BUSINESS
Hong Kong stocks hit lowest level in a decade after historic Fed rate hike
The Hang Seng Index fell as much as 2.6 per cent, breaking below 18,000 points, before recovering slightly, CNN reported.Australia's S&P/ASX 200 index fell 1.6 per cent, while Japan's Nikkei 225 and South Korea's Kospi both fell 0.6 per cent. China's Shanghai Composite Index slipped 0.3 per cent.
Fintech platform Mintoak enabling banks to digitally empower merchant ecosystem
Mintoak has built a modularised, cloud-native, API-first payments Platform-as-a-Service (PaaS) that allows their banking partners to deploy and rapidly scale value-added services (payments, lending, engagement) to their tens of millions of SME customers.
In such a scenario, investors could look at target maturity funds: Lakshmi Iyer
Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Kotak Mahindra Asset Management Company said that investors in a current scenario could look at target maturity funds from a passive ownership standpoint as well as funds like medium duration and dynamic bond funds.
Illicit market size stood at Rs 2.6 lakh cr in 5 key sectors in 2019-20: FICCI report
Also the estimated tax loss to the government due to illicit goods in these key areas stood at Rs 58,521 crore in 2019-20. Two highly regulated and taxed industries namely tobacco products and alcoholic beverages, accounted for 49 per cent of tax losses. These were the findings of a study conducted by FICCI's committee against smuggling and counterfeiting activities destroying the economy (CASCADE).
Bond yields rises sharply post rate hike by US Fed
The rise in yields was also attributed to the uptick in yields on the US Treasury notes. At 1.45 p.m., the 10-year benchmark 6.54 per cent-2032 bond yield was trading at 7.3611 per cent, as compared to 7.2525 per cent closed on the previous trading session.
Rupee hit new all-time low as dollar index rises 20-year high
"With the US Fed increasing rates by 75 bps and hinting at more rate hikes in the future, we believe the dollar index can see a significant increase, implying that most major market currencies, including INR should be under pressure. If we start seeing INR depreciating, then from a USD returns perspective for FPIs, India becomes unattractive," said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.
SpiceJet announces 20% salary hike for pilots from October
This follows last month's 6 per cent hike in salaries. Sources said that while the first tranche of Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected shortly. Moreover, the company will be depositing TDS of all employees in the next two-three weeks.
Apple likely to move 25% iPhone production to India by 2025: JP Morgan
Analysts have earlier predicted that Apple has shortened the production period of its new iPhones in India this year, barely six weeks or so from the production cycle in China. Next year, Apple iPhone 15 may see its production at the Foxconn and Wistron manufacturing facilities in India at the same time with China.
UK to halve business energy prices this winter
"To administer support, the government has set a supported wholesale price -- expected to be 211 pounds ($238) per megawatt-hour (MWh) for electricity and 75 pounds per MWh for gas, less than half the wholesale prices anticipated this winter -- which is a discounted price per unit of gas and electricity," the government said in a statement.
Vande Bharat Express: Major changes to be made on entire network
This system has been implemented in many countries where high-speed passenger trains run, including China, Japan, France and South Africa. If the Railways plans to run Vande Bharat trains in its entire network, then major changes will have to be made in the whole network and more and more power will also be needed. The existing overhead lines may find it difficult to meet the future demand for high-speed trains running simultaneously.
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