Tata Motors Price Rise | E-Rupee | Elon Musk tweet on recession | Tata Group IPO | Big Tech companies lay-off – Business News This Week
Check out the Top 5 Prime Business News this week in the NF World Latest News section below. This section covers the weekly summary of Economic, Stocks, Industry and Cryptocurrency related Business News.
Tata Motors plans to surge the prices of automobiles in 2023
The country’s third biggest carmaker, Tata Motors is expected to hike prices on its entire vehicle portfolio beginning in the new year.
Tata Motors is planning to hike passenger car pricing beginning next month in order to meet stricter emission rules that go into effect on April 1, 2023.
The increased prices, according to Shailesh Chandra, Tata Motors’ Managing Director for Passenger Vehicles and Electric Vehicles, should mitigate the effects of commodity costs, which have been high for most of the current year.
Tata Motors’ action results from the Government of India’s demand that all automobiles have onboard self-diagnostic equipment by April 1, 2023, to measure pollution levels while driving in real-time.
To keep an eye on emissions, the gadget will constantly check critical components for compliance with emission rules, such as the catalytic converter and oxygen sensors.
When the emissions exceed the restrictions, the system will notify the driver via warning lights that the vehicle must be serviced.
Reserve Bank of India has introduced an e-rupee
The Reserve Bank of India released the digital rupee on a trial basis this week. Initially, a small set of public and private banks in a few large cities will provide digital money, which may be used for both person-to-person and person-to-merchant transactions.
The digital rupee, often known as the e-rupee, is a digital currency issued by the Reserve Bank of India. It functions similarly to real cash in your wallet, except that the e-rupee is stored electronically in a digital wallet controlled by the RBI.
The RBI has designated the digital rupee as legal money, which means it must be recognised as a medium of exchange by everyone in the country.
It is not, however, the same as having a bank deposit. Unlike deposits, which earn interest, the central bank does not pay interest on digital rupees in your wallet. Bank deposits can be converted into digital rupees and vice versa.
Elon Musk tweeted that US Federal Reserve Rate Rise will amplify the recession
Elon Musk, CEO of Twitter, stated that the next US Federal Reserve rate rise will exacerbate the recession.
“If the Fed raises rates again next week, the recession will be greatly amplified,” he tweeted.
Several individuals responded to Musk’s article with their comments. While one person stated that, No one appears to be recognising that the amount of power centralised exclusively in Elon’s hands is worrying. And another stated, That’s true, but if the Fed doesn’t hike rates, inflation will be substantially amplified, which will eventually magnify the #recession even more.
Musk stated last month that the US economy was on the verge of a devastating recession and that the Federal Reserve should cease raising interest rates.
Musk stated last week that the Federal Reserve of the United States must decrease interest rates soon because a major recession is imminent.
Tata Group is planning to create new IPOs
In the midst of all the speculation about IPOs for Tata Play and Tata Technologies, the Tata Group, which has 29 publicly traded enterprises with a combined market capitalisation of $314 billion (Rs 23.4 trillion) as of December 31, 2021, maybe quietly planning a very different IPO.
The Indian electronic sector is expected to expand to $300 billion by 2025, a portion of which Tata Group will seek to capture through Tata Electronics Pvt Ltd. (TEPL).
This greenfield enterprise, founded in 2020, specialises in the production of precision electronic components and has a manufacturing plant in the Krishnagiri region of Tamil Nadu.
Tata Electronics has recently received attention because Tata Sons Chairman Natarajan Chandrasekaran confirmed the company’s ambitions to enter the semiconductor market, which is expected to generate $1 trillion in revenue globally by 2030.
To begin, Tata Electronics intends to establish an Outsourced Semiconductor Assembly and Test (OSAT). This procedure, also known as assembly, testing, marking, and packaging (ATMP), is critical in semiconductor production since no chip may be utilised in a product until it has been packaged and tested. In addition, the group engaged Raja Manickam as CEO of Tata Electronics OSAT India.
Big Tech companies are announcing lay-offs
Big Tech organisations throughout the world are experiencing one of the most difficult difficulties in recent memory, as macroeconomic headwinds persist, causing advertisers to tighten their purse strings, skyrocketing inflation, a worldwide logistics supply shortfall, and slower-than-expected economic growth.
Most of these companies have either stopped new recruiting or announced significant employment cuts in order to stay afloat and continue on their road to profitability. Google and Meta have announced the most major layoffs of any Big Tech company, with 10,000 and 11,000 employees, respectively.
However, Amazon has repeatedly disputed the layoffs, even claiming that some of the terminations were voluntary.
Amazon began laying off staff last month in an effort to cut costs, raise operating margins, and increase profits amid the tech winter and worries of an imminent recession.
In November, Facebook-parent Meta announced the layoff of 11,000 employees, or just more than a tenth of its worldwide staff, becoming the second large news of employment layoffs by a global social media business after Twitter.