BUSINESS
'PM Modi govt laser focused to help you', Rajeev Chandrasekhar assures startups
Chandrasekhar discussed key issues related to the collapse of the Silicon Valley Bank (SVB) with startups and shared how the PM Modi government is "laser focused on ensuring that every startup navigates through this storm". "The Indian banking system is trusted and robust and startups must start using it," Chandrasekhar told them.
Govt focussed on semi conductor industry, says Ashwini Vaishnaw
"We are talking to all stakeholders in semi conductor industry. It's a new industry and an uphill task, but we are committed to do what is needed," he said. Addressing the scope for growth in the semiconductor industry, Vaishnaw said that a lot of interest has been shown by stakeholders in the sector, "We should see a vibrant semi-conductor industry in the next three to four years".
Two US bank failures not to impact banks in India, APAC: Moody's
Moody's said the impact of the two US banks going down will be limited in India and other financial institutions in the APAC region due to structural factors. Also, most APAC institutions are not exposed to the failed US banks, and only a handful of institutions has immaterial exposures. Finally, most institutions are not as susceptible to large losses from debt security holdings as Silicon Valley Bank was.
Decline in NSE active accounts continues for 8th consecutive month
According to a report by Motilal Oswal Financial Services, total active user clients at NSE rose 2.7 per cent YoY but fell 2.1 per cent MoM to 33.6m. This was the eighth consecutive month of a sequential decline. The intensity of the fall was lower at 0.7m accounts in February 2023 v/s 1m in January 2023. Currently, the top five discount brokers account for 59.6 per cent of overall NSE active clients, an increase from 59.2 per cent in January 2023.
HP introduces new Chromebook with improved performance in India
The new Chromebook comes in two colours -- Forest Teal and Mineral Silver and is available at a starting price of Rs 28,999. "Our new Chromebook 15.6 laptops are designed to enable connectivity and productivity whether they are studying at home or in the classroom. This device is stylish, powerful, and well-suited for the needs of young students," Vickram Bedi, Senior Director - Personal Systems, HP India, said in a statement.
Global banking shares slump as fallout spreads
However, shares in the US and European banks sold off sharply amid a crisis of confidence in global markets over the health of the financial system. Government bond prices soared as investors rushed for safe-haven assets, while economists suggested the febrile conditions in global markets could force the world's most powerful central banks to stop raising interest rates.
Strikes disrupt air travel in Germany
A total of 351 flights were cancelled on Monday, affecting up to 100,000 passengers, according to the German Airports Association (ADV), which said that the strikes were announced at short notice, leaving travellers with little chance to look for alternatives, reports Xinhua news agency.
Engaging with G20 to build global policy approach on crypto assets: Govt
The Indian G20 Presidency provides an opportunity to place different priorities, including priority on crypto assets, on the agenda for international collaboration, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply. Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage, he noted.
Modi meets Nokia chief Pekka Lundmark
"A fruitful meeting with Mr. @PekkaLundmark in which we discussed aspects relating to technology and leveraging it for the welfare of society. We also discussed India's strides in building next-generation digital infrastructure," Modi tweeted after the meeting. The Prime Minister also tagged Lundmark's tweet, where the Nokia chief said, A privilege to meet with Prime Minister Modi @PMOIndia
Finland's PM clarifies comment on Hornet jet offer to Ukraine
"Finland has not made any policies on the matter, but I see that we have the ability and opportunities to have this discussion," Marin added on Monday. Finland purchased around 60 Hornet F/A-18 jets from the US in the mid-1990s. They will be replaced with US' F-35 jets beginning in 2025, Xinhua news agency reported.
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