BUSINESS
BharatPe launches investment platform for merchants after Ashneer saga
In the first phase, the company is going live with peer-to-peer (P2P) investments and bank-deposit products with its partners on the platform. The P2P investment product is being powered through RBI regulated non-banking financial companies (NBFCs) LenDenClub and Liquiloans.
Global stock markets fall amid concern over rising prices
The US shares saw their biggest one-day drop since 2020 after downbeat earnings reports from some of America's biggest retailers. Target said unexpectedly high fuel and freight costs had cut into profits, which halved compared with a year ago. That followed a similarly downbeat update from rival Walmart earlier, BBC reported.
Tata vs Cyrus Mistry: SC dismisses review petitions by Mistry against March 2021 judgment
A bench headed by Chief Justice N.V. Ramana dismissed the review petitions. In a separate application for expunging remarks, the top court agreed to expunge certain remarks made against Mistry, but has also directed that certain offensive paragraphs directed against the court made in the application for expunction be deleted/withdrawn.
Indices slump in opening deals on weak overnight cues from US
"Indian benchmark indices are set to face heavy turbulence today amid negative global market cues. US markets saw the worst sell off since June 2020 as inflation fear looms," said Mohit Nigam, Head - PMS, Hem Securities just before the market opened. Indian economy is set to face jitters due to rising inflation in the US thus, making further interest rate hikes all the more important, Nigam added.
Walmart to Target to FAANGM to crypto - the bears rule for now
After notching its worst month since 2008 in April, the tech-heavy index continues to deflate this month too, with many in danger of seeing their gains from the pandemic's earlier phases, boosted by the remote-everything boom, getting wiped out. The S&P500 was no exception. Sitting at 4,462 a month back, the index bled 12.65 per cent at 3,924 by Wednesday.
Pakistani rupee touches 200 against US dollar in open market
Meanwhile, in the interbank market, the local currency continues to be on slippery ground, and with a fresh decline of Rs 2.1, it plunged to yet another historic low of Rs 199 against the greenback during intraday trading, despite suspected intervention by the Central bank. Investors are concerned as there is speculation in the market that the IMF may not agree to resume the loan programme, following the government's reluctance to implement the prerequisite conditions.
World Economic Forum to tackle geo-economic challenges in Davos
The meeting, called "History at a Turning Point: Government Policies and Business Strategies," will be held in Davos, Switzerland, on May 22-26, Xinhua news agency reported. After a two-year gap due to the Covid-19 pandemic, followed by the Ukraine crisis and other geo-economic challenges, the meeting is taking place at a crucial point in time, the WEF said on Wednesday.
India retains top spot as fastest-growing major economy: UN report
"We expect Indian recovery to remain strong in the near term in the next year, and two," Hamid Rashid, the chief of the UN's Global Economic Monitoring Branch, said on Wednesday at the release of the World Economic Situation and Prospects (WESP) mid-year report. India's growth contrasts with the global growth rate that is forecast at 3.1 per cent this year and the next, according to the report.
State-owned companies now can decide on disinvestment of their subsidiaries
The proposal intends to reform the functioning of PSEs, by allowing greater autonomy to the Board of Directors of the Holding PSEs for taking decisions and recommend for timely existing from their investment in subsidiaries, units or JVs, which will enable them to monetise their investment in such subsidiaries, units, JVs at an opportune time or close their loss-making and inefficient subsidiaries, unit, JV at right opportunity, the government said in a statement on Wednesday.
Sharp rise in Pakistan's default risk in global bond markets
Cumulatively, in the first 10-and-a-half months of the current fiscal year 2021-22, they have sold PIBs and T-bills worth a net $590.39 million, according to the central bank's data on Tuesday, The Express Tribune reported.
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