Snap Appoints India Head, Announces Revamp in Growth Push

Sankalp Phartiyal

Wed, August 23, 2023, 3:07 PM GMT+9·1 min read

(Bloomberg) -- Coming soon: Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.

Recommended Stories

Barrons.com
How to Trade an Uncertain China: Buy Qualcomm Stock, Sell Tesla
It’s unclear whether the nation’s central bank will take more aggressive action to boost its economy.
5h ago
Bloomberg
Global Banks’ Currency Desks Take 15% Hit on Volatility Slump
(Bloomberg) -- A slump in market volatility has hit currency trading desks, squeezing banks’ margins, denting revenue and undermining the recovery from a plunge during the Covid-19 pandemic.Most Read from BloombergMusk Told Pentagon He Spoke to Putin Directly, New Yorker SaysBorrowers With $39 Billion in Student Loans Finally See ReliefStocks Fail to Catch a Bid Before Nvidia’s Results: Markets WrapGoldman Is Cracking Down on Employees That Aren't in Office Five Days a WeekForeign-exchange tradi
22h ago
Reuters
Exclusive-China's Xiaomi wins state planner nod to make EVs amid glut in autos
Xiaomi Corp has won the approval of China's state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker's goal of producing cars by early next year. The National Development and Reform Commission (NDRC), which regulates new investments and production capacity in China's auto industry, gave the nod for EV manufacturing to Beijing-based Xiaomi earlier this month, said the people. Xiaomi's venture is only the fourth since end-2017 to win NDRC approval.
5h ago
CoinDesk
Indian Crypto Exchange CoinDCX Is Cutting 12% of Jobs as Bear Market, Taxes Take Their Toll
The number of employees losing their jobs is 71 out of some 590.
1d ago
Reuters
Japan's factory activity shrinks at slower pace in Aug - PMI
Japan's factory activity shrank for a third straight month in August amid higher oil prices and uncertainty over the global economic outlook, although the pace of decline slowed, a private sector survey showed on Wednesday. The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) edged up to a seasonally adjusted 49.7 in August from 49.6 in July. Output and new orders in the manufacturing sector shrank for a third straight month in August but at a slower pace than the previous month.
11h ago
Reuters
Analysis-UK's handling of Microsoft deal sows doubts over post-Brexit direction
The long-running battle between Microsoft and Britain over the Activision Blizzard deal took another twist on Tuesday, raising more questions than answers about the country's approach to deals in the post-Brexit era. Britain's Competition and Markets Authority (CMA) has been locked in a dispute with the U.S. software giant over its $69 billion bid to buy the "Call of Duty" maker since it opposed the takeover in April. It had said in July, just minutes after the U.S. regulator failed in its own effort to stop the takeover in court, that it was willing to look again at the case when Microsoft returned with a "detailed and complex" proposal.
5h ago
Reuters
Pakistan rupee drops to record low as import restrictions ease
Pakistan's rupee closed at a record low of 299 rupees against the dollar in the interbank market on Tuesday following an easing in import restrictions that has lifted demand for the dollar, central bank data showed. Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.
1d ago
Reuters
Cryptoassets increase risk in developing economies, study says
Cryptoassets, peddled as the future of finance, have not only failed to deliver on their promise but are themselves adding to financial risks in developing economies, according to a paper from the Bank for International Settlements. "Cryptoassets hold out the illusory appeal of being a simple and quick solution for financial challenges" especially in emerging markets, but "have so far not reduced but rather amplified the financial risks in less developed economies," the BIS report showed. The report looks at what would happen if crypto and traditional financial markets become more integrated in the future, with a focus on possible financial stability risks as cryptoassets "should be assessed from a risk and regulatory perspective like all other assets."
17h ago
Reuters
Goldman Sachs sees India IT growth pick up in medium-term; initiates coverage
The Wall Street bank forecast a 9%-10% revenue growth from 2025, saying the market could be under-appreciating the sector's upside, even though near-term revenue is likely to remain "muted". "Indian IT services companies have doubled their market share in the last 10 years," analysts at Goldman Sachs led by Manish Adukia wrote in a note dated Tuesday. They also note that historical data suggests periods of economic slowdown have been followed by elevated growth for Indian IT services companies, driven by increased enterprise outsourcing and pent-up demand.
5h ago
Zacks
SNAP Expands Generative AI Capabilities With Dreams Feature
SNAP is broadening its presence in the realm of generative artificial intelligence through the introduction of Dreams.
21h ago
AP Finance
Putin was meant to be at a summit in South Africa this week. Why was he asked to stay away?
Vladimir Putin will be the odd one out when leaders from the BRICS economic bloc of Brazil, Russia, India, China and South Africa meet in Johannesburg this week. While all the others are set to attend the meetings in person, Putin will dial in on a video call. An International Criminal Court arrest warrant issued for the Russian president put summit host South Africa in a sticky situation and ultimately resulted in Putin staying at home.
2d ago