BUSINESS
European Central Bank hikes rates by 50 bps
The interest rates on the main refinancing operations, the marginal lending facility and the deposit facility will be increased to 2.5 per cent, 2.75 per cent and 2 per cent, respectively, with effect from December 21, Xinhua news agency quoted the bank as saying in a statement. The inflation outlook, which has been revised substantially higher, has been the main reason behind the ECB's move.
Two promoter exits - shakeout in housing finance sector?
The two exits -- small and the big ones -- were announced in quick succession. The Pune-based Poonawalla Fincorp Ltd announced the proposed sale of its stakes in the housing finance subsidiary Poonawalla Housing Finance Limited (formerly Magma Housing Finance Limited) to Perseus SG Pte. Ltd affiliated to TPG Global LLC for Rs 3,900 crore.
IndiGo seeks final approval from DGCA to wet lease B777 aircraft
"We are working closely with the authorities to ensure all the required steps to obtain the approvals are completed well in time and will consider the earliest the go-live date for these aircraft in line with expected receipt of requisite approvals. This wet lease solution will also enable us to better utilize our A321 narrow body fleet to continue our network deployment in light of the global supply chain issues," said the Indigo Spokesperson.
Be prepared against tariff walls on exports by nations undergoing green transition: FM to industry
"Many nations want to fund their green transition and are imposing tariff walls on products from other nations. If we export steel to such places, it is likely to face this tariff wall or tax for green transition. Indian industry needs to reset itself accordingly," she said while addressing the industry body FICCI's annual general meeting (AGM).
Setback to Nirav Modi as UK HC bars him from moving Supreme Court
The judgement order was pronounced at the Royal Courts of Justice, London. Now, once extradited, he will have to face trial in an Indian court. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, refusing any relief to Modi, held that he cannot move the Supreme Court for relief.
Central banks in Europe join US Fed in slowing down pace of interest rate hikes
The Bank of England and the European Central Bank both hiked rates by half a percentage point on Thursday in their final meetings of the year. Previously, they had gone with increases of three-quarters of a percentage point. But they insisted that the fight to tame inflation isn't over, despite the risk that further rate hikes next year will pile pressure on a slowing economy, CNN reported.
Government to unveil third, fourth tranches of sovereign gold bond scheme 2022-23
The SGBs will be sold through scheduled commercial banks (except small finance banks, payment banks and regional rural banks), Stock Holding Corporation of India Ltd (SHCIL), Clearing Corporation of India Ltd (CCIL), designated post offices and recognised stock exchanges, namely the National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd.
Capital outlay of nearly Rs 98K cr for expansion of airport infra in next 5 years
Minister of State for Civil Aviation, Gen V.K. Singh (retd) told the Lok Sabha, in a written reply, that upgradation or modernisation of airports' infrastructure is a continuous process and is undertaken by the AAI and other airport developers from time to time depending on the availability of land, commercial viability, socio-economic considerations, traffic demand/willingness of airlines to operate to/from such airports.
Binance CEO says deposits returning after mega $1.14 bn withdrawals
Customers pulled billions of dollars of funds from the exchange, amid fears about the state of the cryptocurrency industry following the collapse of FTX and arrest of its former CEO, Sam Bankman-Fried (SBF), from the Bahamas by the US authorities. Changpeng Zhao tweeted that this was "not the highest withdrawals we processed, not even top 5".
India should protect legitimate rights and interests of Vivo: Chinese state media
Whether this Vivo incident can be well resolved will have a strong demonstration effect on a vast number of other foreign companies, said a commentary in the publication, adding that the issue has once again raised eyebrows among Chinese companies about the Indian market, given India's growing restrictions and investigations targeting Chinese companies this year.
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