BUSINESS
Markets to close down across Pakistan at 8:30 pm to save electricity
In an attempt to save energy, the Pakistan National Economic Council (NEC) has decided to order the closure of markets across the country at 8:30 pm, Geo News reported..The NEC took the decision on Wednesday during a meeting chaired by Prime Minister Shehbaz Sharif, which was attended by the chief ministers of all the provinces. The NEC met a day after President Ari Alvi approved the reconstitution of the body with Shehbaz Sharif as its chairman.
Moody's Analytics sees another 60-80 bps hike in repo rate this year
Hours after the Reserve Bank of India raised key lending rates, or repo rate, by 50 basis points to 4.9 per cent, global financial services company Moody's Analytics said the central bank could hike the repo rate by another 60 to 80 basis points through the rest of the year. It, however, maintained that these rate increases will need to be carefully calibrated to meet the central bank's increasingly difficult objectives of supporting growth and taming inflation.
Okinawa pips Ola Electric to become No 1 electric 2-wheeler brand
According to the Federation of Automobile Dealers Associations (FADA), Okinawa Autotech sold the highest total of 9,309 units. Meanwhile, Ola Electric sold 9,225 units last month. In May 2021, Okinawa Autotech sold just 217 units of its electric two-wheeler. The company is aiming to grow its electric vehicle business aggressively, having recently announced an investment of Rs 1,200-1,500 crore in e-two-wheelers over the next two years.
'Musk's $44 bn Twitter takeover deal draws investor suit over bot account claims'
According to Bloomberg, John Solak, who owns five Twitter shares, sued the company in Delaware Chancery Court for records related to discussions between its directors and executives about problems with so-called bot accounts. This week, the Tesla CEO said that Twitter is violating the terms of his $54.20-per-share offer by refusing to give him more information about how much of the platform's traffic is driven by fake accounts.
A 'Cool-Headed' Assessment: Monetary Policy Review June 2022
The MPC hiked repo rate by 50 bps to 4.9 per cent, as was widely expected by the market. However given that recent experience had significantly reduced market's confidence in being able to read monetary policy actions, there were fears of a larger repo hike or even further action on CRR. The policy, being along expected lines, therefore constituted a relief.
Centre hikes coarse grains MSP to encourage crop diversification, millets favoured
"The government has increased the MSP of kharif crops for marketing season 2022-23, to ensure remunerative prices to the growers for their produce and to encourage crop diversification," Information and Broadcasting Minister Anurag Thakur told media persons after the cabinet meeting. The MSP for paddy common and paddy grade.
BRICS countries pledge to deepen cooperation on intelligent customs
Customs cooperation between BRICS countries has seen fruitful results since the establishment of the cooperation mechanism in 2013, while bilateral trade has maintained steady growth, said Sun Yuning, deputy head of the General Administration of Customs of China, Xinhua news agency reported. China's bilateral trade with BRICS countries totalled 490.42 billion US dollars in 2021, up 39.2 per cent year on year, higher than the overall level of China's foreign trade in the same period, official data shows.
Microsoft HoloLens chief to resign after misconduct allegations
According to geekwire.com, the tech giant is splitting its HoloLens mixed reality group and parting ways with Kipman. The restructuring was announced in an internal email on Tuesday evening, shifting the company's Mixed Reality Hardware group into the Windows and Devices organisation, and its Mixed Reality Presence and Collaboration group into the Microsoft Teams organisation in the company's Experiences and Devices division.
Here are some reactions of realtors on RBI's policy outcome on realty sector
Repo rate is the rate at which the central bank lends short-term funds to banks. In line with the rate hike by the RBI, some banks and non-banking finance companies too had raised their lending rates, which will essentially lead to an increase in EMIs for borrowers. On Wednesday, RBI decided to increase the existing limits on individual housing loans by cooperative banks.
Domestic equity indices settle in red, fourth straight day of losses
India's domestic equity benchmark indices continued their slump for the fourth session in a row and closed Wednesday's trade on a negative note.. Sensex closed at 54,892 points, down 215 points or 0.4 per cent, whereas Nifty at 16,356 points, was down 60 points or 0.4 per cent. "The RBI policy turned out to be a non-event for the index as it ended on a flat note," said Kunal Shah, Senior Technical and Derivative Analyst.
Don't Miss
Advertisement