BUSINESS
Russia's isolation leads to collapse of ruble
Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers, CNN reported. As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative to the US dollar, arguing that it should be an integral part of the global financial system. Russia would become one of the world's five biggest economies, they had claimed.
Indian non-life industry grew by Rs 814 crore in Feb
According to the Insurance Regulatory and Development Authority of India (IRDAI), general insurers booked a total premium of Rs 16,560.99 crore last month as against Rs 15,746.99 crore earned in February 2021. During the period under review, the 25 member composite non-life insurers had earned Rs 14,173.59 crore as against Rs 13,158.86 crore earned in February 2021.
McDonald's, Starbucks, Coca-Cola shut shops, halt production in Russia
Several consumer giants including McDonald's, Coca-Cola, Starbucks and PepsiCo have shut their restaurants and paused business in Russia due to its invasion of Ukraine. Other well-known Western food giants such as KFC and Burger King were also reportedly stopping sales in Russia. McDonald's said it was temporarily closing its roughly 850 restaurants in Russia, while Starbucks also said its 100 coffee shops would shut, reports the BBC.
Japan's GDP growth of Q4 2021 revised down to 4.6%
The increase in real GDP, the total value of goods and services produced in the country adjusted for inflation, equals a 1.1-per cent increase on a seasonally adjusted quarterly basis, Xinhua news agency reported. The revision for the reported quarter led to a downgraded growth of 1.6 per cent of real GDP in 2021, the country's first economic increase since 2018 following a 4.5-per cent plunge in 2020.
Chances of Russia's first major default on sovereign bonds since 1917 revolution
A leading ratings agency has warned Russia is likely to soon default on its debts, as it downgraded the country's bonds further into "junk" territory, BBC reported. Fitch Ratings slashed its assessment of Russia to almost the bottom of its scale, just days after downgrading it from investment status.
Equity indices close sharply high; Sensex up over 1,200 pts
"D-Street Bulls finally held the upper hand today on reports suggesting that the Ukrainian President is no longer pressing for NATO membership," said S. Ranganathan, Head of Research at LKP securities. With Covid behind, coupled with the exit poll results, the equity market buoyed with major sectoral indices ending in the green, said Ranganathan. Sensex settled 2.3% or 1,223 points up at 54,647 points, whereas Nifty 2.1%.
Anand Subramanian sent to 14 days judicial custody in NSE fraud case
Subramanian was arrested by the CBI on February 24. The CBI official produced him before the court of Sanjeev Aggarwal on Wednesday. The federal probe agency moved a plea before the court saying he wasn't required for further questioning and requested the court to send him to judicial custody. The court allowed the move of the CBI and remanded Subramanian to fourteen days judicial custody.
SpiceJet, Indigo shares fly as Centre allows scheduled int'l flights
Shares of Spicejet and Interglobe Aviation – which operates airline Indigo – rose sharply on Wednesday after the Centre's announcement to lift the ban on scheduled international flights. India will allow resumption of scheduled commercial international passenger services from March 27. Last month, India's civil aviation regulator had extended the ban on scheduled international commercial flights till "further orders".
Plan to make Europe independent from Russian fossil fuels before 2030: EC President
The European Commission has proposed an outline of a plan to make Europe independent from Russian fossil fuels well before 2030, starting with gas, in light of Russia's invasion of Ukraine. This plan, passed on Tuesday, also outlines a series of measures to respond to rising energy prices in Europe and to replenish gas stocks for next winter. Europe has been facing increased energy prices for several months, but now uncertainty on supply is exacerbating the problem.
Russia to reduce share of dollar in international settlements
"The Russian economy almost permanently exists in conditions of increased sanctions risks. We proceed from the fact that the domestic market and foreign economic relations of the country are gradually adapting to changing circumstances," Ria Novosti quoted him as saying. Birichevsky added that Russia has the necessary margin of safety to adjust its own financial policy, and also soberly assesses the risks of sanctions.
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