BUSINESS
Russia forecasts 7.8% GDP contraction in 2022
Investment in fixed assets could nosedive by 19.4 per cent and the retail trade turnover may plummet by 8.7 per cent this year, a representative of the Ministry told reporters. The Ministry expected the unemployment rate to rise to 6.7 per cent from 4.8 per cent last year and the real disposable income of Russians to drop by 6.8 per cent this year, reports Xinhua news agency.
Inflation top problem facing US: Survey
Nearly 70 per cent said inflation is "a very big problem" for the country, followed by nearly 55 per cent for healthcare affordability and violent crime, based on the poll of 5,074 US adults in April and May 2022, Xinhua news agency reported. However, responses varied by political affiliation, with 84 per cent of Republicans and right-leaning independents saying inflation is the top issue. By contrast, 57 per cent of Democrats and left-leaning independents were most concerned about rising prices.
Fashion supply chain marketplace Fashinza raises $100 mn
Fashinza, that provides a global supply chain for fashion brands and retailers, said it will utilise the funds (a combination of equity and debt) towards creating a sustainable supply chain for the global fashion industry and in expanding the company's presence globally.
Six applicants not found suitable for setting up banks in India
The RBI on Tuesday announced the decision on six applications received under the guidelines for �on tap' licensing of universal banks and small finance banks.
Bharti Airtel's revenues up 22% YoY, net profit 165% in Q4FY22
The sharp rise in revenues was backed by strong and consistent performance delivery across portfolios. The company's India business posted quarterly revenues of Rs 22,500 crore, up 22.7 per cent on year.
LIC's fall on exchange debut: Here's what analysts have to say
The Indian insurance major listed on the stock exchanges at a discount of over 8 per cent at Rs 867, as against its issue price of Rs 949. Here's what some of the analysts have to say about post the listing: Shivam Bajaj, Founder and CEO at Avener Capital
Equity indices close sharply high, Sensex up 1,345 pts, LIC falls on debut
Sensex closed at 54,318 points, up 1,345 points, whereas Nifty at 16,259 points, was up 417 points. S. Ranganathan, Head of Research at LKP securities, said: "On a day when WPI for April crossed 15 per cent, the 2.7 per cent rise in benchmark indices coupled with the breadth of the rally surprised many on the street despite the move coming after a relentless fall."
Centre relaxes wheat ban order, allows earlier registered consignments with Customs
It has now decided that wherever wheat consignments have been handed over to Customs for examination and have been registered into their systems on or prior to May 13, such consignments would be allowed to be exported. The government also allowed a wheat shipment headed for Egypt, which was already under loading at the Kandla port.
Supertech twin tower demolition: SC extends deadline to August 28
A bench of Justices D.Y. Chandrachud and P.S. Narasimha agreed to extend the deadline for demolition of twin towers following submissions from counsel representing the Interim Resolution Professional (IRP) and also considering a communication by the Central Building Research Institute (CBRI) Director, dated May 11, that the demolition should be deferred to August 28.
India now has 200 mobile phone manufacturing units: PM Modi
Addressing a Telecom Regulatory Authority of India (TRAI) programme via video conferencing, Modi said that in the last eight years, new energy has been infused into the telecom sector. "To make the mobile accessible to the poorest of the poor families, emphasis was placed on the manufacturing of mobile phones in the country itself. The result was that the mobile manufacturing units increased from 2 to more than 200," he emphasised.
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