BUSINESS
Russian-Indian consortium TMH-RVNL lowest bidder for Vande Bharat sleeper trains
The next lowest financial bidder is the consortium of BHEL-Titagarh Wagons. The Indian Railways had invited bids to roll out 200 Vande Bharat sleeper trains. As per the tender conditions, the second lowest bidder can make 80 trains at the price quoted by the lowest bidder.
Axis Bank completes acquisition of Citibank's consumer businesses in India
The deal has been closed with Axis Bank paying a total purchase consideration (after customary & contractual adjustments) of Rs 11,603 crore to Citibank India, a statement by Axis Bank said. The transaction comprises the sale of the consumer businesses of Citibank India, which includes loans, credit cards, wealth management, and retail banking operations.
Layoffs hit Nike, impacted workers write about 'unexpected life event' on LinkedIn
Most job cuts affected Nike recruiters who said that they have been laid off. Nike, however, did not comment on the social media posts about these job cuts. The employees posted on LinkedIn after Nike announced the resignation of Ratnakar Lavu, the top technology executive at the company.
Coal production rises 15% during April-February 2022-23
Coal India Ltd (CIL) reported production of 619.70 million tonnes up to February 2023 as compared to 542.38 million tonnes during the same period of the last fiscal, an increase of 14.26 per cent. Total coal despatch was 793.86 million tonnes during April 2022-February 2023 as compared to 740.96 million tonnes during same period of last year, a growth of 7.14 per cent which shows steady and efficient amount of coal despatch to various sectors.
Pakistan inflation hits all-time high
According to Arif Habib Corporation, this is the highest-ever CPI increase based on data available from July 1965, Dawn reported.
In February, 2022, inflation clocked in at 12.2 per cent. According to data released by the Pakistan Bureau of Statistics (PBS), inflation in urban and rural areas increased to 28.82 per cent and 35.56 per cent year-on-year respectively.
FTX fraud: Indian-origin Nishad Singh pleads guilty to criminal charges
Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finance laws. Bankman-Fried, along with Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, have all pleaded guilty in the ongoing case.
Adani Group secures $3 billion credit from 'undisclosed' sovereign wealth fund: Report
Adani's management reportedly told investors that the sovereign wealth fund was from the Middle East, although this information was not included in the memo. The Reuters' sources requested anonymity as they were not authorised to speak with the media. This announcement comes after Adani's management told bondholders on Tuesday that it expected to repay or prepay share-backed loans worth between $690 million and $790 million by the end of March.
'Higher passenger traffic, free pricing, lower costs make tailwind for Indian airlines profitability next fiscal'
"India's airlines industry, for the first time since the onset of pandemic, is expected to be back in black next fiscal. The industry is also likely to pare its net loss by 75-80 per cent on-year to Rs 3,500-4,500 crore this fiscal, compared with about Rs 17,500 crore last fiscal," CRISIL said. Strong recovery in passenger traffic and easing cost pressures are supporting this turnaround in operating performance of airlines.
PM meets Foxconn chairman Young Liu
In response to a tweet by Hon Hai, Modi on Wednesday tweeted, "Had a good meeting with Mr. Young Liu. Our discussions covered various topics aimed at enhancing India's tech and innovation eco-system." "Chairman Young Liu is visiting India. Today we had a warm meeting with Honourable Prime Minister @narendramodi and updated him on our good progress in the country.
Rated Indian finance Cos have good asset quality, poor profitability in emerging markets: Moody's
In a report about Moody's rated finance companies in six emerging markets the credit rating agency said Indian companies have good and stable asset-quality metrics owing to well-established track records in lending to specific industries such as consumer loans secured by gold goods as collateral (gold loans), the government's power and infrastructure sectors, and residential mortgages.
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