BUSINESS
RBI says 75% of rise in inflation projection for FY23 due to food
"It may be noted that around 75 per cent of the increase in inflation projections can be attributed to the food group. Further, the baseline inflation projection of 6.7 per cent for 2022-23 does not take into account the impact of monetary policy actions taken today," Das said in his remarks earlier this morning while spelling out the outcome of the ongoing monetary policy review meeting that started on Monday.
Here's what experts have to say about RBI's monetary policy outcome
Further, wholesale inflation in the country has been in double digits for over a year now. RBI Governor Shaktikanta Das on Wednesday, in his remarks while spelling out the outcome of the ongoing monetary policy review meeting that started on Monday, said, India's retail inflation is likely to stay above the tolerance level of 6 per cent till third quarter of FY23 before moderating below 6 per cent.
Myntra EORS 16 set to serve 50 lakh shoppers between June 11-16
The event, which will be held from 11 to 16 June, is going to be bigger than previous versions, comprising the biggest-ever collection of 14 lakh styles across over 5,000 brands. It is set to provide unprecedented offers from fashion, lifestyle, beauty, and personal care and home categories, catering to over 50 lakh unique customers across the country.
Starlink IPO still about 3 or 4 years away: Musk
During the meeting, Musk reportedly highlighted that Starlink's business needs to be in a "smooth sailing situation" with "good predictability" before it could be spun off as a public company. Musk noted that while he does not have an exact estimate as to when this would be the case, he is guessing that Starlink may be ready to go public three to four years from now.
RBI raises repo rate by 50 bps, sees inflation over tolerance level till Q3FY23
Though the RBI raising policy rates in the ongoing monetary policy committee meeting was a "no brainer", as said by its Governor Shaktikanta Das in a recent interview, investors, however, awaited the actual degree of percentage hike before taking fresh positions and future course of action in the financial markets.
Noida Supertech twin towers to be demolished on August 21
The towers will be demolished seven days ahead of the Supreme Court's deadline of August 28. While giving extension for the demolition process on May 17, the apex court had asked Noida authority to complete the demolition process by August 28. "In a bid to ensure the compliance of the orders of the apex court, the twin towers will be demolished on August 21, 2022, to have a buffer of one week," said a statement from Noida authority.
Religare's Ex-Chairman Sunil Godhwani arrested for fraud
Godhwani was already under judicial custody pertaining to an earlier offence. "Yes we have arrested him (Godhwani)," Joint Commissioner of Police, Economic Offences Wing, Chhaya Sharma told IANS. In December last year, Religare's former CEO Krishnan Subramanian was arrested for siphoning off public money to the tune of Rs 2,397 crore.
World Bank cuts India's 2022-23 growth to 7.5%, but will keep top spot
The Bank's Global Prospects Report reduced India's growth by 0.5 per cent from the 8 per cent forecast made in April when the impact of the Ukraine conflict was just beginning to be felt, and 1.2 per cent from the 8.7 per cent forecast in January. It estimated India's growth in the last fiscal year at 8.7 per cent.
Tesla's job cut may save up to $1 bn yearly operational costs: Report
Recently, Musk had noted that his electric vehicle company would be reducing its salaried headcount by 10 per cent as the company has become overstaffed in some areas. This initiative, at least according to Goldman Sachs analyst Mark Delaney, could translate into $0.225-$1 billion in annual OPEX savings, reports Teslarati.
Real estate investor pool in Dubai shifting to a Russian-speaking set
The report further showed the share of real estate investments in Dubai by Russian and CIS individuals is 10 per cent to date this year. Most investors are looking for ready units and waterfront properties, Al Arabiya reported. Tamara Getigezheva, CEO & Partner, Mira Estate, said: "The real estate investor pool in Dubai is shifting to a Russian-speaking set.
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