Business

New Delhi, Oct 19 (IANS) The rupee on Wednesday hit a new low of 82.95 against the US dollar on anticipation of more rate hikes by major central banks across the globe to curb rising inflation.

The currency fell to a record low of 82.95 after the US dollar strengthened against all major currencies globally.

the dollar's ascent has been triggered by inflation in the UK hitting a 40-year high level last month, owing to rising food prices.

There are speculations that the Bank of England may hike interest rates sooner than expected to curb price rise.

Last week while commenting on the rupee's fall, Finance Minister Nirmala Sitharaman had said in Washington that she saw it as the US dollar strengthening rather than the rupee falling.

--IANS
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By IANSlife
New Delhi, Oct 19 (IANSlife) The Indian art market is on course to have its best-performing year ever based on the first six months of FY23. Having a turnover of USD 75.8 million as of 30 September 2022, according to Indian Art Investor's Indian Art Market Report for H1FY23, FY23 may exceed FY22. The first six months of FY23 have been able to produce more than the yearly turnover of 34 of the 39 years of prior auction data held by IAI. The study states that a total of 468 artists - or 57 per cent of the works sold in FY22-have contributed to this accomplishment through the sale of 2,053 pieces.



"The top tier of the market continues to break norms and make headlines. Works priced >USD 1.2 million are responsible for 67 per cent of the turnover, with the top 5 most expensive works alone bringing in 20 per cent . But as the divide widens, so does the lowest tier. Works priced

New Delhi, Oct 16 (IANS) As the rupee continues with its downward trend against the dollar, touching 82.32 on Friday, Finance Minister Nirmala Sitharaman has said that she sees the phenomenon as dollar strengthening and not the Indian currency sliding.

Addressing a press conference in Washington on Friday, Sitharaman said that rupee has withstood dollar's rise and has performed better than those of many emerging market currencies.

"I won't see this as rupee sliding but as dollar strengthening. It is a matter of fact that the rupee has withstood the rise of dollar. But it has performed better than many other emerging market currencies," she said.

The Finance Minister added that RBI is working to prevent its slide and contain it's volatility.

"I will just say that rupee will find its own level," she said.

On rising inflation and soaring food prices, the Finance Minister said that the economic fundamentals "are good".

Foreign exchange reserves are in a "comfortable position" and inflation is also "manageable" she said.

"Fundamentals are good. Foreign exchange is good though it has come down. It is in a comfortable position. Inflation too is manageable though we would love to bring it down... are making efforts to bring it down. However look at other nations' inflation rates," she said, but at the same time added that the Government is "conscious of fiscal deficit".

Asked about rising trade deficit with China, Sitharaman said: "Trade deficit is actually growing across board and more importantly, imports are more than exports. However the imports are more of intermediary goods. So we are not anxious about rising imports as they are of goods which are of value added products for exports purposes".

The Finance Minister further said that on crypto currency G20 will collate data on it from global institutions and arrive at a framework which would look at platforms facilitating crypto trade.

India is due to take over G20 presidency next month.

"We will try and understand the money trail, detect money laundering and try and bring some kind of regulation on it. There is consensus among G20 members on it as many of them have raised concerns on this," she said.

To a question on Income Tax department and Enforcement Directorate's (ED) conviction rates, Sitharaman said: "ED is independent in what it does. It works on predicate offences and comes in the picture after other agencies pick up a case. There are instances which have stood out and if ED goes after them, it is with prima facie evidence."

--IANS
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Chennai, Oct 15 (IANS) The Tamil Nadu firecracker industry, which contributes to around 90 per cent of the country's overall demand, has jacked up the prices of its products ahead of Diwali.

Legal issues related to green crackers being used in the industry, as well as heavy rain were some of the reasons behind escalating the prices.

Traders have predicted that it was possible for the prices to go up to 50 per cent in retail markets across the state.

Manickam, a firecracker trader in Chennai's Ashok Nagar, told IANS: "The firecracker industry is going through a rough phase. With green crackers being made the norm and even long-chain crackers being banned, the fun is gone. Heavy rain in Tamil Nadu has led to a dip in production leading to the prices being hiked. Compared to last year, the new rates are 20 per cent higher and this will go up and may even touch 50 per cent in the days to come."

