BUSINESS
Budget FY23: Need to support incomes for consumption push
As per Crisil Research, the past few budgets have emphasized the government's intent to drive potential growth by leaning on a mix of CAPEX and reforms. The National Statistical Office's latest estimates on India's GDP for this fiscal show that household consumption demand is lagging fiscal 2020 levels by 3 percent.
South Korea's foreign currency trading hits record high in 2021
The daily average trading of foreign currencies and foreign exchange derivatives, made by foreign exchange banks, came in at $58.3 billion in 2021, up 10.3 per cent from the previous year, according to the Bank of Korea (BOK). It has marked the highest since data began to be compiled in 2008.
IMF warns El Salvador from using Bitcoin as official currency
El Salvador in September last year became the first country in the world to adopt bitcoin as an official currency. The central American nation announced that it plans to buy "a lot more" bitcoins soon. It purchased 200 tokens earlier and another 200 more ahead of its rollout as a legal tender.
71% jump in India's gems and jewellery exports
The sector clocked $28.9 billion in exports as compared to $16.9 billion during the same period in 2020. Compared to the same period before the Covid pandemic struck, the gems and jewelry sector registered a growth of 3 per cent over $28 billion achieved in April-December 2019.
E-commerce firm IndiaMART buys 100% stake in Busy Infotech for Rs 500 cr
Founded in 1996, IndiaMART Intermesh provides business-to-business and customer-to-customer sales services on its platform. Busy Infotech is one of the largest accounting software companies in India. It was incorporated in 1997 and has a pan-India presence.
Shares of PolicyBazaar, Nykaa continue downhill journey (Ld)
These stocks are treading downhill as analysts feel these companies have low valuations. PB Fintech-backed PolicyBazaar's shares, however, fell just 0.8 per cent and settled at Rs 771.25. On Monday, it fell over 10 per cent.
Nine Padma awards for industry doyens, including vaccine pioneers
Of the total 128 Padma awardees announced on the eve of Republic Day on Tuesday, nine are from the field of 'trade and industry', including the Founder of Serum Institute of India, Cryus Poonwalla, and Krishna Ella and his wife Suchitra Ella of Bharat Biotech, the pioneers of Covid vaccines in India. Both Poonwalla and Ella duo will be conferred with Padma Bhushan -- the third highest civilian award in the country.
US warns of fragile semiconductor supply chain as chip inventory falls
Citing the results of a government survey of more than 150 companies worldwide, the department on Tuesday said that median demand for chips increased 17 per cent from 2019 to 2021, while buyers didn't see commensurate increases in the available supply, Xinhua news agency reported. There is a "significant, persistent mismatch" in supply and demand for chips, and respondents did not see the problem going away in the next six months, the survey showed.
MakeMyTrip Founder Deep Kalra moves into chief mentor role
According to an SEC filing, the company said: "In his new role as Group Chairman and Chief Mentor effective April 1, 2022, which was approved by the board of directors of MakeMyTrip, Deep Kalra will devote his time in providing mentorship to MakeMyTrip's leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion." Kalra has been the Group Executive Chairman of MakeMyTrip since February 11, 2020.
IMF downgrades 2022 global growth forecast to 4.4% amid Omicron surge
The International Monetary Fund (IMF) has projected the global economy to grow by 4.4 per cent in 2022, down by 0.5 percentage points from October's forecast, according to a newly released update to its World Economic Outlook report. Growth will slow as economies grapple with supply disruptions, higher inflation, record debt and persistent uncertainty, First Deputy Managing Director Gita Gopinath on Tuesday told a virtual press briefing.
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