BUSINESS
Budget Effect: About 15% premium impact on some private life insurers
In a research report, Emkay Global's insurance sector analysts Avinash Singh and Mahek Shah said the Rs 5 lakh cap is likely to affect growth of about 10 per cent premium base for HDFC Life Insurance and Max Life and about 5 per cent premium base for SBI Life Insurance and ICICI Prudential Life Insurance.
Inflation in Pakistan at 48-yr high
Consumer Price Index (CPI) inflation in January 2023 accelerated to 27.55 per cent from 24.47 per cent a month earlier, as the unprecedented surge in food items' prices in the month jacked up the general inflation, The News reported.
E-auction of wheat for sale in open market begins
Official sources said that more than 1,100 bidders came forward for participation in the e-auction.A quantity of 8.88 lakh metric tonnes of wheat was sold on the first day of the auction in 22 states.In Rajasthan, bidding would be conducted today, while further sale of wheat through e-auction will continue throughout the country
To discourage cheap imports from China, Customs duty on imitation jewellery hiked to 25%
Further, reduction of duty on LGD seeds from 5 per cent to 'nil' has also been accepted which will result in reducing the cost of production of LGD growers and make our LGD exports globally competitive. The recommendation of the Department of Commerce for creating separate HS codes for LGD has also been accepted. It would enable tracking the international trade in lab-grown diamonds.
Move to new tax regime stokes concern over investments in insurance, mutual funds
Ravi Kumar, Founder & CEO, Upstox said to encourage more retail investing and insurance adoption, "we wish that the Finance Minister would increase tax savings for investments and reconsider the proposal to discontinue the tax SOPs on mutual funds and insurance".
Govt scales down disinvestment target to Rs 51,000 crore for 2023-24 in Budget
The disinvestment target was announced by Finance Minister Nirmala Sitharaman while presenting the union budget on Wednesday. For 2023-24, the budget has pegged disinvestment revenue at Rs 51,000 crore. In addition to this, around Rs 10,000 crore is expected to come from monetisation of government assets
Defence Budget: Focus on operational preparedness; thrust on Agniveers' training
The enhanced allocations in the Budget will also cater to Training Aids and Simulators for Agniveers and ensure that they achieve the set standards of training for induction into the Defence Forces. "This will cater to sustenance of weapon systems, platforms including ships/ aircraft and their logistics; boost fleet serviceability; emergency procurement of critical ammunition and spares;
Eurozone inflation slows to 8.5% in Jan: Eurostat
Inflation in the eurozone peaked at 10.6 per cent last October and has been slowly decreasing since then, Xinhua news agency reported. Energy prices remain the main driver of the eurozone's annual inflation rate, with a 17.2 per cent increase compared to January 2022 (25.5 per cent in December 2022), followed by prices of food, alcohol and tobacco with a year-on-year increase of 14.1 per cent in January (13.8 per cent in December 2022).
OPEC+ committee recommends staying course on oil output policy
The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 per cent of the annual global oil demand, Xinhua news agency reported.
Meta surprises analysts with good results, $40 bn stock buyback
The company reported a revenue of $32.17 billion for the fourth quarter (down four per cent Y-o-Y) and $116.61 billion for the full year. Meta said that its headcount increased 20 per cent (year-over-year) to 86,482 as of December 31. That number included a large chunk of more than 11,000 workers the company fired in November.
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