BUSINESS
El Salvador becomes 1st country to make Bitcoin a legal tender
The Central American country is now the first country in the world to make Bitcoin legal tender. "The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History!," tweeted Bukele. Bukele on June 5 announced the move in a pre-recorded message played at the Bitcoin 2021 conference in Miami, Florida, during a presentation hosted by Jack Mallers, founder digital wallet company Strike.
Morgan Stanley 1st to top Institutional Investor's All-Asia Research Rankings for 7 years
It is the first company in the 28-year history of the Asia survey to achieve the top position for seven years in a row. The survey ranks the region's most highly regarded sell-side analysts by polling 3,800 buy-side investment professionals at more than 1,200 institutions. For 2021, Morgan Stanley's Asia Research teams ranked in all 36 available categories, with 17 teams ranked #1, 8 teams ranked #2, and 6 teams on #3.
Banking stocks power markets to rise; global cues positive
Accordingly, India's benchmark indices had a gap-up opening and continued to maintain their gains. In terms of sector specific basis, the top gainers were the BSE banking, pharma, energy and realty indices. At 12.20 p.m., the S&P BSE Sensex traded at 52,417.06 points, higher by 141.49 points, or 0.27 per cent, from its previous close.
Stock Talk: Top Banking Companies on Sensex Today
The Indian banking system consists of 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks and 96,000 rural cooperative banks in addition to cooperative credit institutions.
European firms increasing investment in China after Covid
The proportion of European companies planning to expand China operations in 2021 jumped to nearly 60 per cent from 51 per cent last year, as per the report on Tuesday, citing a survey by the European Chamber of Commerce. About half of the 585 surveyed respondents reported higher profit margins in China than their global average, while the proportion was 38 per cent last year, Xinhua reported.
Covid, high tax burden to slowdown consumption recovery: Ind-Ra
Accordingly, the rating agency said that with no relief in sight on the tax front, households are facing a double whammy. "On the one hand, they (households) are struggling with job losses or salary cuts and on the other, they are facing stepped-up health expenditure due to the impact of Covid-19 pandemic. The challenge, in Ind-Ra's view, therefore is emerging on the demand side," the ratings agency said.
NCLT okays Vedanta Group firm's bid for Videocon Industries
The Committee of Creditors of Videocon had approved the plan last year with 95.09 per cent votes. The plan was then filed with the NCLT for its approval on December 15, 2020. "NCLT has pronounced the order on June 8, 2021, approving the resolution plan for the consolidated corporate debtors, including the company, under Section 31 of the Code (Approval Order)," Videocon Industries said in a regulatory filing.
Infosys regrets glitches on ITR e-filing portal, working on resolution: Nilekani
In a tweet, Nilekani also said that the system is expected to stabilise during the week. "The new e-filing portal will ease the filing process and enhance end user experience. @nsitharaman ji, we have observed some technical issues on day one, and are working to resolve them. @Infosys regrets these initial glitches and expects the system to stabilise during the week," Nilekani said.
World Bank cuts India's growth forecast for FY22 to 8.3%
Its previous growth estimate for the fiscal was 10.1 per cent. "In South Asia, India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," said the World Bank's global outlook released on Tuesday. The global economy, on the other hand is set to expand 5.6 per cent in 2021, its strongest post-recession pace in 80 years.
Large steel makers gained market share last fiscal: Crisil
The improvement was driven by supply-chain efficiencies, higher exports, and captive mines that limited the impact of iron ore shortage. Their capacity share is expected to rise this fiscal after JSW's Dolvi plant expansion of 5.6 million tonne comes on stream, the report added.
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