BUSINESS
Indian auto component industry grows to Rs 1.96 lakh cr in H1
Exports of auto components grew by 76 per cent to Rs 68,746 crore in the first half of 2021-22 from Rs 39,003 crore in the first half of 2020-21. Europe accounting for 31 per cent of exports, saw an increase of 81 per cent, while North America and Asia, accounting for 32 per cent and 25 per cent respectively also registered increase of 81 and 73 per cent respectively.
Pakistan Railways in a horrific mess
According to a report for the Ministry of Railways, while the departmental deficit ballooned to a whopping 46 billion PKR in 2021, during the current Pakistan Tehreek-e-Insaf (PTI) led government's tenure, total losses incurred for railways stand at 1.19 trillion PKR. As far as accidents are concerned, 270 people lost their lives and a further 396 were injured in 455 train accidents between 2018 and 2021.
Italy, Germany likely to bring positions closer over EU fiscal rules
The two countries have long held different views on the EU's budget and public debt rules (i.e. on how the bloc's member states should manage their public spending), with Italy pursuing a more flexible approach and Germany a stricter one, reports Xinhua news agency. "Next Generation EU" recovery instrument -- the Italian Prime Minister said the bloc needed to proceed further with its integration process and find an agreement on the rules of the Stability and Growth Pact.
Airbnb tightens policies to crack down on NYE parties
The company said that the anchor of this plan is a ban on one-night NYE bookings in entire home listings for guests without a history of positive reviews. "As we build upon the party ban and continue to protect our community during this unprecedented time, certain holidays, such as New Years' Eve, attract higher risks of unauthorised or disruptive parties," the company said in a statement.
India sees record M&A volume in 2021, first-time buyers lead
The nature of deals was broad-based, including more mid-sized deals ranging from $500 million-$1 billion, compared to the mega $5 billion deals that drove activity in 2017-19, according to a Bain & Company report. "The unprecedented flurry of deals seen in 2021 is the result of a higher pressure to grow and a need to seize more opportunities to disrupt, faced by CEOs today," said Karan Singh, managing partner, Bain & Company India and author of the report.
10-minute grocery delivery app Zepto raises $100 mn
Besides the fundraise, Zepto has been growing incredibly quickly and is tripling its user-base every month. Over the past two months, Zepto has expanded beyond Mumbai by launching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad and Pune (Kolkata to follow), the company said in a statement.
Omicron fears sink US stocks
The Dow Jones Industrial Average opened with a loss of more than 600 points, falling 1.7 per cent on Monday after the opening bell. The S&P 500 fell 1.6 per cent, while the Nasdaq fell 1.5 per cent. Energy, financial, industrial, and technology sector companies led Monday's losses, reflecting a range of headwinds facing those industries.
Scammers netted cryptocurrencies worth $7.7 bn in 2021: Report
According to Blockchain analysis firm Chainalysis, nearly $1.1 billion of the $7.7 billion were attributed to a single scheme which allegedly targeted Russia and Ukraine. A key source of rising cryptocurrency scams in 2021 were 'rug pulls', where the developers of a new cryptocurrency vanish and take supporters' funds with them, reports ZDNet.
Prime Minister meets CEOs, takes feedback before next budget
This was the second such interaction between the Prime Minister and industry representatives in the run-up to the next Union Budget. "The Prime Minister talked about the inherent strength of the country, displayed during the battle against Covid. He thanked the industry leaders for their inputs and suggestions, and exhorted them to make full use of policies like PLI incentive," said the Prime Minister's Office in a statement.
CCI approves acquisition of Air India stake by Tata Sons' Talace
The acquisition envisaged 100 per cent equity share capital of Air India and Air India Express, and 50 per cent for that of Air India SATS Airport Services by Talace. At present, Air India is wholly owned by the government. The airline, along with AIXL, is primarily engaged in the business of providing domestic scheduled air passenger transport service, international scheduled air passenger transport service, and air cargo transport services.
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