BUSINESS
Focus on achieving net-zero target for 2070, PM Modi tells states
Addressing a conference of state environment ministers in Gujarat, he underlined the significance of achieving the net-zero target for the year 2070. He highlighted the role of the environment ministries of the states in achieving these goals. "I urge all environment ministers to promote a circular economy as much as possible in the states," he said.
Boeing to pay $200mn to settle charges over misleading investors about 737 MAX
The crashes of Lion Air Flight 610 in October 2018 and Ethiopian Airlines Flight 302 in March 2019 involved the 737 MAX airplane and a flight control function called the Maneuvering Characteristics Augmentation System, reorts Xinhua news agency. According to the SEC's orders, after the first crash, Boeing and then Chief Executive Officer Dennis Muilenburg knew that system posed an ongoing airplane safety issue, but nevertheless assured the public that the 737 MAX plane was "as safe as any that has ever flown the skies".
RIL expands its value chain to improve capabilities in solar panel manufacturing
RIL announced to acquire a 20 stake in US-based solar-tech firm, Caelux, for US$12mn as it expands its value chain to improve capabilities in solar panel manufacturing and related materials. Caelux is testing its coating solutions for solar glass with nano materials - Perovskites (Calcium Titanium oxide - a combination of metals and non-metals) which when arranged in a certain way under the right conditions.
Rupee slips first time below 81-mark against US dollar
This was because of uncertainty created after the uptick in dollar index, increase in policy rate by the US Fed and Bank of England, and escalation in geopolitical tensions between Russia and Ukraine. Moreover, the negative trends in the domestic equities also weigh on sentiments.
Nearly 65% households plan to spend during this festive season
A new survey has revealed that nearly 65 per cent households across the country plan to spend during the current festive season, while 35 per cent will refrain from doing so. The longest festive season in India, which begins from mid-September and stretches till mid-November, is currently underway. Riding on the festive spirit, manufacturers big and small are banking on higher consumer spending despite the high inflation and an erratic summer monsoon.
With 5 bn Soundbox transactions processed in FY22, Paytm strengthens offline payment's pioneership
While the digital payments revolution started off with focus on consumer-oriented innovations, leading fintech companies are now creating solutions for merchants to further strengthen the digital payments ecosystem. Being the leading digital payments and financial services company in the country.
RBI restrains Mahindra Finance from using recovery agents after accident
"The RBI in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, has directed Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. However, the said NBFC may continue to carry out recovery or repossession activities, through its own employees," it said.
Muted 12% premium growth for Indian non-life sector: Kotak Securities
"While motor (vehicle insurance) was muted at 12 per cent, retail health was higher at 19 per cent yoy (year-on-year). With a single-digit base ahead, we expect the motor business to pick up (20 per cent year to date- YTD). Retail health, up 14 per cent YTD, is also catching up," the report notes.
Govt investing $30 bn in creating 4G, 5G infra in rural India: IT Minister
"We are now creating a whole ecosystem of village entrepreneurs, channelising the energies of youngsters to take good quality, high-speed data connectivity to every village in the country while making them a part of the growth journey," the minister Ashwini Vaishnaw emphasised.
Benchmark bond yield rises 10 bps on hawkish Fed stance
"With the fed rate hike and hawkish tone as commentary has made the markets a bit nervous, we have our MPC meet at RBI policy in next week and rate hike is keeping players on a alert mode," said Ajay Manglunia, Managing Director & Head Investment Grade Group at JM Financial.
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