BUSINESS
Agricultural products exports rise 25% in April-September 2022-23
According to the provisional data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S) on Wednesday, the overall export of Agricultural and Processed Food Export Development Authority (APEDA) products increased to $13,771 million in April-September 2022 from $11,056 million over the same period of the last fiscal.
Air India signs agreements to acquire AirAsia India, will merge with Air India Express
An operational review process is underway with a view to ultimately integrating AAI fully with Air India Express (AIXL). Consolidation of these two airlines, both of which operate as low-cost carriers, will be undertaken as part of the restructuring roadmap that is being envisioned for the Tata Group's airline business and is expected to bring customer, revenue, cost and operational benefits through broader adoption of each airlines' best practices, systems and routes, and the combined entity's greater scale.
US Federal Reserve hikes interest rates by 75 basis points, Indian markets and rupee to be hit
The Fed Chairman, Jerome Powell was quoted as saying by reports that the bank is firmly committed to lowering inflation. The aggressive rate hike by the Federal Reserve will put further pressure on the stock markets globally, especially on rising economies like India. Every rate hike by the US Federal Reserve forces American investors to pull out funds from emerging markets.
FM Nirmala Sitharaman to launch 6th round of commercial coal mines auction on Nov 3
According to a statement issued by Coal Ministry, the coal mines to be auctioned are fully-explored and partially-explored coking and non-coking mines. Coal Minister Pralhad Joshi will also be present on the occasion."Details of the mines, auction terms, timelines etc. can be accessed on MSTC auction platform," the statement added.
Buyer-seller relationship with Russia, says Hardeep Puri on crude purchases
On fuel prices being stable for the past five months in the country, the minister said that though prices of oil and gas have been rising globally, the prices have not risen by that much in India. "With quiet confidence we will navigate the situation," Petroleum Minister Hardeep Puri said.
Growing trade between Russia and India opens a new era for Silk Road
The Ministry of Industry and Trade of India reported that trade turnover between Russia and India exceeded $18.2 billion in the first five months of the fiscal year. The surge in trade between the two countries made Russia the country's seventh largest trade partner, rising from 25th place with a total trade turnover of $13.1 billion in 2021.
RBI has to publish decision, minutes of MPC meeting as per law
As per the section, when the RBI fails to meet the inflation target, it shall send a report to the Central government listing: (a) the reasons for failure to achieve the inflation target, (b) remedial actions proposed to be taken by it, and (c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions.
Binance CEO invests $500 mn in Elon Musk's Twitter to support free speech
Changpeng Zhao, famously known as CZ, told an audience at the Web Summit in Lisbon that "when we invest in a deal, we're very comfortable if the deal goes through. We're very comfortable if the deal doesn't go through. We always want to get to a point where we're in that position".
Karnataka best for industries moving out of China, Europe: Nirmala Sitharaman
"They are moving out to other destinations which are offering more than just tax incentives. Karnataka is the major job generator in the country. While contributing 8.8 per cent to the national GDP, whilst its population is just five per cent of total national population, 10 per cent of all formal jobs are created here," Nirmala Sitharaman explained.
Mahindra Holiday & Resorts books lower net in Q2 shares down
According to Mahindra Holidays & Resorts India Ltd, for Q2FY23 it had logged a profit of about Rs 30.90 crore (Q2FY22 profit about Rs 40.55 crore) on an operational revenue of about Rs 283.60 crore (Rs 237.66 crore). The company's total expenditure for the period under review went up by about Rs 49.75 crore during Q2FY23 as compared to the same period the previous year.
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