BUSINESS
FedEx troubles set off fresh worries over global economy
The delivery giant's shares lost 21 per cent on Friday, its biggest one-day percentage drop ever, after the company said a macroeconomic slowdown had led to lower volumes of goods moving around the world in recent weeks, The Wall Street Journal reported. All three major US stock indexes fell Friday, capping a week where the S&P 500 declined 4.8 per cent and the Dow Jones Industrial Average dropped 4.1 per cent.
Centre issues new rules to simplify, streamline Trade Certificate regime
Due to certain anomalies in the existing rules, the applicability of the Trade Certificate was open to interpretation in many cases, leading to harassment of many business establishments. Moreover, an application was required to be filed physically at the RTO which was a time-consuming process.
Finance Minister urges banks to 'professionalise' decision-making boards
Addressing the 75th Annual General Meeting (AGM) of Indian Banks' Association (IBA) in Mumbai, Sitharaman said: "Professionalise your decision-making boards, there is no way banks can any longer run with a crony background, our government has ensured that there are no instructions given or interference made in the functioning of the banks. We need to take professionalism at a faster pace.
India bets big on agritech, investors pump in money
Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar, recently said the administration is constantly working to improve a lot of the nation's small farmers. The minister informed that the government has started the work of creating 10,000 new Farmer Producer Organisations (FPO), for which Rs 6,865 crore is being spent.
ASEAN, Russia emphasise need to further deepen bilateral economic ties
The two-way trade between ASEAN and Russia amounted to $20 billion last year, up 27.3 per cent from 2020, the statement said, adding that the bilateral foreign direct investment (FDI) amounted to $1.7 billion, Xinhua news agency reported. It said Russia is ASEAN's ninth largest trading partner and source of FDI among ASEAN dialogue partners in 2021.
Global economy in its steepest slowdown since 1970: World Bank
Central banks have raised rates "with a degree of synchronicity not seen over the past five decades" to tackle soaring prices, World Bank said, BBC reported. Raising rates makes borrowing more expensive to try to bring down the pace of price rises. But it also makes loans more costly, which can slow economic growth. The warning from the World Bank came ahead of the monetary policy meetings of the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.
Government cuts windfall tax on crude oil
The government also cut tax on Aviation Turbine Fuel (ATF) exports to Rs 8.50 per litre from Rs 9 per litre, according to a gazette notification. Similarly, cess on export of diesel was slashed to Rs 6.50 per litre from Rs 13.50 per litre. The decision came after the fifth fortnightly review of windfall taxes conducted by the Centre.
Dovetailing of GatiShakti with National Logistics Policy will create infra powerhouse
Commerce and Industry Minister Piyush Goyal outlined the merits of PM's National Master Plan or GatiShakti working in conjunction with the new National Logistics Policy. He gave the example of JNPT which for years has been grappling with last mile connectivity issues. Now such logjams will be resolved by optimally utilising these data layers. Cement companies for instance are positive on GatiShakti as they have major last mile connectivity issues.
Adani becomes India's second largest cement player
The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $6.50 billion, which makes this the largest ever acquisition by Adani, and also India's largest ever M&A transaction in the infrastructure and materials space. Post the transaction, Adani will hold 63.15 per cent in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
World Bank warns of rising global recession risk amid simultaneous rate hikes
Central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades. a trend that is likely to continue well into next year, the World Bank said in a new study. Investors expect central banks to raise global monetary policy rates to almost 4 percent through 2023, an increase of more than 2 percentage points over their 2021 average, it said.
Don't Miss
Advertisement