BUSINESS
Investors worried over downturn in $ 20 tn US commercial real estate market
Just as lenders to the sector grapple with turmoil triggered by rapidly rising interest rates, the value of buildings such as offices is crashing. That could add to pain for banks and raise concerns about damaging ripple effects. Although this is not yet a systemic problem for the banking sector, there are legitimate concerns about contagion.
Adani Group issues clarification on inaccurate media reporting
Adani Group said in the letter that the article titled "Indian data reveals Adani empire's reliance on offshore funding" is a "mendacious, deliberate effort to attempt to paint the Adani family and the Adani Group in the worst possible light". In doing so, it reveals a willingness to be selective in using publicly available facts.
Bangladesh's forex reserves fall to around 6-year low
Bangladesh Bank (BB) data showed the country's foreign exchange reserves stood at $31,142.72 million in March from $32,333.71 million in February, Xinhua news agency reported. This is the lowest level of forex reserves Bangladesh has held since December 2016 when the country's foreign exchange reserves crossed the $32 billion mark for the first time, an official of the bank's Forex Reserve and Treasury Management Department said on condition of anonymity.
India-France Business Summit in Paris on April 11
Union Minister of Commerce and Industry Piyush Goyal along with Olivier Becht, Minister delegate of Foreign Trade, Government of France, will co-chair the summit. Officials said that the summit will focus on themes including building a green future, emerging technologies, defence cooperation and cooperation in the Indo-Pacific regions.
China wages price war on Musk's SpaceX reusable rockets
A new aerospace launching system is under development in China that requires cutting the cargo cost per kilogram to 5 per cent to that of the existing Long March rockets, reports South China Morning Post. The Long-Range Aerospace Transportation System, being built at the China Aerospace Science and Technology.
FM to embark on US tour from Apr 10; to attend World Bank Group, IMF meets
She will also be attending the G20 meetings and other associated meetings, which are scheduled to take place from April 10 to April 16. The meetings will take place in the WBG and IMF headquarters in Washington DC. The Spring Meetings will be attended by finance ministers and central bankers from across the world.
Healthtech platform Practo lays off 41 employees, mostly engineers
The layoffs affected the engineering department the most, especially roles like product managers and software engineers, etc. The company said in a statement that upholding a high bar for performance and productivity is crucial to maintaining this level of growth. Therefore, as part of our continuous performance management.
ICICI-Videocon loan fraud case: CBI chargesheets against Kochhar, Dhoot
As of now, the court has not taken cognisance of the matter. The case was first registered on 22.1.2019 against Videocon International Electronics Limited Videocon Industries Limited, Venugopal Nandlal Dhoot, Chanda Kochhar, Deepak Virendra Kochhar, NuPower Renewables Limited, Supreme Energy Private Limited.
Brazil announces official return to South American bloc
"As Brazil resumes its main international alliances, it will once again join the Union of South American Nations," the country's Foreign Ministry said in a statement. It added that the measure will take effect on May 6 and "places the country back in the group created during President Luiz Inacio Lula da Silva's second administration", reports Xinhua news agency.
Russian rouble falls to its lowest value for a year
The currency slid to 82 roubles against the US dollar on the Moscow Stock Exchange (MOEX), BBC reported.Russia has been hit with massive economic sanctions since it began an offensive in Ukraine in February 2022. Earlier this year, Russia had said its economy shrank by 2.1 per cent, far less than the 15 per cent fall that had been predicted, BBC reported.
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