Treasure Department published monthly budget report on Thursday. This year a 0.1% increase is reported from last year. This full-year's deficit is forecasted to be much higher than 2015.
Country
US oil, natural gas drilling dropped lowest since 1940
The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets
ICICI Bank Ltd. Funds Increased as World Asset Management Inc. and Other Hedge Funds Added Stakes
World Asset Management Inc increased its stakes in ICICI Bank Ltd thus increasing the bank’s fund. The bank will now have sufficient funds to lend to eligible borrowers who want to have their own business and houses.
India's Former Famous Smartphone, Micromax Now Scrabbles
Micromax has been the popular smartphone company in India but with the introduction of other cheaper smartphones from other companies, Micromax is now struggling to keep pace with its competitors. It is now seeking partnership for expansion to produce television and tablets outside its home country.
LIC invests ₹2,750 crore in shares of nine state-owned banks
Life Insurance Corporation has invested in nine state-owned banks. The Indian-based insurance group has invested around ₹2,750 crore in shares of nine banks in order to strengthen their capital reserve.
Latest News
Silicon Valley Bank report shows 59% of UK start-up heads chose to be acquired rather than seek IPOs. Many UK executives consider hiring labours to be more challenging than other business issues.
Up to now, there are not many parenting tech companies and products available while the market is growing. Winnie and Grow Parenting, built by Fisher-Price and Shakira are among the promising apps in that sector.
Product management tool provider Propel has closed $4.2 million series A investment. Cloud Apps Capital Partners participated in the A series investment round for Propel.
Taco Bell launched its $1 breakfast menu nationwide aiming to surpass McDonald's "McPick 2". Taco Bell customers can order 10 food items for a dollar each including several additions.
Westlands Water District agreed to pay a fine of $125K to SEC for misguiding investors in Enron accounting transactions. While, Thomas Birmingham and Dave Ciapponi will pay $50K and $20K respectively.
China has decided to implement its stringent anti-pollution efforts despite slowing down of economy. China is propelling up economy growth without compromising on environment protection.
Optimizely, a San Francisco-based cloud-based startup, is slashing its workforce by 10 percent across all the departments. Based on recent round of finance, Otpimizely was valued at $585 million. Since its inception in 2009, Optimizely has raised over $146 million investments including $58 million round in 2015.
Ford introduced a new technology that makes its police cars doors able to hold powerful rifles strikes. It was the first police cars doors to be passed by the Justice Department to provide level IV protection.
South Africa's output in the manufacturing and mining sector might not be a good sign to start the year right. More mining sites stopped their operations creating illegal mining. The president should do something as investors are skeptical on how he handles the country's economic situation.
