BUSINESS
SpiceJet settles all disputes with DHC; all legal proceedings stayed
The DHC reportedly moved a Delhi court against the SpiceJet, seeking payments in connection with Q400 aircraft that was not paid. The manufacturer has now apparently stopped production of the aircraft. "The parties have agreed to settle all their disputes under and related to the aircraft purchase agreement and component solution agreement, subject to compliance with the terms of settlement," SpiceJet said on Wednesday.
Equities decline for fourth consecutive session on Wednesday
At 9.30 a.m., the S&P BSE Sensex traded at 57,857 points, down 0.4 per cent. It opened at 58,122 points from the previous close of 58,117 points. Till now it touched a low of 57,872 points.
Leena Nair named CEO of French luxury group Chanel
In a rare move for the tightly-controlled fashion house, picking the consumer goods veteran to run one of the world's biggest luxury groups sends a positive and inclusive message, setting the pace in an industry reeling under pressure to show a more inclusive and accepting approach. "I am so inspired by what Chanel stands for. It is a company that believes in the freedom of creation, in cultivating human potential and in acting to have a positive impact in the world," Nair tweeted.
India rejects WTO Panel's findings on its sugar policies
"India has initiated all measures necessary to protect its interest and (decided to) file an appeal at the WTO against the report, to protect the interests of its farmers," a statement from the Ministry of Commerce and Industry said. At the WTO in 2019, Australia, Brazil, and Guatemala had challenged some of India's policy measures in the sugar sector. "They had wrongly claimed that domestic support provided by India to sugarcane producers is in excess of the limit allowed by the WTO and that India provides prohibited export subsidies to sugar mills," the release said.
Finance Minister to hold first pre-Budget meet with farm sector
The Union Budget for FY23 is slated to be tabled in the Parliament on February 1, 2022. "Finance Minister Smt. Nirmala Sitharaman will start her Pre-Budget consultations with different stakeholder Groups from tomorrow, 15th December 2021 in New Delhi in connection with the forthcoming General Budget 2022-23," Ministry of Finance posted on Twitter.
Omicron cases in China threaten its manufacturing hubs
Less than 24 hours after North China's Tianjin reported the Chinese mainland's first case of an imported infection of the Omicron coronavirus variant on Monday night, Guangzhou, capital of South China's Guangdong Province, reported a new imported case infected with the Omicron strain on Tuesday. While the sporadic outbreaks are affecting major manufacturing hubs and ports such as Shaoxing and Ningbo, two cities in Zhejiang, Dongguan.
India's Nov merchandise exports up over 27% YoY
Exports during November 2020 stood at $23.62 billion. The data by the Ministry of Commerce and Industry showed that in comparison to November 2019, last month's exports rose by 16.55 per cent. "Non-petroleum and non-gems and jewellery exports in November 2021 were $23.68 billion, registering a positive growth of 22.26 per cent over non-petroleum and non-gems and jewellery exports of $19.37 billion in November 2020," it said.
Bankers strike call for 16-17 Dec stands: AIBEA
He said the adjourned conciliation meeting called by the Additional Chief Labour Commissioner was held on Tuesday between the bank unions, Indian Banks Association (IBA) and the Government in Delhi. The Government representatives and IBA could not give any assurance on deferring the introduction of the Bill in Parliament. "Hence the strike on December 16-17 stands. The conciliation meeting was adjourned for Wednesday," Venkatachalam said.
Amazon may expand its grocery delivery business: Report
The company has spent much of the last year trialling a product known internally as Amazon Fresh Marketplace, Engadget reported on Tuesday, citing The Information. The service allows UK Prime subscribers to order groceries from two major supermarket brands, with same-day delivery fulfilled by the company's Flex drivers. "In 2022, Amazon reportedly plans to bring the service to the US and the majority of Europe," the report said.
Equities settle negative as auto, financial services stocks slump
The indices traded lower all throughout the session on Tuesday. The decline was primarily led by auto, financial services, realty stocks, among others. Lately, Indian equities have witnessed a continued sell-off by overseas investors.
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