BUSINESS
World Bank projects East Asia Pacific to grow 5% in 2022
The World Bank has projected the East Asia Pacific growth to increase by 5 percent in 2022 amid the resurgence of Covid-19 pandemic, tighter financial conditions and the Russia-Ukraine war, the World Bank said. The region's largely strong fundamentals and sound policies should help it weather these storms.
Equity indices decline marginally on profit booking
At 9.51 a.m. on Tuesday, Sensex was 0.3 per cent or 208 points down at 60,404 points, whereas Nifty 0.3 per cent or 52 points down at 18,001 points. This came after a sharp rise in indices on Monday led by the announcement of the merger of HDFC twins.
Pakistan rupee depreciates more than 3% in March alone, forex reserves at the lowest level since 2020
In July last year-the beginning of the Pakistani financial year, the country's currency was pegged at around 158 to the US dollar. A depreciation of the currency would mean that the country's import bill will rise, especially at a time when global crude prices have surged following the Russia-Ukraine conflict.
Among Tata cos, M-cap of Tata Steel, Tata Elxsi, Indian Hotels, Trent zoomed in Q1CY22
Commonly referred to as M-cap, market capitalisation is the aggregate value of a company based on its current share price and the total number of outstanding stocks. It is calculated by multiplying the current market price of the company's share with its total outstanding shares. As per the data, Tata Steel and Tata Elxsi's market capitalisation rose 17.6 percent and 50.7 per cent to Rs 1,59,626 crore and Rs 55,013 crore during the period under review, respectively.
Amazon, Future Retail agree in SC to appear before Singapore Int'l Arbitration Centre
A bench headed by Chief Justice N.V. Ramana and comprising Justices Krishna Murari and Hima Kohli said: "It is stated and agreed by both the parties that they wish to appear before the Singapore International Arbitration Centre and request that the proceedings, pending adjudication before it, be expedited on the issues agreed upon between them. Towards this purpose, both the parties are directed to file a Joint Memo of Consent Terms by April 5. List these matters on April 6."
CCI orders probe into conduct of Zomato, Swiggy
Following a complaint from the National Restaurant Association of India (NRAI), the CCI said that it is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, "which requires an investigation by the Director General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions". The NRAI represents over 50,000 restaurant operators across the country.
GST Council did not recommend reducing GST on health insurance: FM
At present, GST on health insurance services is levied at a standard rate of 18%. "Health insurance, like majority of other taxable supplies, is standard rated at 18%. In pre-GST regime also, health insurance was standard rated," Sitharaman told the Lok Sabha in a written reply. "A significant relief in GST has been provided by way of exemption to above stated insurance schemes catering to economically weaker sections of the society and differently abled."
Why HDFC merger is beneficial for macro economy, shareholders
The proposed transaction intends to create a large balance sheet and net-worth that would allow greater flow of credit into the economy. It will also enable underwriting of larger ticket loans, including infrastructure loans, an urgent need of the country. The merger is expected to enable seamless delivery of home loans and leverage on the large base of over 68 million customers of HDFC Bank and inter alia improve the pace of credit growth.
India's March manufacturing sector growth weakens: PMI
The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month. As per the PMI report, business conditions improved in March, but the latest results showed slower expansions in factory orders and production as well as a renewed decline in new export orders. Besides, it cited that price indices increased since February to signal mounting pressures.
Global Cloud infrastructure spending to reach $90 bn in 2022: IDC
In 2021, the cloud infrastructure spending reached $73.9 billion, up 8.8 per cent over 2020. In Q4 2021, it increased 13.5 per cent (year over year) to reach $21.1 billion. This marked the second consecutive quarter of year-over-year growth as supply chain constraints have depleted vendor inventories over the past several quarters.
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