BUSINESS
Markets seem uncertain with festive period a week ahead
With sharp gains registered on Wednesday and Friday, markets just about managed to survive and at the end of the week closed with small losses. SESENSEX lost 271.32 points or 0.47 per cent to close at 57,919.97 points while NIFTY lost 128.95 points or 0.74 per cent to close at 17,185.70 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.05 per cent, 1.33 per cent and 1.45 per cent respectively. BSEMIDCAP was down 2.66 per cent while BSESMALLCAP lost 2.26 per cent.
Musk says he will keep funding Ukraine Starlink Internet
On the microblogging site Twitter, Musk wrote that "the hell with it... Even though Starlink is still losing money and other companies are getting billions of taxpayer $, we'll just keep funding Ukraine govt for free". According to the BBC, Starlink has been vital for Ukraine's military and people to stay online. Ukraine says it helped to reboot key infrastructure after Russian attacks.
See Rupee slide as a case of Dollar strengthening, says Finance Minister
Addressing a press conference in Washington on Friday, Sitharaman said that rupee has withstood dollar's rise and has performed better than those of many emerging market currencies. "I won't see this as rupee sliding but as dollar strengthening. It is a matter of fact that the rupee has withstood the rise of dollar. But it has performed better than many other emerging market currencies," she said.
Inflation 'manageable' at 7.4%, love to see it down to 4%, says Sitharaman
Addressing a news conference on Friday at the end of her visit for the annual meetings of the World Bank group, which were accompanied by 24 bilateral meetings, the finance minister also gave a broad overview of India's priorities for its upcoming year-long rotational presidency of the G-20 group of countries -- essentially, focusing on bilateral development banks, climate finance and cryptocurrency.
RBI's digital currency platform data may help enforce black money laws
Finance Minister Nirmala Sitharaman had announced in her budget speech in February that the RBI would come up with a CBDC during the current fiscal. "After factoring in the concerns related to anonymity, appropriate analytics of Big Data generated from CBDC can assist in evidence-based policy making. It may also become a rich data source for service providers for financial product insights," the note said.
US offer to help India in chip manufacturing just lip service: China
Akhter led a semiconductors trade mission to India and met top government officials in the Capital. According to Global Times, the announcement is designed to "lure India into a geopolitical game to exclude China from the global chip industrial chain, rather than a commitment with real investment plans to support India's chip manufacturing."
Windfall tax increased on jet fuel
Apart from this, the Centre also increased the SAED on the export of aviation turbine fuel (ATF) to Rs 3.50 per litre from nil in the last review. Similarly, the windfall tax on the export of diesel has been increased from Rs 5 per litre to Rs 10.50 per litre. A notification regarding the above changes was issued by the Ministry of Finance on Saturday.
iPhone 14 Plus stumps rivals in bigger screen, longer battery game
With the 6.7-inch display in iPhone 14 Plus, you can see more content like text and images when browsing the web, without having to scroll as much. In messaging apps, you can see more text and larger text, which is great for accessibility and you have more workspace available for editing content in the Photos app.
IMF chief warns of risk of geopolitical fragmentation
"Emerging markets and developing countries have stressed that for them, it is paramount that they have the opportunity to drive growth and employment on the basis of a more integrated global economy," Georgieva said at a press conference during the IMF and World Bank annual meetings in response to a question from Xinhua news agency.
Nirmala Sitharaman flags downside risks to economy at IMF meet
While addressing the Plenary Meeting of the International Monetary and Financial Committee, Sitharaman on Friday also raised the cross-border effects due to the ongoing geopolitical situation, rise in commodity prices and tighter financial conditions.
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