Parliamentary panel finds govt’s economic stimulus package “inadequate”
A Parliamentary panel report has found the stimulus package announced by the government for the revival of the pandemic-hit economy to be “inadequate”.
The Parliamentary Standing Committee on Industry curated the report on the impact of the COVID-19 pandemic on micro, small and medium enterprises (MSME) sector and noted that the second wave of COVID-19 infections has more vigorously ripped the economy as compared to the first wave.
The Parliamentary panel has recommended that the government should immediately devise a larger economic package aimed at bolstering demand, investment, exports, and employment generation to revive the economy, especially MSMEs, PTI had reported.
Microsoft quarterly revenue rises fuelled by cloud growth
Microsoft reported its most profitable quarter on Tuesday with its revenue and earnings for the June ending quarter beating analyst estimates, driven by growth in its cloud business.
The company’s overall revenue surged 21% to $46.2 billion in the June ending quarter of 2021, compared to the previous year. The revenue surpassed analysts’ consensus by about $2 billion, according to IBES data from Refinitiv.
Microsoft’s net income was $16.5 billion, up 47% year over year. It reported earnings of $2.17 per share, above the consensus estimate of $1.92, a Reuters report noted.
The company’s revenue in Intelligent Cloud segment increased 30% to $17.4 billion year-on-year, while revenue in productivity and business processes, which includes office products, rose 25% to $14.7 billion year over year.
Gold prices rise driven by weaker dollar, stocks
Gold prices rose on Wednesday driven by weaker equity stocks and a subdued dollar ahead of the U.S. Federal Reserve’s report on inflation and economic growth.
Fed’s policy announcement is due later in the day. Investors are likely to look for cues on when the central bank will begin to taper its monetary support amid rising prices and the looming threat from new coronavirus variants, Reuters had reported.
Investors rush to exit China’s health sector expecting regulatory crackdown
Investors are rushing to exit China’s health sector this week, expecting the country’s regulators to clamp down on the medical industry following the scrutiny on the tech and education sectors.
China introduced new rules to private tutoring firms on Monday, triggering a massive sell-off in education sector shares.
Medical expenses are one of the key areas of living costs seen as Beijing’s targets for social change, heightening expectations that authorities will make healthcare their next focus for market reforms, Reuters had reported.
M&M to adopt solar plant to generate 100 million units of power annually
Automaker Mahindra & Mahindra (M&M) said on Wednesday it will adopt a 58 MWp captive solar plant that is expected to generate nearly 100 million units of power annually…
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