BUSINESS
US announces new bans on investments in China, Beijing disappointed
President Biden signed an executive order late on Wednesday, banning US investments in certain key tech sectors of China. The new rules would place restrictions on investments by US private equity and venture capital firms, as well as joint ventures, in Chinese artificial intelligence, quantum computing and semiconductors, reports CNN.
RBI retains repo rate at 6.5%, GDP projected at 6.5%
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent. Das said taking into account the economic factors, the MPC has predicted GDP growth at 6.5 per cent in FY24.
BGMI maker Krafton pledges $150 mn investment in India
“We firmly believe in India’s potential as a key player in the global gaming and technology industry, and our commitment to invest an additional $150 million over the next two to three years reflects our dedication to fueling this growth,” said Sean Hyunil Sohn, CEO, Krafton India.
Rice prices soar to highest levels in almost 15 years in Asia
Thai white rice 5 per cent broken, an Asian benchmark, jumped to $648 a tonne, the most expensive since October 2008, according to data from the Thai Rice Exporters Association, Bloomberg reported.
EID Parry gives bitter news of Q1 net loss of Rs 45.77cr
In a regulatory filing, EID Parry said during the first quarter of FY24 it had logged an operational income of Rs 698.41 crore (Q1FY23 Rs 719.07 crore) and a net loss of Rs 45.77 crore (net profit of Rs 13.14 crore).
Equity mutual funds saw net inflows dip sequentially in July
Net investments into actively managed equity schemes fell 11.7 per cent to Rs 7,626 crore in July from Rs 8,638 crore in June. SIP inflows stood at Rs 15,242.7 crore during July, a new record high, he added.
BigBasket’s B2B arm Supermarket Grocery Supplies’ losses swell 21%: Report
The unit registered a turnover of Rs 2,261.3 crore for the fiscal year, The Economic Times reported. In FY22, Supermarket Grocery Supplies’ losses were Rs 177.9 crore at an operating revenue of Rs 1,707.2 crore.
Top tech firms seek Nov 1 laptop import restriction deadline extended by a year
In a meeting with the Ministry of Electronics and Information Technology (MeitY) officials on Tuesday, also attended by leading industry bodies the Manufacturing Association of IT Hardware (MAIT) and the India Cellular and Electronics Association (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources.
Indian startups might see funding spring in 6-12 months: Report
Nearly 17 per cent of investors surveyed think the funding winter may end even sooner and the rest believe it would be 12-18 months or more before the funding winter passes, according to the report by Bengaluru-based market research firm Redseer.
China's economy slips into deflation
The official consumer price index, a measure of inflation, fell by 0.3 per cent last month from a year earlier, reports the BBC.
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