BUSINESS
Sitharaman congratulates Ajay Banga on becoming World Bank president
Union Finance Minister Nirmala Sitharaman on Thursday congratulated Ajay Banga, the former Indian-American head of Mastercard, on becoming the World Bank president. Banga, who was selected as the new World Bank president on Wednesday, had most recently served as vice chairman at General Atlantic.
Asian investors sue Switzerland over Credit Suisse collapse
In March, Swiss authorities forced Credit Suisse to merge with larger rival UBS amid fears it could collapse, the BBC reported. The move rendered worthless $17 billion of bonds held by investors. Investors know that in dire circumstances this type of debt can be written down to zero, which is exactly what happened when UBS was told.
BluSmart Mobility raises $42 mn to boost its EV operations in India
The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team. With an all-electric ride-hailing fleet size of 3,500 EVs currently operating.
Kamala Harris to meet Google, Microsoft, OpenAI CEOs to discuss AI risks
The White House said that Harris in a "frank discussion" on Thursday will emphasise upon the need for safeguards to make AI ethical and trustworthy, reports CNBC. She will be joined by senior members of the Joe Biden administration, including Gina Raimondo, Commerce Secretary; Jeff Zients, President Joe Biden's chief of staff.
NCLT to hear Go First's insolvency plea on Thursday
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. Go First had also announced suspension of all its flight operations from May 3 to May 5. Its CEO Kaushik Khona had confirmed on Tuesday that the airline has filed an application for voluntary insolvency resolution proceedings before the NCLT.
US Federal hikes interest rate by 0.25 percentage point, 10th in 14 months
The Fed also signalled that Wednesday's hike may be its last one for now, BBC reported. The rate hikes have sharply raised borrowing costs across the world's largest economy, spurring a slowdown in sectors such as housing and playing a role in the recent failures of three US banks, the report said. The moves have pushed the target range for its benchmark rate to 5 per cent to 5.25 per cent, up from near zero in March 2022, the highest level since 2007, BBC reported.
Indian-origin Ajay Banga becomes 14th President of World Bank
Banga was the nominee of President Joe Biden of the US, which has chosen every World Bank President in an unwritten agreement with Europe since 1944, according to which Europe gets to select the President of the International Monetary Fund (IMF), leaving the World Bank top job for the US.
Go First passengers create ruckus at Patna airport over suspension of flights
Go First operates five daily flights to Delhi, Mumbai and Bengaluru from the Patna airport, which were all cancelled on Wednesday. Besides Patna, the airline also operates daily flights to Delhi, Bengaluru and Mumbai from the Ranchi airport which were also cancelled on Wednesday, and the flights will remain suspended till May 5.
Infra, investment, innovation & inclusivity key elements for long-term growth: Sitharaman
She said this while participating in the 'Governors' Seminar: Policies to Support Asia's Rebound', which was held as part of the 56th Asian Development Bank annual meeting in Incheon, South Korea. Sitharaman stated that protection of vulnerable sections has been India's prime focus as the government has charted its course towards recovery from the Covid-19 pandemic.
Achieving net zero target by 2070 would need reduction in energy intensity: RBI report
It further said that India's green financing requirement is estimated to be at least 2.5 per cent of GDP annually till 2030, adding that a balanced policy intervention with progress ensured across all policy levers, will enable India to achieve its green transition targets by 2030, thus making the net zero goal by 2070 attainable.
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