BUSINESS
Promote shady crypto investment and you can be held liable: US court
The ruling by the 11th Circuit Court of Appeals in the US has come in a 2018 case where some investors filed a class-action lawsuit against open-source cryptocurrency BitConnect and its promoters for running a Ponzi scheme and persuading them to invest for high returns. BitConnect's promoters told its victims that if they handed over their Bitcoin for a period of time, their crypto would be used by an automated trading bot that would return huge profits.
India's industrial activity expected to gather pace: Crisil Research
India's industrial activity is expected to gather pace in the coming months owing to a gradual pick-up in consumption as well as investment demand. Besides, the slowdown in on-year IIP growth to 0.4 per cent in December, from 1.3 per cent in November, reflected weaker manufacturing activity which, at 77.6 per cent, is the largest component of IIP.
Not running harassment campaign against Musk: US SEC tells court
In a letter submitted to a federal judge on Friday, the SEC said that it is not running any harassment campaign against Must or Tesla, reports CNBC. Earlier in a letter sent on behalf of Musk and Tesla to the court, his attorney Alex Spiro suggested the SEC had been ignoring their duty to remit that $40 million to Tesla shareholders.
Indian refineries' profitability dependent on cost recovery
Notably, oil marketing companies have not increased retail prices of petrol and diesel since November 2021. However, the trend might change as high Crude oil prices have kept prices of key refinery-based products elevated in Q4FY22. At present, the Brent-indexed Crude oil is priced over $91 per barrel. Consequently, the Q3FY22 GRMs for Indian refining companies averaged at $9.4 per barrel Ain line with Singapore GRMs.
CPI inflation likely peaked out; expected to moderate in February
India's consumer price indexed inflation is expected to moderate in February 2022 from the levels in January, said Motilal Oswal Financial Services. Notably, high commodities cost especially of transport fuel prices triggered a wider inflationary trend in January 2022. As a result, India's main inflation gauge -- Consumer Price Index (CPI) -- which denotes retail inflation surged on a sequential as well as year-on-year basis.
Re-opening of offices, institutions to boost two-wheeler sales
Accordingly, the sequential improvement is expected to sustain in February 2022, supported by a gradual easing of the supply-side constraints, re-opening of offices and colleges, as well as relaxation in travel restrictions and the measures announced in the FY23 Union Budget.
Russia's GDP up 4.7% in 2021
The GDP increase was linked to "a revival of production, which was accompanied by an increase in demand for the services of banks and insurance companies", "rising global energy prices", and an increase in prices of residential real estate in the secondary market, reports Xinhua news agency.
Gems, jewellery industry converted Covid crisis into opportunity: Piyush Goyal
Union Commerce Minister Piyush Goyal said on Friday that the Indian gems and jewellery industry has converted the Covid crisis into an opportunity. Goyal was speaking at a virtual event organised by the Gem and Jewellery Export Promotion Council (GJEPC). Goyal assured that the government will continue to support the industry's vision in driving this sector to "new heights".
Mysterious Himalayan 'yogi' had been flagged in NSE co-location scam probe
These include information on organisational structure, dividend scenario, financial results, human resource policy and related issues, response to regulator etc., shared with an unknown person by addressing her correspondence to the email id, during the period 2014 to 2016. NSE in its letter dated July 6, 2018 had drawn reference to the forensic investigation report of E&Y wherein E&Y upon examination of the matter concluded that the said person was Anand Subramanian.
Drawing less than Rs 15 lakh in 2013, Subramanian started getting Rs 4.21 cr in 2016 in NSE
Subramanian was offered to join NSE in the role of Chief Strategic Advisor with effect from April 1, 2013. At that material point of time he was VP L&RSTS, a subsidiary of Balmer & Lawrie. His last drawn compensation was less than Rs 15 lakh per annum. The only person who interviewed Anand Subramanian for his appointment was Chitra Ramkrishna. There are no notings in the personnel file of Anand Subramanian in relation to his interview, an internal report found.
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