BUSINESS
Tata Group warns Port Talbot steelworks could close without subsidy deal
Tata Group wants to reach a deal for the UK government to provide 1.5 bn pound towards this, the Financial Times said. The UK's biggest steelworks, in Port Talbot, employs 4,000 people. The UK government said steel "plays a critical role" in the UK's economy and Tata is "a valued steel producer and significant employer".
IndiGo: Financial headwinds make aviation leader's flight wobbly
IndiGo, with a fleet size of over 280 aircraft, is leading the Indian aviation sector. With an occupancy rate of 78.5 per cent, the airline recorded a market share of 56.9 per cent in June. However, many IndiGo flights reported delays during the last week of June, reportedly due to manpower crunch as a significant number of cabin crew members went on sick leave.
Tata saves Air India from bidding good-bye to the sky
Official data indicate that domestic passengers carried by Indian carriers shot up by 66.73 per cent - from 343.37 lakh to 572.49 lakh - in the first six months of 2022, marking a whopping monthly growth of 238 per cent. The role played by Indian domestic carriers is phenomenal with major airlines like Air India, SpiceJet, IndiGo, Vistara, Go First, FlyBig, Alliance Air and StarAir virtually raking in the moolah with impressive passenger load factors.
Go First likely to raise money via IPO to manage stressed financials
Incidentally, Go First reported a few incidents of engineering malfunctioning in recent times. The aviation regulator recently ordered grounding of its planes after two of its aircraft witnessed technical glitches leading to their diversion on July 19. With a fleet size of 57 aircraft, Go First recorded 78.7 per cent occupancy in June. The airline reported a market share of 9.5 per cent during the same month.
Pakistan to sell assets in desperate attempt to prevent default
Pakistan President Arif Alvi has not signed the ordinance yet. The Pakistan government has also barred the courts of the country from entertaining any petition against the sale of assets and shares of the government companies to foreign countries, as per the ordinance, Express Tribune reported.
The federal cabinet had approved the ordinance on Thursday to sell stakes of oil and gas companies.
Top crypto exchange Blockchain.com cuts 25% of its workforce
The digital assets trading firm said it will shut its Argentina-based offices and halt its expansion plans globally, reports CoinDesk. Severance benefits ranging from four weeks to 12 weeks will be offered to those who are laid off, said the crypto platform. The company, which recently disclosed a $270 million shortfall from lending from now-bankrupt hedge fund Three Arrows Capital, said the decision to cut the workforce is taken amid "harsh bear market conditions and the need to absorb financial losses".
Russia, Ukraine sign deal to resume grain exports
The deal was first signed by Russian Defence Minister Sergei Shoigu with his Turkish counterpart Hulusi Akar and the United Nations Secretary-General Antonio Guterres, and later by Ukrainian Infrastructure Minister Oleksandr Kubrakov with the other two sides, Xinhua news agency reported. Turkish President Recep Tayyip Erdogan also attended the ceremony. The first round of negotiations among military delegations of Turkiye, Russia, and Ukraine, and the United Nations representatives concluded last week with an agreement on the basic principles of the shipment process through the Black Sea.
Russia lowers interest rate to 8%
The bank said it will consider the necessity of further rate cuts in the second half of 2022, and its next rate review meeting will be held on September 16. Russia drastically raised the key interest rate from 9.5 per cent to 20 per cent on February 28 to support financial and price stability and protect the savings of citizens from depreciation, just four days after it launched its invasion of Ukraine. The central bank slashed the rate to 17 per cent on April 8, to 14 per cent on April 29, to 11 per cent on May 26 and to 9.5 per cent on June 10.
FIIs turning positive boosts stock markets
Domestic equities continued its northbound journey on the back of positive global cues and better than expected 1QFY23 earnings. Nifty opened higher and sustained momentum to close near day's high with gains of 114 points (0.7 per cent) at 16,719. Barring IT, pharma and oil & gas, all other sectors ended in green with banking and financial services being top gainers, up more than 1 per cent.
Reliance Jio posts robust set of numbers for Q1 FY23
As per the results, Reliance Jio revenue from operations jumped 21.6 per cent to Rs 21,873 crore compared to Rs 17,994 crore in the June 2021 quarter. The pre-tax profits were up by 23.9 per cent to Rs 5,818 crore compared to Rs 4,695 crore in June 2021. The net profit for the quarter was up 23.8 per cent to Rs 4,335 crore compared to Rs 3,501 crore in the corresponding quarter of last year.
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