BUSINESS
US trade deficit surged to 12-year high in 2020
The country's trade deficit in goods and services widened by 17.7 per cent to $678.7 billion in 2020, the highest level since the 2008 financial crisis, Xinhua news agency quoted the Department as saying in a statement on Friday. As a percentage of the gross domestic product (GDP), the trade deficit was 3.2 per cent in 2020, up from 2.7 per cent in 2019.
Four more states complete ease of doing business reforms
The total number of state that have undertaken the stipulated reforms to facilitate ease of doing business has gone up to 12. Earlier, Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana have also reported completion of this reform, which was confirmed by the Department for Promotion of Industry and Internal Trade (DPIIT).
PNB's Q3FY21 net profit at Rs 506 cr
The net profit declined on a sequential basis from Rs 621 crore reported for Q2FY21 to Rs 506 crore in Q3FY21. The bank's net interest income grew 28 per cent to Rs 8,313 crore during the quarter under review on a year-on-year basis. In terms of asset quality, the Gross Non Performing Assets (GNPA) declined to Rs 94,479 crore as in December 2020 from Rs 96,314 crore as in September 2020.
India's foreign exchange reserves swell by over $4.8 bn
According to the Reserve Bank of India's weekly statistical supplement, the reserves increased to $590.185 billion from $585.334 billion reported for the week ended January 22. India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Capital infusion, bad bank announcement boost banking stocks
A recent report by Moody's Investors Service said that the proposed asset reconstruction company (ARC), described as a bad bank in common parlance, will resolve legacy problem loans and will be credit positive for the banking system. The allocation of a modest Rs 20,000 crore capital infusion for public sector banks will help the banks to meet Basel capital requirements, but will not boost credit growth, it added.
MakeMyTrip raises Rs 1,458 cr through 0% interest coupon bond
The latest fundraise for the company comes at a time when the travel and tourism industry has been hit hard by the Covid-19 pandemic. "While the travel industry is in the midst of very difficult times, we are pleased with the overwhelming response to our convertible bond offering," Mohit Kabra, Group Chief Financial Officer, MakeMyTrip Ltd. said in a statement.
Integrate women into international trade, business and policy making: Experts
While participating in a virtual discussion on "Mainstreaming Shepreneurs in International Trade", the experts and various industry body officials emphasised that bridging the digital divide from a gender lens is important for the growth of women entrepreneurs along with trade and jobs.
South Central Railway gets Rs 7.2k crore in Union budget
Towards important infrastructure works, SCR has been sanctioned a staggering amount of Rs 7,222 crore for the year 2021 22 compared to Rs 7,024 crore for the year 2020 21, said an official. Major allocations include Rs 4,238 crore for doubling, third line and bypass line works, including Rs 2,195 crore for new lines capital, deposit, extrabudgetary resources and others.
RBI to provide exemptions for FPI investments in defaulted bonds
At present, FPIs can invest in security receipts and debt instruments issued by Asset Reconstruction Companies and debt instruments issued by an entity under the insolvency process and these investments are exempted from the short-term limit and minimum residual maturity requirement under the MTFs for investment by FPIs in corporate bonds.
New MSME borrowers incentivised to get bank credit
As part of the additional measures announced by RBI Governor Shaktikanta Das after the MPC meeting, 'New MSME borrowers' have been defined as those who have not availed any credit facilities from the banking system as on January 1, 2021. This exemption will be available for exposures up to Rs 25 lakh per borrower for credit extended up to the fortnight ending October 1, 2021.
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