BUSINESS
Essar launches EET to invest $3.6 bn in energy transition in UK, India
EET plans to invest a total of $3.6 billion in developing a range of low carbon energy transition projects over the next five years, of which $2.4 billion will be invested across its site at Stanlow, between Liverpool and Manchester and $1.2 billion in India. The EET will include Essar Oil UK, the company's refining and marketing business in North West England; Vertex Hydrogen, which is developing 1 gigawatt (GW) of blue hydrogen for the UK market.
Air India's order for record 470 aircraft from Airbus, Boeing will be nearly $70bn: CEO
While addressing a virtual conference on Monday, the CEO also said that the process of integration of Vistara with Air India is underway and is now awaiting approval from regulatory bodies.Wilson informed that the airline plans to fund the order with a combination of many resources, including internal cash flow, shareholder equity and sale-and-leaseback of aircraft.
Consumer demand to stay low, tough times ahead for Indian startups
There is an ongoing risk of further escalation in the war on Ukraine and the current wheat crop being impacted by hot weather conditions, according to market research firm Redseer Strategy Consultants.Consumer perception of the general economic condition continues to be pessimistic as per the Reserve Bank of India's Consumer Confidence Survey of January 2023.
Adani Ports beats own milestone as cargo volumes cross 300 MMT in just 329 days
APSEZ has registered unprecedented growth since it started operations over two decades ago and continues to outperform all India cargo volume growth, with its market share rising rapidly. "The improvement in cargo volumes is testimony to the faith that our customers have in us," APSEZ CEO and Whole Time Director Karan Adani said.
Warren Buffett targets Biden on share repurchases
Berkshire's operating profit, or the total profit from core operations before tax and interest, was $6.7 billion in the fourth quarter last year, Buffett said in his highly-anticipated annual shareholder letter on Saturday. That was a nearly 8 per cent drop from the company's third quarter earnings of $7.8 billion, the CNN reported.
'More value to be discovered, NCLT has usurped the jurisdiction of the CoC', RCap to NCLAT
Earlier this month, NCLAT had issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. Vistra ITCL (India) Ltd, one of the members of the CoC of Reliance Capital, has moved NCLAT against an NCLT order.
Chinese brands surge in Russia after global brands pulled out
The companies benefiting: Chinese competitors. Smartphone giant Xiaomi and automaker Geely are among those that have seen sales surge in recent months, industry data shows, CNN reported. Where iPhones and Samsung Galaxies were once bestsellers, models from Xiaomi and another Chinese vendor, Realme, now top the sales charts, according to Counterpoint Research.
Global economy changed by Ukraine war
Trends that were already in motion have accelerated, as the need to move away from fossil fuels to greener, renewable energy supplies became more urgent, The Guardian reported. Food prices have soared, increasing hunger in the developing world, and forcing governments, businesses and people to adapt to lasting shifts, The Guardian reported.
Tough love: Pak has gone to IMF for bailouts 23 times in 75 years
"In fact, we are the IMF's most loyal customer," said Murtaza Syed, former Deputy Governor of the State Bank of Pakistan. Argentina, with 21 programmes, comes second. "In contrast, our midnight twin India has only been to the IMF seven times and never since the landmark Manmohan Rao reforms of 1991," Syed said, Geo News reported.
Early signs of market breakdown are here
At the end of the week with losses on all five days and a poor February futures expiry, markets will be under pressure from the start of the new week as Dow had yet another poor session on Friday. BSESENSEX lost 1,538.64 points or 2.52 per cent to close at 59,463.93 points while NIFTY lost 478.40 points or 2.67 per cent to close at 17,465.80 points.
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