BUSINESS
Musk again offers to buy Twitter for $54.20 a share: Report
According to Bloomberg, Musk has sent Twitter a letter offering to buy the micro-blogging platform at the originally proposed price. The move, if true, has created confusion in the minds of millions as the Musk-Twitter legal battle is set to begin in a US court from October 17. Twitter or Musk did not comment on the report. Trading of Twitter shares was briefly halted, reports The Verge.
Rupee trade paves the way to Russia
The Reserve Bank of India put a mechanism in place for international trade settlements in Indian rupees (INR) in July 2022 to meet the long-term goal of internationalising the currency and enhance the growth of global trade. This step allows Indian exporters and importers to use special rupee vostro accounts to settle trade denominated in rupees.
Four Indian-Americans in Forbes 400 rich list
Overall, Tesla's Elon Musk earned the top spot for the first time, unseating former Amazon CEO Jeff Bezos, who had held the top spot for four consecutive years. As a group, the 400 wealthiest Americans are worth $4 trillion, $500 billion less than last year, Forbes noted.
Slow recovery of low income households slowed down India's economic recovery
The major economic parameters reveal slow post-pandemic recovery, with gross domestic product (GDP), goods and services tax (GST) collections, electricity demand, credit growth and auto sales growing somewhat slowly as against the expectations. Kotak Securities attribute the weaker-than-expected recovery to the slow 'repair' in the income of low-income households.
India saw 20.5 bn online transactions worth Rs 36 trillion in Q2
"UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants' transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value," said Worldline's 'India Digital Payments Report'.
Federal Bank logs 19% growth in advances
In a regulatory filing Federal Bank said that its gross advances grew by 19.4 per cent to Rs.163,956 crore from Rs.137,313 crore as of September 30, 2021.The retail credit book grew by 18.7 per cent and wholesale credit book grew by 20.2 per cent. Retail to wholesale ratio at 54:46.
Match supplies with demand: FADA to vehicle makers
"The month of October will see Auto Retail on high grounds with 24 days of festive season out of the total 31 days. Dealers anticipate this to be the best festive in a decade for the PV (passenger vehicle) segment as we anticipate even higher sales during the month," FADA said.
Reliance, Sanmina complete JV transaction to build manufacturing hub in India
The joint venture will create a world-class electronic manufacturing hub in India, in line with Prime Minister Narendra Modi's 'Make in India' vision. All the manufacturing will take place at Sanmina's 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs, the companies said in a statement.
Next repo rate hike expected to be 35 bps to 6.25%
"We expect repo rate hike of 35 bps in the December policy to 6.25 per cent and then pause. Through the next couple of policies, the RBI will assess (1) any further upward surprise in rate hike trajectory from the Federal Reserve, (2) inflation trajectory which is expected to revert back to below 6 per cent, (3) impact of past monetary tightening on the growth-inflation dynamics, and (4) geopolitical risks," the report added.
Centre hikes import duty on platinum
Platinum and palladium for use in manufacture of precious metal chemicals, compounds (noble metal compounds and solutions) and catalytic converters will continue at basic customs duty of 7.5 per cent subject to IGCR. Rhodium will also continue with BCD of 2.5 per cent.
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