BUSINESS
Wipro, Infosys, Tech Mahindra revoke offer letters given to freshers: Reports
According to reports, hundreds of freshers were given offer letters but first the joining of those candidates were postponed and finally, their offer letter was revoked. The news, first reported by BusinessLine, quoted emails sent by these companies to the freshers whose offer letters were rejected.
Apple can have a try in India but it can't find another China: People's Daily
In an opinion piece published in Global Times, the publication said whether Apple's move to India is a forced "political decision" or a forward-looking "economic decision," there is no doubt that it comes against the backdrop of Washington's shift to a containment-based strategy toward China.
OPEC oil cartel, allies to consider biggest cut in oil production since pandemic
The OPEC oil cartel and its allies, including Russia, will reportedly consider cutting output by more than 1 million barrels per day (bpd) at a meeting in Vienna on Wednesday, CNN reported. Oil prices climbed by as much as 4 per cent, with benchmark Brent crude futures trading at about $88.60 a barrel on Monday, on expectations that OPEC will try to regain control of prices.
DHFL scam: Delhi court dismisses bail plea of Wadhawans
The complainant alleged that a wrongful loss of Rs 34,615 crore was caused to the consortium as per the quantification of the outstanding dues as on July 31, 2020.Wadhawans, facing charges of multiple financial crimes being probed by the Enforcement Directorate and the CBI, was first arrested by CBI in the Yes Bank-DHFL fraud on April 26, 2020.
Myntra onboards record 1.2 mn new users during its Big Fashion Festival, with 45% of overall visitors from small-town India
As customers shopped in plenty for fashion, beauty and lifestyle products during the event, the 'Myntra Big Fashion Festival' saw over 45 percent of visitors coming from tier 2 and 3 cities. The top non-metro cities during BFF were Guwahati, Bhubaneswar, Dehradun, Jammu, Imphal, Mysore, Siliguri, Udaipur, Cuttack, and Jalandhar.
Rupee falls 49 paise against US dollar
The increase in crude prices hit the Indian rupee as the country meets bulk of its oil needs through imports. Further the Indian stock markets too fell on Monday. The Reserve Bank of India (RBI) does not have any fixed dollar: rupee exchange rate and its market interventions is to curb excessive volatility, Governor Shaktikanta Das said recently.
Komaki launches affordable e-scooter with fire-resistant tech
The VENICE ECO is equipped with fire-resistant Lithium Ferro Phosphate (LiPO4) technology and real-time lithium battery analyser that doesn't lead to fire in extreme cases as cells contain iron. The new EV two-wheeler is designed with third generation TFT screen which helps in better navigation and stress-free ride, said the company.
Reimpose 5% import duty on metallurgical coke, IMCOM urges Finance Minister
According to IMCOM, the change in duties has led to a situation where the industry's input cost has reduced only marginally, while the import prices of the output product (met coke) have declined by a much larger quantum. This has led to significant price suppression for the industry as it is no longer able to recoup its cost due to the injuriously low prices of met coke imports.
Higher US rates, stronger dollar could lead to acceleration of capital outflows from Asia
The strong dollar environment has raised questions about how Asia will be impacted and whether this will precipitate another financial crisis. "We think this is a very different cycle for Asia - very unlike 1997/98 or 2013", Morgan Stanley said.
Though dollar is strong, 2022 is not 1997/98 or 2013: Morgan Stanley
According to Morgan Stanley, currencies across Asia are depreciating because of a stronger dollar environment and not because of any existing imbalances related to the Asia macro situation.Indeed, this is best reflected by the fact that trade weighted exchange rates in the region have been relatively stable to appreciating.
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