*IBM, SAP SE to cut thousands of jobs globally amid tech layoffs*
IBM Corp and SAP SE have joined the list of global technology companies that are slashing thousands of jobs as their profits come under pressure from a slowing global economy. American tech giant IBM delivered an upbeat annual sales forecast on Wednesday while announcing that it would eliminate about 1.5 per cent of its global workforce. The reductions will amount to a “ballpark” figure of 3,900, Chief Financial Officer James Kavanaugh said in an interview. The cuts will focus on workers remaining after spinning off the Kyndryl and Watson Health units and will cost the company about $300 million, he said. IBM still expects to hire in the “higher-growth areas,” Kavanaugh said. IBM’s current headcount is 260,000, Kavanaugh said. That is about 22,000 lower than the figure disclosed for December 2021.
*Russian oil exports to India likely to hit new highs as interest grows*
India’s oil processors are open to buying even more Russian crude if the price is right, said refinery executives, potentially providing a bigger outlet for Moscow almost a year after its invasion of Ukraine. The South Asian nation increased Russian oil imports in 2022, ending the year with record monthly volumes as discounted barrels enticed buying. Executives said more cheap crude may be available to India from early next month, with a European Union ban on seaborne Russian fuel shipments possibly weighing on refining rates in the key OPEC+ producer. India and China have become a crucial destination for Russian oil after many others shunned shipments due to the war in Ukraine. Indian refiners are able to turn cheap Russian crude into fuels such as diesel and then sell to regions including Europe, boosting profit margins for processors. The impending EU sanctions are expected to ratchet up demand for fuels from Asia.
*Real estate sector backs proposed IBC rule change for defaults*
Homebuyers are likely to benefit from a government proposal to have individual project resolution in the real estate sector under the Insolvency and Bankruptcy Code (IBC) framework, experts said. “Under the proposed framework related to corporates that are promoters of real estate projects, insolvency provisions would be applicable to projects where default has been reported. Thus, there would be minimal disruption to other projects of the same company,” said Anshuman Magazine, chairman and chief executive officer (CEO), India, South East Asia, Middle East & Africa, CBRE, a real estate consultancy firm.
Gold – Rs 56857/10gm, Silver – Rs 67734/kg, Brcrude – Rs 6570/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 788/kg.
Adani group may sue Hindenburg for 'mischievous, mala fide' report.
Maruti Suzuki India's pending orders rise to around 405,000 units in Jan.
Axis Bank in talks to issue 10-year infra bonds, taps insurance firms.
SGX Nifty indicates positive start to Indian markets trading at 18013 levels up by 0.33% or 59.5 points.
Sector in focus – Banks, Infra, Real-Estate & Metals.