BUSINESS
Rupee gains 19 paise to close at 79.71 against US dollar
At the interbank foreign exchange market, rupee ended at 79.71, as against its 79.90 close on the previous trading session, against the US dollar. The dollar index, which gauges the the strength of greenback against the basket of six major currencies, was at 109.500. On Wednesday, Brent crude oil price in the international market fell sharply on worries of a global economic recession and lower fuel demand.
Growth recession only way to rein in inflation: US Federal Reserve
The apex bank said it will bring in some pain, but letting inflation stay high is worse. But this is bad news for new job seekers, the Business Insider said. 'Growth recession' is a phrase used to describe a period of below average growth, rising unemployment and slowing inflation. The US Federal Reserve chair said that while it would "bring some pain", letting inflation stay high would be worse.
Profitability of domestic broking companies moderates after a strong FY2022: ICRA
"As the incremental retail participation dampened in the current fiscal, the pace of new client additions slowed compared to the last fiscal. Also, notwithstanding the recent trend reversal, the Foreign institutional investors (FII) remained net sellers in H1 CY2022, which also weakened investor sentiment. Amid this, DIIs helped the market in FY2022," said Deep Inder Singh, Vice President, ICRA.
Global E-com sales to drop by $95 bn in 2022, 1st time in history
According to data presented by AugustaFreePress.com, the expected e-commerce revenue drop comes as the market faces global challenges in 2022. During the pandemic, many consumers have changed shopping behaviour and switched to new brands in search of brand value, availability and convenience.
US approves F-16 equipment sale to Pakistan
The principal contractor will be Lockheed Martin Corp, Geo News reported citing the DSCA as saying in a statement. "The State Department has made a determination approving a possible Foreign Military Sale to the government of Pakistan of F-16 Case for Sustainment and related equipment for an estimated cost of $450 million," the statement said.
Adani's open offer for NDTV shares to begin on Oct 17
The Adani Group has made an open offer for 26 per cent stake in the satellite channel company NDTV at Rs 294 per share with a face value of Rs 4. The total outlay for Adani group for 26 per cent acquisition will be about Rs 492 crore. The open offer for 16,762,530 equity shares, representing 26 per cent of NDTV was made by Adani group's Vishvapradhan Commercial Private Ltd (VCPL) along with AMG Media Networks Ltd and Adani Enterprises Ltd.
Deglobalisation, tight finance, commodity shocks cast shadow on Asia's emerging markets: Moody's
"The key question today is whether aggressive monetary tightening by central banks around the world will bring down inflation without pushing economies into recession," Atsi Sheth, Managing Director, Credit Strategy and Research at Moody's said at the recent Emerging Markets Summit Asia 2022.
Importing Russian crude during global crisis was part of inflation management: Nirmala Sitharaman
Speaking at a function here, she said that it was due to the "statesmanship of Prime Minister Narendra Modi" that while keeping up the relations with all countries, India managed to get the Russian crude. The Finance Minister said that the Prime Minister was fully conscious of the political fallout of the decision to get Russian crude and "here I give credit to the statesmanship of the Prime Minister that we kept our relations with all countries and managed to get Russian crude.
Indian toy industry needs PLI key to become toy maker for the world
According to them, a little nudge from the Central government in the form of a production linked incentive (PLI) scheme is the need of the hour which would have a multiplier effect. "We are shipping toys for global majors. Global toy majors are now looking at India as a steady sourcing point apart from China.
India online festive sales to log 28% increase to reach $11.8 bn
The festive month is generally defined as a period starting from the first sales event and lasting roughly till Diwali week. In the first festive week, the sales are estimated to reach $5.9 billion, projecting a 28 per cent increase from $4.8 billion last year, according to Redseer Strategy Consultants.
Don't Miss
Advertisement