BUSINESS
Bank of Baroda hikes interest rates on term, savings deposits
Interest rates have also been hiked on saving deposits of Rs 100 crore and above to less than Rs 200 crore and Rs 500 crore and above by 5-10 basis points. The upward revision in interest rates comes close on the heels of the RBI's hike in repo rate by 50 basis points at its latest monetary policy review, which was part of the central bank's measures to address rising domestic inflation as well as inflationary expectations.
Qualcomm wins battle against EU regulator's $1 bn anti-trust fine
The EU had issued the fine in 2018, and said payments Qualcomm had made to Apple between 2011 and 2016 to exclusively use its chips were illegal under EU antitrust rules. Apple sued Qualcomm in 2017 for nearly $1 billion over royalties, with Cupertino-based tech giant alleging the wireless chipmaker did not give fair licensing terms for its processor technology.
5G to make India a global hub for manufacturing, supply chain and R&D
Hailing the Union Cabinet's decision to approve the telecom department's proposal to conduct 5G spectrum by the end of next month, Broadband India Forum (BIF) said that this will lead to better efficiencies, productivity and output for the enterprises, accelerate digitisation, boost capabilities, propel indigenous manufacturing and eventually garner greater economic gains for the country.
India's overall exports in May rise 24% year-on-year
Breaking it up, the merchandise exports in May were at $38.94 billion, as compared to $32.30 billion in May 2021, and the estimated value of services export is $23.28 billion, as against $17.86 billion in the same month last year. During April-May, the first two months of FY23, India's overall exports were estimated to be worth $124.59 billion, up 25.90 per cent over the same period last fiscal.
Equity indices settle marginally low, eyes on US Fed's meet
Sensex closed at 52,541.39, down 152.18 points or 0.29 per cent, whereas Nifty closed at 15,692.15, down 39.95 points or 0.25 per cent. According to Vinod Nair, Head of Research at Geojit Financial Services, looming fears of stagflation and volatility ahead of the US Fed's decision forced the market to close flat with a negative bias. Dalal Street seems to be divided over the quantum of rate hike between 50-75 basis points.
Cabinet approves auction of 5G Spectrum
A total of 72097.85 MHz of spectrum with a validity period of 20 years will be put to auction to be held by the end of July, 2022. The auction will be held for spectrum in various Low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz), Mid (3300 MHz) and High (26 GHz) frequency bands. The Cabinet announced various progressive options with regard to the spectrum to be acquired by bidders through the forthcoming spectrum auction for facilitating ease of doing business.
Apple supplier Foxconn begins work on its 1st EV battery plant
"We plan to build a localised ecosystem for the battery supply chain, from materials to battery cells and battery packs, in Kaohsiung," said Foxconn Chairman Young Liu, reports Nikkei Asia. "The city will become an important base for Foxconn's EV global footprint". Foxconn aims to capture nearly 5 per cent of the global EV market by the end of 2025.
Cement sector's capacity utilisation to drop to 65%: Fitch Ratings
The rating agency expects India's cement demand to rise by mid-to-high single digits over the medium term after an estimated mid-teen rebound in the financial year ended March 2022 (FY22). Nonetheless, industrywide utilisation will drop towards 65 per cent from the close to 70 per cent we estimated in FY22 as faster new capacity additions will outpace demand growth.
Coinbase lays off 18% of its workforce
Brian Armstrong, CEO and co-founder said that while the company tried its best to get this just right, in this case, it is now clear that it is over-hired. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Armstrong said.
Air India fined Rs 10 lakh for denying boarding despite valid tickets
After going through the airline's submissions, as part of enforcement action, the DGCA has levied the penalty, and has advised the airline to immediately put systems in order to resolve the issue. The action by the regulator comes after multiple reports of flyers being denied boarding by airlines despite being in possession of valid tickets and reporting at the airport on time.
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