BUSINESS
Former supply chain buyer's fraud, kickbacks cost Apple $10 million
A former Apple employee has allegedly defrauded Apple out of $10 million, according to federal authorities, by using his position as a supply chain buyer to obtain kickbacks and to make Apple pay for undelivered goods and services.
CAIT urges Centre to rationalise BIS standards, GST slab on footwear
"India is a land of diversity where consumers range from an ordinary person to most affluent class and their purchase behaviour is more as per their economic strata and therefore they can't be governed by a single yardstick, and therefore any policy or tax imposition should be levied accordingly in order to provide equitable strength to everyone ," said Secretary General of the traders' body Praveen Khandelwal.
India looking beyond conventional markets to export wheat
"India is in final talks to start wheat export to Egypt, while discussions are going on with countries such as Turkey, China, Bosnia, Sudan, Nigeria, Iran, etc to start wheat export," a meeting of the stakeholders called by the Agricultural and Processed Food Products Export Development Authority (APEDA) was informed. The export of wheat recorded a huge surge at $1,742 million during April-January 2021-22.
Suzuki Motor to invest $1.3 bn for EV production in India: Report
According to Nikkei Asia, Japanese Prime Minister Fumio Kishida is set to visit India over the weekend to meet his Indian counterpart Narendra Modi and the announcement will be made during the visit. Japan is set to offer India $42 billion in overall investments over five years during Kishida's visit, the report noted. Suzuki will build a new electric vehicle production line in India.
India expected to have over 100 new unicorns in 2022: HDFC Securities
According to HDFC Securities, funding activities have created 42 unicorns in 2021. In financial parlance, a startup is considered to have become a unicorn once it achieves a value of over $1 billion. Last year, India added 42 unicorns in 2021 alone, taking the total tally to 79. The country is ranked third in the world in terms of the total number of unicorns. The optimism of investing in Indian internet ecosystem can be linked to the immense growth potential and problem solving or disruptive nature of startups."
Elevated commodity prices to keep pressure on rupee
On Friday, the rupee closed at 75.80 to a greenback. Lately, high commodity prices, as well as outflow of foreign funds from equity markets have weakened the Indian rupee against the US dollar.
The rising prices of crude oil, along with other commodities triggered by the Russia-Ukraine war has kept pressure on the rupee.
RBI expected to prioritise growth during April meet
Notably, the consumer price index (CPI) inflation print has remained at elevated level due to higher-than-expected vegetable prices in February. Moreover, inflation is expected to remain at elevated levels due to higher crude oil price in subsequent months owing to the Russia-Ukraine crisis. "Nevertheless, we still expect the RBI to prioritise growth in its April 2022 monetary policy meet as we believe growth is still a bigger concern currently rather than inflation," said Motilal Oswal Financial Services.
'China Plus One' strategy creating opportunities for Indian players
"China's strategic change towards manufacturing of high-value goods from low-value goods is evident in both inter-sector such as shift to capital goods from footwear, and intra-sector such as shift to man-made fibres from home textiles or cotton apparels, and in the pharmaceutical sector, to formulations from active pharmaceutical ingredients (APIs)," said India Ratings and Research.
After Better.com, British firm lays off 800 workers over Zoom call
British shipping company P&O Ferries sacked 800 of its employees en masse over a Zoom call that lasted only 3 minutes and the employees were not allowed to serve a notice period, reports Daily Mail. "I am sorry to inform you that this means your employment is terminated with immediate effect on the grounds of redundancy," Daily Mail quoted the P&O chief during his Zoom call as saying.
'India's energy transactions with Russia should not be politicised'
This comes after the government run Indian Oil Corporation purchased three million barrels of Russian crude oil last week, which was offered at a steep discount to the prevailing international rates. The US has stated that India would not be violating US sanctions by purchasing discounted Russian oil, however "such a move would be equal to supporting Moscow's aggression in Ukraine".
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