The crackers including Kambi Thiri, Pookutti, and floor chakras require drying and due to the heavy rain, Virudhunagar district, which houses almost all the production houses in Tamil Nadu, was inundated.

The demand as usual is heavy but the supply -- another factor that has also led to an increase in the prices.

While speaking to IANS, Muthukumaran, who runs a firecracker unit employing around 100 workers, said: "The industry is facing harrowing times. First, we are fighting legal issues over the green crackers and removing barium nitrate from the cracker industry. Second is heavy rain leading to less production... We have no other option but to increase the prices and the industry as a whole has advocated for this."

The production has dipped by around 50 per cent as the green cracker norms were implemented and the manufacturing as per the Petroleum and Explosives Safety Organisation (PESO) is difficult and time-consuming.

Another issue for the price hike is the import cost of raw materials that is plaguing the industry and restrictions in many states on the bursting of crackers.

Mohammed Hassan, a third-generation trader of firecrackers in Chennai's Arumbagam, told IANS: "We are yet to touch the pre- Covid sale in Tamil Nadu. In 2019, Diwali sale in Chennai alsone was around Rs 125 crore but now it is much less than that. Coupled with the increase in prices by the Sivakasi factories and the green norms, the supply is less, but the demand as usual is more. So it remains to be seen how can we strike a balance and sell crackers without incurring losses to us."

--IANS
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New Delhi, Oct 14 (IANS) Bharti Airtel on Friday launched the 'Always On' IoT (Internet of Things) connectivity solution in the domestic market.

The 'Always On' solution contains dual profile M2M (machine to machine) eSim, which allows an IoT device to stay connected to a mobile network from different Mobile Network Operators in the eSIM.

An 'eSIM' is a SIM card that is embedded in a mobile device and can connect you to any operator that offers eSIM services.

"Our strengths in the network, modern and GSMA compliant platform offering real-time access to data and flexibility to integrate the solution with custom APIs will make Airtel Business stand out in the market," said Ajay Chitkara, Director and CEO of Airtel Business.

Moreover, the 'Always On' solution is best suited for vehicle tracking providers, auto manufacturers and any use-cases where equipment work in remote locations requiring universal connectivity, according to the company.

Airtel is looking to acquire market leadership in this segment in the next few years, the company added.

India was the fastest growing Internet of Things (IoT) module market with more than 264 per cent growth in the second quarter this year, a report showed last month.

Although growing on a lower base, the growth in IoT modules in India was driven by smart meters, telematics, point of sale (POS) and automotive applications, according to Counterpoint Research.

--IANS
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New Delhi, Oct 14 (IANS) The RBI's Monetary Policy Committee (MPC), after its meeting on September 30, had hiked repo rate by 50 basis points to 5.90 per cent over rising inflation concerns.

It had said at that time that inflation is expected to remain elevated at around 6 per cent in the second half of 2022-23.

The decision was also taken on the basis of an assessment of the current and evolving macroeconomic situation, according to the minutes of the MPC meeting released on Friday.

The committee took the decision, taking into consideration the weakening of global economic activity due to conflict in Ukraine and aggressive monetary policy actions and stances across the world.

"As financial conditions tighten, global financial markets are experiencing surges of volatility, with sporadic sell-offs in equity and bond markets, and the US dollar strengthening to a 20-year high," the minutes said.

The panel further noted that emerging market economies (EMEs) are facing intensified pressures from retrenchment of portfolio flows, currency depreciations, reserve losses and financial stability risks, besides the global inflation shock.

"As external demand deteriorates, their macroeconomic outlook is becoming increasingly adverse," the panel noted.

Commenting on the domestic economy, the MPC said that while all constituents of domestic aggregate demand expanded year-on-year and exceeded their pre-pandemic levels, the drag from net exports provided an offset.

"On the supply side, gross value added (GVA) rose by 12.7 per cent in first quarter of current fiscal with all constituents recording year-on-year growth and most notably, services," it said.

