BUSINESS
Bank of England raises interest rates for third time in four months
Interest rates have increased in the UK for the third time in four months as the Bank of England tries to calm the rise in the cost of living, BBC reported. The rise from 0.5 per cent to 0.75 per cent means rates are now at their highest level since March 2020, when Covid lockdowns began.
ED attaches Rs 2.19 cr of Chandigarh businessman in PMLA case
Initially, a case against Mahajan and others was lodged by the Chandigarh Police under Sections 120-B and 420 of the Indian Penal Code (IPC) for alleged illegal exchange of demonetised Indian currency to newly introduced currency during the period of demonetisation. The ED initiated a money laundering investigation against Mahajan and others on the basis of the FIR registered by the Chandigarh police.
Indian equities attractive, FIIs to come back 'sooner than later': Samco Securities
With structural attractiveness in Indian equities among the emerging markets and the possibility that some Russian equity allocations in foreign portfolios will come to India, foreign institutional investors (FIIs) are expected to make a comeback "sooner than later", said brokerage house Samco Securities. FIIs have now been net sellers in the Indian equities market for more than 5 months in a row, the brokerage said, referring to National Securities Depository (NSDL) data.
Economy experiencing spillovers from ongoing geopolitical crisis: RBI Bulletin
India's economy is experiencing spillovers from the ongoing geopolitical crisis in Ukraine, the Reserve Bank of India (RBI) on Thursday. These spillovers have emerged at a time when the economy recovers from the third wave of the pandemic. As per the bulletin, amidst these testing times, India's macroeconomic fundamentals remain strong.
Ukraine legalises cryptocurrency to fight Russian invasion
Ukraine President Volodymyr Zelensky has signed the law that creates conditions for further formation of the legal field in the market of virtual assets. The new market will be regulated by the National Commission on Securities and Stock Market. The signed law determines the legal status, classification and virtual assets ownership rights and determines the list of providers of virtual assets and conditions of their registration.
Financiers worry about 515 airplanes leased to Russian airlines
On Monday, Russian President Vladimir Putin approved a law switching the jets over to the Russian airplane registry, making their return very difficult, Politico reported. In doing so, Russia is breaching the Chicago Convention, the international rules that underpin civil aviation, according to European Transport Commissioner Adina Valean.
IMF not asking for removal of central bank Guv: SL
Addressing the nation on Wednesday evening, President Gotabaya Rajapaksa said that he has decided to work with the IMF to overcome Sri Lanka's economic woes, reports Xinhua news agency. Following the speech, local media reported that one of the IMF conditions to work with Sri Lanka was the removal of the central bank governor, who had repeatedly said that the government would not go to the global lender.
Keeping early gains intact, indices close session on high
A policy rate hike of 25 basis points by the US Fed at its latest meeting and signs of some progress in talks between Russia and Ukraine supported investors' sentiment across the board on Wednesday. Sensex closed 1.8 per cent or 1,047 points higher at 57,864 points, whereas Nifty 1.8 per cent or 312 points higher at 17,287 points.
In a first, Indian cargo exported to Uzbekistan via Pakistan
According to details, at least 140 tonnes of cargo, mostly Indian sugar, crossed over into Pakistan and travelled to Afghanistan through the Torkham border. The shipment was sent ahead towards Uzbekistan's capital Tashkent on Wednesday. Maulana Zaheer, the spokesperson of Afghanistan's Ministry of Industry and Commerce, said that a special ceremony was organised to facilitate the transit of Indian goods in Kabul.
European consumer electronics firm Thomson eyes 10% market share in India
European consumer electronics firm Thomson on Thursday announced a range of air conditioners in India with an aim to capture 10 per cent market share. With the launch of its four models in the Cool Pro Max Aseries, Thomson ACs will be available in fixed-speed and inverter segments, with the capacity of 1 tonne and 1.5-tonne each. Available on Flipkart, starting March 22, Thomson ACs will be up for grabs at an introductory offer prices starting Rs 26,490.
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