Name: Dell becomes latest tech company to announce layoffs, to cut about 5% of its global workforce: report
Uploaded: 2023-02-06T16:37:27.000+05:30
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Channel: Editorji News Desk
Description: Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.

Government estimates e-commerce exports to grow to $200 to $300 billion by 2030 

Foreign Trade Policy 2023: Focus on e-commerce export

Government estimates e-commerce exports to grow to $200 to $300 billion by 2030&nbsp;

The Foreign Trade Police 2023, focuses on emerging areas including e-commerce exports, developing districts as export hubs, among others. All the foreign trade policy benefits will be extended to e-commerce exports.
Necessary enablement of IT systems in Department of Commerce, Post, CBIC will be undertaken in six months. To streamline e-commerce export facilitation, guidelines are being formulated in consultation with other ministries to facilitate further exports under e-commerce.
Apart from this, designated hubs with warehousing facility will be created. The warehouses are designed to help e-commerce aggregators for easy stocking, customs clearance and returns processing. The processing facility will be allowed for last mile activities such as labelling, testing, repackaging etc. Special outreach program and training activities for small e-commerce exporters will also be undertaken
The value limit for exports through courier service has increased from Rs 5 lakh to Rs 10 lakh per consignment. Government estimates suggest that the e-commerce exports expected to grow to $200-$300 Billion by 2030.&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;
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As a result of the worst economic crisis the country has experienced since gaining independence, Sri Lanka announced its first-ever debt default in April of last year.

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government

As a result of the worst economic crisis the country has experienced since gaining independence, Sri Lanka announced its first-ever debt default in April of last year

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday.
Sri Lanka received $330 million this month as the first tranche of the International Monetary Fund (IMF) bailout programme, which will pave the way for the debt-ridden country to achieve better "fiscal discipline&rdquo; and "improved governance. In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the Treasury said, "the Authorities are also exploring options for a domestic debt optimisation (DDO) operation aimed at liquidity relief while preserving financial stability to avoid further eroding of Sri Lanka's repayment capacity."
The statement outlined that despite the ambitious fiscal consolidation efforts, Sri Lanka's public debt trajectory is set to remain unsustainable in the absence of comprehensive debt treatment. "Sri Lanka is also facing a significant external financing gap over the IMF program period. This financing gap will have to be covered through new external funding and external debt service relief," the statement said.The IMF Board on March 20 approved Sri Lanka's IMF program which Sri Lanka claimed would enable them to unlock up to USD 7 billion in funding from the IMF and other lenders.&rdquo;
As per the IMF programme, we are fully committed to achieving fiscal consolidation and implementing fiscal structural reforms; restoring public debt sustainability; restoring price stability and rebuilding external buffers; safeguarding financial system stability; and reducing corruption vulnerabilities and further introducing growth-enhancing reforms,&rdquo; the statement said. It notes that the economy had already shown some encouraging stabilisation signs, with year-on-year inflation slowing down and earnings from tourism rebounding to more standard levels.
"We will continue to implement our reform agenda in order to support Sri Lanka's economic recovery and successfully complete the IMF programme," the statement said.

The Foreign Trade Policy 2023, allows international trade settlement in Indian Rupee and seeks to meet $2 trillion export target by 2030

Foreign Trade Policy 2023: Seeks to boost exports to $2 trillion by 2030

The Foreign Trade Policy 2023, allows international trade settlement in Indian Rupee and seeks to meet $2 trillion export target by 2030