On a positive note, the MPC said that aggregate supply conditions are improving.

"With the south-west monsoon rainfall 7 per cent above the long period average (LPA) as on September 29 and its spatial distribution spreading to some deficit areas, kharif sowing has been catching up. Acreage was 1.7 per cent above the normal sown area as on September 23 and only 1.2 per cent below last year's coverage," the MPC minutes said.

The production of kharif foodgrains as per first advance estimates (FAE) was 3.9 per cent below last year's fourth advance estimates (only 0.4 per cent below last year's FAE), the minutes added further.

Activity in industry and services sectors remains in expansion, especially the latter, as reflected in purchasing managers indices (PMIs) and other high frequency indicators. The index of industrial production growth, however, slowed to 2.4 per cent (y-o-y) in July, it was discussed during the meeting.

"On the demand side, urban consumption is being lifted by discretionary spending ahead of the festival season and rural demand is gradually improving," the minutes said.

Investment demand is also gaining traction, as reflected in rising imports and domestic production of capital goods, steel consumption and cement production, it concluded.

--IANS
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Chennai, Oct 14 (IANS) The issue of a worker's union getting affiliated to an outside organisation and the company management not recognising the same led to an agitation in India Yamaha Motor's plant near here on Thursday, a trade union official said.

Around 350 workers belonging to the India Yamaha Motor Thozhilalar Sangam (IYMTS), affiliated to the Centre of Indian Trade Unions (CITU), are on strike, demanding that the management hold wage talks with their union, Sudhanthiram (Independent) India Yamaha Motor Thozhilalar (workers) Sangam (SIYMS) President U. Velmurugan told IANS.

"We have negotiated the wage settlement and were on the verge of inking the deal when the strike cropped up," Velmurugan said.

He said as per the talks, the India Yamaha Motor has agreed to offer a wage hike of Rs 25,000/three years and several welfare measures.

"Our wages are getting at par with other two-wheeler makers," Velmurugan added.

According to him, in 2018, the IYMTS was formed and affiliated to the CITU. The management refused to recognise the union on the ground that it was affiliated to an outside organisation.

"Later at the talks with the state government officials, the CITU agreed to move out and the IYMTS became an independent union," Velmurugan said.

In 2019, the IYMTS under Velmurugan's leadership had inked a three year wage agreement.

"About 350 workers wanted the union to be affiliated to the CITU and demanded the management to hold talks with it. The management refused to hold talks with a CITU affiliated worker's union. We recently formed another union - SIYMS - having majority membership," Velmurugan said.

He said the India Yamaha Motor has 1,095 permanent workers. Including temporary and casual workers, the total number of workers on three shift basis will be about 4,500.

"About 350 workers are on a sit-in strike from Tuesday. Production at the plant is on with the help of other workers - permanent, temporary and casual," Velmurugan said.

He said the plant rolls out about 1,600 vehicles - majorly scooters - per day.

India Yamaha Motor management declined to comment while CITU officials were not reachable.

--IANS
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San Francisco, Oct 14 (IANS) Tech giant Google has announced to add new features to the Play Store for better listing of apps next year.

The company showcased the upcoming changes at its annual developer conference I/O earlier this year.

"Your Play Store listing is the best way to help prospective users understand the functionality and value of your app", the company said in a blog post.

There will be new changes on large screens like tablets, foldables, and Chromebooks. The improvements will help users to find the best apps for their devices.

The company is also redesigning the Play Store for large screens using the screenshots, videos and descriptions directly in Apps and Games Home.

The target of the content-forward approach is to better represent the apps in the store and help users to make install decisions, the company said.

On Chromebooks, users can browse the Play Store and examine screenshots of the app on a tablet or a phone. Now the company introduced the option to post Chromebook-specific screenshots in Play Console.

It allows up to 8 screenshots and will mostly be visible on the Play Store for Chromebooks. Both the listing page for the app and the Play homepages will display these screenshots.

The screenshots in 16:9 ratio for landscape with dimensions of 1080-7690px are recommended, the company said.

--IANS
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