BUSINESS
Extending losses from past week, equities settle low
Market participants are worried about the rising inflation besides the likelihood of monetary policy tightening in the US. Policy tightening, which essentially means rate hike, is a negative for the Indian market as investors typically prefer the US markets to accumulate higher returns.
India's journey towards a global economic power
For the first time in India's economic history its merchandise exports touched a record $418 billion in 2021-22, exceeding the government's target by about 5 per cent. The Department of Commerce had set a merchandise exports target of $400 billion for FY 2021-22, up from $292 billion in 2020-21. This feat was remarkable as export growth marked a 40 per cent increase over the previous year despite severe breakdown in logistics and labour supply due to the Covid-19 pandemic.
Swiggy to upskill delivery boys to become company employees
The programme, named "Step-Ahead" is aimed at giving an opportunity to those executives who want to move from their current flexible engagement with Swiggy to a dedicated, managerial role, the company said. "Swiggy has consistently maintained that our delivery executives are the backbone of our operations; and we are proud to enable an income opportunity for over 2.7 lakh women and men across the country," said Mihir Rajesh Shah, VP, Operations, Swiggy, in a statement.
India & FTA: Series of bilateral deals to pump up supply chains
The FTAs will further push India's integration into the global economy as a benevolent player creating a win-win model. The India-UK FTA when concluded will be major milestone between the world's two leading economies. During his recent visit to India, UK Prime Minister Boris Johnson pushed for closing the negotiations for an FTA by this October.
Indian tech firm Cyient acquires Finland-based Citec
According to Cyient, this is the largest outbound acquisition by an Indian engineering services company and its largest acquisition to date. The acquisition will strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway and Sweden, along with Germany and France, the company said in a statement.
Oil prices will remain above $100/barrel as long as Ukraine war rages on
The threat of sanctions on Russian hydrocarbon exports and uncertainty surrounding supplies will exacerbate existing market tightness. European gas prices will rise by 65 per cent this year, after a fivefold rise last year. Europe has limited gas stockpiles, and there are concerns about gas supplies for the 2022/23 northern hemisphere winter season.
Equities extend losses, rising inflation a concern
At 9.32 a.m., Sensex was at 56,582 points, down 1.1 per cent, whereas Nifty was at 16,988 points, down 1.1 per cent. "Markets are worried about the increasing hawkish messages from the Fed which indicate higher-than-expected rate hikes by the Fed this year. There are concerns that aggressive monetary tightening might even push the US economy into a recession in 2023. These fears are impacting risky assets," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Elon Musk says 'moving on' from making fun of Bill Gates
Musk later said his tweet was in reference to his Twitter fights with Microsoft co-founder and billionaire Bill Gates. "(from making fun of Gates for shorting Tesla while claiming to support climate change action)," he said in a follow-up tweet. Gates has not yet issued any public statement on Musk tweets.
Musk declines Gates' request to discuss philanthropy in new leaked texts
As per a series of leaked text messages, Gates was proposing a potential meeting with Musk "to discuss philanthropy possibilities," but Musk was not willing to do so after Gates admitted he still has not closed out his short position on Tesla, reports Teslarati. There were rumours Gates did hold a short position against Tesla, but he never truly confirmed whether he had any sort of investment in the automaker's stock.
Why Bhavish Aggarwal won't invite Elon Musk to Ola FutureFactory?
Aggarwal said that no one company has the right or the entitlement to own the future of humanity, which is electric mobility. "Why should I invite Musk? It is he who should invite us as we have to take pride in our work," Aggarwal.
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