India has unveiled its Foreign trade policy 2023 and seeks to boost the country's exports to $2 trillion by 2030. The government reiterated sector specific targets to achieve the goal of $1 trillion merchandise exports and $1 trillion services exports by 2030. It is aiming to achieve this target by shifting from incentives to remission and entitlement based regime. "The flexibility in foreign trade policy will help grow export potential", said Commerce &amp; Industry Minister Piyush Goyal.&nbsp;
"Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed", said Director General of Foreign Trade (DGFT) Santosh Sarangi. This new trade policy will come into effect from 1st April.
Piyush Goyal has said that the government will engage in massive trade outreach globally in terms of sectors and nations in the coming months. The government is also planning to promote exports through a collaboration of exporters, states, districts, Indian Missions. A revamp of e-certificate of origin platform is proposed to provide its self certification and automatic approval.&nbsp;
A major aspect of the policy is to allow international trade settlement in Indian rupee with a view of making INR a global currency. "India is ready to trade in Indian Rupee with countries which are facing currency failure or have dollar shortage", said Commerce Secretary Sunil Barthwal.
Foreign Trade Policy 2023 has introduced a new Amnesty scheme through which a one time settlement of default in export obligation by Advance Authorization and EPCG authorization holders can be done. This will be available upto 30 September 2023.
Dairy sector will be exempted from maintaining average export obligation. A series of items including battery electric vehicles, vertical farming equipment, wastewater treatment and recycling, rainwater harvesting system, rainwater filters and green hydrogen are added to green technology products. Under EPCG scheme green technology products eligible for reduced export obligation requirement. The Value limit for exports via courier service increased to Rs 10 lakh from Rs 5 Lakh per consignment.&nbsp;
The Foreign trade policy also ensures more recognition to exporters. The export performance threshold for recognition to exporters through status holders has been rationalised. This will enable more beneficiaries to achieve higher recognition and reduce transaction cost for exports.

Banga is the only application received for the position of president of the World Bank, the financial institution said

Unopposed, Ajay Banga is set to take over as World Bank president

Banga is the only application received for the position of president of the World Bank, the financial institution said

Ajay Banga, an Indian-American businessman, is in line to succeed David R. Malpass as 14th President of the World Bank, the organization announced. No other applicants have been put forward for the position. Before he is formally appointed, Banga will be interviewed by the World Bank's Board of Executive Directors.
The last date to submit nominations for the post of World Bank's President closed on March 29. By this date, the board had only received one nomination i.,e. of Banga.&nbsp;
Banga may stand a good shot at becoming the World Bank's President as the only person nominated for the post, the board will confirm his seat post an interview that is scheduled to happen in Washington DC. The dates of the same have not been announced yet.&nbsp;
Raised in India, now a US citizen Banga has three decades of experience. Banga served as CEO of Mastercard for over a decade and currently, Banga serves as Vice Chairman at General Atlantic.
In a statement released by the White House upon his nomination President Joe Biden said "Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity."

India needs $540 billion by 2029 to meet its electricity generation by renewable energy goal: S&P Global

India needs $540 bn investment to meet its renewable target by 2029: S&P Global

India needs $540 billion by 2029 to meet its electricity generation by renewable energy goal: S&amp;P Global

S&amp;P Global rating has said that India will need a $540 billion investment by 2029 to meet its target of electricity generation from renewable sources. The report said that half of the investmet will be in renewables and batteries and the other will be in strengthening the grid. The ratings agency also observed that it saw the private-sector-led energy transition entering a new phase.&nbsp;
"Meeting India's renewables target of 500 GW by 2030 requires more than 40 GW of new capacity additions annually (compared to 10-15 GW actual)", the report said. S&amp;P global in its report titled, 'Asia-Pacific's Different Pathways To Energy Transition' said that India is outpacing coal, but demand growth and intermittency issues are leading to greater coal usage and new coal plants.&nbsp;
India has been targeting to cut emissions to net zero by 2070. In the transition to that, it is targeting 500 gigawatts (GW) of non-fossil electricity capacity, half of the energy from renewables, a reduction of emissions by one billion tonne and an emissions intensity of the GDP by 45 per cent by 2030.&nbsp;
India is the fourth biggest carbon dioxide emitter after China, U.S. and the EU. However, its emissions per capita are much lower than other major world economies.
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Reliance Industries had announced demerger of its financial services business into separate entity last october. Jio Financial services Ltd will be listed on stock exchanges

RIL begins demerger of its financial services; Calls shareholder meeting

Reliance Industries had announced demerger of its financial services business into separate entity last october. Jio Financial services Ltd will be listed on stock exchanges

