BUSINESS
Gold gained on Fitch downgrade US credit rating
Be that as it may, a policy rate cut by the US Federal Reserve combined with higher-than-average inflation will result in a structural up move in gold prices, said Quantum Asset Management Company (AMC).
Dollar, gold can strengthen as investors shift assets towards safe havens
Fitch Rating downgraded its US debt rating to AA+ from AAA. The Rating downgrade reflects the expected fiscal deterioration over the next three years, a high and growing government debt burden, and erosion of governance. Treasury Secretary Janet Yellen quickly responded to the downgrade, calling it “arbitrary” and “outdated.”
Reliance Industries jumps 16 places in Fortune's Global 500; at number 88 maintains its numero uno position within India Inc
Reliance Industries improved its rank by 16 places to rank number 88 rank from its previous year's rank of 104. The company has gained a whopping 67 places in last two years from 155 of 2021. Thus, the company has gained 83 places in the Fortune Global 500 rankings in just two years.
India, Canada likely to sign FTA soon
Although the two countries have held multiple rounds of talks for a Comprehensive Economic Partnership Agreement (CEPA) since 2010, the prospects brightened when Union Minister Piyush Goyal visited Canada in May to review the progress of negotiations.
Asian markets fall after Fitch downgrades US debt
Hong Kong’s Hang Seng Index and Japan’s benchmark Nikkei 225 both tumbled 2 per cent, leading losses in the region, CNN reported.
Around 15% of unicorn startups have at least one woman founder, says PM
"In India, about 15 per cent of unicorn startups have at least one woman founder. Our goal should be to create a level platform where women achievers become the norm. At the same time, we need to ensure that the burden of care and domestic work is appropriately addressed," PM Modi said in his virtual address at the G20 ministerial conference on women empowerment in Gandhinagar, Gujarat.
Sensex slumps over 600 points to fall below 66k mark
Sensex was trading down 628 points at 65,830 points. Twenty-seven stocks out of Sensex 30 were in the red, with NTPC and Tata Steel down more than 2 per cent. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. said the major news after market close yesterday is the rating agency Fitch’s downgrade of US sovereign rating from AAA to AA+.
GST council to take final call on 28% levy on online gaming, casinos & horse racing today
The meeting of the GST council, which is headed by Finance Minister Nirmala Sitharaman, will be held virtually. On July 11, the GST council decided that there will be a 28 per cent GST levy on full value of gaming, horse racing and casinos. The decision had led to disappointment in the gaming industry, which had even written to the finance ministry, urging it to revoke the decision.
Steve Jobs’ son starts $200 mn VC fund to find new cancer treatments
The 31-year-old Reed is “expanding on his work at Emerson Collective, a philanthropic organisation founded by his mother, Laurene Powell Jobs,” reports DealBook. His father and iconic Apple figure Steve died from complications of pancreatic cancer in 2011. “My father got diagnosed with cancer when I was 12,” Reed was quoted as saying.
More than 6 crore ITRs filed till July 31, 16% more than last year, says IT Department
This was 16.1 per cent more than the 5.83 crore ITRs which were filed for the assessment year 2022-23, till July 31, 2022. The filing of ITRs peaked on July 31, which was the last date for filing returns for salaried taxpayers, the department said, with over 64.33 lakh ITRs being filed on a single day.
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