BUSINESS
Patanjali Foods says no impact on financial position after exchanges freeze promoter holding
The company said it has received communication from the promoters that they are fully committed to the mandatory compliance of achieving the minimum public shareholding and they have been discussing various modes best suited for increasing the public shareholding.
European markets up after Credit Suisse takes loan from Swiss Central Bank
In the opening minutes of trade, the UK's FTSE 100 was up more than 1 per cent and the French CAC 40 was up 1.5 per cent, CNN reported. Switzerland's second largest bank has agreed a $53 billion loan from the Swiss Central Bank, saying it was a "decisive action to pre-emptively strengthen its liquidity."
Eris Lifesciences buys Dr.Reddy's 9 cosmetic dermatology products for Rs 275 cr
According to Dr. Reddy's, as per the agreement, Eris Lifesciences will be assigned the trademarks of the divested brands that logged sales of Rs 60 crore in India. "India is a focus market for us. We aspire to break into the top five in India. Today's announcement is in line with our stated intention of pursuing a strategy that involves growing brands organically combined with acquisitions that are a strategic fit and divestment of non-core brands," M.V. Ramana, CEO - Branded Markets (India & Emerging Markets) said.
India's GDP to grow at 6% in FY24: CRISIL
"A complex interplay of geo-political events, stubbornly high inflation, and sharp rate hikes to counter that, have turned the global environment gloomier," CRISIL said. On the domestic front, the peak impact of the rate hikes -- 250 basis points since May 2022, which has pushed interest rates above pre-Covid-19 levels -- will play out.
UK reveals measures to boost economy, eases cost-of-living burden
"Britain is on a lasting path to growth with a revolution in childcare support, the biggest ever employment package and the best investment incentives in Europe," Chancellor Jeremy Hunt said during his Spring Budget 2023 speech. Hunt announced 30 hours of free childcare for every child over the age of nine months, alongside.
Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank
The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported. Shares in Credit Suisse fell 24 per cent on Wednesday after it said it had found "weakness" in its financial reporting. This prompted a general sell off on European markets, and fears of a wider financial crisis. Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen (the bank)".
Musk confused how non-profit OpenAI became $30 bn profit-making firm
Musk had donated $100 million to OpenAI. He stepped down from OpenAI's board of directors in 2018 and no longer owns a stake in the company. "I'm still confused as to how a non-profit to which I donated $100 million somehow became a $30 billion market cap for-profit. If this is legal, why doesn't everyone do it?" he quipped.
Abu Dhabi Investment Authority invests $500 mn in eyewear unicorn Lenskart
The investment is an extension to last year's funding round, helping Lenskart maintain its $4.5 billion valuation. The company said that the capital will be deployed to deepen its presence in Asia and the Middle East. ADIA's investment includes some secondary purchase of shares from some early backers of Lenskart. The eyewear company has so far raised $1.5 billion in primary and secondary rounds, according to reports.
Food prices in Sweden record highest surge in 7 decades
Statistics Sweden said on Wednesday that food and non-alcoholic beverages became 20.95 per cent more expensive between February 2022 and February 2023, compared with the same period of the previous 12 months, reports Xinhua news agency. This is the biggest annual increase of food prices in Sweden since the beginning of the 1950s, it said.
UK expected to avoid recession in 2023: Chancellor
The fiscal watchdog Office for Budget Responsibility (OBR) has forecast that "because of changing international factors and the measures I take, the UK will not now enter a technical recession this year," Hunt added on Wednesday during his Spring Budget 2023 speech. The Chancellor on Wednesday unveiled a series of plans to speed up the struggling economy, including childcare reforms, tax cuts for businesses.
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