Reliance Industries is in the process of demerging its financial services business and has called for a shareholder and creditors meet scheduled to be held on 2nd May 2023.
The meeting is being called as per an order by the Mumbai Bench of the National Company Law Tribunal. After the demerger, the name of the Reliance Strategic Investments (RSIL) shall be changed to Jio Financial Services Limited.&nbsp;
Reliance Industries has approved the scheme of arrangement between RIL and RSIL last October. Mukesh Ambani announced the demerger of its financial services business into a separate entity and subsequent listing it on the stock exchanges last year. The demerger will be done through a share-swap arrangement. Hence, RIL shareholders will get one share of Jio financial services for every share they hold in RIL.&nbsp;
RIL's investment in Reliance Industrial Investments and Holdings (RIIHL), which is a part of the financial services holdings will be transferred to Jio Financial services. Currently, RIIHL is the ultimate beneficiary of 6.1% RIL shares through its interest in Petroleum Trust and Reliance Services and Holdings.
As per Economic Times, Jio Financial Services plans to launch a consumer and merchant lending business to complement and supplement the traditional credit bureau-based underwriting

In Delhi, 134,827 properties were registered in 2022, a 68% increase over the year before. In contrast, Mumbai experienced a drop in registrations between 2021 and 2022.

Delhi sells more housing units than Mumbai from 2019-22

In Delhi, 134,827 properties were registered in 2022, a 68% increase over the year before. In contrast, Mumbai experienced a drop in registrations between 2021 and 2022.

Delhi has sold about 79% more houses than Mumbai over the last four year.
Data from property analytics company CRE Matrix shows that Delhi had higher sales in 2021 and 2022 compared to the pre-covid period. 1.15 lakh homes were sold in 2019, compared to 73,777 in 2020. In 2021 and 2022, this number reached 1.23 and 1.34 lakh.&nbsp;
The data revealed that there were 48,654 houses sold in Mumbai in 2019, 46,368 houses sold in 2020, 77,677 houses sold in 2021, and 74,943 houses sold in 2022.
According to the data, the most expensive house sold in Mumbai was worth Rs 96 crore in 2019 and Rs 520 crore in Delhi. In 2021, it was worth Rs 1,001 crore in Mumbai and Rs 253 crore in Delhi. And in 2022, the most expensive house sold was worth Rs 144 crore in Mumbai and Rs 265 crore in Delhi.
The CRE matrix only took into account registry data for Delhi, excluding Gurgaon and Noida, while for Mumbai, Thane and Navi Mumbai were not included in the statistics.

JP Taparia family buys India's costliest triplex apartment worth Rs 369 cr in South Mumbai's Malabar Hill

JP Taparia family's expensive apartment: All details here

JP Taparia family buys India's costliest triplex apartment worth Rs 369 cr in South Mumbai's Malabar Hill

Industrialist JP Taparia's family has signed India's most expensive residential deal ever, worth Rs 369 crore. The family has bought a sea-view triplex apartment in South Mumbai's Malabar Hill.&nbsp;
As per reports, this luxury apartment was built by the Lodha group and the sale deal was closed on March 29. The apartment is on the 26th, 27th, and 28th floors and is a part of the super-luxury residential tower Lodha Malabar. The tower is located on the plush Walkeshwar Road, opposite the governor's estate. The property touches both the Arabian Sea and the Hanging Gardens.
According to Economic Times, the deal values the triplex with a total area of massive 27,160 sq ft at nearly Rs 1.36 lakh per sq ft, making it one of the country&rsquo;s most expensive residential transactions on a per-sq-ft basis as well apart from the total value. The Taparias paid Rs 19.07 crore in stamp duties alone.&nbsp;
The under-construction luxury tower is spread over a total area of 1.08 acres and is scheduled to be completed by June 2026

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Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.

Dell becomes latest tech company to announce layoffs, to cut about 5% of its global workforce: report

Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.

