BUSINESS
UK regulator warns illegal crypto ATMs to shut operations
The UK's Financial Conduct Authority (FCA) has warned operators of crypto ATMs in the country to shut down their services or face enforcement action. Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations (MLR).
Global shortage forces Ford to sell Explorer SUVs sans chips
The global chip shortage has hit Ford and the automaker is set to start selling and shipping Explorer SUVs without the chips that power rear air conditioning and heating controls. According to a report in Automotive News citing sources, Ford Motor Co plans to ship and sell partially built vehicles that are awaiting semiconductors or related components that control non-safety critical features.
Sensex opens marginally high on Monday
At 9.44 a.m., Sensex was 0.2 per cent or 91 points up at 55,642 points. However, Nifty was 0.03 per cent or just 5 points down at 16,625 points. Among the stocks, Infosys, HDFC Bank, Tech Mahindra, State Bank of India, and Wipro were the top five gainers among the Nifty 50 companies, while Tata Motors, IOC, Eicher Motors, Hindustan Unilever, Bajaj Auto were the top five losers, NSE data showed.
Sitharaman to present Budget for J&K in Parliament
Union Finance Minister Nirmala Sitharaman will present the Budget of Union Territory of Jammu and Kashmir in Parliament on Monday. The Centre is likely to table 'The Constitution (Scheduled Castes and Scheduled Tribes) Orders (Amendment) Bill, 2022' in the Rajya Sabha. The Rajya Sabha is also likely to discuss the working of the ministry of development of the North-eastern region.
War to affect India's tea exports to CIS nations, says industry body
India's tea exports to Commonwealth of Independent States (CIS) countries, including Russia, is bound to be affected due to the ongoing war. India's total tea exports to CIS countries, including Russia is usually in a range of 58-65 million kilogram, Jalan said. On rising input costs for the industry, he said AgriTech in the form of drone technology for field monitoring and pesticides spraying, usage of artificial intelligence and machine learning in developing smart harvesters assume importance.
Wheat exports gets fresh push as war unsettles global supply dynamics
Even though India's wheat exports were robust in FY22, riding on a possible supply disruption of foodgrains -- especially wheat -- as the tensions between Russia and Ukraine turned into a full-blown war, export demand has got a fresh push. The stumbling block, though, is the traditional opposition from western nations within the World Trade Organisation (WTO) to wheat exports from India because they consider the Minimum Support Price for food grains guaranteed by the government a subsidy that goes against the principles upheld by the WTO.
As markets turn wobbly, gold likely to cross Rs 55K-mark, silver to touch RS 80K
Rush for safe haven investments during the ongoing market volatility triggered by the Russia-Ukraine conflict is expected to keep global gold and silver prices at elevated levels. Besides, sanctions on Russia, which is a major producer of gold, is expected to reduce supply. A sell-off in equity markets by FIIs has also triggered a rush for these safe haven options. Last week, inflationary fears on the back of Russia-Ukraine conflict pushed gold price to Rs 55,000 per 10-gram.
Rising commodity prices, FII outflows to keep rupee subdued
High commodity prices as well as outflow of foreign funds from equity markets combined with the Russia-Ukraine war are expected to keep the Indian rupee subdued in the short to medium term. The trend is expected to widen India's current account deficit to over $20 billion in Q3FY22 from $9.6 billion in Q2FY22. At present, the crisis has led to a global spike in international prices of crude oil, natural gas, coal, nickel, copper, aluminium, titanium and palladium. Moreover, India is a major importer of these precious as well as industrial commodities.
The birth of a new monetary world order as Russia reels under sanctions
As US President Joe Biden unveiled new sanctions on Friday against Russia, he made it clear that the totality of the sanctions and export controls is "crushing the Russian economy". Credit rating agencies have downgraded Russia to 'junk' status. The list of businesses and international corporations leaving Russia is growing by the day, Biden said while listing the stark consequences for Russia and its economy that have unfolded since the Ukraine war.
First Covid and now Ukraine, global markets reel under blow after blow
The only positive consequence of a continuing conflict in Ukraine from a market standpoint is that the longer it goes the more likely it is to temper the recently conceived inflation fighting zeal of G7 central banks, even though the war itself is adding to the inflationary pressures, says Christopher Wood, analyst at Jefferies. In his Greed and Fear commentary, Wood wrote that this political reality is already clear in the case of the ECB which is why the euro has weakened by 3 per cent against the US dollar since the Russian invasion began.
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