BUSINESS
Air India flight to San Francisco: Airline to refund ticket fare to all 216 passengers
"We will fully refund the fare for the journey and, in addition, provide a voucher for future travel to the passengers on Air India," senior airline executive Rajesh Dogra said, while apologising to the passangers in a letter. On Tuesday, Air India flight AI173, from Delhi to San Francisco, was forced to divert and make an emergency landing at Magadan airport due to a technical issue with one of its engines.
Hyundai, Kia sued over car thefts that went viral on TikTok in US
The US Attorney's Office for the Southern District of New York claimed in its lawsuit that the automakers were negligent in failing to include anti-theft devices in their vehicles, which would have made them much more difficult to steal, reports The Verge. The Wall Street Journal first reported the news.
Eurozone slips into recession after economy shrinks 0.1% in Jan-March
GDP across the Euro area shrank by 0.1 per cent in the first quarter of this year, downgraded from a previous estimate that the economy stagnated, The Guardian reported. This follows a 0.1 per cent contraction in GDP in the fourth quarter of last year, meaning the 20-nation economy has shrunk for two quarters in a row - the standard definition of a recession, the report said.
An expected status quo: Monetary Policy review June 2023
CPI projection has been brought down to reflect the undershoot versus previous expectations for the current quarter. As per our own current forecasts, there is scope for some downside surprise to RBI's revised CPI forecast for Q2 as well. However, given an evolving monsoon situation, RBI's conservatism may be understandable here.
Indian-American Ritu Kalra named Harvard's VP finance, CFO
Kalra currently serves as Harvard's assistant vice president of finance and treasury and special projects adviser. In her new role beginning July, she will oversee all aspects of financial management, including long-range planning, annual budgeting, endowment fund spending policy, treasury, and financial accounting and reporting.
RBI-MPC decides on internationalisation of Rupay cards, expanding scope of NPA resolution
Announcing the decisions of the MPC, RBI Governor Shaktikanta Das said the Rupay debit and credit cards are gaining increased acceptance abroad. He said the banks are now permitted to issue Rupay prepaid forex cards for Indians travelling abroad. Das said the Rupay prepaid forex cards will expand the payment options.
RBI-MPC won't cut repo rate anytime soon, not before US Federal Reserve: Experts
They were reacting to RBI's Monetary Policy Committee (MPC) to maintain status quo as regards to the repo rate -- that is 6.5 per cent. Amid a volatile global economic scenario and lingering risks to domestic inflation, it is prudent that the RBI has followed a wait-and-watch strategy," Rajani Sinha, Chief Economist, CARE Ratings, told IANS.
Analysts fear bear market rally on Wall Street could end up biting investors
But economists are warning investors to hold off on celebrating, at least for now. This could still be a bear market dressed in a bull's clothing, CNN reported. Markets have remained surprisingly resilient over the past nine months, as 2022 losers like tech and media have bounced back from a disastrous year on hope that the worst is over for.
RBI MPC retains repo rate at 6.5%
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent. Das said the MPC met on June 6th, 7th and 8th.
1 in every 7 cars sold now an EV, China's BYD dominate again
Global passenger EV sales in Q1 2023 rose 32 per cent YoY. Battery EVs (BEVs) accounted for 73 per cent of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest, according to Counterpoint Research. EV sales are expected to reach over 14.5 million units by the end of 2023. The US surpassed Germany to become.
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