The world of business is constantly evolving, with new developments and updates coming in every day. Stay informed and up-to-date with the latest business news, stock market updates, and more. Today, on August 14, 2024, we bring you a roundup of the most significant stories shaping the business landscape.
In China, the world’s top steel producer, a ‘severe’ industry crisis is looming. The property downturn and weaker factory activity have ravaged domestic steel demand, leading to prices plunging to multiyear lows and mills incurring losses. This development has significant implications for the global steel market and the broader economy.
On the technology front, Apple’s production and export growth in India have been highlighted as the fastest of any company in the last 50 years. The tech giant exported iPhones worth about ₹1.35 lakh crore in 2023-24 to various regions, showcasing the company’s strong presence and impact on the Indian market.
In the automotive sector, domestic passenger vehicle wholesales have dipped by 2.5% in July, reflecting a moderation in demand after a period of high-paced growth. This trend underscores the challenges and adjustments that the industry is currently facing.
Meanwhile, Ola Electric Mobility has reported widened losses amounting to ₹347 crore in the first quarter of 2024-25. Despite delivering a record number of vehicles during this period, the company is grappling with financial challenges that are worth monitoring in the coming months.
In the fintech space, Razorpay has been featured on the prestigious ‘Forbes Cloud 100 2024’ list, making it the only Indian company to achieve this recognition. With a significant workforce and substantial funding, Razorpay’s inclusion highlights its innovative approach and success in the industry.
Shifting gears to the tech realm, Google has unveiled the new Pixel 9 series, featuring advanced features such as Gemini AI, Tensor G4 chip, enhanced camera capabilities, and SOS functionalities. These cutting-edge technologies showcase Google’s commitment to delivering top-notch products to consumers.
In the e-commerce sector, Swiggy has launched Swiggy UPI, a new payment feature that reduces the number of payment steps from five to just one. This streamlined process aims to enhance user experience and efficiency in online transactions.
Furthermore, a report has revealed that CEOs and MDs at Nifty 50 companies have seen a significant increase in earnings, with one in five executives earning over ₹50 crore in the last fiscal year. This trend reflects the evolving landscape of executive compensation in the corporate world.
In the luxury car market, iconic vehicles such as the Moss/Fangio Mercedes W196 and Ferrari 250 LM are set to be auctioned at Sotheby’s by the Indianapolis Motor Speedway Museum. These classic cars hold historical significance and are expected to attract high bids from collectors and enthusiasts.
On the legal front, the Supreme Court has stayed an NCLAT order that set aside an insolvency case against Byju’s, signaling a legal battle that could have far-reaching implications for the education technology sector.
These are just a few of the many stories shaping the business world today. Stay tuned for more updates and insights as we continue to bring you the latest news and highlights from the dynamic realm of business.
