BUSINESS
Former BPCL head Arun Kumar Singh appointed ONGC chief
"The Appointments Committee of Cabinet (ACC) has approved the proposal of the Ministry of Petroleum and Natural Gas for the appointment of Arun Kumar Singh, ex-CMD, BPCL as chairman, ONGC for a three-year tenure with effect from the date of his assumption of charge of the post," an official order said.
Pakistan to become sixth largest economy in the world by 2075: Goldman Sachs
Goldman Sachs has been projecting long-term growth of countries for almost two decades now, initially starting out with BRICs economies, but for the past 10 years, it has expanded those projections to cover 70 emerging and developed economies. Their latest paper covers 104 countries with projections going as far as 2075.
Indian entities can hedge gold price risk at IFSC: RBI
"With a view to providing greater flexibility to these entities to hedge the price risk of their gold exposures, resident entities will now be permitted to hedge their gold price risk on recognised exchanges in the IFSC. This measure will benefit importers/exporters of gold such as jewellers and industries which use gold as an intermediate or raw material," Shaktikanta Das said.
Digital currency like cash, no need for lack of privacy fears: RBI Governor
He also said the newly launched digital currency was similar to cash and there need not be any fear about lack of privacy.
Announcing the Monetary Policy Committee's (MPC) decision to increase the repo rate by 35 basis points to contain inflation, Das said the UPI has turned out to be the most popular retail payments system in India.
Financial assistance for homebuyers needed to enable smoother home-buying experience
"The rate hike of 35bps to 6.25 per cent by the Reserve Bank of India was on the expected lines. Although it will push the interest rates on home loans, and overall strong talent driven job markets, the coming quarter of 2022-23 remains the best time to invest in all segments of real estate. India's GDP growth forecast from 6.5 per cent to 6.9 per cent, shows a higher elasticity to global shocks and the continued buying power and investments made in the real estate sector, despite the possibility of more repo rate hikes in the coming months," he said.
Repeated rate hikes may impact housing Sector in the short term
The real estate sector had started seeing gradual recovery across key property markets, driven primarily by end-users, however, the repeated rate hikes may impact the interest rate-sensitive sector. Industry experts claimed that low interest rates have been one of the major factors in the resurgence of real estate demand in the last few years and hence the rate hike would mean a hurdle in affordability.
Tim Cook, Joe Biden plan 'make in America' chips at TSMC plant
"These chips will power iPhones and MacBooks, as Tim Cook can attest. Apple had to buy all the advanced chips from overseas. Now we're going to do more of their supply chain here at home," Biden said during an event at the Arizona factory of chip-maker Taiwan Semiconductor Manufacturing Company (TSMC).
Continuing battle against inflation, RBI hikes repo rate by 35 bps
The repo rate, also called the policy rate, is the interest at which RBI lends money to the commercial banks. The RBI Governor Shaktikanta Das, heading the MPC, announced the rate hike and added that the battle against inflation was not over. With this the MPC has increased the repo rate by 225 points this fiscal.
No of unicorns drop to 85 in India as valuations erode amid global turmoil
According to data compiled by Finbold, the US has the highest number of unicorns at 704 while China comes a distant second with 243 unicorns (as of November this year). Despite the general market conditions, several regions are leading in the number of unicorns or private companies valued at least $1 billion.
World looks at India to break China's monopoly on rare earth mining
Industry bodies including the Confederation of Indian Industry (CII) have taken up the issue with the government. A person with direct knowledge on the matter told India Narrative that the government could carve out specific measures in the Union Budget next year. Rare earths comprising 17 elements include cobalt, copper, lithium nickel among others and are critical to reduce dependence on fossil fuels.
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