BUSINESS
India's foreign exchange reserves rise to $588.78 billion
As per the data, India's foreign currency assets, the biggest component of the forex reserves, rose by $4.99 billion to $519.48 billion.
During the week ending April 21, the country's foreign exchange reserves had fallen by $2.164 billion to $584.248 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion.
US regional bank shares rally in pre-market trade
PacWest shares are up 9 per cent in pre-market, a small recovery after tumbling 46 per cent on Thursday, while Western Alliance have gained 12.7 per cent after a 38 per cent tumble and First Horizon, which lost 33 per cent, are up 7 per cent, The Guardian reported.
Indian art market makes turnover of $144.3 mn in FY 2023: Report
The 'State of the Indian Art Market Report FY23' by Grant Thornton Bharat and Indian Art Investor, shows there is a 9 per cent rise in turnover and a 6 per cent rise in the number of works sold from the previous year, making FY23 the most successful year for Indian art at auction. "Art has always been a lucrative investment among high-net-worth individuals (HNIs) for diversifying wealth and creating value. Today, the pool of investors looking to include fine art in their investment strategies is widening," said Pallavi Bhakru
iPhone sales set new March quarter record at $51.3 bn: Tim Cook
According to him, iPhone 14 Pro users continue to rave about the most powerful camera system ever in an iPhone. "This March, we were excited to expand emergency SOS via satellite to six new countries, bringing this important safety feature to even more users. We now offer this vital service in 12 countries, and I'm grateful for every note I've received from around the world about the life saving impact of our safety features," Cook told analysts during the company's Q2 2023 earnings call late on Thursday.
ICRA downgrades ratings of Shapoorji Pallonji
The downgrade in the ratings of Shapoorji Pallonji and Company Private Limited (SPCPL) factors in the delay in securing the requisite working capital limits, which has impacted the engineering, procurement and construction (EPC) operations in FY2023, resulting in modest profitability and muted debt coverage metrics compared to ICRA's earlier estimates.
Shakti Bhog Foods CMD arrested for fraud
According to sources, Kumar has been arrested by the Economic Offences Wing (EOW) of Delhi Police. "Kumar and other accused directors of the company had issued post-dated cheques of Rs 10 crore to the complainant in the case against the purchase of raw materials from him," said a senior police officer. As per the police, all the cheques bounced as they were issued by the company which was already under liquidation and its account was already frozen.
Govt asks edible oil industry to pass on benefits of reduced prices to consumers
In a meeting with stakeholders, Food Secretary Sanjeev Chopra said that consumers should get the benefit of reduced prices as fall in prices of edible oils in international markets is gradually being reflected in the domestic markets as well. The stakeholders were advised to take up the issue with their members immediately and ensure that the MRP of each oil brand be reduced in line with the decline in the international prices of edible oils with immediate effect.
Another US regional bank First Horizon's stock tumbles after merger collapses
First Horizon is a regional lender in the southeast United States and would have helped Canada's TD expand south of the border. But regional banks have been losing the confidence of investors and customers since the March collapse of Silicon Valley Bank and Signature Bank.
Tata Electronics to become a key Apple player after Wistron's iPhone plant acquisition
The move will only give a fillip to the government's local manufacturing dream, at a time when iPhone exports from the country surged to cross $5 billion (over Rs 40,000 crore) in FY23. Wistron's factory in Karnataka, that employs about 12,000 people, constitutes a major chunk of its business in the country.
Passengers left in lurch in Jaipur after cancellation of Go First flights
On Tuesday, the airline had said that it has filed for insolvency resolution as it can no longer continue to meet its financial obligations, blaming US company Pratt & Whitney's "faulty engines" for grounding of 50 per cent of its fleet. According to the Jaipur airport administration, the airline had given a letter announcing suspension of flight operations from the airport from May 3 to May 5, which it extended to May 9 on Thursday.
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