BUSINESS
Oil prices rise amid drop in US inventories
The West Texas Intermediate for February delivery added $1.64, or 2.3 per cent, to settle at $72.76 a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 1.31 dollars, or 1.8 per cent, to close at 75.29 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
India becomes top 3rd country to host unicorns, overtakes UK
According to the report released by the Hurun Research Institute, it is revealed that India has 54 unicorns whereas the UK has 39 unicorns. The USA and China with 487 and 301 such companies, hold first and second spot respectively. India has elevated from fourth place. Last year the USA stood at first with 233, China at second with 227 , UK at third with 24, India at fourth with 21 and South Korea at fifth with 11.
CBI arrests 11 in Rs 60,000 Cr Pearls Ponzi scam
"Chander Bhushan Dhillon, Prem Seth, Manmohan Kamal Mahajan, Mohanlal Sehajpal, Kanwaljit Singh Toor are the employees of the Pearls Group who have been placed under arrest. Apart from them we arrested Delhi, Chandigarh and Kolkata-based businessmen Praveen Kumar Agarwal, Mannoj Kumar Jain, Akash Agarwal, Anil Kumar Khemka, Subhash Agarwal and Rajesh," said a CBI official.
UP to set up drone manufacturing units
Drones are now being used in various sectors such as agriculture, disaster management, health, maintenance of law and order, among others. Chief Minister Yogi Adityanath has said, "Considering the importance of 'drones' in various fields including disaster relief, agriculture, maintenance of law and order, a concrete action plan should be prepared to establish a drone manufacturing unit in the state."
Amazon seeks Delhi HC relief on ED investigation
Amazon is challenging the ED investigation as it pertains to transactions that have no foreign exchange element, the ED is conducting a fishing and roving investigation and subjecting the petitioners to proceedings without any "legal basis/jurisdiction" and causing unnecessary harassment despite full co-operation by the petitioners. The writ is to direct the respondents to forthwith withdraw and/or cancel the directive dated February 19, 2021 and all and any investigation/inquiry/summons or proceedings commenced by the ED
Cabinet approves higher MSP for copra for 2022 season
The MSP for fair average quality (FAQ) of milling copra has been increased to Rs 10,590 per quintal for 2022 season from Rs 10,335 per quintal in 2021 and the MSP for ball copra has been increased to Rs 11,000 per quintal for 2022 season from Rs 10,600 per quintal in 2021. This is to ensure a return of 51.85 per cent for milling copra and 57.73 per cent for ball copra over the pan India weighted average cost of production.
Spices production increased 7.9% annually since 2014-15
"Among the major spices, Cumin (14.8 per cent), Garlic (14.7 per cent), Ginger (7.5 per cent), Fennel (6.8 per cent), Coriander (6.2 per cent), Fenugreek (5.8 per cent), Red chilli (4.2 per cent) and Turmeric (1.3 per cent), showed significant growth rate in production," according to the statistical compilation in a book 'Spices Statistics at a Glance 2021'. Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar, released the book -- a compendium of all the spices statistics like, area, production, productivity, export, import, price and value of output of various spices produced in the country -- on Tuesday.
RBI to the rescue: Sizeable intervention seen to arrest rupee fall
The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit. However, the decline might trigger again on the back of continuous selling by FIIs in the secondary market. Lately, growing cautiousness over a US Fed's tapering measures as well as scare around the Omicron variant of the Covid-19 impacted investors sentiments.
Centre cuts over 25,000 compliances for 'Ease of Living', 'Ease of Doing Business'
Addressing the session, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said India's compliance systems for citizens must be based on the basis of trust, while calling for a focus on initiatives which can reduce the compliance burden to provide timely delivery of services.
China denies reports of $313bn bank notes printed without authorisation
Officials from the Currency Gold and Silver Bureau of the People's Bank of China (PBC) said that the printing and issuing of renminbi has strict working procedures and technical standards, and the PBC has been carrying out relevant work in accordance with laws and regulations, Global Times reported. The bank strongly condemned the rumour-mongering and has reported the case to the public security organ.
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