Dell Technologies has announced the elimination of about 6,650 jobs or 5% of its global workforce, as per a report by Bloomberg.
Dell has become the latest tech company to announce layoffs with the latest step.
As per the report, the move is attributed to unfavourable market conditions leaving an uncertain future for the company.
Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.
Also watch: <a href="https://www.editorji.com/business-news/twitter-to-charge-businesses-1000-per-month-for-gold-badges-report-1675673830445">Twitter to charge businesses $1000 per month for gold badges: report</a>

Interest rates for majority of the small savings schemes have been increased by up to 70 basis points (0.7%). This is for the April to June 2023 quarter. 

Interest rates for small savings schemes hiked for April - June 2023 quarter

Interest rates for majority of the small savings schemes have been increased by up to 70 basis points (0.7%). This is for the April to June 2023 quarter.&nbsp;

In what comes as some good news for investors, the government has hiked the interest rate for several of the small savings schemes for the April to June 2023 quarter.&nbsp; The interest rate for 5 year time deposits have been hiked from 7% to 7.5%. Interest rate for senior citizens savings scheme has been hiked from 8% to 8.2%.&nbsp;
The highest interest rate hike is for National savings certificate, by 0.7% to 7.7%. Interest rate on Sukanya Samridhhi has been hiked to 8% from 7.6%.&nbsp;
However, interest rates for PPF remains unchanged at 7.1%
Interest rates on small savings schemes are reviewed every quarter.&nbsp;
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Analysts predict that the famous Ching's brand will further strengthen Nestle India's position as the market leader, though some are concerned about valuation.

Report: Nestle is considering a $1 billion transaction with Capital Foods, owner of 'Ching's Secret'

Analysts predict that the famous Ching's brand will further strengthen Nestle India's position as the market leader, though some are concerned about valuation.

The largest food company in the world, Nestle SA, is one of the final bidders eying to buy Capital Foods Pvt., the proprietor of 'Ching's Secret.'
Ching's Secret is also endorsed by Bollywood actor Ranveer Singh.
According to Bloomberg, the Swiss company has been looking into the specifics of a possible deal for Mumbai-based Capital Foods, with any such deal likely to give the company a market value of more than $1 billion.
In addition to manufacturing "Ching's Secret" brand of fusion chutneys and spicy noodles., Capital Foods also sells the Smith &amp; Jones masala blends and culinary pastes
Nestle India Ltd. has a market valuation of about $22.3 billion after its shares increased 10% over the previous 12 months and Following news that parent company Nestle SA is one of the top contenders for Capital Foods Pvt Ltd, shares of Nestle India increased by almost 3% on March 31.
But, as per Moneycontrol the deal would be expensive at a 10x EV/Sales ratio because Capital Foods is expected to generate only Rs 800 crore in revenue for FY23, in compariosn to the $1 billion bid placed by Nestle
Nevertheless, Nestle India's inclusion of the Ching's name will strengthen its position as the market leader.
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Sensex rallied over 1000 points and Nifty zoomed past 17,350 level, amid buying across sectors

Sensex soared over 1000 points on last day of FY23; All sectors in the green

Sensex rallied over 1000 points and Nifty zoomed past 17,350 level, amid buying across sectors

The benchmark indices ended on a strong note with sensex rallying over 1,000 points and Nifty above 17,300 amid buying seen across the sectors on the last day of th fiscal year.&nbsp;
At close, the Sensex was up 1,031.43 points or 1.78% at 58,991.52, and the Nifty was up 279.10 points or 1.63% at 17,359.80. About 2322 shares advanced, 1145 shares declined, and 108 shares unchanged.
Nifty Midcap 100 and Nifty Smallcap 100 indices surged up to 1.5% each. Volatility index, India VIX, meanwhile, slipped over 5%. All the sectors traded in the green, with Nifty Bank, Nifty Metal, Nifty Media indices rising over 1% each. Nifty IT index was up by 2.5%.&nbsp;
Among individual stocks, shares of Reliance Industries (RIL) rallied 4%. This, after the board approved the demeger.
Also Read: <a href="https://www.editorji.com/business-news/ril-begins-demerger-process-of-its-financial-services-business-calls-shareholder-meeting-1680244598321">RIL begins demerger process of its financial services business; Calls shareholder meeting</a>
The other top gainers are Nestle India, Infosys, ICICI Bank and Tata Motors, while losers included Apollo Hospitals, Adani Ports, Sun Pharma, Asian Paints and Bajaj Finance. The upside left investors richer by Rs 3.45 lakh crore as the total market capitalisation of all BSE-listed stocks went up to Rs 258.16 lakh crore.
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India collected and processed only 33% of the total e-waste generated in 2021-22. Haryana tops the list and processed 2.45 lakh tonnes of e-waste

