BUSINESS
Russia-Ukraine war throws out Elon Musk from coveted $200 bn club
Musk was the second person, after Amazon founder Jeff Bezos, to reach the hallowed $200 billion mark. The Tesla CEO's net worth was roughly $199 billion while Bezos' net worth was around $176 billion, according to the Bloomberg Billionaires' index. Tesla's shares fell for the fifth-straight day to $700 late on Thursday, its lowest evaluation since August as the war erupted. It later rebounded to $768 a share.
India's forex reserves rises by over $2.7 bn to $632.952 bn
The country's forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.496 billion to $567.060 billion. Similarly, the value of the country's gold reserves increased by $1.274 billion to $41.509 billion.
BharatPe investors not buying Ashneer Grover's stake for Rs 4,000 crore
Reliable sources told IANS on Friday that Grover has wrongly valued Delhi-based merchant payments and financial services provider at nearly $6 billion while its actual valuation, after it raised $370 million in Series E round led by Tiger Global, was $2.85 billion in August last year. The company then became a unicorn (with valuation of $1 billion and above).
Global smartphone revenue hits $450 billion in 2021
Smartphone average selling price (ASP) grew 12 per cent YoY to reach $322, mainly due to a higher share of 5G smartphones, which have a significantly higher ASP than the 4G models, as well as Apple's successful launch of its iPhone 13 devices, according to Counterpoint.
GDP growth likely to be around 8.3% in FY22: Brickwork Ratings
The ratings agency had earlier given a forecast of 8.5 to 9 per cent for FY22. In addition, there have been production constraints caused by a semiconductor shortage in electronic and automobile industries, along with supply shortages in coal and power outages causing a slowdown in the manufacturing sector."
Moody's raises India's GDP forecast from 7% to 9.5% for 2022, predicts 8.5% growth for FY23
“We have raised our 2022 calendar year growth forecast for India to 9.5 per cent from 7 per cent, and maintained our forecast for 5.5 per cent growth in 2023. This translates into 8.4 per cent and 6.5 per cent in fiscal years 2022-23 and 2023-24, respectively,” Moody’s said in a statement.
Indian equities rebound; Sensex closes up over 1,300 pts
Thursday's bloodbath in the financial markets was triggered after Russia announced a military operation in Ukraine. Reacting to the news, benchmark indices Sensex and Nifty fell 4.7-4.8 per cent. Coming to Friday, Sensex settled 2.4 per cent or 1,329 points up at 55,859 points, whereas Nifty 2.5 per cent or 410 points up at 16,658 points.
Release of US oil inventories douse Crude prices
The price movement comes a day after the Russia-Ukraine war pushed Brent Crude Oil prices to $105 per barrel. Besides, Thursday was the first time since 2014 that crude oil prices crossed the $100 per barrel mark. On the NYMEX WTI index, crude oil prices surged by 5.50 per cent near $97.22 per barrel. Currently, Russia is one of the world's top producers of crude oil and any western sanctions against the country will stiffen the global supply.
Bitcoin helping Russia evade financial sanctions, Putin may legalise crypto
US President Joe Biden has announced new sanctions and limitations on what can be exported to Russia. The US will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion. Earlier, the UK Prime Minister Boris Johnson unveiled Britain's largest-ever package of sanctions against Russia, targeting banks and wealthy Russians.
Judge rejects Musk's request to force SEC back into court
Tesla CEO Elon Musk's request to force the Securities and Exchange Commission (SEC) into court to address his allegations about unpaid settlement funds has been denied by a federal judge. In a recent court filing, US District Judge Alison Nathan said it was "unclear" exactly what Musk was requesting, reports The Verge. The SEC responded that it was still developing a plan to allocate the funds, the report said.
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