BUSINESS
Bank of Japan's unrealized loss on govt bonds widens to $68bn
During a parliamentary session, Kuroda said that the book value of BOJ's government bond holdings at the end of December 2022 reached 564.1 trillion yen, while their market value was 555.3 trillion yen, reports Xinhua news agency. The unrealized losses have increased roughly 10 times within three months compared to the end of September when it stood at 874.9 billion yen, as government bond yields jumped on expectations that the BOJ would tighten its monetary policy.
Pakistan's oil industry faces collapse amid liquidity crunch
To meet the International Monetary Fund's (IMF) demand, the government removed the dollar cap, resulting in the rupee falling to a historic low of 276.58 PKR in the interbank market, Geo News reported. In a letter to the Oil and Gas Regulatory Authority (OGRA) and Energy Ministry, the Oil Companies Advisory Council (OCAC) said that the "sudden depreciation" of the local rupee.
Pakistan set to bow to IMF's demands as forex reserves drop to a paltry $3.08 billion
Problems will surge for the common Pakistanis, who are already reeling under inflationary pressures with acute shortage of essential items. An analyst told India Narrative that faced with unparalleled economic stress, Islamabad could try to increase the size of the loan programme. However, he said that the loan programme may not put the economy back in order.
Amazon 'faces' US FTC antitrust investigation over market practices
According to a report in The Wall Street Journal citing sources, the FTC could challenge an array of the e-commerce giant's business practices as anticompetitive. FTC Chair Lina Khan had argued in an influential academic paper that Amazon had "amassed too much market power" and that antitrust law had failed to restrain it.
Elon Musk cleared of fraud charges in 'Tesla funding secured' case
The jurors deliberated for about two hours before reaching the verdict, called a "disappointed" one by Nicholas Porritt, partner at Levi & Korsinsky, the firm representing the Tesla shareholders in the class action, reports CNBC. Musk tweeted that he is "deeply appreciative of the jury's unanimous finding".
Centre asks Vodafone Idea to convert Rs 16,000 dues into equity
"It is hereby informed that the Ministry of Communications has [directed] the company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR dues into equity shares to be issued to the government of India," the company said in a filing. The government will take 33 per cent equity in Vodafone Idea after converting all interest related to payments for spectrum and other dues into equity.
Paytm Founder announces operating profitability, says free cash flow generation is next
Paytm's revenue from operations increased to Rs 2,062 crore (no UPI incentive recorded this quarter), a growth of 42 per cent YoY and 8 per cent QoQ. The growth was driven by increased adoption by consumers and subscription services by merchant partners along with sustained growth seen in loan distribution and commerce business, said the company.
Pakistani rupee continues speedy crash against USD, suffers another big fall
According to the State Bank of Pakistan (SBP), the latest fall came during trading on Friday, reports Xinhua news agency. The US dollar closed at 271.36 PKR on Thursday. On the last working day of the week, the local currency depreciated by 5.22 PKR, or about 1.89 per cent, against the US dollar, official figures showed.
S&P Global revises Adani Electricity, Adani Ports ratings to 'negative'
"The negative outlook reflects the risk of a deterioration in the credit profile of Adani Ports and Adani Electricity Mumbai due to governance risks and funding challenges for the larger Adani Group," it said. The rating agency said a short-seller report alleging significant governance issues for the Adani Group, many of which relate to disclosures and actions at the shareholder level, has triggered a sharp fall in Adani Group entities' equity and bond prices.
Amid Adani group row, RBI says banking sector remains resilient
"There have been media reports expressing concern about the exposures of Indian banks to a business conglomerate. As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability," the central bank said in a statement.
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