BUSINESS
Interest rate in Pakistan hiked by 300 bps to 27-year high
The Monetary Policy Committee (MPC) - which was constituted as a statutory body under the State Bank of Pakistan Act - decided to increase the policy rate to its highest level since October 1996 in an attempt to "anchor inflation expectations as it is critical and warrants a strong policy response", Geo News reported.
India congratulates Ajay Banga on being nominated as World Bank president
"Banga brings with him unique and wide-ranging expertise in #financial and #technological sectors, rich experience in guiding large organisations that have invested and created jobs in #DevelopingEconomies, and in mobilising resources on a large scale," said another tweet.
CEAI urges RBI to stop routing domestic foreign currency deals via US banking system
"Currently the transaction fee is levied on US Dollars transactions within the country. Say a payment in US$ from Delhi to Hyderabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system.
China leading US in tech race: Report
China leads in 37 of 44 technologies tracked in a year-long project by thinktank the Australian Strategic Policy Institute. The fields include electric batteries, hypersonics and advanced radio-frequency communications such as 5G and 6G, the Guardian reported. The report said the US was the leader in just the remaining seven technologies such as vaccines, quantum computing and space launch systems.
Russian majority JV being L1 for Vande Bharat trains good for Indian industries, but questions remain
However, there are several questions that are being asked and remain unanswered. "The bid (Rs 120 crore per trainset for 200 trainsets Rs 24,000 crore) is aggressive, posing a great challenge so TMH (Transmashholding) will have to depend more on local manufacturing than stipulated, which is positive for Indian industries. European multinational manufacturers will not be able to align with a Russian company due to the war with Ukraine," Sudhanshu Mani.
US consumer tech firm Honeywell appoints Ashish Modi as India biz head
Modi, who has over 20 years of experience and worked at McKinsey & Co, will continue to retain his existing role as VP and GM for Honeywell Building Technology (HBT) India and Asia. "Modi will drive India's strategic priorities and continue to cultivate our diversified country portfolio with focus on our growth vectors, key accounts and partnerships," Ben Driggs, President and CEO, High Growth Regions, Honeywell.
Softbank offloads 3.8% stake in Delhivery for Rs 954 cr
The Japanese fund, going through a bad patch, had invested around $380 million (about Rs 3,100 crore) in Delhivery. According to data available at the Bombay Stock Exchange (BSE), SoftBank sold shares worth Rs 954 crore in Delhivery in a bulk deal at Rs 340 apiece. Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, Baillie Gifford Emerging Markets Equities Fund were among those who bought the shares.
Akasa Air completes 6 months of operations; flies over 1mn passengers
Six months into operations, the airline is operating more than 700 weekly flights across 14 domestic destinations including Mumbai, Bengaluru, Delhi, Chennai, Cochin, Ahmedabad, Guwahati, Agartala, Goa, Vizag, Pune, Lucknow, Hyderabad and Varanasi across 23 unique routes. With 36 daily flights from Bengaluru, Akasa Air is the third largest domestic carrier in the city.
Pakistani rupee plunges against US dollar
The US dollar closed at 261.5 rupees on Tuesday. On Wednesday, the local currency depreciated by 4.61 rupees, or 1.73 per cent, against the US dollar, official figures showed. The rupee's four-session winning streak ended on Tuesday following a depreciation of 0.6 per cent, Xinhua news agency reported.
Spreading Wings: Akasa Air plans to procure over 100 aircraft
Akasa Air has completed six months of operation, and with the delivery of one aircraft every 15 days, the airline has reached a fleet size of 17 aircraft and has flown over one million passengers since its launch in August 2022. Akasa Air has been expanding its network across the country in a phased manner with a commitment towards making travel accessible in India through the introduction of routes in Tier 2 and 3 cities.
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