BUSINESS
Indian chairperson, CEO or MD must for insurance Cos with FDI
Government has notified the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021 that makes appointment of resident Indian citizen mandatory, at least one amongst the chairperson, managing director or Chief Executive Officer. The new rules, which will also apply to existing insurers with FDI, also said that foreign investors' direct and indirect investments will be counted as prescribed under regulations.
Europe approves SK hynix's acquisition of Intel's NAND biz
SK hynix said late on Friday that it received unconditional clearance from the European Commission for its takeover of Intel's non-volatile memory unit. Last October, SK hynix signed a deal to buy Intel's NAND business for $9 billion, which includes the US firm's solid state drive business and a NAND flash chip plant in Dalian, China.
Realty recovery face challenges amid 2nd Covid wave
Sales and construction in the sector have come to a near halt. Developers and experts have sought relief amid these tough times including additional liquidity support. Axis Ecorp CEO & Director Aditya Kushwaha said: "Just when recovery was in sight, the second wave has derailed the growth momentum for the real estate industry.
India's forex reserves rise by $563 mn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $590.028 billion from $589.465 billion reported for the week ended May 7. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF)
Nadella explains how Microsoft will deal with hybrid work paradox
As some countries open and others like India and Brazil face their worst pandemic days, Nadella said that every organisation's approach will need to be different to meet the unique needs of their people. "According to our research, the vast majority of employees say they want more flexible remote work options, but at the same time also say they want more in-person collaboration, post-pandemic. This is the hybrid work paradox," Nadella said in a blog post.
Stimulus hopes, healthy results push equities higher; banking stocks rise
Accordingly, both the key indices opened on a positive note and maintained their gains. Globally, stocks steadied on Friday after a volatile week, taking their lead from a stronger Wall Street as US data moderated inflation fears, while the dollar approached three-month lows on reduced bets of early Federal Reserve rate hikes. On the domestic front, banking stocks were the main gainers followed by telecom, power and realty.
Flipkart's kirana partners see 30% rise in average monthly delivery income
According to insights by Flipkart, the average monthly delivery incomes for kirana partners in the south grew the most, followed by east, west and north. Among the top cities, kirana partners from Hyderabad saw the highest growth followed by those from Ahmedabad, Mumbai, Bengaluru and Pune.
Petrol price inches closer to century mark in Mumbai
Continuing with fuel price hike momentum maintained this month, the Oil marketing companies (OMCs) raised the pump prices of petrol and diesel again on Friday across the country. The price of petrol increased by 17-19 paisa per litre while the diesel price increased by 28-30 paisa per litre across metro cities of the country.
EU, US working to settle aircraft dispute by July 11
Dombrovskis said at a press conference on Thursday that the deadline was "realistic" and that he was confident that an agreement will be reached, reports Xinhua news agency. We had intensive and broad discussions on this topic with US Trade Representative Katherine Tai last week and also during today's video conference she confirmed this timeline so we are working to reach this agreement by July 11," Dombrovskis said.
RBI to transfer Rs 99,122 cr as surplus to Centre
"With the change in the Reserve Bank's accounting year to April-March (earlier July-June), the Board discussed the working of the Reserve Bank of India during the transition period of nine months (July 2020-March 2021) and approved the Annual Report and Accounts of the Reserve Bank for the transition period," the RBI said in a statement.
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