BUSINESS
India's forex reserves fall by $3 bn to $561.046 bn
The fall in the reserves was mainly attributed to fall in foreign currency assets (FCA). FCA fell by $2.571 billion to $498.645 billion during the reporting week. Gold reserves decreased by $271 million to $39.643 billion, the data revealed. The Special Drawing Rights (SDRs) dropped by $155 million to $17.832 billion. The country's reserve position with the IMF also dipped by $10 million to $4.926 billion in the reporting week, the data showed.
G7 to impose price cap on Russia oil: US Treasury Secy
By committing to finalising and implementing a price cap, the G7 will significantly reduce Russia's main source of funding for the war in Ukraine, while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices, Xinhua news agency quoted Yellen as saying in the statement on Friday. Today's action will help deliver a major blow for Russian finances and will both hinder Russia's ability to continue the fight in Ukraine and hasten the deterioration of the Russian economy, she said.
Gas supplies via Nord Stream 1 pipeline indefinitely halted
After completion of three days of maintenance work, gas was due to begin flowing through the pipeline again on Saturday morning, reports Xinhua news agency. However, after a leak was detected during the work, Gazprom said on Friday night that since the safe operation of the last remaining gas turbine could not be guaranteed, the pipeline must therefore be shut down "until all equipment faults have been rectified". It was not specified how long this would take.
UK slips behind India to become world's 6th biggest economy
India toppled the UK from its position in the final three months of 2021 to become the fifth-biggest economy. The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund. This news comes as a further blow to the government in London as it grapples with a brutal cost-of-living shock, Bloomberg reported. The UK's decline down the international rankings is an unwelcome backdrop for the new Prime Minister.
With 87% growth, insurance sector drives hiring activity in India: Report
According to a report by Naukri JobSpeak, the insurance sector continued to grow in hiring over the last year for the seventh time in a row. "After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilisation, and it would be interesting to see how the trend continues in the coming months," Pawan Goyal, Chief Business Officer, Naukri.com, said in a statement.
LPG cylinder prices rose 45% in 5 years after 58 revisions
According to official data of the Petroleum Ministry, between April 1, 2017 and July 6, 2022 LPG prices rose by 45 per cent through 58 upward revisions. An LPG cylinder was priced at Rs 723 in April 2017, and by July 2022, rose by 45 per cent to cost Rs 1,053. At the same time, this hike in cooking gas cylinder price was a huge 26 per cent in the 12 month period between July 1, 2021 and July 6, 2022.
Commanding heights of India's economy up for grabs in battle between Adani and Ambani
Their motivation seems to lie somewhere in between, the report said. "The duo's rising influence over Indian business is undisputed. Many observers now talk of the "aa economy". That is an exaggeration, but the combined revenues of the companies controlled by Messrs Adani and Ambani are equivalent to 4 per cent of India's GDP," The Economist reported.
Chinese corporate profits are collapsing
As many as 53 per cent posted a decline in net profit, according to data from Wind and Choice, two major financial information services in the country. That was almost as bad as 2020, when companies posted their worst earnings season on record as the country came to a near standstill during the initial Coronavirus outbreak.
Hotel industry body cautions restaurants over Zomato Pay, Swiggy Diner
The NRAI said in an advisory that customers are dazzled into settling their bills via either Zomato Pay or Swiggy Diner "because of the deep discounts and generous cash backs that comes with it; it is a deal too good to refuse at no cost". However, restaurants will now compulsorily offer discounts in the range of 15-40 per cent to every customer who chooses to settle their bills through these payment gateways.
Govt-owned general insurers shun their offspring, favour private TPAs
Even after floating a health insurance claims processing company, Health Insurance TPA of India Ltd (HITPA), the four non-life insurance companies palm out their health insurance claims processing work to others - including to a company whose licence was revoked by the sectoral regulator - and not to their own. The strange ways of the four government-owned insurers - The Oriental Insurance Company Ltd, National Insurance Company Ltd, The New India Assurance Company Ltd and United India Insurance Company Ltd - have been frowned upon by the Comptroller and Auditor General of India (CAG).
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