BUSINESS
Securitisation may be key funding source for finance companies: CRISIL Ratings
The rating agency also said that securitisation can be an attractive investment avenue for banks looking to grow their retail assets. As the macro-situation and interest rates stabilise, deals may pick up further, propelling the securitisation market volume to reach near pre-pandemic highs. Securitisation transactions touched highs of Rs.1.9 lakh crore in fiscals 2019 and 2020 before the pandemic put brakes on its momentum.
China's economy contracts sharply as coronavirus lockdowns hit businesses and consumers
Gross domestic product (GDP) fell by 2.6 per cent in the three months to the end of June from the previous quarter, BBC reported. Major cities across China, including the major financial and manufacturing centre Shanghai, were put into full or partial lockdowns during this period. This comes as the country continues to pursue its "zero-Covid" policy, BBC reported.
IAMAI dissolves Blockchain & crypto council amid regulatory uncertainties
The association created and nurtured BACC for four years. The IAMAI said that it was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain. Several crypto lending and trading platforms have filed for bankruptcy, laid off employees and frozen withdrawals, deposits and other transactions on their platforms, and cryptocurrencies crash in the global economic meltdown.
LIC's embedded value estimated at Rs 5,414.9 billion
The embedded value in the case of a life insurance company is the current value of the company's future profits. According to LIC officials, the IEV has been determined at Rs 541,492 crore (Rs 5,414.9 billion) as compared to Rs 95,605 crore (Rs 956 billion) as on March 31, 2021 and Rs 539,686 crore (Rs 5,397 billion) as on September 30, 2021.
US inflation at record high as WPI, CPI indices soar
Inflation as measured by producer wholesale prices ticked up to a red-hot 11.3 per cent for the year ending in June, near the highest record, according to a report from the Bureau of Labor Statistics. Thursday's report comes a day after headline inflation as measured by the consumer price index exploded to 9.1 per cent for the 12 months ending in June, the highest level since 1981 and a bigger increase than expected.
Amazon agrees to address anti-trust concerns to avoid EU fines
The Commission is now seeking feedback on commitments offered by Amazon concerning marketplace seller data and access to its programmes. It has invited all interested parties to submit their views on Amazon's proposed commitments before September 9. If Amazon breaks such commitments, the Commission said it can impose a fine of up to 10 per cent of the company's worldwide turnover, without having to prove an infringement of the EU antitrust rules.
Emirates blasts Heathrow 'incompetence' over 'airmageddon'
The Dubai-based airline on Thursday slammed demands made by London's Heathrow airport earlier this week that carriers stop selling any more tickets for this summer, CNN reported. The airline, which operates six daily flights from Heathrow, has rejected the new limits and called them "entirely unreasonable and unacceptable", CNN reported.
Bill Gates moving $20 billion to foundation, plans to drop off list of wealthiest people
The foundation, one of the world's largest philanthropies, plans to increase its payouts by 50 per cent over pre-pandemic levels, from nearly $6 billion to $9 billion each year by 2026. The foundation is primarily focused on charitable giving that's aimed at improving global health, gender equality and education, among other issues, CNN reported.
Nothing Phone (1) triggers controversy in India, company clarifies
The South Indian tech YouTube community was particularly displeased as they did not receive the review units of the device that will be available in India from July 21. The hashtag #DearNothing started trending on Twitter after a tech YouTuber, who goes by the username aPrasadtechintelugu', posted a video on the day of the launch.
WPI-based inflation dips slightly to 15.18% for June
The high rate of inflation in June is primarily due to rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, chemicals and chemical products, food products, as compared to the corresponding month of the previous year. it said. The WPI Food Index, which has a weight of 24.38 per cent, and comprises 'Food Articles' from Primary Articles group and 'Food Products' from Manufactured Products group, has increased from 176.1 in May to 178.4 in June.
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