BUSINESS
Pakistan seeks US help to revive IMF deal
Sources have said the government's economic team with US Ambassador Donald Blome and sought Washington's support and acknowledgment of the actions taken so far, The Express Tribune reported. Blome was apprised about measures that have been taken to revive the programme and bring stability in the economy, they added. Finance Minister Miftah Ismail and Minister of State for Finance Aisha Pasha met with the US envoy.
Sri Lanka could have avoided economic crisis: Central bank Guv
Speaking to the BBC, the Governor said on Thursday night: "If we had taken the decision to go to the IMF earlier, if we started the debt resettlement process one year before, we could have managed the situation without this kind of suffering in this country." Amidst the worst ever economic crisis, Sri Lanka says it needs $5 billion this year in support from the international community, including the IMF.
ShareChat closes $520 mn funding round at $5 bn valuation
In the funding round, ShareChat raised $255 million from Google, Times Group, and existing investors, adding to the $266 million it raised earlier in December 2021 from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures, and India Quotient. ShareChat, which achieved unicorn status last year, has collectively raised $913 million in 2021, the highest funding among all companies that became unicorns during the year.
Bank of England hikes interest rates again
The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25 per cent despite fears that soaring prices are already squeezing households and weighing on economic growth, CNN reported. "Bank staff now expect GDP to fall by 0.3 per cent in the second quarter as a whole, weaker than anticipated at the time of the May Report," the Bank of England said in a statement.
Oil meals exports in May 2022 report 12% hike
Released on Thursday, according to the data compiled by the Solvent Extractors' Association (SEA) of India, there has been a jump in the rapeseed meal export by nearly 45 per cent. "First two months of the current year (2022-23), export of rapeseed meal has shown a sharp jump and reported at 3,98,355 tonne compared to 2,74,692 tonne i.e., up by 45 per cent," the data said.
India's biggest crypto ponzi scam may grow to Rs 1 tn, affecting 1 lakh people
With a total of 40 FIRs registered by victims (more than 13 FIRs in Maharashtra alone)and Punjab, a large number of people from other states may have also lost their hard-earned savings in the GainBitcoin scam. Amit Bhardwaj, the mastermind who died of cardiac arrest earlier this year, may have collected Bitcoins anywhere between 385,000 to 600,000, amounting to more than Rs 1 trillion.
Tesla once again hikes its electric car prices
According to the auto-tech website Electrek, after a year of increasing prices almost every month in 2021, Tesla slowed down the rapid rise in prices across its electric vehicles in early 2022. However, now the electric vehicle company has updated its online configurator overnight to again increase prices across its entire lineup.
Happy with regulatory relaxations Indian insurance sector wants more
Happy with the winds of change, the sector wants more relaxation. The Insurance Regulatory and Development Authority of India (IRDAI) under its new Chairman Debasish Panda has been reviewing various sectoral regulations and is the process of relaxing many of them. The IRDAI has slashed the number of offline returns submitted by the life insurers to four from 40 and the online returns to five from eight.
Equity indices settle sharply low, Sensex down over 1K points
Sensex closed at 51,495.79 points, down 1,045.60 points, or 1.99 per cent, whereas Nifty closed at 15,360.60 points, down 331.55 points, or 2.11 per cent. The decision by the US Federal Reserve to raise the interest rate by 0.75 percentage points, the highest on-shot increase since 1994, to tackle inflation that is at its highest in 40 years, also weighed on the stocks.
Samsung reduces procurement orders amid inventory pressure: Report
The order applies to components for multiple key product lines, including TVs, home appliances and smartphones, the report noted. "Samsung Electronics is temporarily halting new procurement orders and asking multiple suppliers to delay or reduce shipments of components and parts for several weeks due to swelling inventories and global inflation concerns," the report said, citing sources.
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