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IMF Warns Middle East Economies Falling Short of Growth Projections

The IsraelGaza war and a reduction in oil output were the main reasons the Middle East economy was not growing at the rate predicted by the Internatio

The IsraelGaza war and a reduction in oil output were the main reasons the Middle East economy was not growing at the rate predicted by the International Monetary Fund IMF on Sunday. Speaking at the Arab Fiscal Forum in Dubai, IMF Managing Director Kristalina Georgieva emphasised how resilient the world economy is despite uncertainty. She did, however, issue a warning about possible broader effects on the local economy due to the ongoing violence in Gaza. The Middle East and North Africa regions GDP growth was downgraded by the IMF to 2.9% this year, with partial blame placed on the fighting in Gaza and the reduction in oil output. Georgieva also underlined the difficulties nations face in economic recovery from past shocks. Read More..

B2B Tech News | 2 months ago        

Man Industries India Ltd. Bags Orders Worth ₹525 Crore, Boosts Unexecuted Order Book to ₹1,600 Crore

Without revealing the names of the companies involved, Man Industries declared on February 12 that it had received fresh orders totalling ₹525 crore

Without revealing the names of the companies involved, Man Industries declared on February 12 that it had received fresh orders totalling ₹525 crores for the delivery of different pipes. The contracts, which might come from local or foreign companies, should be finished in six to seven months, increasing the companys backlog of unfulfilled orders to almost ₹1,600 crore. This confirms trust in the businesss technological prowess and operational effectiveness. In addition, Kandla Customs awarded Man Industries a certificate of recognition for being the top exporter in FY24. In line with potential in the hydrogen industry, it received an order for 400 crore last month and started manufacturing pipes for hydrogen transportation. The managing director, Nikhil Mansukhani, highlighted the companys ability to produce up to 5 lakh tonnes yearly with no capital outlay. The inventory rose nearly 5% in morning trade on the news. Read More..

B2B Tech News | 2 months ago        

ANZ Group Achieves Robust Performance in First Quarter, Shares Hit 22Month Peak

Due to strong results in its institutional divisions markets business, Australias ANZ Group said that its firstquarter group revenue was in line with

Due to strong results in its institutional divisions markets business, Australias ANZ Group said that its firstquarter group revenue was in line with the quarterly average of the first half of fiscal 2023. As a result, shares surged to A$27.93, the highest level in 22 months. Strong demand for institutional banking services, which produced a record yearly profit the year before, was blamed for the spike. The ANZ Group emphasised the rise in lending driven by client deposits in Australian retail and consumer franchises, even in the face of a slight decline in the overall benchmark index. The bank added A$8 billion in consumer deposits across its retail and commercial businesses in Australia, but institutional deposits declined. At the end of December 2023, the standard equity tier 1 ratio, however, marginally declined to 13.1%. Read More..

B2B Tech News | 2 months ago        

AstraZeneca Shares Slide Despite Strong 2023 Financials

AstraZeneca posted strong financial results for 2023, including $45.8 billion in revenue and a gross profit of more than $37.5 billion. Still, its sha

AstraZeneca posted strong financial results for 2023, including $45.8 billion in revenue and a gross profit of more than $37.5 billion. Still, its shares fell by about 4% on the London Stock Exchange. The corporation made a point of highlighting how much of its sales came from cancer medications. Investors, however, did not appear thrilled, maybe due to the company missing fourthquarter profit estimates explained by higher research expenditures and lower margin sales in emerging regions. Although there is hope for cancer and rare illness treatments, AstraZeneca has to maintain growth in the face of shifting market conditions. Furthermore, the companys foray into developing obesity drugs complements its strategic efforts with the decline in demand for its COVID19 vaccination. Pascal Soriot, the CEO, is nevertheless upbeat about the potential for future development. Read More..

B2B Tech News | 2 months ago        

India Nears Historic Free Trade Agreement with European Free Trade Association

India and the European Free Trade Association EFTA, comprised of Switzerland, Norway, Iceland, and Liechtenstein, are finalising a historic free trade

India and the European Free Trade Association EFTA, comprised of Switzerland, Norway, Iceland, and Liechtenstein, are finalising a historic free trade agreement FTA. Following sixteen years of discussions, this agreement provides improved market access in exchange for a substantial investment in India that might total up to $100 billion over fifteen years. Investment assurances are included, but once final negotiations occur, it is clear if they will be binding. The agreement intends to stimulate private sector investments and increase bilateral commerce, particularly with Switzerland, which might create over a million jobs. Indias pursuit of several trade agreements, such as those with the UK, EU, and Australia, highlights the need for strategic economic diversification in the face of shifting global supply chains away from China. Read More..

B2B Tech News | 2 months ago        

U.S. Pledges Additional Funding to Enhance Metal Exports from Central Africa

The United States commits further finance to the Lobito Corridor, enabling Zambia and other countries in Central Africas Copperbelt to export copper.

The United States commits further finance to the Lobito Corridor, enabling Zambia and other countries in Central Africas Copperbelt to export copper. Amos Hochstein, the US energy ambassador, emphasises how crucial it is to avoid South Africas logistical roadblocks for exports of copper and cobalt, which are essential to the energy revolution. With plans for additional investment, a group led by Trafigura, MotaEngil, and Vecturis SA was able to acquire a 30year railway services concession. Hochstein said that $250 million will be allocated for the Angola phase, and he expects a comparable amount for the Zambia phase. The project, supported by over $1 billion raised with partners including the Africa Finance Corporation, intends to have operational rail by 2028. Read More..

B2B Tech News | 2 months ago        

Zomato Hits New 52Week High as Q3FY24 Net Profit Soars 283%

In the wake of Zomato Ltd.s impressive results in the quarter ended December 2023, the companys shares shot up to a new 52week high of Rs 151.45. The

In the wake of Zomato Ltd.s impressive results in the quarter ended December 2023, the companys shares shot up to a new 52week high of Rs 151.45. The companys net profit increased by an astounding 283% from quarter to quarter, from Rs 36 crore to Rs 138 crore during the same time last year. Because of Zomatos remarkable rise in operating revenue, positive adjusted EBITDA, and substantial success in its quickcommerce subsidiary, Blinkit, most analysts are optimistic about its future. Jefferies continues to recommend the company as a "buy," estimating that over the following years, delivery revenue would expand at a compound annual growth rate of 25% to 30%. Kotak Institutional Equities highlights Zomatos rising margins and steady growth trajectory to support its optimistic outlook. Read More..

B2B Tech News | 2 months ago        

LICs Standalone Net Profit Surges 49% in Q3FY24, Shares Soar Over 6%

After LIC announced a 49% yearoveryear increase in standalone net profit for Q3FY24, hitting Rs 9,444 crore, the companys shares shot up more than 6%.

After LIC announced a 49% yearoveryear increase in standalone net profit for Q3FY24, hitting Rs 9,444 crore, the companys shares shot up more than 6%. LIC is now the fourth most valuable domestic listed firm, with a market valuation of about Rs 7.43 lakh crore, thanks to this development. From the stocks March 2023 52week low, it has increased by about 120%. Additionally, LIC announced an interim dividend of Rs 4 per share, the first since the companys May 2022 Dalal Street launch. Important growth indicators were new business value and Annual Premium Equivalent APE. In contrast, GNPA declined, and the solvency ratio increased. AUM increased 11.98% YoY to Rs. 49.66 lakh crore. Read More..

B2B Tech News | 2 months ago        



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