BUSINESS
Chinese firms rush to Singapore, HK bourses amid US delisting threat
According to the Global Times, Nio is another US-listed Chinese company that has moved to another country amid delisting threats from the US. Nio said the company's shares listed in Singapore will be fully fungible with its American depositary shares.
Asia's appetite for US crude intact despite lucrative Russian offers: S&P Global Commodity Insights
That said, North American supplies could face more competition in the second quarter as refiners will continue picking up barrels from the non-OPEC supplier until they remain outside sanctions and are available at substantial discounts.
Stock markets in Asia, US tumble after biggest interest rate hike in 22 yrs
The sell-off comes as worries intensified over how rising prices, and the Federal Reserve's steps to rein them in, will affect economic growth, the BBC said in a report. Major share indexes in Hong Kong and mainland China dropped on Friday in Asia. That came after shares in New York fell sharply, led by technology stocks.
Lamborghini blows lid of alleged Rs 1,000 Cr mutual fund scandal
There are now loud whispers of a Rs 1,000 crore scam in a large mutual fund owned by a leading private sector bank involving front running by the fund managers and dealers. The said fund manager seems to have been using a Lamborghini and buying luxury apartments in and around Mumbai. He is said to be on the payrolls of brokers and accumulated small and midcap stocks on behalf of the mutual fund.
Jet Airways takes to skies again with test flight
The airline had ceased operations in early 2019 due to some financial difficulties. Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code and as per orders of the NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. The airline has shared a video on Twitter which shows the test plane taking off.
Gucci stores in US to accept cryptocurrencies
Customers will be able to pay using a number of cryptocurrencies, including Bitcoin, Ethereum and Litecoin, the BBC reported. The service will be rolled out later this month at some of its flagship outlets, including Rodeo Drive in Los Angeles and New York's Wooster Street, the report said. Gucci, owned by France's Kering, joins a growing number of companies that have started to accept virtual currencies, according to the BBC report.
Omnichannel diagnostics platform Redcliffe Lifetech raises $61 mn
The new funds will also be utilised to scale its platform and increase its product offerings to radiology, disease data profiling and lifestyle management, the company said in a statement. "Preventative medicine is the future of health in India. This investment will help us scale rapidly to achieve our goal to reach 500 million Indians within the next five years," said Dheeraj Jain, Founder of Redcliffe Lifetech.
Equities plunge in early trade on weak global cues, Sensex declines over 1K pts
Asian stocks fell over concerns that the US' central bank and some other major central banks will have to raise interest rates even more aggressively to check inflation. All Nifty sectoral indices traded in the red in the morning session. Benchmark Sensex was at 54,666 points, down over 1,000 points or 1.9 per cent, whereas Nifty at 16,376 points, down over 300 points or 1.8 per cent.
UK economy to shrink in 2023, warns Bank of England
The latest forecasts imply that UK's GDP could fall by nearly 1 per cent in the final quarter of this year, when the energy price cap is lifted again, taking inflation to 10 per cent this autumn. The next year looks alarmingly weak too. The Bank of England (BoE) has cut its growth forecast for 2023 to show a contraction of 0.25 per cent from a previous estimate of 1.25 per cent growth, The Guardian reported.
Adani Transmission reports cash profit of Rs 763 crore in Q4, up 19.4% YoY
The financial highlights of Q4FY22 on a year-on-year basis show that the company's consolidated revenue increased by 13.5 per cent at Rs 2,582 crore, consolidated EBITDA grew 17.5 per cent at Rs 1,382 crore, while consolidated cash profit was up 19.4 per cent at Rs 763 crore.
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