BUSINESS
Australia has 50% chance of sliding into recession this yr: Bank
On Tuesday, the Reserve Bank of Australia (RBA) raised the cash rate target by 25 basis points to 4.10 per cent, with Governor Philip Lowe noting that the annual inflation sitting at 7 per cent is "still too high". In light of the RBA's new decision, Aird expected a further 25-basis-point increase for the cash rate to reach 4.35 per cent.
Suez Canal economic zone rakes in $2.5bn foreign investment in 11 months
The SCZone said in a statement that national investments in the zone hit 3.6 billion Egyptian pounds ($116 million) in the same period, adding the SCZone approved 46 diversified projects to start its work in the industrial areas of the zone, reports Xinhua news agency.Covering an area of 461 square km along the banks of the Suez Canal.
Roadies Rostel to open 15 experiential holiday resorts, aims Rs 100 cr gross revenue
Roadies Rostel Leisure Arc. in Ahmedabad seeks to offer guests an immersive experience, unmatched hospitality and delectable flavours. There will be plenty of sports and leisure activities at the resort for guests to partake in. For guests that want to take their holiday experience to another level, there are 17 Roadies-themed rooms where.
Air India flight to San Francisco: Airline to refund ticket fare to all 216 passengers
"We will fully refund the fare for the journey and, in addition, provide a voucher for future travel to the passengers on Air India," senior airline executive Rajesh Dogra said, while apologising to the passangers in a letter. On Tuesday, Air India flight AI173, from Delhi to San Francisco, was forced to divert and make an emergency landing at Magadan airport due to a technical issue with one of its engines.
Hyundai, Kia sued over car thefts that went viral on TikTok in US
The US Attorney's Office for the Southern District of New York claimed in its lawsuit that the automakers were negligent in failing to include anti-theft devices in their vehicles, which would have made them much more difficult to steal, reports The Verge. The Wall Street Journal first reported the news.
Eurozone slips into recession after economy shrinks 0.1% in Jan-March
GDP across the Euro area shrank by 0.1 per cent in the first quarter of this year, downgraded from a previous estimate that the economy stagnated, The Guardian reported. This follows a 0.1 per cent contraction in GDP in the fourth quarter of last year, meaning the 20-nation economy has shrunk for two quarters in a row - the standard definition of a recession, the report said.
An expected status quo: Monetary Policy review June 2023
CPI projection has been brought down to reflect the undershoot versus previous expectations for the current quarter. As per our own current forecasts, there is scope for some downside surprise to RBI's revised CPI forecast for Q2 as well. However, given an evolving monsoon situation, RBI's conservatism may be understandable here.
Indian-American Ritu Kalra named Harvard's VP finance, CFO
Kalra currently serves as Harvard's assistant vice president of finance and treasury and special projects adviser. In her new role beginning July, she will oversee all aspects of financial management, including long-range planning, annual budgeting, endowment fund spending policy, treasury, and financial accounting and reporting.
RBI-MPC decides on internationalisation of Rupay cards, expanding scope of NPA resolution
Announcing the decisions of the MPC, RBI Governor Shaktikanta Das said the Rupay debit and credit cards are gaining increased acceptance abroad. He said the banks are now permitted to issue Rupay prepaid forex cards for Indians travelling abroad. Das said the Rupay prepaid forex cards will expand the payment options.
RBI-MPC won't cut repo rate anytime soon, not before US Federal Reserve: Experts
They were reacting to RBI's Monetary Policy Committee (MPC) to maintain status quo as regards to the repo rate -- that is 6.5 per cent. Amid a volatile global economic scenario and lingering risks to domestic inflation, it is prudent that the RBI has followed a wait-and-watch strategy," Rajani Sinha, Chief Economist, CARE Ratings, told IANS.
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