BUSINESS
Several pumps in major Pakistan cities close down due to fuel shortage
The situation has reached a boiling point with people left high and dry as they scramble to find ways to keep their vehicles running, Samaa TV reported. Several pumps in major cities, including Lahore, Faisalabad and Gujranwala, have closed down, the report said. The fuel stations have limited filling to bikers to only Rs 200 and only Rs 5,000 to those having four-wheelers, Samaa TV reported.
UK's blue-chip shares index hits a fresh all-time high
The FTSE 100 index rose by almost 1 per cent at the open on Wednesday morning to hit 7,928.03, surpassing the former high of 7,906.58 set on 3 February, The Guardian reported. Before that date it had taken more than four years to surpass the previous high set in May 2018, it added.
Inflation a concern and 25 bps policy rate hike expected: Experts
As a matter of fact, RBI Governor Shaktikanta Das, announcing the upward revision in the repo rate, said the outlook for inflation is mixed." While prospects for the rabi crop have improved, especially for wheat and oilseeds, risks from adverse weather events remain. The global commodity price outlook, including crude oil, is subject to uncertainties.
India wearable market ships 100 mn units in 2022, boAt takes top spot
Smartwatch (inclusive of basic and advanced) shipments were 30.7 million last year, a growth of 151.3 per cent YoY. The smartwatch average selling price (ASPs) continue to decline, at $42.5 (vs $61.2 a year ago), according to an IDC report. Basic smartwatches continued to dominate with a 95.5 per cent share, growing by 158 per cent annually.
Fundraising gets tougher, 2023 super challenging for startup founders: Report
Founders expect this year to be challenging, with 58 per cent of founders expecting a tough fundraising environment, according to the report by InnoVen Capital, Asia's leading venture debt firm. Hiring is also expected to slow down with only 38 per cent of startup founders expecting a higher pace of hiring predominantly in early-stage companies.
AI-driven market research platform Entropik raises $25 mn
Entropik said it has grown seven times in the last two years, riding on its patented Emotion AI Technologies and driven by its expansion into the US, Europe, Southeast Asia, and the Middle East. Over 150 global brands across finance, media, consumer goods, food and beverage, and entertainment leverage Entropik's consumer research stack to make better consumer-centric decisions faster.
Japan's current account surplus drops 50 pct to 8-year low in 2022
According to the Ministry, the current account in 2022 stood at 11.44 trillion yen ($87.26 billion), with a record contraction year on year, resulting from surging import costs coming despite the primary income logging a record surplus, reports Xinhua news agency. The country's trade deficit totaled 15.78 trillion, with imports climbing 42 per cent to 114.47 trillion yen and exports up 19.9 per cent to 98.69 trillion yen, it said, adding that the value of both was the largest since record-keeping began.
GIS-23 to bring investment in 5 major sectors
According to a press release, the five sectors are data centre, logistics park, renewable energy, apparel and textile besides the Film City. Chief minister Yogi Adityanath had sent eight teams abroad to hold international roadshows in 21 cities of 16 countries to attract investment in run-up to the UPGIS-2023 scheduled in Lucknow from February 10-12.
Penal charges by lenders on RBI radar, to come out with a paper
Announcing the 25 basis points (bps) hike in the repo rate to 6.5 per cent, Das also said the central bank has decided to extend UPI to inbound travellers, expanding the scope of Trade Receivables Discounting System (TReDS) and launch a pilot project on QR Code-based Coin Vending Machine in 12 cities. Pointing out that the RBI regulated.
Repo rate hike as expected, may further impact affordable housing demand
Given that interest rates may breach the 9.5 per cent mark with the hike, the affordable housing segment may see some pressure on sales volumes. Anuj Puri, Chairman, ANAROCK Group said that the 25 bps rate hike is much along the expected lines. With repo rates now at 6.5 per cent, there could be some repercussions on housing uptake as home loan interest rates will head further north.
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