The US House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote. The Stop Harboring Iranian Petroleum (SHIP) bill, which passed 342-69, would impose measures on foreign ports and refineries that process petroleum exported from Iran in violation of US sanctions. US lawmakers are debating several pieces of legislation to pressure Iran after the October 7 attacks on Israel by Hamas that killed at least 1,400 people, mostly civilians. Hamas has long been backed by Iran, but Tehran has denied any involvement in the attacks.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IS5PoU3
Oil prices fell on Friday as concerns over Middle East tensions eased and US jobs data suggested that the Federal Reserve may not raise interest rates further. Brent crude futures dropped 1.2% to $85.81 a barrel, while US West Texas Intermediate crude futures fell 1.3% to $81.42 a barrel. Both benchmarks were on track for weekly losses of over 5%. In addition, a private sector survey showed that China's services activity expanded at a slightly faster pace in October, but sales grew at the slowest rate in 10 months and employment stagnated.
After realising that government intervention of selling onion in retail market has made a better impact on cooling prices, the consumer affairs ministry will now sell higher quantities of onions at subsidised rate of Rs 25 a kg in the targeted cities from its buffer stock rather than releasing them in the wholesale market. Union consumer affairs secretary Rohit Kumar Singh told TOI on Thursday that they will offload around 1 lakh tonne of onions in the retail market during this month.
Christie's will auction off the largest internally flawless fancy vivid blue diamond, called "Bleu Royal," on November 7th in Geneva. The diamond, set in a ring, could sell for up to $50 million. In a separate online auction, Christie's will also offer a pearl necklace worn by Audrey Hepburn in the movie "Roman Holiday" and a Rolex wristwatch worn by Marlon Brando in "Apocalypse Now." The watch, engraved with Brando's signature, is valued at 1 to 2 million Swiss francs.
The online real-money gaming industry in India is expected to decline significantly after the government imposed a 28% tax on user collections, according to a report by Lumikai. However, the report predicts that the overall gaming industry will continue to grow at a compound annual growth rate of 20% between FY23 and FY28, reaching revenues of $7.5 billion. The growth will be driven by in-app purchases and ad revenues, rather than real-money gaming.
Coca-Cola India's consolidated profit for FY2022-23 increased by 57.15% to Rs 722.44 crore, while revenue from operations jumped 45% to Rs 4,521.31 crore. Expenses on advertising and sales promotion also rose by 52.05% to Rs 1,122.11 crore. The company attributed the growth to volume growth, price-mix, and an increase in sales, particularly in rural regions. Coca-Cola India has increased its marketing spending and focused on digital-first engagement with consumers.
Mark Mobius expressed his optimism about India's growth potential, stating that the benchmark Sensex could reach the 1,00,000 milestone in the next five years. He also highlighted India's promising economic growth prospects and the significant role played by a tech-savvy young population.