BUSINESS
Supply chain, exchange rate, higher staff, fuel costs, Ukraine add up to hurt Amazon stock
Shares fell 12 per cent on Thursday in after-hours on the back of higher costs to run the company's warehouses and deliver packages to customers. After a surge during the Covid-19 pandemic, the e-commerce giant saw expenses swelling as it offered higher pay to attract workers. A fulfillment centre in New York City voted to create Amazon's first US union, a result Amazon is contesting.
Domestic investors about to pip FPIs in holdings first time since 2010: Morgan Stanley
With share owners remaining marginal setters of price with their persistent bid, domestic investors are about to become larger holders of Indian equities than FPIs for the first time since 2010. This shift in holdings persisted for the March quarter 2022, it said. Average sector positions went a tad higher in the latest quarter after multiple quarters of decline.
'Asia's oil demand revival bears brunt of China's endless lockdowns'
"Asian oil demand growth is expected to slow in 2022 as China's demand has been hit by a resurgence of Covid-19, with lockdown measures imposed across many major cities," said Lim Jit Yang, advisor for Asia-Pacific oil markets at S&P Global Commodity Insights. Based on the latest April outlook, China's growth will be flat this year, after growing by 550,000 barrels per day in 2021.
Musk wins $13 bn suit over Solar City deal
According to TechCrunch, seeking as much as $13 billion in damages, the shareholders alleged that Tesla's $2.6 billion, all-stock SolarCity deal amounted to "rescue from financial distress, a bailout, orchestrated by Elon Musk," as per a January statement from the plaintiff's attorney, Randy Baron.
MSMEs to get subsidies to adopt 'zero defect zero effect' practices
Through the journey of ZED certification, MSMEs can reduce wastage substantially, increase productivity, enhance environmental consciousness, save energy, optimally use natural resources, and expand their markets. Under the scheme, MSMEs will get subsidies as per the cost of ZED certification: micro enterprises at 80 per cent, small enterprises at 60 per cent, and medium enterprises at 50 per cent, respectively, a statement said.
Equities keep early gains intact, settle in green
On Thursday, Sensex settled at 57,521 points, up 702 points or 1.2 per cent, whereas Nifty was at 17,245 points, up 207 points or 1.2 per cent. Even though the indices were in the green, analysts expect volatility to continue in Dalal Street.
CAIT welcomes CCI's raid on Amazon's seller Cloudtail, Apario
Since past three years, the CAIT has been raising strong objections against alleged mal-practices of Amazon and Flipkart and filed complaints with CCI beside strongly fighting delaying tactics of Amazon and Flipkart in various courts as well. Khandelwal, in a statement said that role of Narayan Murthy should also be investigated while conducting raid.
India smartphone shipments decline in Q1, China lockdowns to hit Q2
The quarter started on a slower note due to the third Covid-19 wave. However, demand picked up in the fourth week of January, according to Counterpoint Research. "The component issues were a major reason for this decline and affected almost all the brands. OEMs are adopting various strategies to tackle the supply issues, such as expanding the supplier portfolio and increasing local sourcing," said senior research analyst Prachir Singh.
Google begins work on Hyderabad campus, largest outside its headquarters
The 3 million square feet building is coming up at Gachibowli, the information technology cluster. The company also unveiled the design of the campus coming up at the 7.3-acre site it acquired in 2019. Telangana's Information Technology Minister K.T. Rama Rao said he was super excited to break the ground for Google's largest campus outside of their headquarters at Mountain View, the US.
Cotton yarn rates to be announced in May, Tamil Nadu Textile mills expect reduced prices
The traders and industry is expecting a reduced price as the production of Cotton this time is high in the state as compared to the same period the previous year. The cotton bags have started arriving at the Mulanur cotton market in Tiruppur district from various parts of the state like Dindigul, Tiruchi, Erode, and Coimbatore.
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