BUSINESS
Inflation in India to be about 5% by March 23
In a research report, the SBI also said the 7.01 per cent consumer price index (CPI) inflation announced by the Indian government on Tuesday for June 2022 confirms the fact that the peak point has passed. According to the SBI report, CPI inflation attributable to supply side factors started moving up after September'21 while demand led CPI remained more or less constant.
Tesla fires 229 employees from Autopilot team, shuts office
According to a regulatory filing in California state in the US and seen by TechCrunch, Tesla had laid-off workers from its San Mateo office that employed 276 workers. The remaining 47 employees may be sent to work in Tesla's Buffalo Autopilot office, according to the report. Tesla started laying off salaried employees after Musk's announcement, which would result in reducing Tesla's total headcount by roughly 3.5 percent.
Retail inflation eases slightly to 7.01% in June
India's retail price inflation marginally eased and stood at 7.01 per cent at the end of June, as compared to that of May, the government said on Tuesday. As per the data released by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation, the retail price inflation at the end of June was 7.01 per cent (rural 7.09 per cent, urban 6.92 per cent), as compared to 7.04 per cent in May (rural 7.08 per cent, urban 7.08 per cent).
India's industrial production grew 19.6% in May
India's industrial production grew by 19.6 per cent in May 2022, the National Statistical Office said. According to the Index of Industrial Production (IIP) data released by the NSO, the industrial growth in May was 19.6 per cent, higher than the growth logged the previous month. In terms of the use-based categories, all the sub-indices except consumer non-durables displayed a high double-digit growth in May 2022, she said.
Ashneer, wife plan 'Third Unicorn' after swindling BharatPe
Before co-founding BharatPe, Grover was associated with Grofers, which is now 15-minute delivery platform Blinkit that has been acquired by Zomato for Rs 4,447 crore (about $568 million) in an all-stock deal. According to data accessed through Tofler, the Grovers have now registered a new company to begin their new journey. The nature of the startup is now known yet.
RBI fines Ola Financial Services over Rs 1.67 crore
The penalty has been imposed in exercise of powers vested in the central bank under Section 30 of the Payment and Settlement Systems Act, 2007. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers," the RBI said.
Global PC shipments see sharpest decline in 9 years in Q2
The worldwide PC shipments saw 72 million units in the second quarter, a 12.6 per cent decline from the second quarter last year, according to Gartner. "The decline we saw in the first quarter of 2022 has accelerated in the second quarter, driven by the ongoing geopolitical instability caused by the Russian Invasion of Ukraine, inflationary pressure on spending and a steep downturn in demand for Chromebooks," said Mikako Kitagawa, research director at Gartner.
Banks gross NPA at 5.9 per cent, a 6-year low: CARE Ratings
According to the credit rating agency, the GNPA of Indian banks at the end of FY22 was at 5.9 per cent and the overall provision coverage ratio (PCR) went up to 70.9 per cent. "As the Indian economy has navigated the pandemic-induced shocks, the bank credit growth by scheduled commercial banks (SCBs) improved post-August 2021 to reach 13.1 per cent in early June 2022, a rate last recorded in March 2019," the report said.
Euro reaches parity with dollar for the first time in 20 years
Today, 1 EUR equals 1 USD. The shift means European companies and consumers will pay more for the goods and services they import, while European exports become immediately cheaper in international markets. The euro has experienced a dramatic loss of value since early February when it was worth over $1.13.
RBI aiming to de-dollarize global trade and the Indian economy
"In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports and imports in INR," the press release issued by the RBI stated.
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