BUSINESS
Rupee to trade in 78.75-80 band for dollar: Kotak Mahindra Bank
Further the US 10-year yields regained the three per cent mark while commodities continued to slide lower. Providing some respite to the rupee was the fall in crude oil prices below US$100/bbl (from the week's high of US$114.8/bl) as fears of a potential global recession spurred concerns about oil demand. Further, the rupee got some support as the Reserve Bank of India (RBI) stepped in with measures to alleviate the dollar tightness.
Most Indian businesses now investing in risk management capabilities: Report
Six in 10 executives also feel the need to actively seek external insights to assess and monitor risks in the increasingly disruptive business environment, according to the report by global consulting firm PwC. While 88 per cent of business leaders are increasing their spending on technology and digital capabilities in the risk function workforce in the country.
Officials to release money to customers after China bank protest
The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn) of deposits. The Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau said "advance payments" would be made to customers through a local association supervised by China's central bank.
Founders of crypto hedge fund Three Arrows Capital go missing
According to a court document, Zhu and Davies' whereabouts are currently unknown. Its liquidators said they have not received "any meaningful cooperation" from the duo. A British Virgin Islands court has tasked business management company Teneo to oversee 3AC's liquidation. The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.
ED attaches assets worth Rs 14 cr in cryptocurrency cheating case
The attached assets include the balance in the bank accounts of Flywithme Mobile LLP (a firm owned by Nishad K) and immovable properties of the associates of Nishad K, purchased from the proceeds of crime. The attached properties include the bank balance in the bank account of Flywithme App, a hospital in Kochi, and 52 acres of agricultural land in Tamil Nadu.
Twitter shares tank 6% amid Musk walkout
The world's richest person on Friday terminated the $44 billion deal to buy Twitter, stating that the company was in "material breach" of their agreement and had made "false and misleading" statements during negotiations. The "board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement", Twitter Chairman Bret Taylor said in a tweet.
New tech crackdown hits Chinese stocks
Casinos in the gambling hub of Macao were ordered to close for the first time since February 2020 because of a Covid outbreak, sending shares of their operating companies plunging, while fears of new lockdowns in Shanghai undermined the broader China market, CNN reported. Adding to the downbeat mood, China's tech stocks plunged after the country's antitrust regulator imposed fresh fines on a batch of A-list companies, rekindling fears that Beijing is still not lifting the pressure on the country's embattled internet giants, CNN reported.
Adani may say no, analysts don't rule out group's entry into consumer mobility
While the troubled Vodafone Idea's scrip gained 3.44 per cent to reach Rs 8.72, the stronger Bharti Airtel's scrip went down by 5.03 per cent to Rs 660.30. On Saturday, the Adani Group said it would enter the telecom sector and participate in the 5G spectrum auction to offer private network solutions but does not have the intention to venture into consumer mobility space.
RBI announces measures for settlement of international trade in rupees
According to the RBI, the authorised dealer banks should get the prior approval from its Foreign Exchange Department. The central bank said the measure is taken to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the Indian rupee.
Global smartphone memory market logs $11.5 mn in sales in Q1
Samsung managed the top spot in the smartphone memory market (DRAM and NAND), followed by SK Hynix and Micron in Q1. The combined revenue share of the top 3 vendors reached 85 per cent in the global smartphone memory market in the quarter, reports Strategy Analytics. "The smartphone memory market experienced a modest decline annually owing to the seasonal slowdown in the end-market combined with the pandemic-induced disruption in customer supply chains in Q1 2022," said Jeffrey Mathews, senior analyst.
Don't Miss
Advertisement