BUSINESS
Covid Causality: Ford, M&M joint auto venture called off
In a late-night message to the Bombay Stock Exchange (early January 1) Mahindra and Mahindra said, “ The Company and Ford have mutually and amicably determined that they will not further pursue their Joint Venture plan.”
Pandemic-hit 2020 record investor wealth growth by Rs 32 Lakh crores
The Covid-19 outbreak has affected the lives and livelihood of people globally, which had shattered businesses and shaken the world equities. Yet, moving towards the end of the year the Indian Indices raised hopes of returning to its track. The BSE benchmark saw ruthless selling and massive buying in the year 2020, as the Sensex recorded 15.7 per cent high gains.
India's eight core industries' production loses steam, down 2.6% in November
The Index of Eight Core Industries' reading in November showed a contraction greater than that of (-) 0.9 per cent registered in October. Though not comparable, on a YoY basis, the growth rate stood at 0.7 per cent in November 2019.
India's April-November fiscal deficit at over 135% of budgeted target
As per the Controller General of Accounts (CGA) data released on Thursday, the fiscal deficit during the corresponding months of the previous fiscal was 114.8 per cent of that year's target. The Central government's total expenditure stood at Rs 19.06 lakh crore (62.7 per cent of BE) while total receipts were Rs 8.30 lakh crore (37 per cent of BE).
Chinese regulators have stripped Jack Ma off $11 billion in 2 month
The 56-year-old former teacher reached a peak of $61.7 billion net worth this year and was well on his way to regaining the wealthiest person of Asia title. But since the crackdown, his personal wealth has fallen down to $50.9 billion and he has seen himself slip to 25th position on the Bloomberg Billionaires Index, a list of the world's 500 richest people.
Bitcoin reaches all-time high record after surging to $28,600 mark
The broad bull run in the cryptocurrency market and PayPal’s approval of Bitcoin has expanded the possibility of its usage, surging the demand of the cryptocurrency. The world's most popular cryptocurrency was last up 6.94 per cent at $28,119. Bitcoin has witnessed an exponential surge by almost half since crossing the $20,000 mark for the first time on December 16.
China's GDP growth rate down to 6% after manufacturing output reduces
China’s nominal GDP was 98.7 trillion yuan in 2019. The largest change was witnessed in the manufacturing sector with value-added output reducing by 503.8 billion yuan from an earlier estimate. The other sectors with large change include finance, transportation and construction sectors, according to the latest estimates.
Share markets all set for best year since 2017 as Nifty rise by 15%
The NSE nifty 50 indexes rose by 0.06 per cent at 13,99195 by 0444 GMT and the S&p BSE Sensex was 0.07 per cent higher at 47,784.31. Nifty rose for the seventh straight session and is about to hit it's highest of 13,997.85.
Boeing 737 MAX makes a return to the US skies
After two horrifying crashes that killed hundreds of passengers, the plane was grounded worldwide leading the airplane manufacturer into a crisis. Because the MAX was Boeing's top selling aircraft, after it was barred from skies, the company plunged into losses and struggled through two years, worsened by the Covid-19 hit pandemic.
ICEA urges for GST and import duty cuts, PLI for laptops
In its recommendations for the upcoming Union Budget, the industry body has also sought production-linked incentive (PLI) schemes for manufacture of laptops, tablets, printed circuit board assembly (PCBA), and wearables. ICEA Chairman Pankaj Mohindroo is of the view that imports are no longer a threat and duty of 20 per cent can be brought down since large-scale manufacturing is well on the way and the Indian industry can face competition.
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