BUSINESS
Britain loses $20bn due to fraud, errors in Covid-19 support schemes: Report
The Public Accounts Committee of the House of Commons, the lower house of British Parliament, said the total losses from fraud and error across all Covid-19 state-backed business schemes are expected to be at least 15 billion pounds ($20.4 billion). These schemes included the furlough scheme, loan programs, grants and credit welfare payments backed by different government departments, according to the committee.
Few shares where FIIs reduced stake in Q3FY22
The Indian equity segment has been witnessing a consistent sell-off by the FIIs recently.As per reports, FIIs sold over $7 billion worth of equities so far in 2022, and over $11 billion since October 2021. Further, FIIs reduced 4.1 per cent stake in Mahanagar Gas, 3.9 per cent in Axis Bank, and 3.8 per cent in Indusind Bank, exchange data revealed.
After sacking, Madhuri Jain tweets audio clip of Ashneer-Bhavik's heated conversation
The audio clip that ended in Koladiya allegedly using abusive language against Grover as their meeting plans to discuss and find a way through the entire saga did not turn out well. While Koladiya wanted Grover to come and meet him and Chairman of the Board of Directors, Rajnish Kumar, at a five-star hotel or a famous mall in Gurugram, he insisted on meeting them at his Panchsheel Park (New Delhi) home.
Adani Wilmar freezes at 10% upper circuit, gathers steam post recent decline
The counter had declined over 20 per cent from its all-time of Rs 419.90 it touched earlier this month. The company listed on February 8, whose initial public offerings were subscribed more than 17 times, had made a muted debut in the exchanges with a discount of little over 1 per cent from its issue price of Rs 230, but later managed to rally.
Ashneer's charges hold no merit, I'm not stepping from BharatPe board: Rajnish Kumar
BharatPe co-founder and Managing Director Grover, in a latest letter sent to the company addressing Kumar and co-founder Bhavik Koladiya, alleged that the internal governance review was biased. "Ashneer Grover's allegations of the probe being biased hold no merit. No one ever questioned my integrity ever in my entire career and everyone knows about my credibility.
Erasing early gains, equities close marginally down
Sensex settled at 57,232.06 points, down 68.62 points or 0.12 per cent, whereas Nifty at 17,063.25 points was down 28.95 points or 0.17 per cent. With Wednesday's losses, the broader market indices have now been on a decline for six consecutive sessions due to heavy selling by foreign institutional investors (FIIs) amid geo-strategic tensions.
India among most exposed Asian economies to oil price shocks
India is exposed on both inflation and current account fronts, Thailand is exposed via its current account but relatively less so on inflation, and in contrast, South Korea is exposed on inflation but not current account deficit. The Indian government could consider a reduction in fuel excise duty cut (Rs 5-10/lt).
India's crypto ad guidelines out, celebrities warned
All crypto/NFT ads must carry the following disclaimer, "Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions."
No advertisement for crypto/digital asset products or exchanges may show a minor, or someone who appears to be a minor, directly dealing with the product, or talking about the product, said the advertising watchdog.
Swiss Banks: Here's why they have become a heaven for stashing black money
An incriminating leak by an unnamed whistleblower has exposed confidential data related to 30,000 clients of leading Swiss investment bank Credit Suisse made headlines across the world on Sunday. Why do these allegedly nefarious individuals choose Switzerland based banks as their favoured destinations? Here’s an explanation:
Rs 18,000 cr returned to banks from Mallya, Nirav & Choksi: Centre to SC
Mehta, representing the Centre, submitted before a bench headed by Justice A.M. Khanwilkar that the total proceeds of crimes in the Prevention of Money Laundering Act (PMLA) cases pending before the top court amounts to Rs 67,000 crore. The top court is hearing a clutch of petitions, challenging the wide scope of powers available to the directorate of enforcement (ED) for search, seizure, investigation, and attachment of proceeds of crime under the law.
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