BUSINESS
US Fed's inflation measure hits nearly 40-yr high
The personal consumption expenditure (PCE) price index, the Fed's preferred inflation measure, jumped 5.8 per cent in December from a year ago, the fastest annual pace since mid-1982, the Commerce Department announced on Friday. The so-called core PCE price index that strips out volatile food and energy prices, rose 4.9 per cent from a year ago, the fastest annual pace since September 1983.
US labour costs rise at fastest pace in 2 decades
The Employment Cost Index (ECI), a quarterly measure of wages and benefits paid by employers, rose 1 per cent last quarter after increasing 1.3 per cent in the previous quarter, Xinhua news agency reported citing the Labour Department as saying on Friday.
Compared with a year earlier, the ECI rose 4 per cent, the biggest one-year gain in data going back to 2001.
Kotak Mahindra Bank's standalone Q3FY22 YoY net profit up 15%
During the same period of FY21, the bank had reported a standalone net profit of Rs 1,854 crore. Besides, Net Interest Income (NII) for Q3FY22 increased to Rs 4,334 crore, from Rs 3,876 crore in Q3FY21, up 12 per cent.
Piramal Group mulls to challenge NCLAT order on DHFL in SC
Piramal said in the case of one of the appeals, which was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to its benefit, the NCLAT has ordered it to be re-considered by the Committee of Creditors (CoC).
SBI gets requisite approvals for setting up 'bad bank'
Accordingly, both the companies are ready to commence their business. In her Budget speech last year, Finance Minister Nirmala Sitharaman had announced the setting up of a 'bad bank', including an asset reconstruction company and asset management company, to take over the existing stressed debt of banks. Notably, a total of 38 accounts aggregating Rs 82,845 crore have been identified for transfer to NARCL. However, the transfer will happen in a phased manner.
India's forex reserves fall by $678 mn
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.155 billion to $569.582 billion. The SDR value fell by $68 million to $19.152 billion and the country's reserve position with the IMF declined by $22 million to $5.216 billion.
However, the value of the country's gold reserves increased by $567 million to $40.337 billion.
RIL-ACRE seeks CCI nod to buy Sintex Industries under insolvency proceedings
According to a report, RIL and ACRE have made bid to acquire Sintex Industries which is under insolvency proceedings. The report said that an approval from CCI is required before the resolution plan can receive the lenders' nod. At present, RIL, ARES Capital-backed ACRE, Welspun Group company Easygo Textiles, Trident, Himatsingka Ventures and GHFC have shown interest in Sintex Industries.
Gold demand globally rises 10% in 2021, ETF holdings fall
The total demand for the yellow metal was at 4,021 tonnes, excluding the "over the counter" figures. "Demand for gold in the consumer-driven jewellery and technology sectors recovered throughout the year in line with economic growth and sentiment, while central bank buying also far outpaced that of 2020. Investment demand was mixed in an environment of opposing forces: high inflation competed with rising yields for investors' attention," the council added.
V Anantha Nageswaran named new Chief Economic Advisor
Prior to this, Nageswaran has worked as a writer, author, teacher and consultant. He has taught at several business schools and institutes of management in India and in Singapore and has published extensively. He was also a part-time member of the Economic Advisory Council to the Prime Minister of India from 2019 to 2021. He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University.
CBI probes after CBDT complaint of fraudulent income tax refunds of Rs 263 crore
In the complaint to the CBI, Munish Gupta, Additional Director General (Vigilance), CBDT said that Tanaji Mandal Adhikari and Bhushan Anant Patil have entered into a criminal conspiracy and intentionally and fraudulently managed to give credits for taxes deducted at source. Adhikari has contrived and criminally conspired with other persons to get issued refunds exceeding Rs 263 crore fraudulently which were deposited in the bank account of proprietary concern of Patil located at Panvel, Mumbai.
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