BUSINESS
Gold demand globally rises 10% in 2021, ETF holdings fall
The total demand for the yellow metal was at 4,021 tonnes, excluding the "over the counter" figures. "Demand for gold in the consumer-driven jewellery and technology sectors recovered throughout the year in line with economic growth and sentiment, while central bank buying also far outpaced that of 2020. Investment demand was mixed in an environment of opposing forces: high inflation competed with rising yields for investors' attention," the council added.
V Anantha Nageswaran named new Chief Economic Advisor
Prior to this, Nageswaran has worked as a writer, author, teacher and consultant. He has taught at several business schools and institutes of management in India and in Singapore and has published extensively. He was also a part-time member of the Economic Advisory Council to the Prime Minister of India from 2019 to 2021. He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University.
CBI probes after CBDT complaint of fraudulent income tax refunds of Rs 263 crore
In the complaint to the CBI, Munish Gupta, Additional Director General (Vigilance), CBDT said that Tanaji Mandal Adhikari and Bhushan Anant Patil have entered into a criminal conspiracy and intentionally and fraudulently managed to give credits for taxes deducted at source. Adhikari has contrived and criminally conspired with other persons to get issued refunds exceeding Rs 263 crore fraudulently which were deposited in the bank account of proprietary concern of Patil located at Panvel, Mumbai.
Sudden and substantial rise in real interest rates could cause significant drop in US stocks
Despite somewhat tighter monetary conditions and the recent upward move, longer-term real rates remain deeply negative in many regions, supporting elevated prices for riskier assets. Further tightening may still be required to tame inflation, but this puts asset prices at risk. More and more investors could decide to sell risky assets as those would become less attractive, the blog said.
CAIT moves CCI against 'Chinese' firm Shopee for hurting Indian SMEs
In a petition submitted with the CCI, CAIT Chairman Praveen Khandelwal said that Shopee is offering hefty discounts on various products by selling them at an extremely low price, thereby hampering other competitors and adversely impacting the Indian marketplace. "Such predatory pricing is being done with a calculated view to eliminate the traditional and small scale businesses in the country. Thus, Shopee is conducting its business in India in violation of provisions of the Competition Act, 2002," Khandelwal said late on Thursday.
Zomato, Nykaa, PolicyBazaar shares fail to capitalise on listing gains
Notably, all the three new-age companies made their debut on the exchanges in 2021. Listed on July 23, 2021, food aggregator Zomato's stock prices declined around 28 per cent. The company, by the way, debuted on the bourses with a 51 per cent premium over its IPO issue price of Rs 76. Zomato's market capitalisation slipped well below Rs 1 lakh crore with the recent sharp decline, data showed.
Exit Trend: Markets mostly subdued on budget day since 2012
As per the data, profits have mostly been booked on the day when the Finance Minister tables the Finance Bill in the Parliament. Since 2012, including 'vote on account' the markets have given a negative return on seven occasions ranging from (-) 0.10 per cent to (-) 2.51 per cent. In terms of budget day, the biggest fall in the last decade was on FY21 Budget day, where the markets crashed nearly 2.5 per cent, while on the FY22 Budget day, it rose the most -- 4.7 per cent.
China 'concerned' over India's business environment amid tax probes on Chinese firms
China has urged India to provide a fair, transparent and non-discriminatory environment for Chinese enterprises. Gao Feng, spokesperson for the Ministry of Commerce in China, made the comment during a routine press conference in Beijing on Thursday. "China has contributed to Indian economic development, and created a large number of local jobs, and we hope India can provide a fair, transparent and non-discriminatory environment for Chinese businesses," Gao said.
Biden treats Americans 'like fools': Elon Musk
The massive spending bill would bump up the $7,500 tax credit to $12,500 for union-made electric vehicles and would also make GM and Tesla eligible for the existing tax credit again after they hit the 200,000-vehicle limit for the credit. Biden touted GM's recent $7 billion investment in Michigan to ramp up electric vehicle production, the report said on Thursday.
Equities settle marginally low, Nifty bank, auto top losers
The losses in the indices continue from the previous session because the US Fed's Federal Open Market Committee, in its latest meeting held on Wednesday, said it was ready to tighten monetary policy. The Federal Open Market Committee kept its policy interest rate "near zero" and stated its expectation that an increase in this rate would "soon be appropriate."
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