BUSINESS
Rohit Jawa to take over as new MD & CEO of HUL
After a transformational tenure of 10 years at the helm of HUL, Sanjiv Mehta will retire from the company. Rohit (56), is currently the Chief of Transformation for Unilever in London where, since January 2022, he has successfully orchestrated the once-in-a-decade, end-to-end transformation of Unilever.
Railway Ministry inks deal with Tata Steel to provide seating system, panelling for 22 Vande Bharat trains
The Ministry of Railways has set a production target of 200 Vande Bharat trains over the next two years, besides setting a target to run the first sleeper version of Vande Bharat by the first quarter of 2024. Keeping this in view, an agreement has been signed with Tata Steel to speed up the production work.
7 Adani airports saw an increase of 92% in domestic, 133% in international travellers
Similarly, there has been a rise of 58 per cent and 61 per cent in the number of domestic and international flights respectively. Air traffic jumped by around 100 per cent compared to the previous year, taking the number to pre-pandemic levels with more than 14.25 million passengers using these airports over last year.
India-US goods & services trade doubled since 2014, surpasses $191 bn in 2022
Co-chaired by Goyal and Raimondo, the commercial dialogue is a part of ongoing efforts to strengthen US-India Comprehensive Global Strategic Partnership. Raimondo attended the meeting before leaving for the US on Friday. She had arrived in India on March 7 at the invitation of the Indian government.
Crypto meltdown: Traditional US bank Silvergate collapses after stock plunges
Silvergate, a traditional bank founded in 1987, lent out most of its funds to crypto exchanges and the collapse of $32 billion FTX run by Sam Bankman-Fried (SBF). "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward," the bank said in a statement.
India-Australia to finalise economic cooperation agreement by this year
"I am hopeful that we will be able to finalise it this year," Albanese said during a joint press briefing with Prime Minister Narendra Modi after bilateral talks between the two leaders. "Our teams are working on a comprehensive economic agreement between our two countries," PM Modi said during the joint briefing.
Troubles at one US bank trigger fears of a wider problem for financial sector
On Thursday, shares of Silicon Valley Bank (SVB), a key lender to technology start-ups, plunged after it announced plans to shore up its finances. This had a knock-on effect, with the four largest US banks losing more than $50bn in market value. Bank shares in Asia and Europe fell sharply on Friday, BBC reported.
Growth momentum in sale of passenger vehicles continues
As per data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday, Passenger Vehicles sales were 2,91,928 units in February as against 2,62,984 in February 2022. Similarly, three-wheeler sales were 50,382 units and two-wheeler sales were 11,29,661 units in February 2023 as against 27,074 and 10,50,079 in February 2022.
Bizman Arun Pillai moves application in Delhi court retracting statements given to ED
The court on Tuesday sent Pillai to the ED custody till March 13 after the agency arrested him late night on Monday post questioning him for hours in the case. The court on Friday issued notice to the ED over Pillai's plea. His arrest being the 11th arrest made in the matter by the ED, the agency on Thursday apprehended AAP leader Manish Sisodia also.
SVB slump roils global financial stocks
The slide came after the bank announced a $1.75bn share sale to help shore up its finances. Shares in banks have fallen around the world - with the four largest US banks, including JP Morgan and Wells Fargo, losing more than $50bn in market value, BBC reported. One venture capitalist said the day's events were "wild" and "brutal", BBC reported
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