BUSINESS
Pak hikes policy rate by 300 basis points amid rising inflation
The development came after the monetary policy committee of the SBP held a meeting on Thursday, which said that recent fiscal adjustments and exchange rate depreciation have led to a significant deterioration in the near-term inflation outlook and a further upward drift in inflation expectations, reports Xinhua news agency. The committee believes that this outlook warrants.
Star investor Rajiv Jain bets $2.5 bn on Adani
Rajiv Jain's GQG Partners bought shares in four firms from an Adani family trust at discounts to Thursday's closing prices, according to a statement from the Adani Group and exchange filings. Jain's investment comes as a vote of confidence at a crucial time for the beleaguered group, which has spent the past few weeks trying to repair an image damaged by Hindenburg Research's accusations of accounting fraud and share price manipulation, Bloomberg reported.
Indian stock market up, Sensex gains over 1,000 points
The Sensex opened at 59,241.20 points and touched a high of 59,930.38 points and a low of 59,231.58 points. The Sensex had closed at 58,909.35 points. The Sensex is at 59,936.90 points. Similarly, the Nifty 50 opened at 17,451.25 points, touched a high of 17,632.75 points and a low of 17,427.70 points. The Nifty 50 had closed at 17,321.90 points on Thursday.
Wall Street giant Citigroup cutting hundreds of jobs across company
The cuts amount to less than 1 per cent of Citigroup's 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information, Bloomberg reported. Staffers across the firm's operations and technology organization and US mortgage-underwriting arm are also among those affected. Citigroup CEO has said tech investments can replace manual processes, the report said.
Out of box thinking needed to boost tourism sector: PM Modi
"We will have to think out of the box and plan ahead to achieve new heights in tourism. It is not a high fancy word representing the rich," he said. "This year's budget focuses on the holistic development of the destinations. Increase in the facilities has led to a manifold increase in the arrival of devotees at Kashi Vishwanath, Kedar Dham and Pavagadh," he added.
India's macro stability indicators to improve in FY24: Morgan Stanley
According to Morgan Stanley, the macro stability indicators will gradually improve in F24 from somewhat elevated levels inAF23. A combination of easing in global commodity prices (YoY terms), healthy growth mix (more capex driven), and fiscal and monetary policy on a consolidating path create the basis for the trend in macro stability indicators to improve," the report said.
Apple partner Foxconn planning to set up $700 million plant in India: Report
This investment underscores a growing trend of shifting manufacturing away from China amid escalating tensions between the US and China. The Taiwanese company, known for its flagship unit Hon Hai Precision Industry Co., intends to build the plant on a 300-acre site close to the airport in Bengaluru, the capital of Karnataka, to produce iPhone parts, assemble Apple’s handsets, and manufacture some parts for its nascent electric vehicle business.
We're building next-gen AI to become a global powerhouse: Rajeev Chandrasekhar
Chandrasekhar told IANS that artificial intelligence (AI) is a "kinetic enabler" of the digital economy and the government will infuse more of this disruptive technology into its 'India Stack'. "AI will certainly transform the digital economy and grow the business economy in the country. We are launching a very comprehensive programme called the INDIAai Programme and you will see more AI use cases via the India stack -- Aadhaar, Unified Payments Interface (UPI), DigiLocker, CoWIN and more," Chandrasekhar emphasised.
Foxconn Chairman inaugurates India's largest prototyping Centre in Hyderabad
The state-of-the-art facility is expected to accelerate India's journey towards becoming a leader in product innovation. The 78,000 sq ft building was unveiled in a unique way via a spectacular curtain drop (called a 'kabuki' drop). The inaugural event was attended by more than 1,000 people, including CEOs and founders of major companies, entrepreneurs, and artists and hobbyists from across the world.
ED gets five-day custody of liquor businessman in Delhi excise policy scam
ED had sought his five-day custodial remand. The Court after hearing the argument of both the sides, decided to grant the probe agency five-day custody. The central probe agency has alleged that Dhal played a major role in the formulation, conspiracy and kickbacks paid by the South Group. He had got a draft copy of the liquor policy before it was released.
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