BUSINESS
Quantitative tightening by top central banks will suck out $2 tn in liquidity
Since inflation hit its highest level in a generation last year, central banks have embarked on the quest -- unprecedented in scale -- of shrinking their bloated balance sheets by selling securities or letting them mature and disappear from their books, CNN reported. "Quantitative tightening," or QT, by top central banks will suck.
US debt ceiling talks hampered by serious differences
The Republican House of Representatives Speaker Kevin McCarthy said negotiations at the Capitol were back on, but the White House warned of "serious differences", reports the BBC. Republicans had suspended talks hours earlier, accusing the White House of "unreasonable" requests. Without a deal, the US could.
Stocks of Chinese companies have lost $540 billion in value
Investors trimmed their exposure to China amid economic uncertainty in the country, rising geopolitical tensions and Beijing's crackdown on international consulting firms. The Nasdaq Golden Dragon China Index has lost more than 5 per cent since April 18. Hong Kong's Hang Seng Index has also shed 5 per cent.
10 Rs 2,000 notes can be exchanged per account holder at a time: RBI
The central bank has also said the ATMs/Cash Recylers to be reconfigured accordingly. It said banks may exchange Rs 2,000 banknotes up to a limit of Rs 20,000 (10 notes per account holder) at a time from an account holder so that the inconvenience to the public is minimised. The facility for exchange of Rs 2,000 banknotes.
Withdrawal of Rs 2,000 notes a blessing in disguise for banks
However, the RBI's decision is a blessing in disguise for the banks and ATM players as the number of transactions will go up which in turn is good for them. The city based FSS manages about 30,000 ATMs of different banks.The ATMs were not giving out Rs 2,000 denomination notes for the past one year.
Exploring with home services segment, up against 'formidable' Urban Company: Zomato
Blinkit Founder and CEO Albinder Dhindsa said in the company's Q2 FY23 shareholders' letter that at Zomato, "we run multiple small experiments to find ways in which local economies can benefit from technology, which makes products and services more accessible for customers" and "home services is one such experiment".
RBI to withdraw Rs 2,000 currency notes; to continue as legal tender
In a statement, the RBI said: "The 2,000-denomination banknote was introduced in November 2016 primarily to meet the currency requirements of the economy in an expeditious manner after the withdrawal of legal tender status of all 500 and 1,000 banknotes in circulation at that time.
Zomato narrows net loss to Rs 188 cr in Q4, revenue up 70% YoY
The company reported consolidated revenue at Rs 2,056 crore, a 70 per cent jump from Rs 1,211.8 crore in the year-ago period. In FY23, Zomato's loss went down to Rs 971 crore from Rs 1,209 crore a year ago as revenue increased around 70 per cent to Rs 7,079 crore.
RBI may cancel license of ARCS after Income Tax report
RBI had earlier sent show cause notices to a few asset reconstruction companies (ARCs), seeking answers on why their licenses should not be cancelled, as per media reports. RBI is contemplating cancelling the licenses of four Asset Reconstruction Companies (ARCs) namely, Omkara Asset Reconstruction Pvt Ltd, Rare Asset Reconstruction Pvt Ltd, CFM Asset Reconstruction Pvt Ltd, and Invent ARC Pvt Ltd.
No evident pattern of manipulative contribution to price rise: SC panel on Adani-Hindenburg row
The committee said Sebi has also found that some entities have taken short positions prior to the publication of the Hindenburg report and have profited from squaring off their positions after the price crashed upon publication of the report.
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