BUSINESS
Budget focused on growth revival: Sitharaman to industry
The revival of economic growth was the foremost priority of the Union Budget FY23, said Finance Minister Nirmala Sitharaman on Monday. The Budget FY23 has raised capital expenditure by 35.4 per cent Rs 7.5 lakh crore in a bid to continue the public infrastructure plan which in turn will create fresh jobs in the economy besides crowd-in private participation through investments."
ED raids India Bulls Housing in Delhi, Mumbai
The Enforcement Directorate (ED) on Monday conducted raids at the offices of India Bulls Finance Centre in Mumbai and Delhi in connection with a Prevention of Money Laundering case lodged against the company and its promoter Sameer Gehlaut in April 2021. The ED had earlier recorded the statement of a Pune based businessman who deals in real estate, in this connection.
Equities reverse early trend, rise in afternoon trade
After declining in early trade, key indices -- S&P BSE Sensex and NSE Nifty50 -- rose in the afternoon on Friday primarily due to value buying, said analysts. Geo-strategic tensions between Ukraine and Russia had weighed on the indices in the recent sessions, which led to heavy sell-off by foreign institutional investors.
Flipkart sells Cleartrip's Middle East biz to travel marketplace Wego
The transaction also includes the sale of Flyin.com and a technology cooperation agreement between Wego and Flipkart. Cleartrip expanded into the Middle East region in 2010 and acquired Riyadh based Flyin.com in 2018, which played a similar role in kick-starting online travel in Saudi Arabia. Wego and Cleartrip both have their regional headquarters located in Dubai.
New Chinese regulation hits online food delivery giants
The new regulation on online food delivery platforms in China has hit the industry hard, eroding over $25 billion in the stock value of the Meituan food delivery app being run by Alibaba. A group of Chinese authorities has announced that the food delivery platforms should further reduce the service fees charged to restaurants in order to lower the operating costs for food and beverage businesses, reports TechCrunch.
Afghanistan's state-owned bread factory resumes production after decades
Afghanistan's state-owned bread factory, Silo-e-Markazi or central silo located in Kabul, has resumed production decades after it stopped functioning, an official said here. The factory, which has been badly damaged since the 1990s and stopped functioning since 1992, would be fully reconstructed to increase its products.
Indian equities fall in early trade; Sensex slips over 600 pts
At 9.36 a.m., Sensex traded at 57,225 points, down 1.1 percent or 608 points, whereas Nifty traded 17,100 points, down 1.0 percent or 176 points. Among the stocks, HDFC Life, Titan, Bajaj Finserv, Hindalco, and UPL were the top five losers among the Nifty 50 companies during the early trade, declining 2.4 percent, 2.3 percent, 1.8 percent, 1.8 percent, and 1.7 percent, respectively.
EPFO added 14.6 lakh subscribers in Dec 2021, up 16.4% YoY
Comparison shows an increase of around 2.06 lakh in net payroll additions in December 2021, as compared to 12.54 lakh net subscribers added during the corresponding month of the previous year. On a month-on-month basis, the net subscriber addition increased by 19.98 per cent, as compared to November 2021.
MHA to verify background of Air India's new CEO Ilker Ayci
This is routine procedure when a foreign national is appointed CEO of any Indian company, officials added. Ayci, a Turkish citizen, was recently appointed as the CEO and MD of Air India. The officials said that the process will be initiated once the MHA gets official communication on Ayci from the Tata group or the Ministry of Civil Aviation, which is a nodal Ministry.
China's mobile gaming market reports revenue growth in Jan
According to Xinhua news agency, the sales revenue of the market reached about 22.24 billion yuan (about $3.51 billion) last month, up 17.76 per cent year on year, said a report released by CNG, a research institute on the gaming industry. The revenue also increased 20.25 per cent from December 2021, the report said.
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