BUSINESS
IMF calls on United Kingdom to 're-evaluate' tax-cutting measures
The IMF said that "it is important that fiscal policy does not work at cross purposes to monetary policy" and called on the UK government to "re-evaluate the tax measures, especially those that benefit high income earners", on November 23, when Chancellor Kwasi Kwarteng is expected to make his next budget announcement.
Indian bonds, equities indicating decoupling that is unsustainable
"We do not expect this to be sustainable and regard it as indicative of a very low margin of safety. A simple valuation mean reversion anchored on bond yields indicates fears of 30 per cent downside in the Nifty," CLSA said. The difference between a 10-year Indian and US GSec yields has fallen to a 13-year low of 3.3ppt.
Indian equities have entered bear markets when US slips into recession
The US interest rate cycle and, thus, the US dollar could continue to be a source of volatility for Indian equities in the coming months due to their negative effect on earnings and BoP. Indian equity return correlations with the rest of the world have risen in recent weeks and could remain elevated for now, it said.
Largest refinery in France shut over strike
"The discontent is so strong in Normandy that the strikers demanded this morning the shutdown procedures of the largest refinery in France," Xinhua news agency quoted Thierry Defresne, General Confederation of Labour (CGT) secretary of the European Enterprise Committee of TotalEnergies, as saying on Wednesday.
IPO fundraising in India drops by 32 per cent
The amount raised is 32 per cent lower than the Rs 51,979 crore raised through 25 IPOs in the corresponding period of 2021-22. Rs 20,557 crore or 58 per cent of the amount was raised just in the IPO of LIC, according to Pranav Haldea, Managing Director, PRIME Database Group. Overall public equity fundraising also dropped by 55 per cent to Rs 41,919 crore from Rs 92,191 crore in the corresponding period of the previous year.
Rise in home loan interest beyond 9.5 % likely to have high impact on housing sales: Survey
At least 44% of the respondents preferred 3BHKs, followed by 38% favouring 2BHKs, said the survey conducted by the Industry body CII-Abarock. In the survey's H1 2021 edition, 46% preferred 2BHKs, and 40% voted for 3BHKs. Similarly, the demand for 4BHKs has also risen -- from 2% in the pre-Covid survey to 7% now. The survey, conducted between January and June 2022, polled 5,500 participants responding via various digital platforms.
ED attaches mutual funds, equity shares worth Rs 54.24 cr of IFFCO MD
The ED had earlier attached immovable and movable assets worth Rs 100 crore. Thus, the total attachment in this case comes to Rs 154.24 crore so far. The ED initiated the money laundering investigation on the basis of the CBI's FIR lodged against various suspects including Udai Shanker Awasthi, MD IFFCO, Pankaj Jain, promoter of Jyoti Trading Corporation and Rare Earth Group, Dubai, Amarendra Dhari Singh and others.
SAIL records turnover of over Rs 1 lakh crore
During the Maharatna company's annual general meeting on Wednesday, it was informed that for the first time, it entered the elite club of Indian companies having a turnover of over Rs 1 lakh crore. The company's turnover of Rs 1.03 lakh crore during 2021-22 saw a substantial growth of more than 50 per cent over the previous best turnover of Rs 68,452 crore, achieved during 2020-21.
Akash Ambani named to TIME100 NEXT list
"The scion of Indian industrialist royalty, Akash Ambani was always expected to rise in business. But he has been putting in hard work. Ambani was promoted in June to chairman of Jio, India's largest telecom company, with over 426 million subscribers, after being controversially handed a board seat at just 22.
Kolkata app fraud: ED seizes Bitcoin worth Rs 12.83 crore
The development came just hours after Kolkata Police confiscated Rs 14.53 crore from a cryptocurrency wallet of Amir Khan. However, the Bitcoin worth Rs 12.73 crore seized by the ED was not directly held by Khan, who instead used the cryptocurrency wallet of a local businessman to maintain the reserve against a commission.
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