BUSINESS
Music streaming giant Spotify to spend $1 bn buying its own stock
"Repurchases of up to 10,000,000 of the Company's ordinary shares have been authorised by the Company's general meeting of shareholders, and the Board of Directors approved such repurchases up to the amount of $1.0 billion. The authorisation to repurchase will expire on April 21, 2026," it said in a statement late on Friday.
Petrol, diesel prices remain unchanged on Saturday
Accordingly, in the national capital, diesel continues to be sold for Rs 89.27 per litre. Diesel was priced at Rs 89.87 a litre on Tuesday but came down to current level in three successive price cuts of 20 paisa each between Wednesday and Friday. Unlike diesel, petrol prices have not be changed by OMCs for past 35 days and the fuel continues to be priced at Rs 101.84 a litre in Delhi, the same price level that was reached on July 17.
Jewellers to go on strike on Aug 23 over 'arbitrary' hallmarking norms
The strike has been called by the National Task Force for Hallmarking, formed by 350 associations and federations representing all four zones of the entire gems and jewellery industry. The objective of this committee is to ensure a smooth implementation of mandatory hallmarking across the country, said a statement by the task force on Friday.
Healthy demand to boost long-steel manufacturers in H2FY22: ICRA
"Over the past six years, given the multitude of policy and social/health disruptions, long steel demand grew at an anaemic 6-year CAGR (FY2016-2021) of 1.4 per cent. So far, available demand has been largely absorbed by the larger long steel manufacturers leading to a significantly divergent capacity utilisation trends between them and smaller long-steel manufacturers," said Jayanta Roy, Senior VP and Group Head at ICRA.
SEBI keeps Adani Wilmar IPO in abeyance
The website of the capital market regulator showed that the Rs 4,500 crore issue has been "kept in abeyance". As per the SEBI (Issuance of Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020, issued by the SEBI on February 5, 2020, the regulator is obligated to keep issuance of observations in abeyance for a period of 30 days or 45 days or 90 days or more, as the case may be.
Resurgence in inflation reignited debate on monetary policy response: RBI Guv
"The resurgence in inflation in May and June above the upper threshold has reignited the debate on the appropriate monetary policy response. The gains in monetary policy credibility since the adoption of inflation targeting have helped the MPC to respond effectively to growth-inflation trade-offs posed by an exceptional shock like the Covid-19 pandemic," Shaktikanta Das said.
India's direct selling industry bucks pandemic to grow 10% in FY21
Indian Direct Selling Association (IDSA) Vice President, Rajat Banerji, said that in the first six months of FY 2020-21, the direct selling industry in India registered a growth of 4.7 per cent over the corresponding period in FY 2019-20. While the first quarter of FY 2020-21 was largely impacted by the different phases of lockdowns, despite of all the challenges, the industry was able to register a minuscule growth, it showed.
Finance Ministry amends FEMA norms to raise FDI limit in insurance
As per the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021 notified by the government on Thursday, applications for FDI in private banks having a joint venture or subsidiary in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India.
GMR Group to take up development of Nagpur Airport
"Leveraging its experience in public-private partnerships (PPP) and extensive expertise in taking over legacy airport assets and developing them into modern aviation landmarks, GMR envisages development of the Nagpur Airport in phases to an ultimate capacity of around 30 million passengers annually, representing a capacity increase of over 1,000 per cent over the coming years," the company said in a statement.
India's Q1FY22 agri, processed food products exports up 44.3%
According the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of APEDA products has witnessed 44.3 per cent growth during April-June 2021 over the same period of previous year. The overall export of APEDA products increased from $3,338.5 million in April-June 2020 to $4,817.9 million in April-June 2021.
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