Pandemic Financial News

Investing.com — Micron reported Wednesday better-than-feared fiscal fourth-quarter results, but a mixed picture on the outlook for the first quarter amid a challenging backdrop as the chip supply glut continued to keep a lid on demand.

Retailing billionaire Solomon Lew is reigniting the offshore growth plans of the fashionable stationery chain Smiggle after it was hit hard in the COVID-19 pandemic where it shut 30 stores in the United Kingdom.

India retained 40th position on the Global Innovation Index 2023, released on Thursday, The annual index, by the World Intellectual Property Organization, ranked 132 economies on the innovation index. «The consistent improvement in the GII ranking is owing to the immense knowledge capital, the vibrant start-up ecosystem, and the amazing work done by the public and private research organizations,» NITI Aayog said in a statement. According to the Aayog, India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023.

Anurag Singh, Managing Partner, Ansid Capital, says “rates are going to be higher for a bit longer. The Federal Reserve last week clearly revised the dot plots and this time they are saying there are no cuts at least till the middle of 2024. If we put all this together, the picture is that when the rates are 5.5% with another 25 basis probably coming, can the markets be at 20x multiples? By the way, the entire rally was hinging on just seven stocks. That is also kind of coming back to roost.” What is this extended move on the dollar index for the last six days indicating? Traditionally we spell bad news for equities, especially emerging markets? Yes, true.

The amount transacted through cards rose to an all-time high of 1.48 trillion rupees ($17.8 billion) in August, up from July’s 1.45 trillion rupees, according to the latest data by the Reserve Bank of India. The spending binge is in line with rising indebtedness and falling savings among Indians and may point to growing stress as incomes stagnate. The card spends “indicates people are borrowing to spend,” said Rupa Rege Nitsure, Group Chief Economist of L&T Finance.

Jim Ryan will retire next March after almost 30 years at the Japanese firm. CEO Kenichiro Yoshida praised Ryan for overseeing the launch of the PlayStation 5 during the Covid pandemic and putting it «on track to become (Sony's) most successful console yet». Ryan joined Sony Interactive Entertainment (SIE) in 1994 and held a number of senior positions before becoming CEO of the division in 2019. «I will leave having been privileged to work on products that have touched millions of lives across the world,» Ryan said in a statement. He said he was finding it «increasingly difficult to reconcile living in Europe and working in North America». Group chief operating and finance officer Hiroki Totoki will be interim CEO of SIE from April 1, Sony said. Sony shares were down 1.33 percent on Thursday following the announcement, in a falling market.

By Casey Hall and Sophie Yu

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By Sam Nussey

Egypt's Tourism and Antiquities Minister Ahmed Issa says they are seeking to double the number of tourists in the next five years, to reach 30 million visitors by 2028

The Financial Industry Regulatory Authority plans to extend its remote inspections program, according to a filing with the Securities and Exchange Commission.

Futurama concluded its 11th season on Hulu recently, sparking curiosity about the show's potential return for a 12th season. Here's what we know so far. After experiencing two cancellations, first by Fox in 2003 and then by Comedy Central in 2013, Futurama resurfaced in 2023 on Hulu. Season 11, comprising 10 episodes, aired starting from July 24. This season revolved around significant events of the past decade, presented humorously and satirically, touching on the pandemic and the rise and fall of an online conglomerate. The big question is whether characters like Fry, Leela, Bender, Hermes, Professor Farnsworth, Zoidberg and Amy will continue their adventures after the season 11 finale, titled «All The Way Down.»

NEW DELHI : The central government on Tuesday announced that it will borrow ₹6.55 trillion during the second half of the ongoing fiscal year, keeping its borrowing plans unchanged. Mint explains the relevance of this for the Indian economy. The central government will borrow ₹6.55 trillion during the second half of the ongoing fiscal year, which comprises 42.45% of its gross market borrowing of ₹15.43 trillion for the full year.

NEW DELHI : India may allow exports of another 50,000 tonnes of non-basmati white rice to Singapore under humanitarian operations, making an exception for one of its key diplomatic partners, two government officials said. India recently permitted limited exports of the rice variety, which is currently under the prohibited category, to the UAE and last month to Bhutan, Mauritius and Singapore. These countries appealed to New Delhi to resume rice exports following India’s decision to suspend non-basmati shipments on 20 July to keep prices in check.

NEW DELHI : A push by India and the Philippines to renegotiate their investment agreement is moving slowly, according to persons aware of the matter. The agreement, which was signed in 2000 and came into force in 2001, expired in 2011. New Delhi has called for the agreement to be terminated and replaced by a new Bilateral Investment Treaty (BIT).

FOX Business correspondent Madison Alworth shares why for many first-time homebuyers, the American dream is delayed as a result of high mortgage rates and home prices on 'Varney and Co.'

₹1 lakh as compensation to a 27-year-old convict Chandanji Thakor, who though secured bail in 2020 continued to languish in jail for another three years. According to a report by Bar and Bench, despite Thakor securing bail in 2020, he had to spend 3 years in jail as prison authorities claimed that they could not open the bail order sent to them by the High Court registry as an attachment to an email. "In the present case, the registry of this Court had categorically informed the jail authorities about the order passed by this Court releasing the applicant on regular bail.

Pre-pandemic trends indicate that the travel and tourism sector experienced a robust 16 per cent growth in 2019, however, with the pandemic-related disruptions, travel restrictions and lockdowns, there was a 47 per cent fall in job postings in 2020 and 27 per cent dip in 2021. While the industry began to bounce back with a marginal 3 per cent growth in hiring in 2022, it has dramatically recovered this year, as people regained confidence in travel, the report stated. The foundit report is based on the data as of August 2023.

Americans outside the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances. 

entered North Korea in nearly three and a half years were the Chinese ambassador and a handful of his staff. In recent weeks speculation has grown that seclusion may at last be easing. The rumours have been fuelled by Chinese customs statistics, satellite imagery and reports from the border that suggest a modest rise in trade between China and North Korea.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) While the travel and tourism sector began to bounce back with a marginal 3% hiring upswing in 2022, it dramatically recovered this year. According to foundit, "The optimistic growth can be attributed to increased disposable incomes and higher spending on leisure and business travel in the country".