BUSINESS
Indian bourses end on a positive note on Thursday
"Following a widely expected rate hike by the Fed (US Federal Reserve) and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors," said Vinod Nair, Head of Research at Geojit Financial Services. He said that the US market faced losses as the Fed reiterated concerns.
Credit Suisse asks Reliance Capital administrator not to proceed with resolution till adjudication of claim
Credit Suisse AG, Mumbai branch is onshore security trustee acting on behalf of the lenders being Credit Suisse AG, Singapore branch, Federal Bank and Far Eastern International Bank.In a letter through its advocates, Juris Corp, it said that Credit Suisse has filed a claim as the financial creditor of the corporate debtor. The claim of Rs 659 crore was rejected by the administrator which has been challenged in NCLT which is currently hearing the case.
Nirmala Sitharaman underlines need for robust ADB
She made these observations while participating in the business session of the ADB's annual meeting in Incheon, South Korea.The Finance Minister further underlined the need for ADB to focus on global public goods in their regional dimension while continuing to focus on its core agenda of poverty reduction and development in low-income countries.
Sitharaman congratulates Ajay Banga on becoming World Bank president
Union Finance Minister Nirmala Sitharaman on Thursday congratulated Ajay Banga, the former Indian-American head of Mastercard, on becoming the World Bank president. Banga, who was selected as the new World Bank president on Wednesday, had most recently served as vice chairman at General Atlantic.
Asian investors sue Switzerland over Credit Suisse collapse
In March, Swiss authorities forced Credit Suisse to merge with larger rival UBS amid fears it could collapse, the BBC reported. The move rendered worthless $17 billion of bonds held by investors. Investors know that in dire circumstances this type of debt can be written down to zero, which is exactly what happened when UBS was told.
BluSmart Mobility raises $42 mn to boost its EV operations in India
The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team. With an all-electric ride-hailing fleet size of 3,500 EVs currently operating.
Kamala Harris to meet Google, Microsoft, OpenAI CEOs to discuss AI risks
The White House said that Harris in a "frank discussion" on Thursday will emphasise upon the need for safeguards to make AI ethical and trustworthy, reports CNBC. She will be joined by senior members of the Joe Biden administration, including Gina Raimondo, Commerce Secretary; Jeff Zients, President Joe Biden's chief of staff.
NCLT to hear Go First's insolvency plea on Thursday
On Tuesday, the airline had said that it has filed for insolvency resolution as it can no longer continue to meet its financial obligations, blaming US company Pratt & Whitney's "faulty engines" for grounding of 50 per cent of its fleet. Go First had also announced suspension of all its flight operations from May 3 to May 5. Its CEO Kaushik Khona had confirmed on Tuesday that the airline has filed an application for voluntary insolvency resolution proceedings before the NCLT.
US Federal hikes interest rate by 0.25 percentage point, 10th in 14 months
The Fed also signalled that Wednesday's hike may be its last one for now, BBC reported. The rate hikes have sharply raised borrowing costs across the world's largest economy, spurring a slowdown in sectors such as housing and playing a role in the recent failures of three US banks, the report said. The moves have pushed the target range for its benchmark rate to 5 per cent to 5.25 per cent, up from near zero in March 2022, the highest level since 2007, BBC reported.
Indian-origin Ajay Banga becomes 14th President of World Bank
Banga was the nominee of President Joe Biden of the US, which has chosen every World Bank President in an unwritten agreement with Europe since 1944, according to which Europe gets to select the President of the International Monetary Fund (IMF), leaving the World Bank top job for the US.
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