRICS mulling alternative to dollar-dominated payment system: South Africa

Naledi Pandor said one of the reasons for BRICS to established New Development Bank was to reduce their dependence on dollars

India among top 3 auto mkts in the world, yet faces shortage of EV buyers

Over 4 million four-wheel vehicles were sold in India last year, surpassing Japan and coming in behind China and the US

Overtaking China

New population estimates have wider implications

CBDC: Industry demands support for robust infrastructure in Budget 2023

Stakeholders say internet penetration, robust technology, and concerns about data security are key issues they want the govt to address

Four out of five Indian professionals looking for new job in 2023: Research

The report has come at a time when the global macroeconomic environment appears uncertain and several companies move towards slowing down the hiring activity

Govt may increase allocation for PLI schemes in Budget to boost exports

Under the PLI scheme, eligible players receive incentives for five years if they achieve their investment and production value target for each year

India's population may have already overtaken China's, estimate analysts

The United Nations had expected the milestone to be reached later this year. As of Jan. 18, India's population had already climbed to 1.423 billion, according to WPR

China's GDP growth falls to 3% in 2022, second lowest growth in 50 years

Hit hard by the zero-Covid policy and slump in the real estate market, China's economy shrank to three per cent in 2022, registering its second lowest growth rate in 50 years in the world's second-largest economy, according to official data released here on Tuesday. The annual GDP of China totalled 21.02 trillion yuan (USD 17.94 trillion) in 2022, falling below the 5.5 per cent official target, the National Bureau of Statistics (NBS) said. The slow pace was blamed mainly on the strictly implemented zero-Covid policy leading to periodic lockdowns and the ruling Communist Party's crackdown on big industrial firms besides the lingering real estate crisis. This is the slowest growth of the Chinese economy since the 2.3 per cent registered in GDP in 1974. Significantly this year, China's GDP in terms of dollars declined from USD 18 trillion in 2021 to USD 17.94 trillion last year mainly due to a sharp rise of the dollar against RMB (the Chinese currency) in 2022. In RMB terms, the Chin