BUSINESS
Retail inflation sees marginal fall to 6.44% in February 2023
Food inflation also slid to 5.95 per cent in February 2023 compared to 6 per cent in January. Consumer price index (CPI) based inflation had touched 6.52 per cent in January 2023, which was a three-month high owing to higher food prices. However retail inflation was 6.07 per cent in February 2022, and therefore CPI-based inflation in February 2023, at 6.44 per cent, was higher compared to the year-ago period.
America's $620 billion ticking time bomb
News of the worrying shortfall came amid the closure of Silicon Valley bank- the largest collapse since Washington Mutual in 2008, the Daily Mail reported. As the government scrambles to prevent contagion, the Federal Reserve announced on Sunday night that all depositors would get their money back.
Excise policy scam: Delhi court extends businessman Arun Pillai's ED custody by 3 days
He was arrested on March 6 after hours of questioning in the case. Special judge M. K. Nagpal of the Rouse Avenue Courts sent Pillai to ED custody on March 7, which expired on Monday. The judge, dealing with the matter, extended his custody on Monday. On March 10, Pillai moved an application before the same court seeking to retract his statements given to the probe agency in the case.
Billionaire investor Bill Ackman warns more banks will collapse despite US govt's intervention in SVB
Ackman, whose hedge fund Pershing Square Capital Management oversees roughly $16 billion in assets, criticized the government's response on Saturday as he predicted "economic meltdown" within hours of the banks opening on Monday morning. Ackman, who had urged the U.S. government to step in and protect all of the bank's depositors, praised the move but warned it unlikely to prevent more financial institutions from collapsing, Daily Mail reported.
Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000
On Monday, Bitcoin was hovering around $18,000 and Peter Schiff, CEO of Euro Pacific Capital, predicted the world's largest cryptocurrency could soon drop below $4,000. Two crypto-friendly banks Silvergate Capital and Signature Bank collapsed last week, and billions of dollars belonging to crypto exchanges got stuck.
Tata Consultancy Services enters Forbes' list of 'America's Best Large Employers'
This recognition is based on an independent survey of 45,000 employees working for American companies with more than 1,000 employees. "TCS has focused on creating an employee-friendly workplace that fosters innovation and empowers people to grow both personally and professionally," Suresh Muthuswami, Chairman, TCS North America, said in a statement.
HSBC acquires Silicon Valley Bank UK
In a statement, HSBC says the transaction "completes immediately". The acquisition will be funded from existing resources, the Guardian reported. As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of 88 million pounds.
India's strong macroeconomic trends improve credit quality of finance companies: S&P Global
The improvement in credit profiles of finance companies will be far from uniform, said S&P Global credit analyst Deepali Seth Chhabria. "Stronger companies will likely gain market share, given their better funding access. Meanwhile, weaker players could resort to originate-and-distribute business models to tide over the liquidity stress," Chhabria said.
India's GDP growth at 7% in FY23: Acuite Ratings
In a report, Acuite said it is maintaining India's GDP growth at 7 per cent for FY23 and 6 per cent for FY4. The credit rating agency said India's industrial activity rose to 5.2 per cent year-on-year (YoY) in January 23 from 4.7 per cent in December 22, marginally beating market consensus. Sequential momentum in the index of.
Vinod Khosla, OpenAI CEO Sam Altman offer personal cash to help startups
Khosla said he is offering personal loans at borrowing cost to companies in the Khosla Ventures portfolio. "We are talking to 100+ portfolio companies assessing their critical needs and plan to bridge where we are a lead or major investor at our cost of borrowing only or under special circumstances where a company's other investors.
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