BUSINESS
Halt in fuel price revision continues, global oil rates above $75/bbl
The pump price of fuel has been static since July 18. One of the main reasons for the pause is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 a barrel just a couple of weeks ago. It has again risen close to over $75 a barrel on strong demand projections. The Brent crude oil is currently around $75.41 per barrel.
American investors rethink China after crackdown led to losses of $400 bn
Investors ranging from pension fund Orange County Employees Retirement System in California to money manager William Blair & Co are rethinking their portfolios following Beijing's decision last week to curtail the operations of China's for-profit tutoring industry along with its ongoing campaign to rein in tech companies. The moves fuelled large declines across sectors of China's stock markets.
Govt crackdown on erring insolvency professionals, IBBI institutes hefty penalties
Bankruptcy regulator, the Insolvency and Bankruptcy Board of India (IBBI) has tightened disciplinary proceedings for insolvency professionals (IPs), instituting heavy penalties for violations of laid down code of conduct with possibility of erring professionals also losing their licence to practice. The IBBI had decided that misconduct or violations by IPs would attract a penalty.
IDFC First Bank's Q1FY22 net loss at Rs 630 cr
"Net Loss of Rs 630 crore for Q1FY22 because of prudent provisions for Covid wave 2.0," the bank said in a statement. "Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," it added. Besides, its total income grew by 36 per cent on year-on-year basis to reach Rs 3,034 crore in Q1FY22.
IL&FS plans to sell stake in Shendra Green Energy
SGEL is a 100 per cent subsidiary of IEDCL. In an advertisement, IL&FS has said that LSI Financial Services Pvt Ltd is the transaction advisor to IL&FS for the potential transaction. SGEL is a 13 MW biomass-based power with 21.6 acres of land, incorporated on February 18, 2005 and is situated in Shendra MIDC Aurangabad, Maharashtra.
Hopes of healthy Q1 results to push equities higher
Accordingly, market observers, expect a status-quo on key lending rates as well as hopes of healthy Q1 earnings to push the indices' higher. Besides, the direction of foreign fund flows, will also impact investors' sentiments. Earlier, India's equity markets ended the previous week almost on a flat note - with NSE Nifty50 down by 0.59 per cent, while S&P BSE Sensex was down 0.73 per cent.
Static fortnight: No change in fuel prices
Accordingly, in the national capital, petrol continues to be sold at Rs 101.84 per litre, while diesel also is unchanged at Rs 89.87 a litre. The pump price of fuel has been static since July 18. With the OPEC reaching an agreement to raise crude production, oil prices were expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.
SpiceJet to launch 16 new flights from August
Accordingly, they will add Bhavnagar in Gujarat to its domestic network. Bhavnagar will now be connected to Delhi, Mumbai and Surat with direct flights starting August 20. Besides, the budget carrier will also launch 10 more flights that will connect Gwalior with Jaipur, Kishangarh (Ajmer) with Mumbai, Belagavi with Delhi and Vishakhapatnam with Bengaluru, and add an additional frequency to the Delhi-Jammu sector.
Elon Musk refutes claim that he tried to replace Tim Cook as Apple CEO
The book, titled 'Power Play: Tesla, Elon Musk, and the Bet of the Century' by The Wall Street Journal reporter Tim Higgins, claims that Musk reportedly wanted to become the Apple CEO in a 2016 phone call with Cook, who suggested to Musk that the iPhone maker acquire the electric car-maker.
US squashes Bezos' protest against NASA-SpaceX $2.9 bn contract
Blue Origin and defence contractor Dynetics had filed a protest with the US GAO against NASA for awarding $2.9 billion contract to SpaceX for landing astronauts on the Moon by 2024. The US space agency was expected to pick two lunar lander prototypes (including one of Blue Origin's) but funding cut from US Congress led the agency to select SpaceX over Blue Origin
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