BUSINESS
While most global equity markets are rising 5-20% in 2023, India is flat
Notably, the index was extremely volatile and swung around 776 points before closing 705 points higher. Nifty50 has been underperforming the emerging markets and the world indices in CY23YTD amid varied global macro headwinds viz., inflation, interest rates, and currency, the report said. While most of the global equity markets are rising.
Uber trips up 24% to 2.1 bn in Q1, sales grow 29% to $8.8 bn
According to Uber CEO Dara Khosrowshahi, the company significantly accelerated Q1 trip growth to 24 per cent from 19 per cent last quarter, with "mobility trip growth of 32 per cent as a result of improved earnings and consumer engagement". "Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023," he said during the company's quarterly earnings call late on Tuesday.
Air India pilots pulled up over license and documentation delays
The airline has sent out an email detailing the consequences of any delays in the renewal process, which include both disciplinary action and financial penalties. According to sources, the directive comes amidst concerns over the airline's safety standards, and aims to ensure that all pilots meet the necessary requirements for operating.
Go Airline has history of missing its financial obligations: Pratt & Whitney
"Go First has a lengthy history of missing its financial obligations to Pratt," a spokesperson for the aircraft engine supplier Pratt & Whitney responded to IANS list of questions. However, the official declined to elaborate further on its allegation against Go Airline. Pratt & Whitney is committed to the success of our airline customers.
History of India's private airlines dotted with high-profile take-off and crash landing
Well, the annals of the Indian private airline industry are dotted with many airways taking off and crash landing with some continuing to fly. The list of failed airlines in India is quite long - full service or low-cost - and the major reason was financial crunch due to various factors. Many of these airlines were promoted by well-known.
US bank shares nosedive
Shares of PacWest Bancorp tumbled about 22 per cent, paring back earlier losses. Western Alliance Bank fell about 16.3 per cent and New York Community Bancorp declined 6.6 per cent. The SPDR S&P Regional Banking ETF, which tracks a range of mid-sized banks, dropped about 7.3 per cent, CNN reported.
Chegg's stock tanks after ChatGPT warning, new threat for edtech firms
California-based Chegg reported a 7 per cent decline in revenue (year-on-year) at $187.6 million in the first quarter of 2023. Its subscribers dropped 5 per cent to 5.1 million. The news sent ripples through the education sector, with shares in London-listed Pearson falling over 8.7 per cent on Tuesday, Financial Times reported.
Jyotiraditya Scindia terms Go First airline issue as 'unfortunate'
"Go First has been faced with critical supply chain issues with regard to its engines. The government has been assisting the airline in every possible manner. The issue has also been taken up with the stakeholders involved. Yet, it is unfortunate that this operational bottleneck has dealt a blow to the airline's financial position," Scindia said while reacting to the development.
NTPC registers 148% coal production growth in April at 2.75 MMT
NTPC recorded 2.75 million metric tonnes (MMT) of coal production during April 2023 as compared to 1.11 MMT recorded during the year-ago period. India's largest power producer also achieved highest-ever monthly coal despatch of 2.95 MMT in April 2023, an increase of 140 per cent on coal despatch volumes of 1.23 MMT achieved during the year ago period.
Interest on bank deposits rising fast than on loans, to impact NIM: CARE Ratings
According to CARE Ratings report, the deposit rates are rising faster than lending rates and going forward it may impact the banks net interest margin (NIM). Further, the rates on fresh business have risen faster when compared to rates on outstanding business.
Don't Miss
Advertisement