BUSINESS
US bank First Republic's shares crash more than 46%
As the growing banking crisis spread into a new week, the credit rating of the regional bank was downgraded deeper into junk status by S&P Global, the Guardian reported. The agency said that the bank, which caters to wealthy clients, probably faced "high liquidity stress with substantial outflows". US officials are studying how to temporarily expand the protection offered to banking customers by Federal Deposit Insurance Corp (FDIC) to include all deposits, going beyond the current $250,000 cap, Bloomberg reported.
Inflation likely to be determined by heatwaves, El Nino prospects: Monthly economic review
In its monthly economic review for the month of February 2023, released on Monday, the finance ministry, quoting forecasts by various international organisations, has said that inflation in India will moderate in 2023-24 compared to 2022-23, and is likely to remain in the range of 5 per cent to 6 per cent, with risks evenly balanced.
Delhi High Court grants six weeks to RBI to respond to PIL on Uniform Banking Code
Filed as a Public Interest Litigation (PIL) by Advocate and BJP leader Ashwini Kumar Upadhyay, the plea brings up the need for a Uniform Banking Code for foreign exchange transfers to regulate benami transactions and the creation of black money. A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad granted time to RBI for filing a response.
Mehul Choksi's name removed from Interpol's 'red' notice list
Choksi was added to red notice list in December 2018. As per sources, authorities concerned of the Indian government objected to the move of Interpol but it didn't budge on the decision. This is a setback to the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) which were waiting for his deportation.
Power sector dues to coal companies over Rs 20,000 crore
According to official sources, outstanding dues payable by power sector for dry fuel sales towards Coal India Ltd (CIL) and the Singareni Collieries Company Ltd (SCCL), amounts to Rs 16,629.41 crore and Rs 3,713 crore, respectively, as on February 28, 2023.
UN diplomat complains of broken seats, cockroaches on US-Delhi Air India flight
"As a UN diplomat, I've flown worldwide but Air India 102 JFK to Delhi was my worst flight experience: Broken seats, no entertainment/call buttons/reading lights, and cockroaches. Poison spray. Disregard for customer care," the diplomat had Tweeted about a week ago.
At 55.9%, IndiGo led market share in Feb; airlines received 359 complaints
In February 2023, a total of 359 passenger-related complaints were received by the scheduled domestic airlines. The number of complaints per 10,000 passengers carried for the month of February has been around 0.3 per cent. As per the latest data issued for February by aviation regulator DGCA, IndiGo carried 67.42 lakh passengers during the month, followed by Air India (10.76 lakh) and Vistara (10.53 lakh).
US stocks rise as markets digest UBS takeover of Credit Suisse
Shares of New York Community Bancorp, which said on Monday it would buy $38.4 billion worth of assets and virtually all deposits from failed Signature Bank, climbed over 33 per cent, after seeing its biggest jump on record earlier in the day, CNN reported. Gold continued its rise on Monday as investors sought safer assets, having earlier hit its highest level in almost a year. Bitcoin jumped to a nine-month high.
Some staff still in possession of accommodation at Air India colonies: Ministry
The mechanism envisages imposition of penal rent and damage charges on the unauthorised occupants. Some employees of the erstwhile AIL are still in possession of the accommodations at the AI colonies. In view of this, Air India has implemented the mechanism on the unauthorised occupants of the AI colonies, the Ministry of Civil Aviation said in a written reply to Rajya Sabha on Monday.
$400 bn is the cost to rescue teetering global banks
In guaranteeing all deposits at Silicon Valley Bank and Signature Bank, the US Federal Reserve is on the hook for $140 billion. Then there's the $54 billion the Swiss National Bank offered Credit Suisse in the form of an emergency loan, and 209 billion Swiss francs ($225 billion) offered to UBS in loans, guaranteed by the Swiss state, and protection against potential losses, CNN reported.
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