BUSINESS
Vedanta board approves third interim dividend for FY22
Multinational mining company Vedanta's Board on Wednesday approved the third interim dividend of Rs 13 per equity share for the financial year FY22.It would cost the company around Rs 4,832 crore, it said in a regulatory filing to the exchanges.Since the start of 2022, the shares rose around 10 per cent, exchange data showed.
Sanctions against Russia could stall Europe's economic growth
The war in Ukraine and the ensuing sanctions against Russia could harm Europes energy supplies and stall its economic growth, European Commissioner for Economy, Paolo Gentiloni, warned on Wednesday. Speaking at a press conference in Brussels, he said Europe may encounter problems in the supply of energy resources more precisely, the supply of Russian gas and needs to be ready for such an outcome.
India bans Sea Ltd's Free Fire, ripple effect felt in Chinese stock market
Indian government's recent ban on Sea Ltd's marquee game Garena Free Fire, among 53 other Chinese apps, sent its stocks tumbling in the stock market. Indian government's recent ban on Sea Ltd's marquee game Garena Free Fire, among 53 other Chinese apps, sent its stocks tumbling in the stock market.
Oil India shares surge 10% as global crude prices touch multi-year high
Shares of state-run Oil India jumped nearly 10 per cent on Wednesday due to skyrocketing global crude oil prices. Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high at $111 per barrel. In just the last two days, crude prices have risen nearly 15 per cent. At present, Russia is the third largest producer of crude oil in the world and sanctions against Russia may hurt global supply.
Russian giant Severstal stops delivery of steel to Europe
Russian metallurgical giant Severstal has stopped deliveries of steel to European customers amid Ukraine-related sanctions, the country's media reported citing company sources, RT reported. According to reports, the cessation follows the refusal of European customers to purchase Severstal steel after the EU sanctioned the company's main shareholder, Alexei Mordashov.
India's Feb 2022 exports up 22%, imports rise 35%
India's merchandise exports in February 2022 rose to $33.81 billion, higher by 22.36 per cent on a year-on-year basis, preliminary data showed on Wednesday. Exports in February 2021 stood at $27.63 billion. According to the data furnished by the Commerce and Industry Ministry, last month's exports rose by 21.88 per cent over February 2020.
Can Ukraine crisis hit manufacture, exports of Russia's Sputnik vaccine?
The economic sanctions imposed by the US on Russia amid ongoing conflict with Ukraine are expected to slow down the production of Russia's Sputnik vaccines in India. The economic sanctions imposed by the US on Russia amid ongoing conflict with Ukraine are expected to slow down the production of Russia's Sputnik vaccines in India.
Ukraine effect: Domestic wheat, sunflower oil prices set to rise
Both countries produce massive quantities of wheat, while Ukraine is one of the world's largest sunflower seeds exporters. Though India is self-sufficient in wheat, it does import some quantities of high grade grain, analysts said. Moreover, the reduction in Russian and Ukrainian wheat in the international market will give an attractive opportunity for Indian exporters, thereby slightly pushing up domestic prices.
Bitcoin now has higher market cap than Russian currency
With the recent gains, Bitcoin now has a higher market cap than the rapidly-declining Russian currency ruble. Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion. The crypto market was last at $2 trillion in August 2021. In the last week since the Russia-Ukraine war started, Bitcoin has jumped nearly 14 per cent and ethereum 12 per cent, according to CoinGecko data.
Russia's largest bank leaves EU citing threat to employees and branches
In a statement on Wednesday, Sberbank announced that the decision had been made as a result of its subsidiary banks facing "an abnormal outflow of funds". The financial giant also claimed that its employees and branches were under threat, RT reported. "Due to the instruction of Russia's Central Bank, Sberbank (Russia) will not be able to supply liquidity to its European subsidiaries," the notice read.
Don't Miss
Advertisement