BUSINESS
Retail inflation at 6.5% in January, worrisome, shocker: Economists
"CPI inflation moved to 6.5 per cent in January is higher than our expectations and is worrisome. Sequentially, inflation has snapped a two-month contractionary streak as food inflation and core inflation remained firm," Rajani Sinha, Chief Economist, CARE Ratings told IANS. "Today's inflation shocker led by food as well as consistently higher core inflation momentum has depicted.
UPI transactions registered in FY 21-22 were 45 b, show 8 times growth in last 3 yrs
For promotion of digital payments, the Ministry of Electronics and Information Technology (MeitY) has introduced the Incentive Scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year. This was stated by Union Minister of State for Finance Bhagwat Kisanrao Karad in a written reply to a question in the Lok Sabha on Monday.
Remittances sent by Pakistani workers fall to 31-month low
Data released by the State Bank of Pakistan (SBP) showed that remittances fell to $1.9 billion in January 2023, compared to $2.1 billion in December 2022 and $2.18 billion in January 2022. In May 2020, remittance stood at $1.865 billion, Geo News reported. Remittances dropped 9.9 per cent month-on-month and 13.1 per cent year-on-year, the central bank data showed.
Too early to gauge spillovers of central bank digital currency: Sitharaman
"Reserve Bank of India has come up with a pilot project in terms of retail and wholesale use of digital currencies for which there are several sandboxes created, so that user cases can be tested. It is only during this process and immediately after that can there be any kind of understanding on how the retail or the wholesale use of digital currencies will have any spill overs for which any action has to be planned. It has been introduced since last December. We will wait for the outcomes from there," the Finance Minister said in her reply.
Aero India 2023: Dassault Systemes to showcase virtual twin experiences
It will demonstrate how the platform facilitates transformative and digital business processes, captures insights and expertise from across the aerospace ecosystem, and integrates multiple aspects of the value chain including design, engineering, manufacturing, marketing, maintenance and repair.
India talking with G20 nations to build norms for regulating crypto mining: Finance Minister Sitharaman
Replying to a question on crypto mining regulation in the Lok Sabha during Question Hour, she said that under its G20 presidency, India is "raising this issue and having detailed discussion with the members so that a standard operating protocol emerges after the discussions in the G20 so that there is a coherent, and comprehensive approach in bringing some regulation into this whether it is mining or whether it is transacting".
Indian-American judge slaps $1 mn fine on Facebook
The San Francisco judge said that Facebook relied on "delay, misdirection, and frivolous arguments" to make the litigation unfairly difficult and expensive. "Perhaps realizing they had no real argument for withholding these documents, Facebook and Gibson Dunn contorted various statements" of opposing lawyers and the court acebeyond recognition," Chhabria wrote, according to Bloomberg.
Essar Oil & Gas Exploration & Production achieves highest ever revenue and EBIDTA
The company has reported its highest ever quarterly revenue of Rs 219 crore in Q3 FY23, with 54 per cent YoY growth. In the quarter ending December 31, 2022, EOGEPL's EBIDTA grew by ~100 per cent on YoY basis to RS 171 crore, and its PAT (profit after tax) increased by 273 per cent as compared to the same period last year to Rs 97 crore.
Sebi 'fully equipped', could set up a panel of experts, Centre to SC on Adani issue
Solicitor General Tushar Mehta, representing the Centre, submitted before a bench headed by Chief Justice of India D.Y. Chandrachud that: "Our instructions are that existing structure - Sebi and other agencies - are fully equipped not only regime wise but otherwise also, in taking care of the situation.
Homegrown EV mobility solutions provider Magenta Mobility raises $40 mn
Backed by Microsoft's global startup programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers.
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