BUSINESS
States to borrow close to Rs 2 lakh cr to mobilise funds for Covid relief
In all, states and union territories expect to borrow Rs 1,92,091 crore from the markets during July-September quarter. The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs) has drawn up the borrowing calendar for the quarter where bonds will be issued to mobilise funds on a weekly basis.
Integrating technology with inclusive delivery holds key to recovery: FM
Speaking virtually in the session on policies for economic recovery at the second day of the ongoing G20 Finance Ministers & Central Bank Governors Meeting, Sitharaman also cited digitisation, climate action and sustainable infrastructure as the three catalysts of economic recovery. In this regard, she also shared India's successful experience in integrating technology with inclusive service delivery during the pandemic.
CBIC further streamlines faceless assessment at customs stations
The new mechanism would become functional from July 15 an aid faster clearance of import consignments as the systems would clear such consignments without any physical interface. The CBIC has taken further steps to streamline the faceless assessment mechanism put in place in the customs clearance processes and has decided that up to 90 per cent of non-risky import consignments would be cleared within hours without any physical interface.
Auto pent-up demand impacted from high fuel cost
Accordingly, '2W' demand has been tepid while that of 'PVs' is more resilient, given the relatively better income profiles of car customers. "In the current unlock phase, the pent-up demand is lukewarm as customer sentiment has been partially impacted by higher fuel prices -petrol prices are more than INR 100 in several states, which has resulted in high running costs and price hikes taken by the OEMs to offset rising commodity prices," said HDFC.
Covid 2.0 unleashes credit stress for MFIs, small NBFCs
Accordingly, out of thirteen issuer downgrades by credit rating agencies during Q1FY22 in the financial sector, ten issuers are smaller MFI and NBFCs engaged in providing unsecured MSME loans, personal and vehicle loans. A report by Acuite Ratings said that collection efficiencies which were seen recovering above 90 per cent in Mar-21 have dropped to between 65-85 per cent levels during Q1FY22.
Amazon not alerting employees about 'performance monitoring'
According to documents obtained by The Seattle Times, some Amazon employees have "described the experience of being on the performance-management plan, called Focus, as baffling and demoralising". Under the 'Focus' programme, managers are instructed not to discuss the performance checks with employees.
Pandemic continues to weigh on economy, labour market: US Fed
"Over the first half of 2021, progress on vaccinations has led to a reopening of the economy and strong economic growth, supported by accommodative monetary and fiscal policy," the Fed said in its semi-annual monetary policy report to Congress on Friday. "However, the effects of the Covid-19 pandemic have continued to weigh on the US economy, and employment has remained well below pre-pandemic levels."
After Amul, Mother Dairy hikes milk prices by Rs 2/litre
Consumers have to pay an increased price for Mother Dairy's milk from sunday, while Amul Milk has already implemented its revised prices from July 1. "Compelled to raise its liquid milk prices by Rs 2/litre in Delhi-NCR with effect from July 11, 2021," sources in Mother Dairy confirmed to IANS. One has to pay Rs 57 for one litre of Mother Dairy milk from Sunday, instead of Rs 55 on Saturday.
US blocks Chinese tech firm with top Silicon Valley funding
The Commerce Department on Friday added facial recognition company DeepGlint (also known as Beijing Geling Shentong Information Technology Co, Ltd) in its entity list, which restricts US firms from doing business with the listed companies, reports The Verge. According to South China Morning Post, DeepGlint co-founded a facial recognition lab in 2018 with Chinese authorities in Urumqi, the capital of Xinjiang.
Lina Khan-led FTC opens probe in Amazon's MGM acquisition: Report
The investigation sets the stage for a lengthy probe that could last six months or more. "It signals that the FTC, under the new leadership of Amazon critic Lina Khan, will take a hard line on even relatively small acquisitions by the e-commerce giant in industries where Amazon does not have a strong position," the report emphasised.
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