A Fed promised a tougher line on inflation, saying the central bank would lead in its fight. This further fueled recession concerns among investors. Traders in India will also keep an eye on the earnings report.
Netflix’s Hastings steps down as CEO; Peters named co-head
Netflix Inc. Co-founder Reed Hastings is stepping down as the company’s chief executive officer for Ted Sarandos and Greg Peters, his two longtime colleagues of more than two decades.
Sarandos, already co-CEO, is the company’s public face in Hollywood, while Peters, previously chief operating officer, oversaw its product development and push into advertising. Hastings, 62, will serve as the company’s executive chairman.
“Our board has been discussing succession planning for many years (even founders need to evolve!), “the board and I believe it is my The time is right to complete the succession.
Netflix ended the year in a great way. The company added 7.66 million customers in the final quarter of 2022, easily surpassing Wall Street analysts’ average estimate of 4.5 million. Revenue, $7.85 billion, was in line with estimates. Although earnings of 12 cents per share fell significantly from the same period a year ago, the company anticipates its profit margin and free cash flow will improve in the coming year.
Netflix jumped nearly 6% in after-hours trading following the announcement. Shares of Paramount Global, The Walt Disney Company and Warner Bros. Discovery were also trading lower in the late hours. (Bloomberg)
Microeconomic stability is strengthening as inflation comes under control: RBI
The Reserve Bank of India (RBI) in its January monthly bulletin said that the country’s economic outlook is optimistic and the rate of inflation is also falling around the tolerance limit, strengthening macroeconomic stability. The central bank pointed to narrowing current account deficit (CAD) and said emerging markets appear more resilient.
An article in the RBI bulletin said that the year 2023 is bringing bigger risks than the previous year stemming from the monetary policy of the United States and the US dollar. ,read more,
Adani Enterprises to list all its businesses in 2026-29
Billionaire Gautam Adani’s flagship Adani Enterprises Limited, which is preparing to raise 20,000 crore through a follow-on public offer, expects all its business verticals across roads, airports and industries to achieve the scale of independent listing between 2026 and 2029.
Adani Enterprises is the incubation platform of the group, which has demerged the businesses of ports, transmission, renewables and city gas distribution into separate listed entities.
“Once a business meets three tests – the ability to independently execute business plans; stable capital structure; and organizational capability, which means the business has the ability to execute the projects it undertakes and can operate the assets in a world-class manner- this potentially becomes available to the demerger,” said Jugeshinder Singh, Chief Financial Officer, Adani Group said at a press conference on Thursday.(read more,
Air India’s mega jet deal with Airbus, Boeing stalled by engine-cost debate
Air India Ltd’s order for more than 500 aircraft from Airbus SE and Boeing Co is being held up by a standoff with the engine makers powering the 737 Max, one of the largest single purchases in civil aviation. history.
CFM International, the General Electric Co. and Safran SA joint venture, has been reluctant to offer the big discounts on engines and maintenance that typically accompany mega orders, according to people familiar with the talks. Air India will pay for the repairs at the standoff center at hourly rates, said one of the people, asking not to be identified because the deliberations are private. ,read more,
Vedanta to sell Zinc International assets to Hindustan Zinc for USD 2,981 million
Anil Agarwal-promoted Vedanta on Thursday said it will sell Zinc International Assets to Hindustan Zinc for $2981 million.
Vedanta’s board has approved the sale of Zinc International assets held by THL Zinc Ventures Limited (Mauritius) (THLZV), a direct wholly owned subsidiary of the metals and mining major.
Through THL Zinc Limited (Mauritius), the assets of THLZV, consisting of shares of Black Mountain Mining Pte Ltd, South Africa (69.6 percent) and THL Zinc Namibia Holdings (Pty) Limited (100 percent), Namibia, will be sold. Vedanta said in a filing that the wholly owned subsidiary (SPV) of Hindustan Zinc Limited (HZL) will not exceed USD 2,981 million.
Vedanta holds 64.92 per cent of the equity share capital of HZL.
The proposed transaction will be subject to receipt of necessary regulatory approvals. (PTI)
Long wait for GST tribunals with council to clear proposals
Businesses may have to wait longer for speedy resolution of disputes related to Goods and Services Tax (GST) under the proposed Appellate Tribunals, as the Finance Bill 2023 is expected to omit key amendments required in this regard.
The plan to set up GST Appellate Tribunals (GSTAT) across the country lost a crucial opportunity with the federal tax body, the GST Council, not approving the proposals in its last meeting on December 17, a person said about Centre-state discussions. informed in , ,read more,
Buy or Sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher recommends two stocks to buy today, here we list important details regarding the stocks that traded on those days:
1]Jubilant Food: Buy 510, target 535 stop loss 500; And
2]UPL: Buy on 747, target 773, stop loss 738. (read more,
Sun Pharma to acquire US firm Concert for $576 million
Sun Pharmaceutical Industries Ltd agreed to buy Concert Pharmaceuticals Inc for $576 million to gain access to the US company’s experimental drugs to treat skin diseases including patchy hair loss.
Concert Pharmaceuticals has an extensive patent portfolio, which includes its lead product candidate, daurxolitinib, a late-stage drug for the treatment of alopecia areata, an autoimmune dermatologic disease that results in patchy hair loss.
The deal will help strengthen Sun Pharma’s dermatology product range in the US. The company said its immediate focus is on submitting a new drug application to the US Food and Drug Administration (FDA) in the first half of 2023. ,read more,
US Wall Street weakened on Thursday as recession fears weighed on the market
Wall Street’s losses deepened on Thursday as concerns that the US could be headed for a painful recession kept stock traders in a selling mood.
The S&P 500 and Dow Jones Industrial Average each fell 0.8%, their third straight declines. The Nasdaq Composite lost 1%.
Every major index is on course for weekly losses after starting the market with a two-week rally. Analysts expect the broader market to remain volatile as investors try to get a clearer picture of inflation and the path forward for the economy.
“It’s very much a reflection of the conflicting views of investors on where things are going here in early 2023,” said Greg Basuk, CEO of AXS Investments.
Reports showed weakness in several sectors of the economy, including the housing industry and manufacturing in the Mid-Atlantic region, although they were not as bad as expected and the job market appears to be healthy. They follow worse readings than expected the day before on retail sales, a cornerstone of the economy, and industrial production.
The “weak economic data” has little edge to investors, said Ross Mayfield, investment strategist at Baird, questioning how much consumer resilience is left in the tank.
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