BUSINESS
US economy grows at annualised 6.9% in Q4
"In the fourth quarter, Covid-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country," the Department's Bureau of Economic Analysis (BEA) said in a report on Thursday. "Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off."
South Korea calls for swift revision of Trump-era steel tariffs
In 2018, the US waived the tariffs on South Korean steel products, but it was in return for a yearly import quota of 2.63 million tonnes of steel, or 70 per cent of Seoul's average steel products export volume over the past three years, reports Yonhap News agency. South Korean Trade Minister Yeo Han-koo made the request to US Trade Representative Katherine Tai during in a bilateral meeting held in Washington on Thursday.
Google acquires 1.28% stake in Airtel, invests up to $1 bn
The $700 million equity investment in Bharti Airtel is at a price per share of Rs 734, while $300 million will go towards investments in scaling Airtel's offerings that cover a range of devices to consumers. "With our future-ready network, digital platforms, last-mile distribution and payments ecosystem, we look forward to working closely with Google to increase the depth and breadth of India's digital ecosystem," said Sunil Bharti Mittal, Chairman of Bharti Airtel.
Indian equities rebound sharply; Sensex, Nifty rise 1%
On Thursday, the sharp losses were because the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy. The Federal Open Market Committee kept its policy interest rate "near-zero" and stated its expectation that an increase in this rate would "soon be appropriate". At 10.36 a.m., Sensex traded at 57,888 points, up 1.1 percent or 611 points from the previous close of 57,276 points. It opened at 57,795 points.
Indus Towers' Q3FY22 net profit rises 16%
The consolidated profit after tax of the company rose to Rs 1,571 crore during the quarter under review from Rs 1,360 crore reported for the correponding period of the previous fiscal. Besides, the company's consolidated revenue for the quarter rose by 3 per cent YoY to Rs 6,927 crore from Rs 6,736 crore for Q3FY21.
FM Sitharaman to present Union Budget in paperless form
The Budget will also be available on a bilingual mobile app after it is tabled in the Parliament to provide easy access to all the stakeholders. The app will allow complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement, Demand for Grants, and Finance Bill, among others. Last year, the Union Budget was delivered in a paperless form for the first time.
FM Sitharaman to present Union Budget in paperless form
The Budget will also be available on a bilingual mobile app after it is tabled in the Parliament to provide easy access to all the stakeholders. The app will allow complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement, Demand for Grants, and Finance Bill, among others. Last year, the Union Budget was delivered in a paperless form for the first time.
SEBI amends norms for winding up of Mutual Fund schemes
Now, the trustees will have to give notice within one day, disclosing the circumstances leading to the winding up of the scheme to the regulator as well as two daily newspapers having pan-India circulation, a SEBI notification said. The move comes after the Supreme Court in July last year, in context of the winding-up of Franklin Templeton Mutual Fund's six debt schemes
'Time to look ahead, journey starts now': Tata Group Chairman tells AI staff
In a communication to the employees, Chandrasekaran said: "Now is the time to look ahead." The communication to Air India employees came on a day when Tata Group subsidiary, Talace Private Limited, formally took over the managerial control of the airline. "I, like many others, have enjoyed reflecting on stories from the airline's brilliant past. My first flight was with Air India in December 1986, and I will never forget how special it felt to be onboard, or the exhilaration as we soared into the sky," the letter read.
Indigo, SpiceJet shares decline on soaring global crude oil prices
Prices of Aviation Turbine Fuel (ATF) typically take cues from benchmark crude oil for price discovery. According to reports, earlier in the month, ATF price was hiked by Rs 2,039.63 per kilolitre, or 2.75 per cent, to Rs 76,062.04 per kilolitre in Delhi. Global crude oil prices are currently at around a seven-year high.
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