BUSINESS
Insuretech platform Policygenius lays off 25% of its workforce
Jamisson Buck, a life insurance agent at Policygenius, wrote in a LinkedIn post late on Thursday that the company has made the "extremely difficult decision to lay off 25 per cent of its staff". "I unfortunately was part of that layoff. I want to thank the entire team for the last 19 months. It's now time to search for the next opportunity," wrote Buck.
OPEC+ agrees to significant oil output increases in July
The group on Thursday agreed to increase oil production by 648,000 barrels per day (bpd) in July, higher than its previous monthly increases of 432,000 bpd, Xinhua news agency reported. The 29th OPEC and non-OPEC Ministerial Meeting decided to advance the planned production adjustment for September and "redistribute equally" the 432,000 bpd output increases for July and August, according to an OPEC statement released after the meeting.
Power sector coal import comes down by 40%
"The decline in coal imports during 2021-22 is largely due to decrease in imports by the Power Sector which came down from 45 MT in 2020-21 to 27 MT in 2021-22, a decline of almost 40 per cent. The decline is more steep if we compare coal imports by power sector in 2021-22 to pre-Covid year of 2019-20 when such imports were 69 MT.
NRAI says service charge levy by restaurants matter of individual policy
In its meeting with the Department of Consumer Affairs, NRAI officials reiterated, as stated earlier in 2017, that levy of service charge is neither illegal, nor an unfair trade practice as alleged. This matter had also come up in 2016-17, and the NRAI had provided its response to the government. On Thursday, the body reiterated the points as were put up earlier in 2017.
Micron Ventures to invest $200 mn in deep tech startups
The latest investment builds on success of Micron Ventures Fund I and brings total assets under management to $300 million. Since its inception, Micron Ventures has made investments in 25 startups, yielding strong financial returns and multiple unicorn companies within the portfolio, it said in a statement.
RBI launches annual survey on foreign liabilities, assets of MF, AMC
The survey collects information from mutual fund companies and asset management companies on their external financial liabilities and assets as at the end of March of the latest financial year. The survey results are released in the public domain besides being used for compilation of balance of payments statistics and other uses.
Over 20K startup employees lose jobs globally, India and US top list
According to layoff aggregator Layoffs.fyi, at least 20,514 people have lost their jobs at tech startups globally since April globally and the US is leading the race. The number doubled over the past two weeks, indicating that the labour market for the sector has taken a turn for the worse, reports Nikkei Asia. Ironically, this figure does not take contractual workers into accounts which have lost their jobs in the startup funding winter.
Snapping 2-day losses, indices settle in green; Reliance top gainer
Gains were led by upmove in Nifty oil & gas, IT, metal, and media stocks. Also, a decline in global crude oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting also somewhat gave fuel to the market sentiments. Among the Nifty 50 stocks, Reliance Industries was the top gainer, rising 3.6 per cent from the previous close.
Banks raise lending rates: Here's what realty experts have to say
On Wednesday, lending major HDFC and PNB Bank raised their lending rates by 5 basis points and 15 basis points, respectively. The upward revision in rates will essentially lead to an increase in EMIs for borrowers. Recently, the State Bank of India (SBI) and Bank of Baroda also hiked their lending rates across various tenures, as per reports.
Domestic steel prices soften sharply on subdued demand outlook, rising iron ore output
Futures prices of steel on National Commodity & Derivatives Exchange Limited (NCDEX) have softened significantly in the past one to one-and-a-half month period. Prices came down from its recent peak of around Rs 61,000 per tonne to around Rs 46,500-47,000 in the first week of June. At the time of writing this report, the most-active June delivery steel contracts on the NCDEX were trading at exactly Rs 47,000.
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