Only 33% of e-waste in India processed in FY22: Report

India collected and processed only 33% of the total e-waste generated in 2021-22. Haryana tops the list and processed 2.45 lakh tonnes of e-waste

According to data from the Central Pollution Control Board, India has processed only 33% of the e-waste generated during 2021-22. Minister of State for Environment, Forest &amp; Climate Change Ashwini Kumar Choubey presented the data in the Lok Sabha in response to a question raised in the House.&nbsp;
"An action plan is in place for enforcement of E-Waste (Management) Rules across the country. This action plan contains component on mass awareness of the general public through Information, Education and Communication (IEC) Plan to be framed by State Governments,&rdquo; said Choubey.&nbsp;
As per the data, India generated 16.01 lakh tonnes of e-waste in 2021-22. Out of which, only 5.27 lakh tonnes was collected and processed. India currently has 567 e-waste processing facilities with a total capacity of around 17.23 lakh tonnes annually. Among these, 208 are recycling facilities with a total installed recycling capacity of 10.69 lakh tonnes annually.&nbsp;
The data also mentioned the states that collected and processed the most amount of e-waste during the year 2021-22. Haryana topped the list by collecting and processing 2.45 lakh tonnes of e-waste. Uttarakhand came second in the list collecting and processing 51,541 tonnes of e-waste, followed by Telangana which processed 42,298 tonnes.&nbsp;
In the global arena, India ranks 3rd among the biggest generators of e-waste, as of 2019. However, e-waste generated per capita in the country remains low. China generates the most amount of e-waste in the world but the country still ranks lower when it comes to per-capita waste generated.&nbsp;&nbsp;
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The new financial year begins on April 1st. There are a slew of personal finance and taxation changes that will come into effect. Here's a quick recap of the most important ones. 

From 1st April, here's what changes for your personal finance & taxation

The new financial year begins on April 1st. There are a slew of personal finance and taxation changes that will come into effect. Here's a quick recap of the most important ones.&nbsp;

The new financial year begins on the 1st of April. With the new year, comes a whole host of changes as far as your personal finance and personal taxation is concerned. Let&rsquo;s recap some of the most important ones.&nbsp;
1. The new tax regime with all the changes announced in the budget, will come into effect. The new regime becomes your default tax regime, unless you specifically opt for the old one. Remember, the new regime has no tax-saving investment benefits, but you pay a lower tax rate.&nbsp;
2. A big change was recently announced for debt funds&nbsp; Beginning 1st of April, debt mutual funds will not get any capital gains tax benefit and no indexation benefit. Essentially it means that whatever returns you make from debt funds will be taxed as per your income tax slabs just like for fixed deposits. But this is only applicable to new investments from the first of April.&nbsp;
3. In another change, if the total premium paid on life insurance policies (except ULIPs) is more than 5 lakhs in a year, then whatever you get on maturity will be taxable. Again, this applies beginning April 1st.&nbsp;
4. In the real estate space, Capital gains only up to 10 crore used to buy property is exempt from tax under section 54F. So for example, if you&rsquo;ve made capital gains of 15 cr and you use that 15 cr to buy a residential property, earlier the entire amount was exempt from tax. Now it will be capped at Rs 10 Cr, and you will have to pay tax on the balance 5 crore.&nbsp;
5. The government has raised the maximum deposit limit for the Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh from Rs 15 lakh. 6. Not just that, the deposit limit for monthly income scheme is also increased to 9 lakh from 4.5 lakh for single accounts to and to 15 lakh for joint accounts.&nbsp;
7. Conversion of physical gold to electronic gold receipts and vice-versa will not attract any capital gains tax.&nbsp;
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