BUSINESS
Pakistan stocks crash after sudden interest rate hike to highest since 1999
The benchmark KSE-100 index lost 707 points as soon as the trading week kicked off, The News reported. The market was at 42,229 points at 9.39 am. It had closed at 42,936.73 points at the last session on November 25. Analyst Samiullah Tariq blamed SBP's decision to increase the interest rate as a key factor for the drop in the KSE-100 index.
DHFL 34,615 cr loan fraud case: Money laundered via 87 shell firms
The federal probe agency has also said in its charge sheet that the accused set up a virtual branch to launder money. The CBI had on October 15 filed the charge sheet against 75 accused, including private companies before the Rouse Avenue court in Delhi. It has been alleged that Kapil and Dheeraj Wadhawan laundered money and purchased 24 paintings worth Rs 63 crore.
With new highs done, expect midcap and smallcap to dominate now
BSE Sensex gained 630.16 points or 1.02 per cent to close at 62,293.64 points, while Nifty gained 205.10 points or 1.12 per cent to close at 18,512.75 points. The broader markets saw BSE 100, BSE 200 and BSE 500 gain 1.0 per cent%, 1.02 per cent and 1.07 per cent, respectively. BSE midcap was up 1.83 per cent while BSE smallcap was up 1.57 per cent.
RBI should consider moderating its pace of monetary tightening: CII
Given the headwinds to domestic growth mainly emanating from the global uncertainties, the Reserve Bank of India (RBI) should consider moderating the pace of its monetary tightening from the earlier 50 basis points. This was stated by CII to the RBI regarding expectations on the forthcoming monetary policy. While CII is cognisant of the fact that RBI's interest rate hikes of 190 basis points so far in this fiscal have been warranted to tame inflationary pressures, the corporate sector has now started to feel its adverse impact.
Swiss Challenge process to find buyers for LIC's Rs 3,400 cr debt in Reliance Capital fails
The IDBI Trusteeship, process advisor responsible for running the Swiss Challenge process on behalf of LIC, did not receive even a single bid, as the deadline for bid submission ended on Friday (November 25). Prior to initiating the Swiss Challenge process, LIC had received a binding bid from ACRE SSG, Singapore, which offered 27 cents for each dollar, resulting in a 73 per cent haircut for LIC.
Musk loses top advertisers on Twitter in a month: Study
According to Media Matters in America, 50 of the top 100 advertisers have spent nearly $2 billion on the platform since 2020, and more than $750 million on advertising in 2022 alone. Furthermore, as of November 21, seven additional advertisers seem to be reducing their advertising on Twitter to almost nothing, in addition to those who appear to have stopped advertising.
Musk reveals Twitter 2.0, says top software aces joining company
Musk, who sacked more than half of Twitter's workforce, said that "world-class software aces are joining Twitter". Sharing some company slides he shared with Twitter employees, the world's richest man said the next-gen Twitter will focus on advertising as entertainment and video. "We're recruiting. User active minutes are at an all time high and monetizable daily active users (mDAUs) have crossed a quarter-billion mark," Musk informed.
This CEO of $4.5 bn digital company 'disgusted' at tech layoffs
Teicke told CNBC he is "a little disgusted by statements like, 'never miss a good crisis' or 'we have to cut the fat'" "These are people that have maybe quit other jobs to join your business. These are people that have maybe moved to other places because of you. These are people that have maybe ended romantic relationships," the Wefox CEO stressed.
ED chargesheets Sameer Mahendru in Delhi excise policy case
The ED charge sheet running over 3,000 pages names businessman Sameer Mahendru. The ED's case is based on an FIR filed by the CBI. On Friday, the CBI filed its first charge sheet in the Delhi excise policy case naming seven accused persons -- Vijay Nair, Abhishek Boinpally, Sameer Mahendru, Arun Ramchandra Pillai, Mootha Gautham, and two public servants -- then Deputy Commissioner in the Excise Department, Kuldeep Singh, and then Assistant Commissioner in the Excise Department, Narender Singh.
From Meta to Zomato, how India's new online review rules will impact industry
The guidelines, prescribing specific responsibilities for the review author and the review administrator, went live on Friday and are now applicable to every online platform which publishes consumer reviews. The new norms have been finalised by the BIS and came into being after the Department of Consumer Affairs received several complaints about fake reviews of products being posted by e-commerce companies.
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